# EDGAR Filing Document

**Accession Number:** 0000896435
**File Stem:** 0000896435-25-000003
**Filing Date:** 2025-8
**Character Count:** 3871362
**Document Hash:** 73a835ad115db86217e91cecd318455c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000896435-25-000003.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0000896435-25-000003

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 106

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**EFFECTIVENESS DATE**: 20250822

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07452
- **FILM NUMBER:** 251242156

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 8dddf131ce8a700

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

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

AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

(Exact name of registrant as specified in charter)

------

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Glenn Brightman, Principal Executive Officer

11 Greenway Plaza, Suite 1000

Houston, Texas 77046

(Name and address of agent for service)

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

#### Date of fiscal year end:
December 31

#### Date of reporting period:
June 30, 2025

Item 1. Reports to Stockholders.

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

![TSR_logo](images_2563.jpg)

### Invesco Oppenheimer V.I. International Growth Fund

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Oppenheimer V.I. International Growth Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Oppenheimer V.I. International Growth Fund<br>(Series I) | $53 | 1.00%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$317591332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;3.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;2.38% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499327.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

O-VIIGR-SAR-IInvesco Oppenheimer V.I. International Growth Fund

![TSR_logo](images_2563.jpg)

### Invesco Oppenheimer V.I. International Growth Fund

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Oppenheimer V.I. International Growth Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Oppenheimer V.I. International Growth Fund<br>(Series II) | $66 | 1.25%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$317591332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;3.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;2.38% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499338.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

O-VIIGR-SAR-IIInvesco Oppenheimer V.I. International Growth Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. American Franchise Fund

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. American Franchise Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. American Franchise Fund<br>(Series I) | $43 | 0.85% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$894987483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;11.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;9.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;7.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;2.46% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499410.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VK-VIAMFR-SAR-IInvesco V.I. American Franchise Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. American Franchise Fund

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. American Franchise Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. American Franchise Fund<br>(Series II) | $56 | 1.10% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$894987483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;11.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;9.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;7.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;2.46% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499398.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VK-VIAMFR-SAR-IIInvesco V.I. American Franchise Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. American Value Fund

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. American Value Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. American Value Fund<br>(Series I) | $44 | 0.88% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$359100783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.36% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499397.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VK-VIAMVA-SAR-IInvesco V.I. American Value Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. American Value Fund

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. American Value Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. American Value Fund<br>(Series II) | $57 | 1.13% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$359100783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.36% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499396.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VK-VIAMVA-SAR-IIInvesco V.I. American Value Fund

![TSR_logo](images_2563.jpg)

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

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Balanced-Risk Allocation Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Balanced-Risk Allocation Fund<br>(Series I) | $35 | 0.70%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$414866345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Target risk contribution and** 

**notional asset weights**

---

| | | |
|:---|:---|:---|
| **Asset Class** | **Target Risk Contribution\*** | **Notional Asset Exposure Weights\*\*** |
| Equities and Options | 49.94% | 54.79% |
| Fixed Income | 21.33% | 59.00% |
| Commodities | 28.73% | 20.98% |
| Total | 100.00% | 134.77% |
| \* Reflects the risk that each asset class is expected to contribute to the overall risk of the Fund as measured by standard deviation and estimates of risk based on historical data. Standard deviation measures the annualized fluctuations (volatility) of monthly returns. <br>\*\* Proprietary models determine the Notional Asset Weights necessary to achieve the Target Risk Contributions. Total Notional Asset Weight greater than 100% is achieved through derivatives and other instruments that create leverage. |  |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499363.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VIIBRA-SAR-IInvesco V.I. Balanced-Risk Allocation Fund

![TSR_logo](images_2563.jpg)

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

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Balanced-Risk Allocation Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Balanced-Risk Allocation Fund<br>(Series II) | $48 | 0.95%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$414866345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Target risk contribution and** 

**notional asset weights**

---

| | | |
|:---|:---|:---|
| **Asset Class** | **Target Risk Contribution\*** | **Notional Asset Exposure Weights\*\*** |
| Equities and Options | 49.94% | 54.79% |
| Fixed Income | 21.33% | 59.00% |
| Commodities | 28.73% | 20.98% |
| Total | 100.00% | 134.77% |
| \* Reflects the risk that each asset class is expected to contribute to the overall risk of the Fund as measured by standard deviation and estimates of risk based on historical data. Standard deviation measures the annualized fluctuations (volatility) of monthly returns. <br>\*\* Proprietary models determine the Notional Asset Weights necessary to achieve the Target Risk Contributions. Total Notional Asset Weight greater than 100% is achieved through derivatives and other instruments that create leverage. |  |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499374.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VIIBRA-SAR-IIInvesco V.I. Balanced-Risk Allocation Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. Comstock Fund

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Comstock Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Comstock Fund<br>(Series I) | $39 | 0.75% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1440735376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;1.84% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499395.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VK-VICOM-SAR-IInvesco V.I. Comstock Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. Comstock Fund

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Comstock Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Comstock Fund<br>(Series II) | $51 | 1.00% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1440735376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;1.84% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499394.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

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

![TSR_logo](images_2563.jpg)

### Invesco V.I. Core Equity Fund

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Core Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Core Equity Fund<br>(Series I) | $41 | 0.80% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$756391604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;7.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;1.79% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499393.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VICEQ-SAR-IInvesco V.I. Core Equity Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. Core Equity Fund

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Core Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Core Equity Fund<br>(Series II) | $54 | 1.05% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$756391604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;7.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;7.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;1.79% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499404.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VICEQ-SAR-IIInvesco V.I. Core Equity Fund

![TSR_logo](images_2563.jpg)

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

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Core Plus Bond Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Core Plus Bond Fund<br>(Series I) | $30 | 0.59%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$141884572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;282% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;4.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 6.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 05/15/2035 | &nbsp;&nbsp;&nbsp;3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.63%, 02/15/2055 | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 5.00%, 05/15/2045 | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 06/30/2027 | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;1.86% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499403.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VICPB-SAR-IInvesco V.I. Core Plus Bond Fund

![TSR_logo](images_2563.jpg)

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

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Core Plus Bond Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Core Plus Bond Fund<br>(Series II) | $42 | 0.84%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$141884572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;282% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;4.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 2.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 6.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 05/15/2035 | &nbsp;&nbsp;&nbsp;3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.63%, 02/15/2055 | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 5.00%, 05/15/2045 | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 06/30/2027 | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 3.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;1.86% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499402.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VICPB-SAR-IIInvesco V.I. Core Plus Bond Fund

![TSR_logo](images_2563.jpg)

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

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Discovery Large Cap Fund (the "Fund"), formerly Invesco V.I. Capital Appreciation Fund, for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Discovery Large Cap Fund<br>(Series I) | $41 | 0.80%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$807154336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;11.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;8.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;1.93% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499371.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

O-VICAPA-SAR-I Invesco V.I. Discovery Large Cap Fund

![TSR_logo](images_2563.jpg)

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

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Discovery Large Cap Fund (the "Fund"), formerly Invesco V.I. Capital Appreciation Fund, for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Discovery Large Cap Fund<br>(Series II) | $53 | 1.05%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$807154336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;11.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;8.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;6.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;6.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;3.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;1.93% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499370.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

O-VICAPA-SAR-II Invesco V.I. Discovery Large Cap Fund

![TSR_logo](images_2563.jpg)

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

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Discovery Mid Cap Growth Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Discovery Mid Cap Growth Fund<br>(Series I) | $43 | 0.86% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$956849323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;1.94% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499369.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

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

![TSR_logo](images_2563.jpg)

### Invesco V.I. Discovery Mid Cap Growth Fun d

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Discovery Mid Cap Growth Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Discovery Mid Cap Growth Fund<br>(Series II) | $56 | 1.11% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$956849323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | &nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;1.94% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499380.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

O-VIDMCG-SAR-IIInvesco V.I. Discovery Mid Cap Growth Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. Diversified Dividend Fund

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Diversified Dividend Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Diversified Dividend Fund<br>(Series I) | $35 | 0.68% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$445397960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.12% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499401.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VIDDI-SAR-IInvesco V.I. Diversified Dividend Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. Diversified Dividend Fund

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Diversified Dividend Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Diversified Dividend Fund<br>(Series II) | $48 | 0.93% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$445397960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.12% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499400.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VIDDI-SAR-IIInvesco V.I. Diversified Dividend Fund

![TSR_logo](images_2563.jpg)

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

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Equally-Weighted S&P 500 Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Equally-Weighted S&P 500 Fund<br>(Series I) | $17 | 0.33% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$484766714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. | &nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. (The), Class A | &nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;0.23% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499399.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

MS-VIEWSP-SAR-IInvesco V.I. Equally-Weighted S&P 500 Fund

![TSR_logo](images_2563.jpg)

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

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Equally-Weighted S&P 500 Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Equally-Weighted S&P 500 Fund<br>(Series II) | $29 | 0.58% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$484766714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. | &nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. (The), Class A | &nbsp;&nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;0.23% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499350.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

MS-VIEWSP-SAR-IIInvesco V.I. Equally-Weighted S&P 500 Fund

![TSR_logo](images_2563.jpg)

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

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Equity and Income Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Equity and Income Fund<br>(Series I) | $28 | 0.56% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1381922511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 06/30/2027 | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 06/15/2028 | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.00%, 06/30/2032 | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;1.31% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499349.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VK-VIEQI-SAR-IInvesco V.I. Equity and Income Fund

![TSR_logo](images_2563.jpg)

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

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Equity and Income Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Equity and Income Fund<br>(Series II) | $41 | 0.81% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1381922511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 06/30/2027 | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 06/15/2028 | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.00%, 06/30/2032 | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;1.31% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499348.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VK-VIEQI-SAR-IIInvesco V.I. Equity and Income Fund

![TSR_logo](images_2563.jpg)

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

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. EQV International Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. EQV International Equity Fund<br>(Series I) | $47 | 0.90% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1186444521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco S.p.A. | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Techtronic Industries Co. Ltd. | &nbsp;&nbsp;&nbsp;1.75% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499359.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VIIGR-SAR-IInvesco V.I. EQV International Equity Fund

![TSR_logo](images_2563.jpg)

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

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. EQV International Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. EQV International Equity Fund<br>(Series II) | $60 | 1.15% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1186444521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;3.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco S.p.A. | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Techtronic Industries Co. Ltd. | &nbsp;&nbsp;&nbsp;1.75% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499358.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VIIGR-SAR-IIInvesco V.I. EQV International Equity Fund

![TSR_logo](images_2563.jpg)

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

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Global Core Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Global Core Equity Fund<br>(Series I) | $50 | 0.96% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$76030358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.13% |
| \* Excluding money market fund holdings, if any. |  |

---

**Country allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499347.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VIGCE-SAR-IInvesco V.I. Global Core Equity Fund

![TSR_logo](images_2563.jpg)

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

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Global Core Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Global Core Equity Fund<br>(Series II) | $63 | 1.21% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$76030358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software, Inc. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.13% |
| \* Excluding money market fund holdings, if any. |  |

---

**Country allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499346.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VIGCE-SAR-IIInvesco V.I. Global Core Equity Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. Global Fund

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Global Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Global Fund<br>(Series I) | $42 | 0.81% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1824928243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;9.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;8.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;4.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;DLF Ltd. | &nbsp;&nbsp;&nbsp;4.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbus S.E. | &nbsp;&nbsp;&nbsp;3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;3.23% |
| \* Excluding money market fund holdings, if any. |  |

---

**Country allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499379.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

O-VIGLBL-SAR-IInvesco V.I. Global Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. Global Fund

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Global Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Global Fund<br>(Series II) | $55 | 1.06% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1824928243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;9.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;8.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;4.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;DLF Ltd. | &nbsp;&nbsp;&nbsp;4.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbus S.E. | &nbsp;&nbsp;&nbsp;3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;3.23% |
| \* Excluding money market fund holdings, if any. |  |

---

**Country allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499330.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

O-VIGLBL-SAR-IIInvesco V.I. Global Fund

![TSR_logo](images_2563.jpg)

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

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Global Real Estate Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Global Real Estate Fund<br>(Series I) | $52 | 1.02% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$96596888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;6.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;4.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;3.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;2.28% |
| \* Excluding money market fund holdings, if any. |  |

---

**Country allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499345.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VIGRE-SAR-IInvesco V.I. Global Real Estate Fund

![TSR_logo](images_2563.jpg)

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

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Global Real Estate Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Global Real Estate Fund<br>(Series II) | $65 | 1.27% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$96596888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;6.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;4.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;3.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;2.28% |
| \* Excluding money market fund holdings, if any. |  |

---

**Country allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499356.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VIGRE-SAR-IIInvesco V.I. Global Real Estate Fund

![TSR_logo](images_2563.jpg)

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

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Global Strategic Income Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Global Strategic Income Fund<br>(Series I) | $49 | 0.96%† |

---

*\** *Annualized.* <br> *†* *Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$676731715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;267% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;5.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.11%, 05/14/2026 | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Bonds, 2.13%, 02/15/2054 | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Bonds, 1.50%, 02/15/2053 | &nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Funding PLC, Series 2008-1, Class B2, 7.56%, 03/13/2046 | &nbsp;&nbsp;&nbsp;1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Udibonos, 4.00%, 08/30/2029 | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Government Bond, 3.10%, 03/20/2065 | &nbsp;&nbsp;&nbsp;0.97% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499329.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

O-VIGLSI-SAR-IInvesco V.I. Global Strategic Income Fund

![TSR_logo](images_2563.jpg)

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

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Global Strategic Income Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Global Strategic Income Fund<br>(Series II) | $62 | 1.21%† |

---

*\** *Annualized.* <br> *†* *Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$676731715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;267% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;5.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, 8.50%, 02/28/2030 | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 4.11%, 05/14/2026 | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Bonds, 2.13%, 02/15/2054 | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Bonds, 1.50%, 02/15/2053 | &nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2032, 8.25%, 03/31/2032 | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Funding PLC, Series 2008-1, Class B2, 7.56%, 03/13/2046 | &nbsp;&nbsp;&nbsp;1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican Udibonos, 4.00%, 08/30/2029 | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Government Bond, 3.10%, 03/20/2065 | &nbsp;&nbsp;&nbsp;0.97% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499328.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

O-VIGLSI-SAR-IIInvesco V.I. Global Strategic Income Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. Government Money Market Fund

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Government Money Market Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Government Money Market Fund<br>(Series I) | $18 | 0.36% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$926108266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;81 |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Composition by maturity, in days** 

**(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;64.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;21.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;\* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

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

![TSR_QRcode](images_2562.jpg)

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

VIGMKT-SAR-IInvesco V.I. Government Money Market Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. Government Money Market Fund

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Government Money Market Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Government Money Market Fund<br>(Series II) | $31 | 0.61% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$926108266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;81 |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Composition by maturity, in days** 

**(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;64.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;21.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;\* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

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

![TSR_QRcode](images_2562.jpg)

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

VIGMKT-SAR-IIInvesco V.I. Government Money Market Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. Government Securities Fund

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Government Securities Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Government Securities Fund<br>(Series I) | $35 | 0.70% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$310755194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;179% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;4.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A., 4.64%, 02/06/2026 | &nbsp;&nbsp;&nbsp;2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS AG, 4.70%, 05/15/2026 | &nbsp;&nbsp;&nbsp;2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mizuho Bank Ltd., 4.71%, 02/25/2026 | &nbsp;&nbsp;&nbsp;2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 6.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.13%, 02/28/2027 | &nbsp;&nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;BofA Securities, Inc., 4.72%, 03/19/2026 | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 4.66%, 03/19/2026 | &nbsp;&nbsp;&nbsp;2.57% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499355.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VIGOV-SAR-IInvesco V.I. Government Securities Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. Government Securities Fund

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Government Securities Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Government Securities Fund<br>(Series II) | $48 | 0.95% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$310755194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;179% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;4.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 5.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A., 4.64%, 02/06/2026 | &nbsp;&nbsp;&nbsp;2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS AG, 4.70%, 05/15/2026 | &nbsp;&nbsp;&nbsp;2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mizuho Bank Ltd., 4.71%, 02/25/2026 | &nbsp;&nbsp;&nbsp;2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 6.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.13%, 02/28/2027 | &nbsp;&nbsp;&nbsp;2.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;BofA Securities, Inc., 4.72%, 03/19/2026 | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 4.66%, 03/19/2026 | &nbsp;&nbsp;&nbsp;2.57% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499354.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VIGOV-SAR-IIInvesco V.I. Government Securities Fund

![TSR_logo](images_2563.jpg)

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

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Growth and Income Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Growth and Income Fund<br>(Series I) | $38 | 0.75% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1287146585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;3.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;1.92% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499353.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VK-VIGRI-SAR-IInvesco V.I. Growth and Income Fund

![TSR_logo](images_2563.jpg)

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

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Growth and Income Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Growth and Income Fund<br>(Series II) | $51 | 1.00% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1287146585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;3.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;1.92% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499352.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VK-VIGRI-SAR-IIInvesco V.I. Growth and Income Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. Health Care Fund

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Health Care Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Health Care Fund<br>(Series I) | $49 | 0.98% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$158468450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;10.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;8.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;5.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;3.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;2.39% |
| \* Excluding money market fund holdings, if any. |  |

---

**Country allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499351.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

I-VIGHC-SAR-IInvesco V.I. Health Care Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. Health Care Fund

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Health Care Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Health Care Fund<br>(Series II) | $62 | 1.23% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$158468450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. | &nbsp;&nbsp;&nbsp;10.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;8.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;5.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;3.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. | &nbsp;&nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;2.39% |
| \* Excluding money market fund holdings, if any. |  |

---

**Country allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499362.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

I-VIGHC-SAR-IIInvesco V.I. Health Care Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. High Yield Fund

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. High Yield Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. High Yield Fund<br>(Series I) | $43 | 0.86% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$150370414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;110% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp., Series C, 8.88% | &nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avation Capital S.A., 9.00% PIK Rate, 8.25% Cash Rate, 8.25%, 10/31/2026 | &nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., Term Loan L, 6.80%, 01/19/2032 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Gold, Inc., 6.88%, 04/01/2032 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aircastle Ltd., 5.25% | &nbsp;&nbsp;&nbsp;0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC, 4.13%, 06/04/2081 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.38%, 04/01/2032 | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG, Inc., 9.00% | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iliad Holding S.A.S.U., 8.50%, 04/15/2031 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp., 6.75% PIK Rate, 2.00% Cash Rate, 6.75%, 11/30/2030 | &nbsp;&nbsp;&nbsp;0.80% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit quality rating breakdown\*\*** 

**(% of net assets)**

---

| | |
|:---|:---|
| BBB | 3.36 |
| BB | 47.52 |
| B | 34.08 |
| CCC and below | 11.62 |
| Cash | 2.58 |
| Not Rated | 0.84 |
| \*\*Source: Standard & Poor's. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non-Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor's rating methodology, please visit standardandpoors.com and select "Understanding Ratings" under Rating Resources on the homepage. |  |

---

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

![TSR_QRcode](images_2562.jpg)

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

VIHYI-SAR-I Invesco V.I. High Yield Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. High Yield Fund

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. High Yield Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. High Yield Fund<br>(Series II) | $56 | 1.11% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$150370414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;110% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp., Series C, 8.88% | &nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avation Capital S.A., 9.00% PIK Rate, 8.25% Cash Rate, 8.25%, 10/31/2026 | &nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., Term Loan L, 6.80%, 01/19/2032 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Gold, Inc., 6.88%, 04/01/2032 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aircastle Ltd., 5.25% | &nbsp;&nbsp;&nbsp;0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC, 4.13%, 06/04/2081 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc., 7.38%, 04/01/2032 | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG, Inc., 9.00% | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iliad Holding S.A.S.U., 8.50%, 04/15/2031 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp., 6.75% PIK Rate, 2.00% Cash Rate, 6.75%, 11/30/2030 | &nbsp;&nbsp;&nbsp;0.80% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit quality rating breakdown\*\*** 

**(% of net assets)**

---

| | |
|:---|:---|
| BBB | 3.36 |
| BB | 47.52 |
| B | 34.08 |
| CCC and below | 11.62 |
| Cash | 2.58 |
| Not Rated | 0.84 |
| \*\*Source: Standard & Poor's. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non-Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor's rating methodology, please visit standardandpoors.com and select "Understanding Ratings" under Rating Resources on the homepage. |  |

---

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

![TSR_QRcode](images_2562.jpg)

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

VIHYI-SAR-II Invesco V.I. High Yield Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. Main Street Fund®

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Main Street Fund® (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Main Street Fund®<br>(Series I) | $41 | 0.80%† |

---

*\** *Annualized.* <br> *†* *Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$783536809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;9.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;8.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;5.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;1.99% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499337.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

O-VIMST-SAR-IInvesco V.I. Main Street Fund®

![TSR_logo](images_2563.jpg)

### Invesco V.I. Main Street Fund®

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Main Street Fund® (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Main Street Fund®<br>(Series II) | $54 | 1.05%† |

---

*\** *Annualized.* <br> *†* *Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$783536809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;9.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;8.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;5.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;5.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;1.99% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499336.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

O-VIMST-SAR-IIInvesco V.I. Main Street Fund®

![TSR_logo](images_2563.jpg)

### Invesco V.I. Main Street Mid Cap Fund®

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Main Street Mid Cap Fund® (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Main Street Mid Cap Fund®<br>(Series I) | $48 | 0.94% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$208322863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;1.46% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499357.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VIMCCE-SAR-IInvesco V.I. Main Street Mid Cap Fund®

![TSR_logo](images_2563.jpg)

### Invesco V.I. Main Street Mid Cap Fund®

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Main Street Mid Cap Fund® (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Main Street Mid Cap Fund®<br>(Series II) | $60 | 1.19% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$208322863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;1.46% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499368.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VIMCCE-SAR-IIInvesco V.I. Main Street Mid Cap Fund®

![TSR_logo](images_2563.jpg)

### Invesco V.I. Main Street Small Cap Fund®

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Main Street Small Cap Fund® (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Main Street Small Cap Fund®<br>(Series I) | $42 | 0.85% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1078961588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc. | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Itron, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;ESAB Corp. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;1.53% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499335.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

O-VIMSS-SAR-IInvesco V.I. Main Street Small Cap Fund®

![TSR_logo](images_2563.jpg)

### Invesco V.I. Main Street Small Cap Fund®

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Main Street Small Cap Fund® (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Main Street Small Cap Fund®<br>(Series II) | $55 | 1.10% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1078961588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc. | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Itron, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;ESAB Corp. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;1.53% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499334.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

O-VIMSS-SAR-IIInvesco V.I. Main Street Small Cap Fund®

![TSR_logo](images_2563.jpg)

### Invesco® V.I. S&P 500 Buffer Fund - December

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco® V.I. S&P 500 Buffer Fund - December (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco® V.I. S&P 500 Buffer Fund - December<br>(Series I) | $35 | 0.69%† |

---

*\** *Annualized.* <br> *†* *Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$56167196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499339.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VISP500D-SAR-IInvesco® V.I. S&P 500 Buffer Fund - December

![TSR_logo](images_2563.jpg)

### Invesco® V.I. S&P 500 Buffer Fund - December

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco® V.I. S&P 500 Buffer Fund - December (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco® V.I. S&P 500 Buffer Fund - December<br>(Series II) | $48 | 0.94%† |

---

*\** *Annualized.* <br> *†* *Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$56167196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499326.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VISP500D-SAR-IIInvesco® V.I. S&P 500 Buffer Fund - December

![TSR_logo](images_2563.jpg)

### Invesco® V.I. S&P 500 Buffer Fund – June

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco® V.I. S&P 500 Buffer Fund – June (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco® V.I. S&P 500 Buffer Fund – June<br>(Series I) | $36 | 0.70%† |

---

*\** *Annualized.* <br> *†* *Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$46539201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499315.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VISP500J-SAR-IInvesco® V.I. S&P 500 Buffer Fund – June

![TSR_logo](images_2563.jpg)

### Invesco® V.I. S&P 500 Buffer Fund – June

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco® V.I. S&P 500 Buffer Fund – June (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco® V.I. S&P 500 Buffer Fund – June<br>(Series II) | $49 | 0.95%† |

---

*\** *Annualized.* <br> *†* *Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$46539201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499317.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VISP500J-SAR-IIInvesco® V.I. S&P 500 Buffer Fund – June

![TSR_logo](images_2563.jpg)

### Invesco® V.I. S&P 500 Buffer Fund - March

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco® V.I. S&P 500 Buffer Fund - March (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco® V.I. S&P 500 Buffer Fund - March<br>(Series I) | $35 | 0.70%† |

---

*\** *Annualized.* <br> *†* *Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$49860943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499321.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VISP500M-SAR-IInvesco® V.I. S&P 500 Buffer Fund - March

![TSR_logo](images_2563.jpg)

### Invesco® V.I. S&P 500 Buffer Fund - March

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco® V.I. S&P 500 Buffer Fund - March (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco® V.I. S&P 500 Buffer Fund - March<br>(Series II) | $48 | 0.95%† |

---

*\** *Annualized.* <br> *†* *Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$49860943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499332.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VISP500M-SAR-IIInvesco® V.I. S&P 500 Buffer Fund - March

![TSR_logo](images_2563.jpg)

### Invesco® V.I. S&P 500 Buffer Fund - September

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco® V.I. S&P 500 Buffer Fund - September (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco® V.I. S&P 500 Buffer Fund - September<br>(Series I) | $36 | 0.70%† |

---

*\** *Annualized.* <br> *†* *Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$52519136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499341.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VISP500S-SAR-IInvesco® V.I. S&P 500 Buffer Fund - September

![TSR_logo](images_2563.jpg)

### Invesco® V.I. S&P 500 Buffer Fund - September

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco® V.I. S&P 500 Buffer Fund - September (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco® V.I. S&P 500 Buffer Fund - September<br>(Series II) | $48 | 0.95%† |

---

*\** *Annualized.* <br> *†* *Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$52519136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499340.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VISP500S-SAR-IIInvesco® V.I. S&P 500 Buffer Fund - September

![TSR_logo](images_2563.jpg)

### Invesco V.I. Small Cap Equity Fund

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Small Cap Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Small Cap Equity Fund<br>(Series I) | $48 | 0.95% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$232155958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;AeroVironment, Inc. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) | &nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;&nbsp;1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.59% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499367.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VISCE-SAR-IInvesco V.I. Small Cap Equity Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. Small Cap Equity Fund

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Small Cap Equity Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Small Cap Equity Fund<br>(Series II) | $60 | 1.20% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$232155958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;AeroVironment, Inc. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) | &nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;&nbsp;1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;1.59% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499366.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

VISCE-SAR-IIInvesco V.I. Small Cap Equity Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. Technology Fund

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Technology Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Technology Fund<br>(Series I) | $49 | 0.96% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$221337729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;90% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;8.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;2.34% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499365.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

I-VITEC-SAR-IInvesco V.I. Technology Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. Technology Fund

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. Technology Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. Technology Fund<br>(Series II) | $62 | 1.21% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$221337729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;90% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;8.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp;&nbsp;2.34% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9499364.jpg)

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

![TSR_QRcode](images_2562.jpg)

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

I-VITEC-SAR-IIInvesco V.I. Technology Fund

![TSR_logo](images_2563.jpg)

### Invesco V.I. U.S. Government Money Portfolio

### Series I

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. U.S. Government Money Portfolio (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. U.S. Government Money Portfolio<br>(Series I) | $32 | 0.63% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$385603700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Composition by maturity, in days** 

**(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;68.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;22.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;\* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

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

![TSR_QRcode](images_2562.jpg)

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

O-VIGMKT-SAR-IInvesco V.I. U.S. Government Money Portfolio

![TSR_logo](images_2563.jpg)

### Invesco V.I. U.S. Government Money Portfolio

### Series II

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco V.I. U.S. Government Money Portfolio (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco V.I. U.S. Government Money Portfolio<br>(Series II) | $44 | 0.88% |

---

*\** *Annualized.*

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$385603700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Composition by maturity, in days** 

**(% of total investments)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1-7 | &nbsp;&nbsp;&nbsp;68.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;8-30 | &nbsp;&nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;31-60 | &nbsp;&nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;61-90 | &nbsp;&nbsp;&nbsp;0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;91-180 | &nbsp;&nbsp;&nbsp;6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;181+ | &nbsp;&nbsp;&nbsp;22.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;\* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940. |  |

---

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

![TSR_QRcode](images_2562.jpg)

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

O-VIGMKT-SAR-IIInvesco V.I. U.S. Government Money Portfolio

------

(b) Not applicable.

------

Item 2. Code of Ethics.

Not applicable for a semi-annual report.

------

Item 3. Audit Committee Financial Expert.

Not applicable for a semi-annual report.

------

Item 4. Principal Accountant Fees and Services.

Not applicable for a semi-annual report.

------

Item 5. Audit Committee of Listed Registrants.

Not applicable.

------

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](img8dfc9ab01.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco Oppenheimer V.I. International Growth Fund**

------

---

| | |
|:---|:---|
| [2](#xx_29b1632a-d510-4554-80f8-c037097c21de_SOI-Continued-719_1) | Schedule of Investments |
| [4](#xx_29b1632a-d510-4554-80f8-c037097c21de_FS-Continued-719_1) | Financial Statements |
| [6](#xx_29b1632a-d510-4554-80f8-c037097c21de_FS-Continued-719_3) | Financial Highlights |
| [7](#xx_29b1632a-d510-4554-80f8-c037097c21de_NTF-Continued-719_1) | Notes to Financial Statements |
| [13](#xx_29b1632a-d510-4554-80f8-c037097c21de_AOC-Continued-719_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [16](#xx_29b1632a-d510-4554-80f8-c037097c21de_OIRSR-Continued-719_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

O-VIIGR-NCSRS

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.19%** | **Common Stocks & Other Equity Interests–99.19%** | **Common Stocks & Other Equity Interests–99.19%** |
| **Canada–5.79%** | **Canada–5.79%** | **Canada–5.79%** |
| Alimentation Couche-Tard, Inc. | 72234 | &nbsp;&nbsp; $3590614 |
| Dollarama, Inc. | 78003 | &nbsp;&nbsp; 10990590 |
| Shopify, Inc., Class A<sup>(a)</sup>  | 32999 | &nbsp;&nbsp; 3806435 |
|  |  | &nbsp;&nbsp; 18387639 |
| **China–4.70%** | **China–4.70%** | **China–4.70%** |
| Alibaba Group Holding Ltd., ADR<sup>(b)</sup>  | 57751 | &nbsp;&nbsp; 6549541 |
| Tencent Holdings Ltd. | 130000 | &nbsp;&nbsp; 8376629 |
|  |  | &nbsp;&nbsp; 14926170 |
| **France–13.87%** | **France–13.87%** | **France–13.87%** |
| Airbus S.E. | 22858 | &nbsp;&nbsp; 4781909 |
| Dassault Systemes SE | 86556 | &nbsp;&nbsp; 3136932 |
| EssilorLuxottica S.A. | 11714 | &nbsp;&nbsp; 3216579 |
| Hermes International S.C.A. | 2605 | &nbsp;&nbsp; 7061804 |
| L'Oreal S.A. | 13935 | &nbsp;&nbsp; 5969109 |
| LVMH Moet Hennessy Louis Vuitton SE | 7930 | &nbsp;&nbsp; 4150404 |
| Sartorius Stedim Biotech | 31617 | &nbsp;&nbsp; 7564762 |
| Schneider Electric SE | 18125 | &nbsp;&nbsp; 4866290 |
| Societe Generale S.A. | 57726 | &nbsp;&nbsp; 3302170 |
|  |  | &nbsp;&nbsp; 44049959 |
| **Germany–5.61%** | **Germany–5.61%** | **Germany–5.61%** |
| Allianz SE | 7800 | &nbsp;&nbsp; 3165500 |
| SAP SE | 18970 | &nbsp;&nbsp; 5800639 |
| Siemens AG | 34415 | &nbsp;&nbsp; 8839780 |
|  |  | &nbsp;&nbsp; 17805919 |
| **India–6.26%** | **India–6.26%** | **India–6.26%** |
| Dr Lal PathLabs Ltd.<sup>(c)</sup>  | 170668 | &nbsp;&nbsp; 5566445 |
| ICICI Bank Ltd. | 302369 | &nbsp;&nbsp; 5109958 |
| Reliance Industries Ltd. | 526214 | &nbsp;&nbsp; 9210437 |
|  |  | &nbsp;&nbsp; 19886840 |
| **Ireland–3.35%** | **Ireland–3.35%** | **Ireland–3.35%** |
| Accenture PLC, Class A | 13222 | &nbsp;&nbsp; 3951924 |
| Flutter Entertainment PLC<sup>(a)</sup>  | 23505 | &nbsp;&nbsp; 6682258 |
|  |  | &nbsp;&nbsp; 10634182 |
| **Italy–2.54%** | **Italy–2.54%** | **Italy–2.54%** |
| FinecoBank Banca Fineco S.p.A. | 195042 | &nbsp;&nbsp; 4326724 |
| Ryanair Holdings PLC | 131504 | &nbsp;&nbsp; 3730203 |
|  |  | &nbsp;&nbsp; 8056927 |
| **Japan–9.03%** | **Japan–9.03%** | **Japan–9.03%** |
| Daikin Industries Ltd. | 28500 | &nbsp;&nbsp; 3345434 |
| Hitachi Ltd. | 146200 | &nbsp;&nbsp; 4249205 |
| Hoya Corp. | 31793 | &nbsp;&nbsp; 3775803 |
| Keyence Corp. | 10224 | &nbsp;&nbsp; 4087842 |
| Kobe Bussan Co. Ltd. | 5229 | &nbsp;&nbsp; 162389 |
| Mitsubishi UFJ Financial Group, Inc. | 361300 | &nbsp;&nbsp; 4925815 |
| MonotaRO Co. Ltd. | 255100 | &nbsp;&nbsp; 5021860 |
| OBIC Business Consultants Co. Ltd. | 52500 | &nbsp;&nbsp; 3106548 |
|  |  | &nbsp;&nbsp; 28674896 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Netherlands–6.36%** | **Netherlands–6.36%** | **Netherlands–6.36%** |
| ASM International N.V. | 7320 | &nbsp;&nbsp; $4695617 |
| ASML Holding N.V. | 8351 | &nbsp;&nbsp; 6691965 |
| Universal Music Group N.V. | 271650 | &nbsp;&nbsp; 8812476 |
|  |  | &nbsp;&nbsp; 20200058 |
| **Spain–1.35%** | **Spain–1.35%** | **Spain–1.35%** |
| Amadeus IT Group S.A. | 50733 | &nbsp;&nbsp; 4286080 |
| **Sweden–4.42%** | **Sweden–4.42%** | **Sweden–4.42%** |
| Atlas Copco AB, Class A | 319537 | &nbsp;&nbsp; 5165635 |
| Epiroc AB, Class A | 209683 | &nbsp;&nbsp; 4562669 |
| Svenska Handelsbanken AB, Class A | 322684 | &nbsp;&nbsp; 4319862 |
|  |  | &nbsp;&nbsp; 14048166 |
| **Switzerland–3.76%** | **Switzerland–3.76%** | **Switzerland–3.76%** |
| Lonza Group AG | 8714 | &nbsp;&nbsp; 6231934 |
| Sika AG | 20983 | &nbsp;&nbsp; 5709134 |
|  |  | &nbsp;&nbsp; 11941068 |
| **Taiwan–3.65%** | **Taiwan–3.65%** | **Taiwan–3.65%** |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd. | 317000 | &nbsp;&nbsp; 11592483 |
| **United Kingdom–18.50%** | **United Kingdom–18.50%** | **United Kingdom–18.50%** |
| AstraZeneca PLC | 54579 | &nbsp;&nbsp; 7595712 |
| Auto Trader Group PLC<sup>(c)</sup>  | 337638 | &nbsp;&nbsp; 3824352 |
| BAE Systems PLC | 369765 | &nbsp;&nbsp; 9596459 |
| Compass Group PLC | 200499 | &nbsp;&nbsp; 6791296 |
| ConvaTec Group PLC<sup>(c)</sup>  | 1398508 | &nbsp;&nbsp; 5539552 |
| Diageo PLC | 120334 | &nbsp;&nbsp; 3034352 |
| HSBC Holdings PLC | 258206 | &nbsp;&nbsp; 3123307 |
| London Stock Exchange Group PLC | 27297 | &nbsp;&nbsp; 3992108 |
| RELX PLC | 75935 | &nbsp;&nbsp; 4115500 |
| Rightmove PLC | 438376 | &nbsp;&nbsp; 4744726 |
| RS Group PLC | 382203 | &nbsp;&nbsp; 3017096 |
| Trainline PLC<sup>(a)(c)</sup>  | 884791 | &nbsp;&nbsp; 3398564 |
|  |  | &nbsp;&nbsp; 58773024 |
| **United States–10.00%** | **United States–10.00%** | **United States–10.00%** |
| EPAM Systems, Inc.<sup>(a)</sup>  | 33183 | &nbsp;&nbsp; 5867418 |
| Experian PLC | 116549 | &nbsp;&nbsp; 6009994 |
| Ferguson Enterprises, Inc. | 33331 | &nbsp;&nbsp; 7298580 |
| Illumina, Inc.<sup>(a)</sup>  | 37437 | &nbsp;&nbsp; 3571864 |
| ResMed, Inc.<sup>(b)</sup>  | 34927 | &nbsp;&nbsp; 9011166 |
|  |  | &nbsp;&nbsp; 31759022 |
| Total Common Stocks & Other Equity Interests <br> (Cost $195,880,596) | Total Common Stocks & Other Equity Interests <br> (Cost $195,880,596) | &nbsp;&nbsp; 315022433 |
| **Money Market Funds–0.76%** | **Money Market Funds–0.76%** | **Money Market Funds–0.76%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 838513 | &nbsp;&nbsp; 838513 |

---

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

**2**

**Invesco Oppenheimer V.I. International Growth Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 1557239 | &nbsp;&nbsp; $1557239 |
| Total Money Market Funds (Cost $2,395,752) | Total Money Market Funds (Cost $2,395,752) | Total Money Market Funds (Cost $2,395,752) | &nbsp;&nbsp; 2395752 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-99.95% <br> (Cost $198,276,348)<br>|  |  | &nbsp;&nbsp; 317418185 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–4.93%** | **Money Market Funds–4.93%** | **Money Market Funds–4.93%** | **Money Market Funds–4.93%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 4350803 | &nbsp;&nbsp; 4350803 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | 11305093 | &nbsp;&nbsp; $11308485 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $15,658,527) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $15,658,527) | &nbsp;&nbsp; 15659288 |
| TOTAL INVESTMENTS IN SECURITIES—104.88% <br> (Cost $213,934,875) | TOTAL INVESTMENTS IN SECURITIES—104.88% <br> (Cost $213,934,875) | &nbsp;&nbsp; 333077473 |
| OTHER ASSETS LESS LIABILITIES–(4.88)% | OTHER ASSETS LESS LIABILITIES–(4.88)% | &nbsp;&nbsp; (15486141)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $317591332 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

<sup>(b)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(c)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2025 was $18,328,913, which represented 5.77% of the Fund's Net Assets. 

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $1705471 | &nbsp;&nbsp; $19634507 | &nbsp;&nbsp; $(20501465) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $838513 | &nbsp;&nbsp; $29879 |
| Invesco Treasury Portfolio, Institutional Class | 3167303 | &nbsp;&nbsp; 36464085 | &nbsp;&nbsp; (38074149) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1557239 | &nbsp;&nbsp; 55043 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 1928275 | &nbsp;&nbsp; 63314260 | &nbsp;&nbsp; (60891732) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4350803 | &nbsp;&nbsp; 80,164\* |
| Invesco Private Prime Fund | 5070042 | &nbsp;&nbsp; 105515594 | &nbsp;&nbsp; (99277030) | &nbsp;&nbsp; 761 | (882) | &nbsp;&nbsp; 11308485 | &nbsp;&nbsp; 224,006\* |
| Total | $11871091 | &nbsp;&nbsp; $224928446 | &nbsp;&nbsp; $(218744376) | &nbsp;&nbsp; $761 | &nbsp;&nbsp; $(882) | &nbsp;&nbsp; $18055040 | &nbsp;&nbsp; $389092 |

---

\* 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 June 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**3**

**Invesco Oppenheimer V.I. International Growth Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $195,880,596)\*<br>| &nbsp;&nbsp; $315022433 |
| Investments in affiliated money market funds, at value <br> (Cost $18,054,279)<br>| &nbsp;&nbsp; 18055040 |
| Cash | &nbsp;&nbsp; 500000 |
| Foreign currencies, at value (Cost $330,491) | &nbsp;&nbsp; 331500 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 516550 |
| Fund shares sold | &nbsp;&nbsp; 11982 |
| Dividends | &nbsp;&nbsp; 670410 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 54369 |
| Other assets | &nbsp;&nbsp; 126 |
| Total assets | &nbsp;&nbsp; 335162410 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 475664 |
| Accrued foreign taxes | &nbsp;&nbsp; 1185084 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 15658527 |
| Accrued fees to affiliates | &nbsp;&nbsp; 174399 |
| Accrued other operating expenses | &nbsp;&nbsp; 23035 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 54369 |
| Total liabilities | &nbsp;&nbsp; 17571078 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $317591332 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $139338888 |
| Distributable earnings | &nbsp;&nbsp; 178252444 |
|  | &nbsp;&nbsp; $317591332 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $173740652 |
| Series II | &nbsp;&nbsp; $143850680 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 83757272 |
| Series II | &nbsp;&nbsp; 65305404 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $2.07 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $2.20 |

---

\* At June 30, 2025, securities with an aggregate value of $15,404,856 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $270,255) | &nbsp;&nbsp; $3188365 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $28,356)<br>| &nbsp;&nbsp; 113278 |
| Total investment income | &nbsp;&nbsp; 3301643 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1484354 |
| Administrative services fees | &nbsp;&nbsp; 252359 |
| Custodian fees | &nbsp;&nbsp; 20059 |
| Distribution fees - Series II | &nbsp;&nbsp; 174191 |
| Transfer agent fees | &nbsp;&nbsp; 7864 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 10614 |
| Reports to shareholders | &nbsp;&nbsp; 4645 |
| Professional services fees | &nbsp;&nbsp; 22220 |
| Other | &nbsp;&nbsp; 2667 |
| Total expenses | &nbsp;&nbsp; 1978973 |
| Less: Fees waived | &nbsp;&nbsp; (271042)<br>|
| Net expenses | &nbsp;&nbsp; 1707931 |
| Net investment income | &nbsp;&nbsp; 1593712 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 32941725 |
| Affiliated investment securities | &nbsp;&nbsp; (882)<br>|
| Foreign currencies | &nbsp;&nbsp; 74838 |
| Forward foreign currency contracts | &nbsp;&nbsp; (4543)<br>|
|  | &nbsp;&nbsp; 33011138 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities (net of foreign taxes of <br> $106,551)<br>| &nbsp;&nbsp; 2407231 |
| Affiliated investment securities | &nbsp;&nbsp; 761 |
| Foreign currencies | &nbsp;&nbsp; 34856 |
|  | &nbsp;&nbsp; 2442848 |
| Net realized and unrealized gain | &nbsp;&nbsp; 35453986 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $37047698 |

---

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

**4**

**Invesco Oppenheimer V.I. International Growth Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $1593712 | &nbsp;&nbsp; $798135 |
| Net realized gain | &nbsp;&nbsp; 33011138 | &nbsp;&nbsp; 28380021 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 2442848 | &nbsp;&nbsp; (33425466)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 37047698 | &nbsp;&nbsp; (4247310)<br>|
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (13137309)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (9866891)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (23004200)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (15225573)<br>| &nbsp;&nbsp; (5015291)<br>|
| Series II | &nbsp;&nbsp; (10974393)<br>| &nbsp;&nbsp; (6541517)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (26199966)<br>| &nbsp;&nbsp; (11556808)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 10847732 | &nbsp;&nbsp; (38808318)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 306743600 | &nbsp;&nbsp; 345551918 |
| End of period | &nbsp;&nbsp; $317591332 | &nbsp;&nbsp; $306743600 |

---

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

**5**

**Invesco Oppenheimer V.I. International Growth Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $1.84 | $0.01 | $0.22 | $0.23 | $— | $— | $— | $2.07 | 12.50<br> %<br>| &nbsp;&nbsp; $173741 | 1.00 %<sup>(d)</sup><br>| 1.17 %<sup>(d)</sup><br>| 1.15 %<sup>(d)</sup><br>| 28<br> %<br>|
| Year ended 12/31/24 | 2.02 | 0.01 | (0.04)<br>| (0.03)<br>| (0.01)<br>| (0.14)<br>| (0.15)<br>| 1.84 | (1.67)<br>| &nbsp;&nbsp; 168492 | 1.00 | 1.18 | 0.35 | 18 |
| Year ended 12/31/23 | 1.68 | 0.01 | 0.34 | 0.35 | (0.01)<br>|  | (0.01)<br>| 2.02 | 21.06 | &nbsp;&nbsp; 188898 | 1.00 | 1.17 | 0.35 | 15 |
| Year ended 12/31/22 | 2.92 | 0.01 | (0.83)<br>| (0.82)<br>|  | (0.42)<br>| (0.42)<br>| 1.68 | (27.13)<br>| &nbsp;&nbsp; 167154 | 1.00 | 1.18 | 0.51 | 26 |
| Year ended 12/31/21 | 2.91 | (0.00)<br>| 0.30 | 0.30 |  | (0.29)<br>| (0.29)<br>| 2.92 | 10.22 | &nbsp;&nbsp; 235425 | 1.00 | 1.13 | (0.16)<br>| 22 |
| Year ended 12/31/20 | 2.45 | (0.00)<br>| 0.52 | 0.52 | (0.02)<br>| (0.04)<br>| (0.06)<br>| 2.91 | 21.50 | &nbsp;&nbsp; 230463 | 1.00 | 1.15 | (0.01)<br>| 37 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 1.96 | 0.01 | 0.23 | 0.24 |  |  |  | 2.20 | 12.24 | &nbsp;&nbsp; 143851 | 1.25 <br><sup>(d)</sup><br>| 1.42 <br><sup>(d)</sup><br>| 0.90 <br><sup>(d)</sup><br>| 28 |
| Year ended 12/31/24 | 2.14 | 0.00 | (0.03)<br>| (0.03)<br>| (0.01)<br>| (0.14)<br>| (0.15)<br>| 1.96 | (1.81)<br>| &nbsp;&nbsp; 138252 | 1.25 | 1.43 | 0.10 | 18 |
| Year ended 12/31/23 | 1.78 | 0.00 | 0.37 | 0.37 | (0.01)<br>|  | (0.01)<br>| 2.14 | 20.64 | &nbsp;&nbsp; 156654 | 1.25 | 1.42 | 0.10 | 15 |
| Year ended 12/31/22 | 3.06 | 0.01 | (0.87)<br>| (0.86)<br>|  | (0.42)<br>| (0.42)<br>| 1.78 | (27.17)<br>| &nbsp;&nbsp; 147359 | 1.25 | 1.43 | 0.26 | 26 |
| Year ended 12/31/21 | 3.04 | (0.01)<br>| 0.32 | 0.31 |  | (0.29)<br>| (0.29)<br>| 3.06 | 10.12 | &nbsp;&nbsp; 208901 | 1.25 | 1.38 | (0.41)<br>| 22 |
| Year ended 12/31/20 | 2.56 | (0.01)<br>| 0.55 | 0.54 | (0.02)<br>| (0.04)<br>| (0.06)<br>| 3.04 | 21.04 | &nbsp;&nbsp; 271421 | 1.25 | 1.40 | (0.26)<br>| 37 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America. Total returns are not annualized for periods less than one year, if applicable and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. 

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

<sup>(d)</sup> Annualized.

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

**6**

**Invesco Oppenheimer V.I. International Growth Fund**

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**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 ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**7**

**Invesco Oppenheimer V.I. International Growth Fund**

------

unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

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**Invesco Oppenheimer V.I. International Growth Fund**

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compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $731 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

**M.** **Other Risks** - Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; lack of publicly available information; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China's dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole.

The level of development of the economies of countries in the Asia Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. In addition, export growth continues to be a major driver of China's rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of tariffs, sanctions, capital controls, embargoes, trade wars or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. The current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has recently imposed tariffs on the other country's products. Further, actions by the U.S. government, such as

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**Invesco Oppenheimer V.I. International Growth Fund**

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delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.

Certain securities issued by companies located or operating in Greater China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

The Fund's Japanese investments may be adversely affected by protectionist trade policies, slow economic activity worldwide, dependence on exports and international trade, increasing competition from Asia's other low-cost emerging economies, political and social instability, regional and global conflicts and natural disasters, as well as by commodity markets fluctuations related to Japan's limited natural resource supply. The Japanese economy also faces several other concerns, including a financial system with large levels of nonperforming loans, over-leveraged corporate balance sheets, extensive cross-ownership by major corporations, a changing corporate governance structure, and large government deficits.

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

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 1.000% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.900% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.850% |
| Over $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.820% |

---

\* 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 six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.97%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least April 30, 2026, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I and Series II shares to 1.00% and 1.25%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause 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, 2026. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.To the extent that the annualized ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $271,042.

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 six months ended June 30, 2025, Invesco was paid $22,008 for accounting and fund administrative services and was reimbursed $230,351 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

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

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when

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**Invesco Oppenheimer V.I. International Growth 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; $18387639 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $18387639 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 6549541 | &nbsp;&nbsp;&nbsp;&nbsp; 8376629 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14926170 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44049959 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44049959 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17805919 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17805919 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19886840 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19886840 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; 3951924 | &nbsp;&nbsp;&nbsp;&nbsp; 6682258 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10634182 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8056927 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8056927 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28674896 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28674896 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20200058 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20200058 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4286080 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4286080 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14048166 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14048166 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11941068 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11941068 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11592483 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11592483 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58773024 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58773024 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 18450448 | &nbsp;&nbsp;&nbsp;&nbsp; 13308574 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31759022 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 2395752 | &nbsp;&nbsp;&nbsp;&nbsp; 15659288 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18055040 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $49735304 | &nbsp;&nbsp;&nbsp;&nbsp; $283342169 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $333077473 |

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**NOTE 4—Derivative Investments**

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

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

**Effect of Derivative Investments for the six months ended June 30, 2025**

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

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| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(4543)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(4543)<br>|

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

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $943157 |

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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

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**Invesco Oppenheimer V.I. International Growth Fund**

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $86,647,517 and $107,739,676, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $121597047 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (5291257)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $116305790 |

---

Cost of investments for tax purposes is $216,771,683.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 3389403 | &nbsp;&nbsp;&nbsp; $6467681 | &nbsp;&nbsp;&nbsp; 6124414 | &nbsp;&nbsp;&nbsp; $12441442 |
| Series II | &nbsp;&nbsp;&nbsp; 2633175 | &nbsp;&nbsp;&nbsp; 5376178 | &nbsp;&nbsp;&nbsp; 5423611 | &nbsp;&nbsp;&nbsp; 11708030 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6771809 | &nbsp;&nbsp;&nbsp; 13137309 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4789753 | &nbsp;&nbsp;&nbsp; 9866891 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (11083602)<br>| &nbsp;&nbsp;&nbsp; (21693254)<br>| &nbsp;&nbsp;&nbsp; (14996466)<br>| &nbsp;&nbsp;&nbsp; (30594042)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (7904523)<br>| &nbsp;&nbsp;&nbsp; (16350571)<br>| &nbsp;&nbsp;&nbsp; (12927381)<br>| &nbsp;&nbsp;&nbsp; (28116438)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (12965547)<br>| &nbsp;&nbsp;&nbsp; $(26199966)<br>| &nbsp;&nbsp;&nbsp; (4814260)<br>| &nbsp;&nbsp;&nbsp; $(11556808)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 75% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**NOTE 10—Subsequent Event**

Effective on or about August 22, 2025, the name of the Fund and all references thereto will change from Invesco Oppenheimer V.I. International Growth Fund to Invesco V.I. International Growth Fund.

**12**

**Invesco Oppenheimer V.I. International Growth Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Oppenheimer V.I. International Growth Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior

Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back

office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World ex-USA® Index (Index). The Board noted that performance of Series I shares of the Fund was in the fifth quintile of its performance universe for the one and three year periods, and the fourth quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that stock selection in certain regions and sectors and the Fund's overweight or underweight exposure to certain factors detracted from Fund performance. The Board considered information provided by management

**13**

**Invesco Oppenheimer V.I. International Growth Fund**

------

regarding management's evaluation of the drivers of the Fund's underperformance and certain enhancements to the Fund's investment process intended to address such underperformance. The Board also noted that the portfolio management team underwent changes in 2024 following the retirement of a portfolio manager. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were above and reasonably comparable to, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's contractual management fees and total expense ratio were each in the fifth quintile of its expense group and discussed with management reasons for such relative contractual management fees and total expenses. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The independent Trustees reviewed and considered additional information provided by management, including with respect to the Fund's contractual management fee schedule and the components of the Fund's total expense ratio driving total expenses relative to peers. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds

relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to

perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent

**14**

**Invesco Oppenheimer V.I. International Growth Fund**

------

and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**15**

**Invesco Oppenheimer V.I. International Growth Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**16**

**Invesco Oppenheimer V.I. International Growth Fund**

------

![](img46be8bf81.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

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

------

---

| | |
|:---|:---|
| [2](#xx_fe793a27-c6ca-4bd4-97a7-2cdccea5f9a8_SOI-Continued-64_1) | Schedule of Investments |
| [4](#xx_fe793a27-c6ca-4bd4-97a7-2cdccea5f9a8_FS-Continued-64_1) | Financial Statements |
| [6](#xx_fe793a27-c6ca-4bd4-97a7-2cdccea5f9a8_FS-Continued-64_3) | Financial Highlights |
| [7](#xx_fe793a27-c6ca-4bd4-97a7-2cdccea5f9a8_NTF-Continued-64_1) | Notes to Financial Statements |
| [12](#xx_fe793a27-c6ca-4bd4-97a7-2cdccea5f9a8_AOC-Continued-64_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [15](#xx_fe793a27-c6ca-4bd4-97a7-2cdccea5f9a8_OIRSR-Continued-64_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VK-VIAMFR-NCSRS

------

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

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–101.18%** | **Common Stocks & Other Equity Interests–101.18%** | **Common Stocks & Other Equity Interests–101.18%** |
| **Aerospace & Defense–2.36%** | **Aerospace & Defense–2.36%** | **Aerospace & Defense–2.36%** |
| Axon Enterprise, Inc.<sup>(b)(c)</sup>  | 4677 | &nbsp;&nbsp; $3872275 |
| BAE Systems PLC (United Kingdom) | 370223 | &nbsp;&nbsp; 9608345 |
| TransDigm Group, Inc. | 5018 | &nbsp;&nbsp; 7630572 |
|  |  | &nbsp;&nbsp; 21111192 |
| **Application Software–2.47%** | **Application Software–2.47%** | **Application Software–2.47%** |
| AppLovin Corp., Class A<sup>(b)</sup>  | 41606 | &nbsp;&nbsp; 14565428 |
| HubSpot, Inc.<sup>(b)</sup>  | 7386 | &nbsp;&nbsp; 4111269 |
| Palantir Technologies, Inc., Class A<sup>(b)(c)</sup>  | 25474 | &nbsp;&nbsp; 3472616 |
|  |  | &nbsp;&nbsp; 22149313 |
| **Asset Management & Custody Banks–2.34%** | **Asset Management & Custody Banks–2.34%** | **Asset Management & Custody Banks–2.34%** |
| Blackstone, Inc., Class A | 48481 | &nbsp;&nbsp; 7251788 |
| KKR & Co., Inc., Class A | 103007 | &nbsp;&nbsp; 13703021 |
|  |  | &nbsp;&nbsp; 20954809 |
| **Automobile Manufacturers–1.95%** | **Automobile Manufacturers–1.95%** | **Automobile Manufacturers–1.95%** |
| Tesla, Inc.<sup>(b)</sup>  | 54928 | &nbsp;&nbsp; 17448429 |
| **Biotechnology–0.97%** | **Biotechnology–0.97%** | **Biotechnology–0.97%** |
| Alnylam Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 26625 | &nbsp;&nbsp; 8682146 |
| **Broadline Retail–8.35%** | **Broadline Retail–8.35%** | **Broadline Retail–8.35%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 294242 | &nbsp;&nbsp; 64553752 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup>  | 3911 | &nbsp;&nbsp; 10221907 |
|  |  | &nbsp;&nbsp; 74775659 |
| **Building Products–1.68%** | **Building Products–1.68%** | **Building Products–1.68%** |
| Johnson Controls International PLC | 142729 | &nbsp;&nbsp; 15075036 |
| **Casinos & Gaming–1.57%** | **Casinos & Gaming–1.57%** | **Casinos & Gaming–1.57%** |
| DraftKings, Inc., Class A<sup>(b)</sup>  | 89665 | &nbsp;&nbsp; 3845732 |
| Flutter Entertainment PLC (United <br> Kingdom)<sup>(b)</sup>  | 35735 | &nbsp;&nbsp; 10211634 |
|  |  | &nbsp;&nbsp; 14057366 |
| **Communications Equipment–1.49%** | **Communications Equipment–1.49%** | **Communications Equipment–1.49%** |
| Arista Networks, Inc.<sup>(b)</sup>  | 130374 | &nbsp;&nbsp; 13338564 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.78%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.78%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.78%** |
| Wabtec Corp. | 33507 | &nbsp;&nbsp; 7014691 |
| **Construction Materials–0.29%** | **Construction Materials–0.29%** | **Construction Materials–0.29%** |
| Martin Marietta Materials, Inc. | 4811 | &nbsp;&nbsp; 2641047 |
| **Consumer Staples Merchandise Retail–0.24%** | **Consumer Staples Merchandise Retail–0.24%** | **Consumer Staples Merchandise Retail–0.24%** |
| Costco Wholesale Corp.<sup>(c)</sup>  | 2169 | &nbsp;&nbsp; 2147180 |
| **Diversified Financial Services–0.88%** | **Diversified Financial Services–0.88%** | **Diversified Financial Services–0.88%** |
| Apollo Global Management, Inc. | 55315 | &nbsp;&nbsp; 7847539 |
| **Diversified Support Services–0.79%** | **Diversified Support Services–0.79%** | **Diversified Support Services–0.79%** |
| Cintas Corp. | 31803 | &nbsp;&nbsp; 7087935 |
| **Electrical Components & Equipment–1.58%** | **Electrical Components & Equipment–1.58%** | **Electrical Components & Equipment–1.58%** |
| Eaton Corp. PLC | 22883 | &nbsp;&nbsp; 8169002 |
| Vertiv Holdings Co., Class A | 46585 | &nbsp;&nbsp; 5981980 |
|  |  | &nbsp;&nbsp; 14150982 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Food Distributors–0.54%** | **Food Distributors–0.54%** | **Food Distributors–0.54%** |
| US Foods Holding Corp.<sup>(b)</sup>  | 62570 | &nbsp;&nbsp; $4818516 |
| **Health Care Equipment–4.00%** | **Health Care Equipment–4.00%** | **Health Care Equipment–4.00%** |
| Boston Scientific Corp.<sup>(b)</sup>  | 125973 | &nbsp;&nbsp; 13530760 |
| DexCom, Inc.<sup>(b)</sup>  | 30124 | &nbsp;&nbsp; 2629524 |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 36124 | &nbsp;&nbsp; 19630143 |
|  |  | &nbsp;&nbsp; 35790427 |
| **Heavy Electrical Equipment–0.59%** | **Heavy Electrical Equipment–0.59%** | **Heavy Electrical Equipment–0.59%** |
| GE Vernova, Inc. | 10048 | &nbsp;&nbsp; 5316899 |
| **Hotels, Resorts & Cruise Lines–2.12%** | **Hotels, Resorts & Cruise Lines–2.12%** | **Hotels, Resorts & Cruise Lines–2.12%** |
| Booking Holdings, Inc. | 3278 | &nbsp;&nbsp; 18977129 |
| **Independent Power Producers & Energy Traders–0.77%** | **Independent Power Producers & Energy Traders–0.77%** | **Independent Power Producers & Energy Traders–0.77%** |
| Vistra Corp. | 35527 | &nbsp;&nbsp; 6885488 |
| **Industrial Machinery & Supplies & Components–0.70%** | **Industrial Machinery & Supplies & Components–0.70%** | **Industrial Machinery & Supplies & Components–0.70%** |
| Parker-Hannifin Corp. | 8937 | &nbsp;&nbsp; 6242226 |
| **Insurance Brokers–0.51%** | **Insurance Brokers–0.51%** | **Insurance Brokers–0.51%** |
| Arthur J. Gallagher & Co. | 14222 | &nbsp;&nbsp; 4552747 |
| **Integrated Oil & Gas–0.71%** | **Integrated Oil & Gas–0.71%** | **Integrated Oil & Gas–0.71%** |
| Suncor Energy, Inc. (Canada) | 170705 | &nbsp;&nbsp; 6392902 |
| **Interactive Home Entertainment–1.78%** | **Interactive Home Entertainment–1.78%** | **Interactive Home Entertainment–1.78%** |
| Nintendo Co. Ltd. (Japan) | 73800 | &nbsp;&nbsp; 7086998 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 36247 | &nbsp;&nbsp; 8802584 |
|  |  | &nbsp;&nbsp; 15889582 |
| **Interactive Media & Services–9.80%** | **Interactive Media & Services–9.80%** | **Interactive Media & Services–9.80%** |
| Alphabet, Inc., Class A | 155413 | &nbsp;&nbsp; 27388433 |
| Meta Platforms, Inc., Class A | 81687 | &nbsp;&nbsp; 60292358 |
|  |  | &nbsp;&nbsp; 87680791 |
| **Internet Services & Infrastructure–2.98%** | **Internet Services & Infrastructure–2.98%** | **Internet Services & Infrastructure–2.98%** |
| Cloudflare, Inc., Class A<sup>(b)(c)</sup>  | 68602 | &nbsp;&nbsp; 13434329 |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 59358 | &nbsp;&nbsp; 13282540 |
|  |  | &nbsp;&nbsp; 26716869 |
| **Investment Banking & Brokerage–1.89%** | **Investment Banking & Brokerage–1.89%** | **Investment Banking & Brokerage–1.89%** |
| Goldman Sachs Group, Inc. (The) | 14627 | &nbsp;&nbsp; 10352259 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup>  | 69860 | &nbsp;&nbsp; 6540992 |
|  |  | &nbsp;&nbsp; 16893251 |
| **Movies & Entertainment–5.01%** | **Movies & Entertainment–5.01%** | **Movies & Entertainment–5.01%** |
| Netflix, Inc.<sup>(b)</sup>  | 23105 | &nbsp;&nbsp; 30940599 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup>  | 18073 | &nbsp;&nbsp; 13868136 |
|  |  | &nbsp;&nbsp; 44808735 |
| **Pharmaceuticals–0.59%** | **Pharmaceuticals–0.59%** | **Pharmaceuticals–0.59%** |
| Eli Lilly and Co. | 6722 | &nbsp;&nbsp; 5240001 |
| **Real Estate Services–0.41%** | **Real Estate Services–0.41%** | **Real Estate Services–0.41%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 25937 | &nbsp;&nbsp; 3634292 |
| **Restaurants–0.74%** | **Restaurants–0.74%** | **Restaurants–0.74%** |
| DoorDash, Inc., Class A<sup>(b)</sup>  | 26773 | &nbsp;&nbsp; 6599812 |

---

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

**2**

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

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Semiconductors–19.08%** | **Semiconductors–19.08%** | **Semiconductors–19.08%** |
| Broadcom, Inc. | 137602 | &nbsp;&nbsp; $37929991 |
| Microchip Technology, Inc. | 120507 | &nbsp;&nbsp; 8480078 |
| Monolithic Power Systems, Inc.<sup>(c)</sup>  | 15123 | &nbsp;&nbsp; 11060660 |
| NVIDIA Corp. | 645393 | &nbsp;&nbsp; 101965640 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR (Taiwan) | 49903 | &nbsp;&nbsp; 11302530 |
|  |  | &nbsp;&nbsp; 170738899 |
| **Systems Software–13.23%** | **Systems Software–13.23%** | **Systems Software–13.23%** |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup>  | 25087 | &nbsp;&nbsp; 12777060 |
| Microsoft Corp. | 168056 | &nbsp;&nbsp; 83592735 |
| ServiceNow, Inc.<sup>(b)</sup>  | 21429 | &nbsp;&nbsp; 22030726 |
|  |  | &nbsp;&nbsp; 118400521 |
| **Technology Hardware, Storage & Peripherals–3.49%** | **Technology Hardware, Storage & Peripherals–3.49%** | **Technology Hardware, Storage & Peripherals–3.49%** |
| Apple, Inc. | 152367 | &nbsp;&nbsp; 31261137 |
| **Tobacco–1.33%** | **Tobacco–1.33%** | **Tobacco–1.33%** |
| Philip Morris International, Inc. (Switzerland) | 65144 | &nbsp;&nbsp; 11864677 |
| **Trading Companies & Distributors–0.60%** | **Trading Companies & Distributors–0.60%** | **Trading Companies & Distributors–0.60%** |
| United Rentals, Inc.<sup>(c)</sup>  | 7141 | &nbsp;&nbsp; 5380029 |
| **Transaction & Payment Processing Services–2.57%** | **Transaction & Payment Processing Services–2.57%** | **Transaction & Payment Processing Services–2.57%** |
| Visa, Inc., Class A<sup>(c)</sup>  | 64767 | &nbsp;&nbsp; 22995523 |
| Total Common Stocks & Other Equity Interests <br> (Cost $379,594,580) | Total Common Stocks & Other Equity Interests <br> (Cost $379,594,580) | &nbsp;&nbsp; 905562341 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–0.22%** | **Money Market Funds–0.22%** | **Money Market Funds–0.22%** | **Money Market Funds–0.22%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 684904 | &nbsp;&nbsp; $684904 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 1271747 | &nbsp;&nbsp; 1271747 |
| Total Money Market Funds (Cost $1,956,651) | Total Money Market Funds (Cost $1,956,651) | Total Money Market Funds (Cost $1,956,651) | &nbsp;&nbsp; 1956651 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-101.40% <br> (Cost $381,551,231)<br>|  |  | &nbsp;&nbsp; 907518992 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–2.30%** | **Money Market Funds–2.30%** | **Money Market Funds–2.30%** | **Money Market Funds–2.30%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 5724763 | &nbsp;&nbsp; 5724763 |
| Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | 14828944 | &nbsp;&nbsp; 14833393 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $20,557,041) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $20,557,041) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $20,557,041) | &nbsp;&nbsp; 20558156 |
| TOTAL INVESTMENTS IN SECURITIES–103.70% <br> (Cost $402,108,272) | TOTAL INVESTMENTS IN SECURITIES–103.70% <br> (Cost $402,108,272) | TOTAL INVESTMENTS IN SECURITIES–103.70% <br> (Cost $402,108,272) | &nbsp;&nbsp; 928077148 |
| OTHER ASSETS LESS LIABILITIES—(3.70)% | OTHER ASSETS LESS LIABILITIES—(3.70)% | OTHER ASSETS LESS LIABILITIES—(3.70)% | &nbsp;&nbsp; (33089665)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $894987483 |

---

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 June 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $598599 | &nbsp;&nbsp; $23619229 | &nbsp;&nbsp; $(23532924) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $684904 | &nbsp;&nbsp; $36551 |
| Invesco Treasury Portfolio, Institutional Class | 1111347 | &nbsp;&nbsp; 43864283 | &nbsp;&nbsp; (43703883) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1271747 | &nbsp;&nbsp; 67343 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 12617898 | &nbsp;&nbsp; 203751995 | &nbsp;&nbsp; (210645130) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5724763 | &nbsp;&nbsp; 249,821\* |
| Invesco Private Prime Fund | 32861864 | &nbsp;&nbsp; 412094013 | &nbsp;&nbsp; (430121761) | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; (1838) | &nbsp;&nbsp; 14833393 | &nbsp;&nbsp; 671,642\* |
| Total | $47189708 | &nbsp;&nbsp; $683329520 | &nbsp;&nbsp; $(708003698) | &nbsp;&nbsp; $1115 | &nbsp;&nbsp; $(1838) | &nbsp;&nbsp; $22514807 | &nbsp;&nbsp; $1025357 |

---

\* 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 June 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**3**

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

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $379,594,580)\*<br>| &nbsp;&nbsp; $905562341 |
| Investments in affiliated money market funds, at value <br> (Cost $22,513,692)<br>| &nbsp;&nbsp; 22514807 |
| Cash | &nbsp;&nbsp; 74913 |
| Foreign currencies, at value (Cost $49,398) | &nbsp;&nbsp; 51620 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1419181 |
| Fund shares sold | &nbsp;&nbsp; 71592 |
| Dividends | &nbsp;&nbsp; 278270 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 249210 |
| Other assets | &nbsp;&nbsp; 332 |
| Total assets | &nbsp;&nbsp; 930222266 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 13938322 |
| Due to broker | &nbsp;&nbsp; 11141 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 20557041 |
| Accrued fees to affiliates | &nbsp;&nbsp; 452632 |
| Accrued other operating expenses | &nbsp;&nbsp; 19013 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 256634 |
| Total liabilities | &nbsp;&nbsp; 35234783 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $894987483 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $260476078 |
| Distributable earnings | &nbsp;&nbsp; 634511405 |
|  | &nbsp;&nbsp; $894987483 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $572360329 |
| Series II | &nbsp;&nbsp; $322627154 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 6802690 |
| Series II | &nbsp;&nbsp; 4264619 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $84.14 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $75.65 |

---

\* At June 30, 2025, securities with an aggregate value of $20,409,301 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $46,085) | &nbsp;&nbsp; $1927213 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $29,344)<br>| &nbsp;&nbsp; 133238 |
| Total investment income | &nbsp;&nbsp; 2060451 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 2780845 |
| Administrative services fees | &nbsp;&nbsp; 693511 |
| Custodian fees | &nbsp;&nbsp; 2483 |
| Distribution fees - Series II | &nbsp;&nbsp; 376192 |
| Transfer agent fees | &nbsp;&nbsp; 22098 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 12541 |
| Reports to shareholders | &nbsp;&nbsp; 4477 |
| Professional services fees | &nbsp;&nbsp; 21212 |
| Other | &nbsp;&nbsp; 5063 |
| Total expenses | &nbsp;&nbsp; 3918422 |
| Less: Fees waived | &nbsp;&nbsp; (2719)<br>|
| Net expenses | &nbsp;&nbsp; 3915703 |
| Net investment income (loss) | &nbsp;&nbsp; (1855252)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 31496227 |
| Affiliated investment securities | &nbsp;&nbsp; (1838)<br>|
| Foreign currencies | &nbsp;&nbsp; (12950)<br>|
|  | &nbsp;&nbsp; 31481439 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 19702088 |
| Affiliated investment securities | &nbsp;&nbsp; 1115 |
| Foreign currencies | &nbsp;&nbsp; 11702 |
|  | &nbsp;&nbsp; 19714905 |
| Net realized and unrealized gain | &nbsp;&nbsp; 51196344 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $49341092 |

---

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

**4**

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

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(1855252)<br>| &nbsp;&nbsp; $(2977308)<br>|
| Net realized gain | &nbsp;&nbsp; 31481439 | &nbsp;&nbsp; 88332731 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 19714905 | &nbsp;&nbsp; 157205402 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 49341092 | &nbsp;&nbsp; 242560825 |
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (33787939)<br>| &nbsp;&nbsp; (60753315)<br>|
| Series II | &nbsp;&nbsp; (9832495)<br>| &nbsp;&nbsp; (17895572)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (43620434)<br>| &nbsp;&nbsp; (78648887)<br>|
| Net increase in net assets | &nbsp;&nbsp; 5720658 | &nbsp;&nbsp; 163911938 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 889266825 | &nbsp;&nbsp; 725354887 |
| End of period | &nbsp;&nbsp; $894987483 | &nbsp;&nbsp; $889266825 |

---

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

**5**

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

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $79.53 | $(0.13)<br>| $4.74 | $4.61 | $— | $— | $— | $84.14 | 5.80<br> %<br>| &nbsp;&nbsp; $572360 | 0.85 %<sup>(d)</sup><br>| 0.85 %<sup>(d)</sup><br>| (0.36 )%<sup>(d)</sup><br>| 27<br> %<br>|
| Year ended 12/31/24 | 58.96 | (0.19)<br>| 20.76 | 20.57 |  |  |  | 79.53 | 34.89 | &nbsp;&nbsp; 576093 | 0.86 | 0.86 | (0.27)<br>| 52 |
| Year ended 12/31/23 | 42.84 | (0.05)<br>| 17.35 | 17.30 |  | (1.18)<br>| (1.18)<br>| 58.96 | 40.93 | &nbsp;&nbsp; 478288 | 0.86 | 0.86 | (0.09)<br>| 63 |
| Year ended 12/31/22 | 88.63 | (0.03)<br>| (27.15)<br>| (27.18)<br>|  | (18.61)<br>| (18.61)<br>| 42.84 | (31.11)<br>| &nbsp;&nbsp; 371020 | 0.86 | 0.86 | (0.05)<br>| 108 |
| Year ended 12/31/21 | 89.10 | (0.39)<br>| 11.37 | 10.98 |  | (11.45)<br>| (11.45)<br>| 88.63 | 11.92 | &nbsp;&nbsp; 591907 | 0.86 | 0.86 | (0.41)<br>| 68 |
| Year ended 12/31/20 | 67.15 | (0.13)<br>| 28.00 | 27.87 | (0.06)<br>| (5.86)<br>| (5.92)<br>| 89.10 | 42.35 | &nbsp;&nbsp; 611334 | 0.86 | 0.86 | (0.18)<br>| 54 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 71.60 | (0.21)<br>| 4.26 | 4.05 |  |  |  | 75.65 | 5.65 | &nbsp;&nbsp; 322627 | 1.10 <br><sup>(d)</sup><br>| 1.10 <br><sup>(d)</sup><br>| (0.61 )<sup>(d)</sup><br>| 27 |
| Year ended 12/31/24 | 53.21 | (0.33)<br>| 18.72 | 18.39 |  |  |  | 71.60 | 34.56 | &nbsp;&nbsp; 313174 | 1.11 | 1.11 | (0.52)<br>| 52 |
| Year ended 12/31/23 | 38.85 | (0.16)<br>| 15.70 | 15.54 |  | (1.18)<br>| (1.18)<br>| 53.21 | 40.60 | &nbsp;&nbsp; 247067 | 1.11 | 1.11 | (0.34)<br>| 63 |
| Year ended 12/31/22 | 83.04 | (0.18)<br>| (25.40)<br>| (25.58)<br>|  | (18.61)<br>| (18.61)<br>| 38.85 | (31.30)<br>| &nbsp;&nbsp; 187267 | 1.11 | 1.11 | (0.30)<br>| 108 |
| Year ended 12/31/21 | 84.31 | (0.59)<br>| 10.77 | 10.18 |  | (11.45)<br>| (11.45)<br>| 83.04 | 11.65 | &nbsp;&nbsp; 254909 | 1.11 | 1.11 | (0.66)<br>| 68 |
| Year ended 12/31/20 | 63.90 | (0.31)<br>| 26.58 | 26.27 |  | (5.86)<br>| (5.86)<br>| 84.31 | 41.99 | &nbsp;&nbsp; 218808 | 1.11 | 1.11 | (0.43)<br>| 54 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

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

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

<sup>(d)</sup> Annualized.

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

**6**

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

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**7**

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

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**8**

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

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compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $3,114 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

**M.** **Other Risks** – The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund's shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

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

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

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.695% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.670% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.645% |
| Next $550 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.620% |
| Next $3.45 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.595% |
| Next $2.25 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.570% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.545% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.520% |

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For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.67%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

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

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The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I and Series II shares to 2.00% and 2.25%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $2,719.

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 six months ended June 30, 2025, Invesco was paid $68,657 for accounting and fund administrative services and was reimbursed $624,854 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the six months ended June 30, 2025, the Fund incurred $4,197 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $888866998 | &nbsp;&nbsp;&nbsp;&nbsp; $16695343 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $905562341 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 1956651 | &nbsp;&nbsp;&nbsp;&nbsp; 20558156 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22514807 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $890823649 | &nbsp;&nbsp;&nbsp;&nbsp; $37253499 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $928077148 |

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

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

**10**

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

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**NOTE 5—Cash Balances**

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

**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $227,778,535 and $267,232,304, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $525424326 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (2496582)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $522927744 |

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Cost of investments for tax purposes is $405,149,404.

**NOTE 8—Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 124242 | &nbsp;&nbsp;&nbsp; $9330963 | &nbsp;&nbsp;&nbsp; 328666 | &nbsp;&nbsp;&nbsp; $23154841 |
| Series II | &nbsp;&nbsp;&nbsp; 302037 | &nbsp;&nbsp;&nbsp; 19617926 | &nbsp;&nbsp;&nbsp; 458601 | &nbsp;&nbsp;&nbsp; 29232297 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (565080)<br>| &nbsp;&nbsp;&nbsp; (43118902)<br>| &nbsp;&nbsp;&nbsp; (1197409)<br>| &nbsp;&nbsp;&nbsp; (83908156)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (411368)<br>| &nbsp;&nbsp;&nbsp; (29450421)<br>| &nbsp;&nbsp;&nbsp; (727797)<br>| &nbsp;&nbsp;&nbsp; (47127869)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (550169)<br>| &nbsp;&nbsp;&nbsp; $(43620434)<br>| &nbsp;&nbsp;&nbsp; (1137939)<br>| &nbsp;&nbsp;&nbsp; $(78648887)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 39% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**11**

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

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. American Franchise Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The

Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back

office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 1000® Growth Index (Index). The Board noted that performance of Series I shares of the Fund was in the first quintile of its performance universe for the one and three year periods, and the third quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Series I shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board

**12**

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

------

also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such total expenses. The Board requested and considered additional information from management regarding such relative total expenses, including the differentiated client base associated with variable insurance products. The independent Trustees reviewed and considered additional information provided by management, including with respect to the Fund's total expense ratio relative to peer funds. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer

agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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

**13**

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

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direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**14**

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

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**15**

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

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![](img5453f8361.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

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

------

---

| | |
|:---|:---|
| [2](#xx_6026183c-7464-42ea-93ff-c235f9a7ee1c_SOI-Continued-65_1) | Schedule of Investments |
| [5](#xx_6026183c-7464-42ea-93ff-c235f9a7ee1c_FS-Continued-65_1) | Financial Statements |
| [7](#xx_6026183c-7464-42ea-93ff-c235f9a7ee1c_FS-Continued-65_3) | Financial Highlights |
| [8](#xx_6026183c-7464-42ea-93ff-c235f9a7ee1c_NTF-Continued-65_1) | Notes to Financial Statements |
| [13](#xx_6026183c-7464-42ea-93ff-c235f9a7ee1c_AOC-Continued-65_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [15](#xx_6026183c-7464-42ea-93ff-c235f9a7ee1c_OIRSR-Continued-65_1) | Other Information Required in Form N-CSR (Items 8-11) |

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Invesco Distributors, Inc.

VK-VIAMVA-NCSRS

------

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

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.46%** | **Common Stocks & Other Equity Interests–97.46%** | **Common Stocks & Other Equity Interests–97.46%** |
| **Agricultural & Farm Machinery–0.95%** | **Agricultural & Farm Machinery–0.95%** | **Agricultural & Farm Machinery–0.95%** |
| AGCO Corp.<sup>(b)</sup>  | 32914 | &nbsp;&nbsp; $3395408 |
| **Application Software–2.95%** | **Application Software–2.95%** | **Application Software–2.95%** |
| AppLovin Corp., Class A<sup>(c)</sup>  | 30263 | &nbsp;&nbsp; 10594471 |
| **Coal & Consumable Fuels–2.46%** | **Coal & Consumable Fuels–2.46%** | **Coal & Consumable Fuels–2.46%** |
| Cameco Corp. (Canada) | 119134 | &nbsp;&nbsp; 8843317 |
| **Communications Equipment–2.71%** | **Communications Equipment–2.71%** | **Communications Equipment–2.71%** |
| Lumentum Holdings, Inc.<sup>(b)(c)</sup>  | 102184 | &nbsp;&nbsp; 9713611 |
| **Construction & Engineering–3.47%** | **Construction & Engineering–3.47%** | **Construction & Engineering–3.47%** |
| AECOM | 66343 | &nbsp;&nbsp; 7487471 |
| MasTec, Inc.<sup>(c)</sup>  | 29140 | &nbsp;&nbsp; 4966330 |
|  |  | &nbsp;&nbsp; 12453801 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.92%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.92%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.92%** |
| Oshkosh Corp. | 29138 | &nbsp;&nbsp; 3308329 |
| **Copper–2.32%** | **Copper–2.32%** | **Copper–2.32%** |
| Freeport-McMoRan, Inc. | 192073 | &nbsp;&nbsp; 8326365 |
| **Diversified Banks–2.14%** | **Diversified Banks–2.14%** | **Diversified Banks–2.14%** |
| Fifth Third Bancorp | 42993 | &nbsp;&nbsp; 1768302 |
| U.S. Bancorp | 130424 | &nbsp;&nbsp; 5901686 |
|  |  | &nbsp;&nbsp; 7669988 |
| **Diversified Chemicals–0.47%** | **Diversified Chemicals–0.47%** | **Diversified Chemicals–0.47%** |
| Huntsman Corp. | 163290 | &nbsp;&nbsp; 1701482 |
| **Diversified Metals & Mining–1.48%** | **Diversified Metals & Mining–1.48%** | **Diversified Metals & Mining–1.48%** |
| Anglo American PLC (South Africa) | 59686 | &nbsp;&nbsp; 1759417 |
| Teck Resources Ltd., Class B (Canada) | 88026 | &nbsp;&nbsp; 3554490 |
|  |  | &nbsp;&nbsp; 5313907 |
| **Electric Utilities–2.43%** | **Electric Utilities–2.43%** | **Electric Utilities–2.43%** |
| NRG Energy, Inc. | 54353 | &nbsp;&nbsp; 8728005 |
| **Electrical Components & Equipment–3.86%** | **Electrical Components & Equipment–3.86%** | **Electrical Components & Equipment–3.86%** |
| Generac Holdings, Inc.<sup>(c)</sup>  | 13831 | &nbsp;&nbsp; 1980737 |
| Regal Rexnord Corp.<sup>(b)</sup>  | 26606 | &nbsp;&nbsp; 3856806 |
| Vertiv Holdings Co., Class A | 62495 | &nbsp;&nbsp; 8024983 |
|  |  | &nbsp;&nbsp; 13862526 |
| **Electronic Components–2.69%** | **Electronic Components–2.69%** | **Electronic Components–2.69%** |
| Coherent Corp.<sup>(b)(c)</sup>  | 108230 | &nbsp;&nbsp; 9655198 |
| **Fertilizers & Agricultural Chemicals–1.93%** | **Fertilizers & Agricultural Chemicals–1.93%** | **Fertilizers & Agricultural Chemicals–1.93%** |
| Corteva, Inc. | 60341 | &nbsp;&nbsp; 4497215 |
| Mosaic Co. (The) | 67088 | &nbsp;&nbsp; 2447370 |
|  |  | &nbsp;&nbsp; 6944585 |
| **Food Distributors–0.77%** | **Food Distributors–0.77%** | **Food Distributors–0.77%** |
| Performance Food Group Co.<sup>(c)</sup>  | 31773 | &nbsp;&nbsp; 2779184 |
| **Gold–4.21%** | **Gold–4.21%** | **Gold–4.21%** |
| Agnico Eagle Mines Ltd. (Canada) | 49191 | &nbsp;&nbsp; 5850286 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Gold–(continued)** | **Gold–(continued)** | **Gold–(continued)** |
| Newmont Corp. | 159051 | &nbsp;&nbsp; $9266311 |
|  |  | &nbsp;&nbsp; 15116597 |
| **Health Care Equipment–5.10%** | **Health Care Equipment–5.10%** | **Health Care Equipment–5.10%** |
| Hologic, Inc.<sup>(c)</sup>  | 110702 | &nbsp;&nbsp; 7213342 |
| Medtronic PLC | 64856 | &nbsp;&nbsp; 5653498 |
| Zimmer Biomet Holdings, Inc.<sup>(b)</sup>  | 59562 | &nbsp;&nbsp; 5432650 |
|  |  | &nbsp;&nbsp; 18299490 |
| **Health Care Services–0.46%** | **Health Care Services–0.46%** | **Health Care Services–0.46%** |
| Fresenius Medical Care AG (Germany) | 28755 | &nbsp;&nbsp; 1652123 |
| **Hotels, Resorts & Cruise Lines–1.42%** | **Hotels, Resorts & Cruise Lines–1.42%** | **Hotels, Resorts & Cruise Lines–1.42%** |
| Expedia Group, Inc. | 20689 | &nbsp;&nbsp; 3489821 |
| Travel + Leisure Co.<sup>(b)</sup>  | 31392 | &nbsp;&nbsp; 1620141 |
|  |  | &nbsp;&nbsp; 5109962 |
| **Human Resource & Employment Services–0.35%** | **Human Resource & Employment Services–0.35%** | **Human Resource & Employment Services–0.35%** |
| ManpowerGroup, Inc. | 31411 | &nbsp;&nbsp; 1269005 |
| **Industrial Machinery & Supplies & Components–1.56%** | **Industrial Machinery & Supplies & Components–1.56%** | **Industrial Machinery & Supplies & Components–1.56%** |
| Chart Industries, Inc.<sup>(b)(c)</sup>  | 33981 | &nbsp;&nbsp; 5594972 |
| **Insurance Brokers–1.55%** | **Insurance Brokers–1.55%** | **Insurance Brokers–1.55%** |
| Willis Towers Watson PLC | 18122 | &nbsp;&nbsp; 5554393 |
| **Integrated Oil & Gas–0.52%** | **Integrated Oil & Gas–0.52%** | **Integrated Oil & Gas–0.52%** |
| Cenovus Energy, Inc. (Canada) | 136460 | &nbsp;&nbsp; 1855856 |
| **Interactive Home Entertainment–2.06%** | **Interactive Home Entertainment–2.06%** | **Interactive Home Entertainment–2.06%** |
| Electronic Arts, Inc. | 46235 | &nbsp;&nbsp; 7383729 |
| **Interactive Media & Services–0.98%** | **Interactive Media & Services–0.98%** | **Interactive Media & Services–0.98%** |
| Match Group, Inc.<sup>(b)</sup>  | 114174 | &nbsp;&nbsp; 3526835 |
| **Investment Banking & Brokerage–0.88%** | **Investment Banking & Brokerage–0.88%** | **Investment Banking & Brokerage–0.88%** |
| Goldman Sachs Group, Inc. (The) | 4446 | &nbsp;&nbsp; 3146657 |
| **IT Consulting & Other Services–2.38%** | **IT Consulting & Other Services–2.38%** | **IT Consulting & Other Services–2.38%** |
| EPAM Systems, Inc.<sup>(c)</sup>  | 34415 | &nbsp;&nbsp; 6085260 |
| Globant S.A.<sup>(c)</sup>  | 27031 | &nbsp;&nbsp; 2455496 |
|  |  | &nbsp;&nbsp; 8540756 |
| **Life & Health Insurance–2.36%** | **Life & Health Insurance–2.36%** | **Life & Health Insurance–2.36%** |
| Globe Life, Inc. | 68191 | &nbsp;&nbsp; 8475459 |
| **Life Sciences Tools & Services–2.43%** | **Life Sciences Tools & Services–2.43%** | **Life Sciences Tools & Services–2.43%** |
| Avantor, Inc.<sup>(b)(c)</sup>  | 337662 | &nbsp;&nbsp; 4544930 |
| ICON PLC<sup>(c)</sup>  | 28704 | &nbsp;&nbsp; 4174997 |
|  |  | &nbsp;&nbsp; 8719927 |
| **Managed Health Care–4.12%** | **Managed Health Care–4.12%** | **Managed Health Care–4.12%** |
| Centene Corp.<sup>(c)</sup>  | 162291 | &nbsp;&nbsp; 8809156 |
| Molina Healthcare, Inc.<sup>(c)</sup>  | 20076 | &nbsp;&nbsp; 5980640 |
|  |  | &nbsp;&nbsp; 14789796 |
| **Metal, Glass & Plastic Containers–1.37%** | **Metal, Glass & Plastic Containers–1.37%** | **Metal, Glass & Plastic Containers–1.37%** |
| Crown Holdings, Inc. | 47909 | &nbsp;&nbsp; 4933669 |

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

**2**

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

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| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Oil & Gas Exploration & Production–6.05%** | **Oil & Gas Exploration & Production–6.05%** | **Oil & Gas Exploration & Production–6.05%** |
| Antero Resources Corp.<sup>(c)</sup>  | 67812 | &nbsp;&nbsp; $2731468 |
| ARC Resources Ltd. (Canada) | 160780 | &nbsp;&nbsp; 3389751 |
| EQT Corp. | 104672 | &nbsp;&nbsp; 6104471 |
| Expand Energy Corp. | 41412 | &nbsp;&nbsp; 4842719 |
| Murphy Oil Corp.<sup>(b)</sup>  | 45475 | &nbsp;&nbsp; 1023188 |
| Range Resources Corp. | 89739 | &nbsp;&nbsp; 3649685 |
|  |  | &nbsp;&nbsp; 21741282 |
| **Oil & Gas Refining & Marketing–1.24%** | **Oil & Gas Refining & Marketing–1.24%** | **Oil & Gas Refining & Marketing–1.24%** |
| Phillips 66 Co.<sup>(b)</sup>  | 37350 | &nbsp;&nbsp; 4455855 |
| **Paper & Plastic Packaging Products & Materials–0.81%** | **Paper & Plastic Packaging Products & Materials–0.81%** | **Paper & Plastic Packaging Products & Materials–0.81%** |
| Sealed Air Corp. | 94273 | &nbsp;&nbsp; 2925291 |
| **Precious Metals & Minerals–0.09%** | **Precious Metals & Minerals–0.09%** | **Precious Metals & Minerals–0.09%** |
| Valterra Platinum Ltd. (South Africa) | 6934 | &nbsp;&nbsp; 304574 |
| **Regional Banks–8.66%** | **Regional Banks–8.66%** | **Regional Banks–8.66%** |
| Citizens Financial Group, Inc. | 89016 | &nbsp;&nbsp; 3983466 |
| Huntington Bancshares, Inc. | 528904 | &nbsp;&nbsp; 8864431 |
| Pinnacle Financial Partners, Inc. | 50607 | &nbsp;&nbsp; 5587519 |
| Webster Financial Corp. | 88807 | &nbsp;&nbsp; 4848862 |
| Western Alliance Bancorporation | 100257 | &nbsp;&nbsp; 7818041 |
|  |  | &nbsp;&nbsp; 31102319 |
| **Research & Consulting Services–4.18%** | **Research & Consulting Services–4.18%** | **Research & Consulting Services–4.18%** |
| Amentum Holdings, Inc.<sup>(b)(c)</sup>  | 157981 | &nbsp;&nbsp; 3729931 |
| Jacobs Solutions, Inc. | 39035 | &nbsp;&nbsp; 5131151 |
| KBR, Inc. | 128545 | &nbsp;&nbsp; 6162447 |
|  |  | &nbsp;&nbsp; 15023529 |
| **Semiconductor Materials & Equipment–1.48%** | **Semiconductor Materials & Equipment–1.48%** | **Semiconductor Materials & Equipment–1.48%** |
| Entegris, Inc. | 21549 | &nbsp;&nbsp; 1737927 |
| MKS Instruments, Inc.<sup>(b)</sup>  | 35955 | &nbsp;&nbsp; 3572489 |
|  |  | &nbsp;&nbsp; 5310416 |
| **Semiconductors–4.60%** | **Semiconductors–4.60%** | **Semiconductors–4.60%** |
| Marvell Technology, Inc. | 89153 | &nbsp;&nbsp; 6900442 |
| Microchip Technology, Inc. | 53308 | &nbsp;&nbsp; 3751284 |
| Rambus, Inc.<sup>(c)</sup>  | 58668 | &nbsp;&nbsp; 3755926 |
| STMicroelectronics N.V., New York Shares <br> (France) | 69793 | &nbsp;&nbsp; 2122405 |
|  |  | &nbsp;&nbsp; 16530057 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Silver–1.13%** | **Silver–1.13%** | **Silver–1.13%** | **Silver–1.13%** |
| Pan American Silver Corp. (Canada)<sup>(b)</sup>  | Pan American Silver Corp. (Canada)<sup>(b)</sup>  | 143447 | &nbsp;&nbsp; $4073895 |
| **Trading Companies & Distributors–2.74%** | **Trading Companies & Distributors–2.74%** | **Trading Companies & Distributors–2.74%** | **Trading Companies & Distributors–2.74%** |
| Air Lease Corp., Class A | Air Lease Corp., Class A | 73388 | &nbsp;&nbsp; 4292464 |
| WESCO International, Inc. | WESCO International, Inc. | 29863 | &nbsp;&nbsp; 5530627 |
|  |  |  | &nbsp;&nbsp; 9823091 |
| **Transaction & Payment Processing Services–3.18%** | **Transaction & Payment Processing Services–3.18%** | **Transaction & Payment Processing Services–3.18%** | **Transaction & Payment Processing Services–3.18%** |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | 140387 | &nbsp;&nbsp; 11428905 |
| Total Common Stocks & Other Equity Interests <br> (Cost $275,553,701) | Total Common Stocks & Other Equity Interests <br> (Cost $275,553,701) | Total Common Stocks & Other Equity Interests <br> (Cost $275,553,701) | &nbsp;&nbsp; 349978617 |
| **Money Market Funds–2.61%** | **Money Market Funds–2.61%** | **Money Market Funds–2.61%** | **Money Market Funds–2.61%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 3259133 | &nbsp;&nbsp; 3259133 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 6096101 | &nbsp;&nbsp; 6096101 |
| Total Money Market Funds (Cost $9,355,234) | Total Money Market Funds (Cost $9,355,234) | Total Money Market Funds (Cost $9,355,234) | &nbsp;&nbsp; 9355234 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.07% <br> (Cost $284,908,935)<br>|  |  | &nbsp;&nbsp; 359333851 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–12.09%** | **Money Market Funds–12.09%** | **Money Market Funds–12.09%** | **Money Market Funds–12.09%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 12511714 | &nbsp;&nbsp; 12511714 |
| Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | 30906876 | &nbsp;&nbsp; 30916147 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $43,425,101) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $43,425,101) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $43,425,101) | &nbsp;&nbsp; 43427861 |
| TOTAL INVESTMENTS IN SECURITIES–112.16% <br> (Cost $328,334,036) | TOTAL INVESTMENTS IN SECURITIES–112.16% <br> (Cost $328,334,036) | TOTAL INVESTMENTS IN SECURITIES–112.16% <br> (Cost $328,334,036) | &nbsp;&nbsp; 402761712 |
| OTHER ASSETS LESS LIABILITIES—(12.16)% | OTHER ASSETS LESS LIABILITIES—(12.16)% | OTHER ASSETS LESS LIABILITIES—(12.16)% | &nbsp;&nbsp; (43660929)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $359100783 |

---

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 June 30, 2025.

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

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $3326802 | &nbsp;&nbsp; $25913928 | &nbsp;&nbsp; $(25981597) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3259133 | &nbsp;&nbsp; $88917 |
| Invesco Treasury Portfolio, Institutional Class | 6221772 | &nbsp;&nbsp; 48125867 | &nbsp;&nbsp; (48251538) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6096101 | &nbsp;&nbsp; 164958 |

---

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

**3**

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **December 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **June 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | $10563982 | &nbsp;&nbsp; $138478774 | &nbsp;&nbsp; $(136531042) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $12511714 | &nbsp;&nbsp; $266,788\* |
| Invesco Private Prime Fund | 27549425 | &nbsp;&nbsp; 295449075 | &nbsp;&nbsp; (292082609) | &nbsp;&nbsp; 2760 | &nbsp;&nbsp; (2504) | &nbsp;&nbsp; 30916147 | &nbsp;&nbsp; 712,496\* |
| Total | $47661981 | &nbsp;&nbsp; $507967644 | &nbsp;&nbsp; $(502846786) | &nbsp;&nbsp; $2760 | &nbsp;&nbsp; $(2504) | &nbsp;&nbsp; $52783095 | &nbsp;&nbsp; $1233159 |

---

\* 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 June 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**4**

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

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $275,553,701)\*<br>| &nbsp;&nbsp; $349978617 |
| Investments in affiliated money market funds, at value <br> (Cost $52,780,335)<br>| &nbsp;&nbsp; 52783095 |
| Cash | &nbsp;&nbsp; 28242 |
| Foreign currencies, at value (Cost $335) | &nbsp;&nbsp; 357 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 108667 |
| Dividends | &nbsp;&nbsp; 420364 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 115495 |
| Other assets | &nbsp;&nbsp; 9267 |
| Total assets | &nbsp;&nbsp; 403444104 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 123878 |
| Fund shares reacquired | &nbsp;&nbsp; 457394 |
| Due to broker | &nbsp;&nbsp; 4152 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 43425101 |
| Accrued fees to affiliates | &nbsp;&nbsp; 190622 |
| Accrued other operating expenses | &nbsp;&nbsp; 20829 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 121345 |
| Total liabilities | &nbsp;&nbsp; 44343321 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $359100783 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $212391355 |
| Distributable earnings | &nbsp;&nbsp; 146709428 |
|  | &nbsp;&nbsp; $359100783 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $169818797 |
| Series II | &nbsp;&nbsp; $189281986 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 9280431 |
| Series II | &nbsp;&nbsp; 10553075 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $18.30 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $17.94 |

---

\* At June 30, 2025, securities with an aggregate value of $42,658,404 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $38,796) | &nbsp;&nbsp; $2465190 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $26,741)<br>| &nbsp;&nbsp; 280616 |
| Total investment income | &nbsp;&nbsp; 2745806 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1182374 |
| Administrative services fees | &nbsp;&nbsp; 286497 |
| Custodian fees | &nbsp;&nbsp; 4202 |
| Distribution fees - Series II | &nbsp;&nbsp; 223789 |
| Transfer agent fees | &nbsp;&nbsp; 9289 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 10725 |
| Reports to shareholders | &nbsp;&nbsp; 4946 |
| Professional services fees | &nbsp;&nbsp; 21224 |
| Other | &nbsp;&nbsp; (8394)<br>|
| Total expenses | &nbsp;&nbsp; 1734652 |
| Less: Fees waived | &nbsp;&nbsp; (7032)<br>|
| Net expenses | &nbsp;&nbsp; 1727620 |
| Net investment income | &nbsp;&nbsp; 1018186 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 19578574 |
| Affiliated investment securities | &nbsp;&nbsp; (2504)<br>|
| Foreign currencies | &nbsp;&nbsp; (4368)<br>|
|  | &nbsp;&nbsp; 19571702 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (9983651)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 2760 |
| Foreign currencies | &nbsp;&nbsp; 5464 |
|  | &nbsp;&nbsp; (9975427)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 9596275 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $10614461 |

---

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

**5**

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

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $1018186 | &nbsp;&nbsp; $1204054 |
| Net realized gain | &nbsp;&nbsp; 19571702 | &nbsp;&nbsp; 55848123 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (9975427)<br>| &nbsp;&nbsp; 35913028 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 10614461 | &nbsp;&nbsp; 92965205 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (5319651)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (5837175)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (11156826)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (8197857)<br>| &nbsp;&nbsp; (15982312)<br>|
| Series II | &nbsp;&nbsp; (9589489)<br>| &nbsp;&nbsp; (33053837)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (17787346)<br>| &nbsp;&nbsp; (49036149)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (7172885)<br>| &nbsp;&nbsp; 32772230 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 366273668 | &nbsp;&nbsp; 333501438 |
| End of period | &nbsp;&nbsp; $359100783 | &nbsp;&nbsp; $366273668 |

---

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

**6**

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

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $17.66 | $0.06 | $0.58 | $0.64 | $— | $— | $— | $18.30 | 3.62<br> %<br>| &nbsp;&nbsp; $169819 | 0.88 %<sup>(d)</sup><br>| 0.88 %<sup>(d)</sup><br>| 0.72 %<sup>(d)</sup><br>| 38<br> %<br>|
| Year ended 12/31/24 | 13.98 | 0.08 | 4.15 | 4.23 | (0.17)<br>| (0.38)<br>| (0.55)<br>| 17.66 | 30.41 | &nbsp;&nbsp; 172345 | 0.90 | 0.90 | 0.47 | 39 |
| Year ended 12/31/23 | 15.70 | 0.16 | 1.70 | 1.86 | (0.11)<br>| (3.47)<br>| (3.58)<br>| 13.98 | 15.60 | &nbsp;&nbsp; 150857 | 0.89 | 0.89 | 1.05 | 60 |
| Year ended 12/31/22 | 20.13 | 0.18 | (0.89)<br>| (0.71)<br>| (0.15)<br>| (3.57)<br>| (3.72)<br>| 15.70 | (2.61)<br>| &nbsp;&nbsp; 147248 | 0.89 | 0.89 | 0.97 | 139 |
| Year ended 12/31/21 | 15.80 | 0.13 | 4.28 | 4.41 | (0.08)<br>|  | (0.08)<br>| 20.13 | 27.95 | &nbsp;&nbsp; 160576 | 0.89 | 0.89 | 0.69 | 82 |
| Year ended 12/31/20 | 15.92 | 0.10 | 0.04 | 0.14 | (0.13)<br>| (0.13)<br>| (0.26)<br>| 15.80 | 1.12 | &nbsp;&nbsp; 73098 | 0.93 | 0.93 | 0.74 | 59 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 17.33 | 0.04 | 0.57 | 0.61 |  |  |  | 17.94 | 3.52 | &nbsp;&nbsp; 189282 | 1.13 <br><sup>(d)</sup><br>| 1.13 <br><sup>(d)</sup><br>| 0.47 <br><sup>(d)</sup><br>| 38 |
| Year ended 12/31/24 | 13.73 | 0.04 | 4.07 | 4.11 | (0.13)<br>| (0.38)<br>| (0.51)<br>| 17.33 | 30.09 | &nbsp;&nbsp; 193928 | 1.15 | 1.15 | 0.22 | 39 |
| Year ended 12/31/23 | 15.48 | 0.12 | 1.66 | 1.78 | (0.06)<br>| (3.47)<br>| (3.53)<br>| 13.73 | 15.29 | &nbsp;&nbsp; 182645 | 1.14 | 1.14 | 0.80 | 60 |
| Year ended 12/31/22 | 19.89 | 0.13 | (0.88)<br>| (0.75)<br>| (0.09)<br>| (3.57)<br>| (3.66)<br>| 15.48 | (2.86)<br>| &nbsp;&nbsp; 182381 | 1.14 | 1.14 | 0.72 | 139 |
| Year ended 12/31/21 | 15.62 | 0.08 | 4.23 | 4.31 | (0.04)<br>|  | (0.04)<br>| 19.89 | 27.62 | &nbsp;&nbsp; 214210 | 1.14 | 1.14 | 0.44 | 82 |
| Year ended 12/31/20 | 15.74 | 0.07 | 0.03 | 0.10 | (0.09)<br>| (0.13)<br>| (0.22)<br>| 15.62 | 0.86 | &nbsp;&nbsp; 167974 | 1.18 | 1.18 | 0.49 | 59 |

---

<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. 

<sup>(d)</sup> Annualized.

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

**7**

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

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**8**

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

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**9**

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

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compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $2,775 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.695% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.670% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.645% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.620% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.595% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.570% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.545% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.520% |

---

For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.69%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5)

**10**

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

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expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $7,032.

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 six months ended June 30, 2025, Invesco was paid $28,897 for accounting and fund administrative services and was reimbursed $257,600 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $346567077 | &nbsp;&nbsp;&nbsp;&nbsp; $3411540 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $349978617 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 9355234 | &nbsp;&nbsp;&nbsp;&nbsp; 43427861 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52783095 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $355922311 | &nbsp;&nbsp;&nbsp;&nbsp; $46839401 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $402761712 |

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

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

**NOTE 5—Cash Balances**

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

**11**

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

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**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $127,055,331 and $143,050,815, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $84934297 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (14878604)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $70055693 |

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Cost of investments for tax purposes is $332,706,019.

**NOTE 8—Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 369942 | &nbsp;&nbsp;&nbsp; $6549374 | &nbsp;&nbsp;&nbsp; 553679 | &nbsp;&nbsp;&nbsp; $9085202 |
| Series II | &nbsp;&nbsp;&nbsp; 1368906 | &nbsp;&nbsp;&nbsp; 23213507 | &nbsp;&nbsp;&nbsp; 758115 | &nbsp;&nbsp;&nbsp; 12058131 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 312921 | &nbsp;&nbsp;&nbsp; 5319651 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 349741 | &nbsp;&nbsp;&nbsp; 5837175 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (848328)<br>| &nbsp;&nbsp;&nbsp; (14747231)<br>| &nbsp;&nbsp;&nbsp; (1896642)<br>| &nbsp;&nbsp;&nbsp; (30387165)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (2004676)<br>| &nbsp;&nbsp;&nbsp; (32802996)<br>| &nbsp;&nbsp;&nbsp; (3216772)<br>| &nbsp;&nbsp;&nbsp; (50949143)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1114156)<br>| &nbsp;&nbsp;&nbsp; $(17787346)<br>| &nbsp;&nbsp;&nbsp; (3138958)<br>| &nbsp;&nbsp;&nbsp; $(49036149)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 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.

**12**

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

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. American Value Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell Midcap® Value Index (Index). The Board noted that performance of Series I shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

**13**

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

------

*C Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were below and reasonably comparable to, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco

Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers'

or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**14**

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

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**15**

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

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![](img770201711.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

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

------

---

| | |
|:---|:---|
| [2](#xx_d1687032-3bc8-444c-8a73-ddbfc7b42b3b_SOI-Continued-204_1) | Consolidated Schedule of Investments |
| [12](#xx_d1687032-3bc8-444c-8a73-ddbfc7b42b3b_FS-Continued-204_1) | Consolidated Financial Statements |
| [14](#xx_d1687032-3bc8-444c-8a73-ddbfc7b42b3b_FS-Continued-204_3) | Consolidated Financial Highlights |
| [15](#xx_d1687032-3bc8-444c-8a73-ddbfc7b42b3b_NTF-Continued-204_1) | Notes to Consolidated Financial Statements |
| [23](#xx_d1687032-3bc8-444c-8a73-ddbfc7b42b3b_AOC-Continued-204_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [26](#xx_d1687032-3bc8-444c-8a73-ddbfc7b42b3b_OIRSR-Continued-204_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VIIBRA-NCSRS

------

**Consolidated Schedule of Investments** 

*June 30, 2025*

*(Unaudited)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **U.S. Treasury Securities–2.16%** | **U.S. Treasury Securities–2.16%** | **U.S. Treasury Securities–2.16%** | **U.S. Treasury Securities–2.16%** |  |  |
| **U.S. Treasury Floating Rate Notes–2.16%** | **U.S. Treasury Floating Rate Notes–2.16%** | **U.S. Treasury Floating Rate Notes–2.16%** | **U.S. Treasury Floating Rate Notes–2.16%** | **U.S. Treasury Floating Rate Notes–2.16%** | **U.S. Treasury Floating Rate Notes–2.16%** |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.18%) <br> (Cost $8,950,000)<sup>(a)</sup> <br>| 4.48% | 07/31/2026 |  | $8950 | &nbsp;&nbsp; $8959471 |
|  |  |  | **Shares** | **Shares** |  |
| **Money Market Funds–91.48%**<sup>(b)</sup>  | **Money Market Funds–91.48%**<sup>(b)</sup>  | **Money Market Funds–91.48%**<sup>(b)</sup>  | **Money Market Funds–91.48%**<sup>(b)</sup>  | **Money Market Funds–91.48%**<sup>(b)</sup>  | **Money Market Funds–91.48%**<sup>(b)</sup>  |
| Invesco Government & Agency Portfolio, Institutional Class, 4.26%<sup>(c)</sup> <br>|  |  |  | 110479803 | &nbsp;&nbsp; 110479803 |
| Invesco Government Money Market Fund, Cash Reserve Shares, 4.20%<sup>(c)</sup> <br>|  |  |  | 63353572 | &nbsp;&nbsp; 63353572 |
| Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Agency Class, <br> 4.51%<sup>(c)</sup> <br>|  |  |  | 36504052 | &nbsp;&nbsp; 36504052 |
| Invesco Premier U.S. Government Money Portfolio, Institutional Class, 4.26%<sup>(c)</sup> <br>|  |  |  | 60065522 | &nbsp;&nbsp; 60065522 |
| Invesco Treasury Obligations Portfolio, Institutional Class, 4.11%<sup>(c)</sup> <br>|  |  |  | 51505418 | &nbsp;&nbsp; 51505418 |
| Invesco Treasury Portfolio, Institutional Class, 4.23%<sup>(c)</sup> <br>|  |  |  | 48395850 | &nbsp;&nbsp; 48395850 |
| Invesco V.I. Government Money Market Fund, Series I, 4.04%<sup>(c)</sup> <br>|  |  |  | 9240310 | &nbsp;&nbsp; 9240310 |
| Total Money Market Funds (Cost $379,544,527) | Total Money Market Funds (Cost $379,544,527) | Total Money Market Funds (Cost $379,544,527) | Total Money Market Funds (Cost $379,544,527) |  | &nbsp;&nbsp; 379544527 |
| **Options Purchased–0.43%** | **Options Purchased–0.43%** | **Options Purchased–0.43%** | **Options Purchased–0.43%** | **Options Purchased–0.43%** | **Options Purchased–0.43%** |
| (Cost $4,345,576)<sup>(d)</sup>  | (Cost $4,345,576)<sup>(d)</sup>  | (Cost $4,345,576)<sup>(d)</sup>  | (Cost $4,345,576)<sup>(d)</sup>  |  | &nbsp;&nbsp; 1775418 |
| TOTAL INVESTMENTS IN SECURITIES–94.07% (Cost $392,840,103) | TOTAL INVESTMENTS IN SECURITIES–94.07% (Cost $392,840,103) | TOTAL INVESTMENTS IN SECURITIES–94.07% (Cost $392,840,103) | TOTAL INVESTMENTS IN SECURITIES–94.07% (Cost $392,840,103) |  | &nbsp;&nbsp; 390279416 |
| OTHER ASSETS LESS LIABILITIES–5.93% | OTHER ASSETS LESS LIABILITIES–5.93% | OTHER ASSETS LESS LIABILITIES–5.93% | OTHER ASSETS LESS LIABILITIES–5.93% |  | &nbsp;&nbsp; 24586929 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $414866345 |

---

Notes to Consolidated Schedule of Investments:

<sup>(a)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2025.

<sup>(b)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $109484804 | &nbsp;&nbsp; $62443742 | &nbsp;&nbsp; $(61448743) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $110479803 | &nbsp;&nbsp; $2277626 |
| Invesco Government Money Market Fund, Cash <br> Reserve Shares<br>| 57405756 | &nbsp;&nbsp; 11654740 | &nbsp;&nbsp; (5706924) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 63353572 | &nbsp;&nbsp; 1225374 |
| Invesco Liquidity Funds PLC, Invesco US Dollar <br> Liquidity Portfolio, Agency Class<br>| 39409556 | &nbsp;&nbsp; 53679021 | &nbsp;&nbsp; (56584525) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 36504052 | &nbsp;&nbsp; 826216 |
| Invesco Premier U.S. Government Money Portfolio, <br> Institutional Class<br>| 71683244 | &nbsp;&nbsp; 5706924 | &nbsp;&nbsp; (17324646) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 60065522 | &nbsp;&nbsp; 1286668 |
| Invesco Treasury Obligations Portfolio, Institutional <br> Class<br>| 51505418 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 51505418 | &nbsp;&nbsp; 1063397 |
| Invesco Treasury Portfolio, Institutional Class | 40495750 | &nbsp;&nbsp; 61381245 | &nbsp;&nbsp; (53481145) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 48395850 | &nbsp;&nbsp; 1009971 |
| Invesco V.I. Government Money Market Fund, <br> Series I<br>| 9240310 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 9240310 | &nbsp;&nbsp; 186887 |
| Total | $379224838 | &nbsp;&nbsp; $194865672 | &nbsp;&nbsp; $(194545983) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $379544527 | &nbsp;&nbsp; $7876139 |

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<sup>(d)</sup> The table below details options purchased.

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

**2**

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

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |  |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 07/18/2025 | &nbsp;&nbsp;&nbsp; 21 | EUR | 4900.00 | EUR | 1029000 | &nbsp;&nbsp;&nbsp; $1509 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 08/15/2025 | &nbsp;&nbsp;&nbsp; 21 | EUR | 4600.00 | EUR | 966000 | &nbsp;&nbsp;&nbsp; 2622 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp; 21 | EUR | 4850.00 | EUR | 1018500 | &nbsp;&nbsp;&nbsp; 10439 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 10/17/2025 | &nbsp;&nbsp;&nbsp; 21 | EUR | 4800.00 | EUR | 1008000 | &nbsp;&nbsp;&nbsp; 13160 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 11/21/2025 | &nbsp;&nbsp;&nbsp; 21 | EUR | 4800.00 | EUR | 1008000 | &nbsp;&nbsp;&nbsp; 17440 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp; 21 | EUR | 4700.00 | EUR | 987000 | &nbsp;&nbsp;&nbsp; 17613 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 01/16/2026 | &nbsp;&nbsp;&nbsp; 21 | EUR | 4700.00 | EUR | 987000 | &nbsp;&nbsp;&nbsp; 19913 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 02/20/2026 | &nbsp;&nbsp;&nbsp; 21 | EUR | 5100.00 | EUR | 1071000 | &nbsp;&nbsp;&nbsp; 43413 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 05/15/2026 | &nbsp;&nbsp;&nbsp; 21 | EUR | 5000.00 | EUR | 1050000 | &nbsp;&nbsp;&nbsp; 49969 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 04/17/2026 | &nbsp;&nbsp;&nbsp; 21 | EUR | 5100.00 | EUR | 1071000 | &nbsp;&nbsp;&nbsp; 50958 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 06/19/2026 | &nbsp;&nbsp;&nbsp; 21 | EUR | 5200.00 | EUR | 1092000 | &nbsp;&nbsp;&nbsp; 70995 |
| EURO STOXX 50 Index | Put | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 21 | EUR | 5400.00 | EUR | 1134000 | &nbsp;&nbsp;&nbsp; 73865 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 07/18/2025 | &nbsp;&nbsp;&nbsp; 14 | GBP | 8200.00 | GBP | 1148000 | &nbsp;&nbsp;&nbsp; 1249 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 08/15/2025 | &nbsp;&nbsp;&nbsp; 14 | GBP | 8150.00 | GBP | 1141000 | &nbsp;&nbsp;&nbsp; 3747 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp; 14 | GBP | 8275.00 | GBP | 1158500 | &nbsp;&nbsp;&nbsp; 9897 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 10/17/2025 | &nbsp;&nbsp;&nbsp; 14 | GBP | 8225.00 | GBP | 1151500 | &nbsp;&nbsp;&nbsp; 12395 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 11/21/2025 | &nbsp;&nbsp;&nbsp; 14 | GBP | 8100.00 | GBP | 1134000 | &nbsp;&nbsp;&nbsp; 13548 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 01/16/2026 | &nbsp;&nbsp;&nbsp; 14 | GBP | 8150.00 | GBP | 1141000 | &nbsp;&nbsp;&nbsp; 20178 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp; 14 | GBP | 8250.00 | GBP | 1155000 | &nbsp;&nbsp;&nbsp; 20466 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 02/20/2026 | &nbsp;&nbsp;&nbsp; 14 | GBP | 8475.00 | GBP | 1186500 | &nbsp;&nbsp;&nbsp; 37185 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 05/15/2026 | &nbsp;&nbsp;&nbsp; 14 | GBP | 8350.00 | GBP | 1169000 | &nbsp;&nbsp;&nbsp; 43046 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 04/17/2026 | &nbsp;&nbsp;&nbsp; 14 | GBP | 8500.00 | GBP | 1190000 | &nbsp;&nbsp;&nbsp; 46217 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 14 | GBP | 8800.00 | GBP | 1232000 | &nbsp;&nbsp;&nbsp; 61399 |
| FTSE 100 Index | Put | &nbsp;&nbsp;&nbsp; 06/19/2026 | &nbsp;&nbsp;&nbsp; 14 | GBP | 8700.00 | GBP | 1218000 | &nbsp;&nbsp;&nbsp; 69758 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 07/18/2025 | &nbsp;&nbsp;&nbsp; 11 | USD | 1090.00 | USD | 1199000 | &nbsp;&nbsp;&nbsp; 605 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 08/15/2025 | &nbsp;&nbsp;&nbsp; 11 | USD | 1080.00 | USD | 1188000 | &nbsp;&nbsp;&nbsp; 2530 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp; 11 | USD | 1080.00 | USD | 1188000 | &nbsp;&nbsp;&nbsp; 5280 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp; 11 | USD | 1080.00 | USD | 1188000 | &nbsp;&nbsp;&nbsp; 13585 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 01/16/2026 | &nbsp;&nbsp;&nbsp; 11 | USD | 1060.00 | USD | 1166000 | &nbsp;&nbsp;&nbsp; 13860 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 02/20/2026 | &nbsp;&nbsp;&nbsp; 10 | USD | 1070.00 | USD | 1070000 | &nbsp;&nbsp;&nbsp; 16200 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 11/21/2025 | &nbsp;&nbsp;&nbsp; 11 | USD | 1125.00 | USD | 1237500 | &nbsp;&nbsp;&nbsp; 16885 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 10/17/2025 | &nbsp;&nbsp;&nbsp; 11 | USD | 1160.00 | USD | 1276000 | &nbsp;&nbsp;&nbsp; 17215 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 10 | USD | 1090.00 | USD | 1090000 | &nbsp;&nbsp;&nbsp; 20950 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 04/17/2026 | &nbsp;&nbsp;&nbsp; 10 | USD | 1100.00 | USD | 1100000 | &nbsp;&nbsp;&nbsp; 25200 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 05/15/2026 | &nbsp;&nbsp;&nbsp; 10 | USD | 1100.00 | USD | 1100000 | &nbsp;&nbsp;&nbsp; 30100 |
| MSCI Emerging Markets Index | Put | &nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp; 11 | USD | 1140.00 | USD | 1254000 | &nbsp;&nbsp;&nbsp; 47355 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 09/12/2025 | &nbsp;&nbsp;&nbsp; 6 | JPY | 36500.00 | JPY | 219000000 | &nbsp;&nbsp;&nbsp; 16041 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 09/12/2025 | &nbsp;&nbsp;&nbsp; 6 | JPY | 37250.00 | JPY | 223500000 | &nbsp;&nbsp;&nbsp; 20208 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 09/12/2025 | &nbsp;&nbsp;&nbsp; 6 | JPY | 38000.00 | JPY | 228000000 | &nbsp;&nbsp;&nbsp; 26249 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp; 5 | JPY | 37000.00 | JPY | 185000000 | &nbsp;&nbsp;&nbsp; 35068 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp; 5 | JPY | 37250.00 | JPY | 186250000 | &nbsp;&nbsp;&nbsp; 37151 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 06/12/2026 | &nbsp;&nbsp;&nbsp; 5 | JPY | 34250.00 | JPY | 171250000 | &nbsp;&nbsp;&nbsp; 40971 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp;&nbsp; 5 | JPY | 36250.00 | JPY | 181250000 | &nbsp;&nbsp;&nbsp; 42880 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 06/12/2026 | &nbsp;&nbsp;&nbsp; 5 | JPY | 35000.00 | JPY | 175000000 | &nbsp;&nbsp;&nbsp; 46526 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp; 6 | JPY | 37500.00 | JPY | 225000000 | &nbsp;&nbsp;&nbsp; 47082 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp;&nbsp; 5 | JPY | 37000.00 | JPY | 185000000 | &nbsp;&nbsp;&nbsp; 48262 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp;&nbsp; 5 | JPY | 37250.00 | JPY | 186250000 | &nbsp;&nbsp;&nbsp; 50693 |
| Nikkei 225 Index | Put | &nbsp;&nbsp;&nbsp; 06/12/2026 | &nbsp;&nbsp;&nbsp; 5 | JPY | 36000.00 | JPY | 180000000 | &nbsp;&nbsp;&nbsp; 53123 |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp;&nbsp; 07/18/2025 | &nbsp;&nbsp;&nbsp; 24 | USD | 560.00 | USD | 1344000 | &nbsp;&nbsp;&nbsp; 888 |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp;&nbsp; 08/15/2025 | &nbsp;&nbsp;&nbsp; 23 | USD | 552.00 | USD | 1269600 | &nbsp;&nbsp;&nbsp; 3772 |

---

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

**3**

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** | **Open Exchange-Traded Index Options Purchased—(continued)** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of**<br> **Contract**<br>| &nbsp;&nbsp; **Expiration**<br> **Date**<br>| &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Value**<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; **Notional**<br> **Value**<sup>(a)</sup> | **Value** |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp; 23 | USD | 565.00 | USD | 1299500 | &nbsp;&nbsp;&nbsp; $11661 |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp;&nbsp; 10/17/2025 | &nbsp;&nbsp;&nbsp; 23 | USD | 575.00 | USD | 1322500 | &nbsp;&nbsp;&nbsp; 19217 |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp;&nbsp; 11/21/2025 | &nbsp;&nbsp;&nbsp; 23 | USD | 582.00 | USD | 1338600 | &nbsp;&nbsp;&nbsp; 27646 |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp;&nbsp; 04/17/2026 | &nbsp;&nbsp;&nbsp; 24 | USD | 562.00 | USD | 1348800 | &nbsp;&nbsp;&nbsp; 39060 |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp;&nbsp; 05/15/2026 | &nbsp;&nbsp;&nbsp; 24 | USD | 560.00 | USD | 1344000 | &nbsp;&nbsp;&nbsp; 41112 |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp;&nbsp; 01/16/2026 | &nbsp;&nbsp;&nbsp; 23 | USD | 597.00 | USD | 1373100 | &nbsp;&nbsp;&nbsp; 42079 |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp; 23 | USD | 610.00 | USD | 1403000 | &nbsp;&nbsp;&nbsp; 45805 |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp;&nbsp; 02/20/2026 | &nbsp;&nbsp;&nbsp; 23 | USD | 600.00 | USD | 1380000 | &nbsp;&nbsp;&nbsp; 48116 |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 24 | USD | 597.00 | USD | 1432800 | &nbsp;&nbsp;&nbsp; 52332 |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp; 23 | USD | 595.00 | USD | 1368500 | &nbsp;&nbsp;&nbsp; 58730 |
| Total Index Options Purchased | Total Index Options Purchased | Total Index Options Purchased |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $1775418 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Commodity Risk** | **Commodity Risk** | **Commodity Risk** | **Commodity Risk** | **Commodity Risk** | **Commodity Risk** |
| Brent Crude | &nbsp;&nbsp;&nbsp; 94 | August-2025 | &nbsp;&nbsp;&nbsp; $6190840 | &nbsp;&nbsp;&nbsp; $233699 | &nbsp;&nbsp;&nbsp; $233699 |
| Gasoline Reformulated Blendstock Oxygenate Blending | &nbsp;&nbsp;&nbsp; 74 | July-2025 | &nbsp;&nbsp;&nbsp; 6440087 | &nbsp;&nbsp;&nbsp; (222480)<br>| &nbsp;&nbsp;&nbsp; (222480)<br>|
| New York Harbor Ultra-Low Sulfur Diesel | &nbsp;&nbsp;&nbsp; 71 | July-2025 | &nbsp;&nbsp;&nbsp; 6787926 | &nbsp;&nbsp;&nbsp; 688922 | &nbsp;&nbsp;&nbsp; 688922 |
| Silver | &nbsp;&nbsp;&nbsp; 43 | September-2025 | &nbsp;&nbsp;&nbsp; 7776980 | &nbsp;&nbsp;&nbsp; (15019)<br>| &nbsp;&nbsp;&nbsp; (15019)<br>|
| WTI Crude | &nbsp;&nbsp;&nbsp; 25 | August-2025 | &nbsp;&nbsp;&nbsp; 1596250 | &nbsp;&nbsp;&nbsp; 77955 | &nbsp;&nbsp;&nbsp; 77955 |
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; 763077 | &nbsp;&nbsp;&nbsp; 763077 |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| E-Mini Russell 2000 Index | &nbsp;&nbsp;&nbsp; 132 | September-2025 | &nbsp;&nbsp;&nbsp; 14465220 | &nbsp;&nbsp;&nbsp; 482926 | &nbsp;&nbsp;&nbsp; 482926 |
| E-Mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 10 | September-2025 | &nbsp;&nbsp;&nbsp; 3126875 | &nbsp;&nbsp;&nbsp; 110708 | &nbsp;&nbsp;&nbsp; 110708 |
| EURO STOXX 50 Index | &nbsp;&nbsp;&nbsp; 195 | September-2025 | &nbsp;&nbsp;&nbsp; 12236139 | &nbsp;&nbsp;&nbsp; 17273 | &nbsp;&nbsp;&nbsp; 17273 |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp; 61 | September-2025 | &nbsp;&nbsp;&nbsp; 7359592 | &nbsp;&nbsp;&nbsp; (78914)<br>| &nbsp;&nbsp;&nbsp; (78914)<br>|
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp; 494 | September-2025 | &nbsp;&nbsp;&nbsp; 30467450 | &nbsp;&nbsp;&nbsp; 533199 | &nbsp;&nbsp;&nbsp; 533199 |
| Nikkei 225 Index | &nbsp;&nbsp;&nbsp; 57 | September-2025 | &nbsp;&nbsp;&nbsp; 16034651 | &nbsp;&nbsp;&nbsp; 923739 | &nbsp;&nbsp;&nbsp; 923739 |
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; 1988931 | &nbsp;&nbsp;&nbsp; 1988931 |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Australia 10 Year Bonds | &nbsp;&nbsp;&nbsp; 1026 | September-2025 | &nbsp;&nbsp;&nbsp; 77398043 | &nbsp;&nbsp;&nbsp; 834721 | &nbsp;&nbsp;&nbsp; 834721 |
| Canada 10 Year Bonds | &nbsp;&nbsp;&nbsp; 684 | September-2025 | &nbsp;&nbsp;&nbsp; 61279971 | &nbsp;&nbsp;&nbsp; 496501 | &nbsp;&nbsp;&nbsp; 496501 |
| Euro-Bund | &nbsp;&nbsp;&nbsp; 439 | September-2025 | &nbsp;&nbsp;&nbsp; 67303212 | &nbsp;&nbsp;&nbsp; (501082)<br>| &nbsp;&nbsp;&nbsp; (501082)<br>|
| Japan 10 Year Bonds | &nbsp;&nbsp;&nbsp; 48 | September-2025 | &nbsp;&nbsp;&nbsp; 46338391 | &nbsp;&nbsp;&nbsp; 147856 | &nbsp;&nbsp;&nbsp; 147856 |
| Long Gilt | &nbsp;&nbsp;&nbsp; 215 | September-2025 | &nbsp;&nbsp;&nbsp; 27454984 | &nbsp;&nbsp;&nbsp; 519910 | &nbsp;&nbsp;&nbsp; 519910 |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 235 | September-2025 | &nbsp;&nbsp;&nbsp; 27135156 | &nbsp;&nbsp;&nbsp; 1107956 | &nbsp;&nbsp;&nbsp; 1107956 |
| Subtotal | Subtotal | Subtotal | Subtotal | &nbsp;&nbsp;&nbsp; 2605862 | &nbsp;&nbsp;&nbsp; 2605862 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $5357870 | &nbsp;&nbsp;&nbsp; $5357870 |

---

<sup>(a)</sup> Futures contracts collateralized by $14,733,455 cash held with Goldman Sachs International, the futures commission merchant.

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

**4**

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

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  |
| **Counterparty** | **Pay/** <br>**Receive**<br>| **Reference Entity**<sup>(c)</sup> <br>| **Fixed** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Number of** <br>**Contracts**<br>| **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Commodity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Barclays Bank PLC | Receive | Barclays Commodity <br> Strategy 1452 Excess <br> Return Index<br>| 0.17% | Monthly | 4700 | April—2026 | USD | 3553026 | $— | $66541 | $66541 |
| Canadian Imperial Bank <br> of Commerce<br>| Receive | Canadian Imperial Bank <br> of Commerce Dynamic <br> Roll LME Copper Excess <br> Return Index 2<br>| 0.27 | Monthly | 74500 | January—2026 | USD | 8275035 |  | 204927 | 204927 |
| Canadian Imperial Bank <br> of Commerce<br>| Receive | Canadian Imperial Bank <br> of Commerce <br> Seasonally Enhanced <br> Bean Oil Commodity <br> Index<br>| 0.26 | Monthly | 11000 | February—2026 | USD | 1275547 |  | 110723 | 110723 |
| Canadian Imperial Bank <br> of Commerce<br>| Receive | Canadian Imperial Bank <br> of Commerce <br> Seasonally Enhanced <br> Cotton Commodity <br> Excess Return Index<br>| 0.28 | Monthly | 8800 | February—2026 | USD | 1120229 |  | 7948 | 7948 |
| Goldman Sachs <br> International<br>| Receive | S&P GSCI Soybean Oil <br> Excess Return Index<br>| 0.25 | Monthly | 22500 | February—2026 | USD | 2856622 |  | 283340 | 283340 |
| Merrill Lynch <br> International<br>| Receive | MLCISCE Excess Return <br> Index<br>| 0.12 | Monthly | 44500 | May—2026 | USD | 1834366 |  | 0 | 0 |
| Merrill Lynch <br> International<br>| Receive | MLCX Natural Gas <br> Annual Excess Return <br> Index<br>| 0.25 | Monthly | 12300 | December—2025 | USD | 854910 |  | 0 | 0 |
| Merrill Lynch <br> International<br>| Receive | MLCX6CTE Excess <br> Return Index<br>| 0.18 | Monthly | 32300 | October—2025 | USD | 2480944 |  | 0 | 0 |
| Morgan Stanley and Co. <br> International PLC<br>| Receive | S&P GSCI Aluminum <br> Dynamic Index Excess <br> Return<br>| 0.30 | Monthly | 43300 | April—2026 | USD | 4222045 |  | 110969 | 110969 |
| Royal Bank of Canada | Receive | RBC Commodity KCEO <br> Excess Return Custom <br> Index<br>| 0.16 | Monthly | 19000 | June—2026 | USD | 682136 |  | 0 | 0 |
| Royal Bank of Canada | Receive | RBC Commodity SB01 <br> Excess Return Custom <br> Index<br>| 0.18 | Monthly | 22300 | November—2025 | USD | 3247681 |  | 0 | 0 |
| Royal Bank of Canada | Receive | RBC Commodity SO01 <br> Excess Return Custom <br> Index<br>| 0.18 | Monthly | 1200 | February—2026 | USD | 127964 |  | 0 | 0 |
| Royal Bank of Canada | Receive | RBC Gold E0 Excess <br> Return Index<br>| 0.06 | Monthly | 7100 | February—2026 | USD | 4733346 |  | 0 | 0 |
| Subtotal |  |  |  |  |  |  |  |  |  | 784448 | 784448 |
| **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| BNP Paribas S.A. | Receive | BNP Paribas AIR VAR <br> Intraday US Calendar <br> Excess Return Index<br>| 0.00 | Monthly | 76000 | October—2025 | USD | 16101368 |  | 72330 | 72330 |
| Citibank, N.A. | Receive | Citi EQ US Volatility <br> Carry Series 5 Index<br>| 0.00 | Monthly | 99500 | October—2025 | USD | 16063280 |  | 89550 | 89550 |
| Morgan Stanley and Co. <br> International PLC<br>| Receive | Morgan Stanley <br> Volatility Relative Value <br> SPX<br>| 0.00 | Monthly | 98000 | October—2025 | USD | 16030752 |  | 187425 | 187425 |
| Subtotal |  |  |  |  |  |  |  |  |  | 349305 | 349305 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  |  |  | 1133753 | 1133753 |

---

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

**5**

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

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** |
| **Counterparty** | **Pay/**<br> **Receive**<br>| **Reference Entity**<sup>(c)</sup> | **Fixed**<br> **Rate**<br>| **Payment**<br> **Frequency**<br>| **Number of**<br> **Contracts**<br>| **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Commodity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Barclays Bank PLC | Receive | Barclays Soybean Oil <br> Seasonal Index<br>| 0.19% | Monthly | 28000 | December—2025 | USD | 3247026 | $— | $(158102)<br>| $(158102)<br>|
| Barclays Bank PLC | Receive | Barclays Soybeans <br> Seasonal Index Excess <br> Return<br>| 0.19 | Monthly | 9900 | February—2026 | USD | 3132452 |  | (98950)<br>| (98950)<br>|
| Barclays Bank PLC | Receive | Barclays Wheat <br> Seasonal Index<br>| 0.17 | Monthly | 60000 | May—2026 | USD | 772980 |  | (18528)<br>| (18528)<br>|
| Canadian Imperial Bank <br> of Commerce<br>| Receive | Canadian Imperial Bank <br> of Commerce <br> Seasonally Enhanced <br> Lean Hog Commodity <br> Excess Return Index<br>| 0.20 | Monthly | 97000 | April—2026 | USD | 5084187 |  | (79162)<br>| (79162)<br>|
| Canadian Imperial Bank <br> of Commerce<br>| Receive | Canadian Imperial Bank <br> of Commerce <br> Seasonally Enhanced <br> Live Cattle Commodity <br> Excess Return Index<br>| 0.15 | Monthly | 28200 | December—2025 | USD | 3262576 |  | (64152)<br>| (64152)<br>|
| Canadian Imperial Bank <br> of Commerce<br>| Receive | Canadian Imperial Bank <br> of Commerce Soybean <br> Meal 1 Excess Return <br> Commodity Index<br>| 0.14 | Monthly | 19000 | February—2026 | USD | 3311493 |  | (179480)<br>| (179480)<br>|
| Canadian Imperial Bank <br> of Commerce<br>| Receive | CIBZ Enhanced Sugar 2 <br> Excess Return Index<br>| 0.21 | Monthly | 38800 | December—2025 | USD | 4696662 |  | (108345)<br>| (108345)<br>|
| Citibank, N.A. | Receive | Citi Commodities <br> Benchmark (Regular <br> Roll) Mono Index Coffee<br>| 0.12 | Monthly | 271000 | December—2025 | USD | 4218928 |  | (410565)<br>| (410565)<br>|
| Goldman Sachs <br> International<br>| Receive | S&P GSCI Corn Excess <br> Return Index<br>| 0.18 | Monthly | 8500 | June—2026 | USD | 214331 |  | (10910)<br>| (10910)<br>|
| J.P. Morgan Chase <br> Bank, N.A.<br>| Receive | J.P. Morgan Contag <br> Beta Gas Oil Excess <br> Return Index<br>| 0.25 | Monthly | 12900 | January—2026 | USD | 4940652 |  | (454170)<br>| (454170)<br>|
| J.P. Morgan Chase <br> Bank, N.A.<br>| Receive | S&P GSCI Gold Index <br> Excess Return<br>| 0.09 | Monthly | 27800 | October—2025 | USD | 5874362 |  | (151057)<br>| (151057)<br>|
| Macquarie Bank Ltd. | Receive | Macquarie Single <br> Commodity Soymeal <br> type A Excess Return<br>| 0.17 | Monthly | 2800 | February—2026 | USD | 827213 |  | (3984)<br>| (3984)<br>|
| Merrill Lynch <br> International<br>| Receive | Merrill Lynch Gold <br> Excess Return Index<br>| 0.09 | Monthly | 22200 | November—2025 | USD | 7162857 |  | (4)<br>| (4)<br>|
| Subtotal |  |  |  |  |  |  |  |  |  | (1737409)<br>| (1737409)<br>|
| **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| Macquarie Bank Ltd. | Receive | Macquarie Volatility <br> Product VMAQWSL5<br>| 0.15 | Monthly | 134500 | October—2025 | USD | 16138964 |  | (7720)<br>| (7720)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  |  |  | (1745129)<br>| (1745129)<br>|
| Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements |  |  |  |  | $— | $(611376)<br>| $(611376)<br>|

---

---

| |
|:---|
| <sup>(a)</sup> Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $1,381,000. |
| <sup>(b)</sup> The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively. |
| <sup>(c)</sup> The Reference Entity Components table below includes additional information regarding the underlying components of certain reference entities that are not <br>publicly available. |

---

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

**6**

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

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>  |
| **Counterparty** | **Pay/** <br>**Receive**<br>| **Reference Entity** | **Floating** <br>**Rate** <br>**Index**<br>| **Payment** <br>**Frequency**<br>| **Number of** <br>**Contracts**<br>| **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| BNP Paribas S.A. | Receive | MSCI Japan <br> Minimum <br> Volatility Index<br>| TONAR - <br> 0.020%<br>| Monthly | 96780 | August—2025 | JPY | 369746054 | $— | $32333 | $32333 |
| BNP Paribas S.A. | Receive | MSCI Japan <br> Minimum <br> Volatility Index<br>| TONAR + <br> 0.015%<br>| Monthly | 98627 | July—2025 | JPY | 376802480 |  | 32950 | 32950 |
| BNP Paribas S.A. | Receive | MSCI Japan <br> Quality Index<br>| TONAR + <br> 0.100%<br>| Monthly | 148011 | August—2025 | JPY | 574726713 |  | 204284 | 204284 |
| BNP Paribas S.A. | Receive | MSCI Japan <br> Quality Index<br>| TONAR + <br> 0.100%<br>| Monthly | 117956 | August—2025 | JPY | 458023148 |  | 162802 | 162802 |
| BNP Paribas S.A. | Receive | MSCI Japan <br> Quality Index<br>| TONAR + <br> 0.110%<br>| Monthly | 234033 | August—2025 | JPY | 908750139 |  | 323011 | 323011 |
| Citibank, N.A. | Receive | MSCI Japan <br> Minimum <br> Volatility Index<br>| TONAR - <br> 0.030%<br>| Monthly | 102398 | August—2025 | JPY | 391209511 |  | 34210 | 34210 |
| Citibank, N.A. | Receive | MSCI Japan <br> Minimum <br> Volatility Index<br>| TONAR + <br> 0.010%<br>| Monthly | 202195 | August—2025 | JPY | 772481953 |  | 67550 | 67550 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco <br> U.S. Large Cap <br> Broad Price <br> Momentum Total <br> Return Index<br>| SOFR + <br> 0.440%<br>| Monthly | 300 | October—2025 | USD | 3566283 |  | 140942 | 140942 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco <br> U.S. Large Cap <br> Broad Price <br> Momentum Total <br> Return Index<br>| SOFR + <br> 0.490%<br>| Monthly | 460 | October—2025 | USD | 5468301 |  | 216112 | 216112 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco <br> U.S. Large Cap <br> Broad Quality <br> Total Return <br> Index<br>| SOFR + <br> 0.430%<br>| Monthly | 180 | October—2025 | USD | 2679655 |  | 79507 | 79507 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco <br> U.S. Large Cap <br> Broad Quality <br> Total Return <br> Index<br>| SOFR + <br> 0.510%<br>| Monthly | 425 | October—2025 | USD | 6326962 |  | 187724 | 187724 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco U.S. Low <br> Volatility Total <br> Return Index<br>| SOFR + <br> 0.440%<br>| Monthly | 330 | October—2025 | USD | 2750055 |  | 33379 | 33379 |
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco U.S. Low <br> Volatility Total <br> Return Index<br>| SOFR + <br> 0.500%<br>| Monthly | 720 | October—2025 | USD | 6000120 |  | 72828 | 72828 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  |  |  | 1587632 | 1587632 |

---

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

**7**

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

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** | **Open Over-The-Counter Total Return Swap Agreements**<sup>(a)(b)</sup>**—(continued)** |
| **Counterparty** | **Pay/**<br> **Receive**<br>| **Reference Entity** | **Floating**<br> **Rate**<br> **Index**<br>| **Payment**<br> **Frequency**<br>| **Number of**<br> **Contracts**<br>| **Maturity Date** | **Notional Value** | **Notional Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Equity Risk** |  |  |  |  |  |  |  |  |  |  |  |
| BNP Paribas S.A. | Receive | MSCI EMU Quality <br> Index<br>| ESTRON + <br> 0.060%<br>| Monthly | 1460 | July—2025 | EUR | 7135064 | $— | $(76961)<br>| $(76961)<br>|
| Citibank, N.A. | Receive | Invesco UK Broad <br> Low Volatility Net <br> Total Return <br> Index<br>| SONIA + <br> 0.440%<br>| Monthly | 648 | November—2025 | GBP | 4086528 |  | (99452)<br>| (99452)<br>|
| Citibank, N.A. | Receive | Invesco UK Broad <br> Price Momentum <br> Net Total Return <br> Index<br>| SONIA + <br> 0.425%<br>| Monthly | 52 | November—2025 | GBP | 435647 |  | (3959)<br>| (3959)<br>|
| Citibank, N.A. | Receive | Invesco UK Broad <br> Price Momentum <br> Net Total Return <br> Index<br>| SONIA + <br> 0.439%<br>| Monthly | 473 | November—2025 | GBP | 3962714 |  | (36012)<br>| (36012)<br>|
| Citibank, N.A. | Receive | Invesco UK Broad <br> Price Momentum <br> Net Total Return <br> Index<br>| SONIA + <br> 0.480%<br>| Monthly | 245 | August—2025 | GBP | 2052568 |  | (18653)<br>| (18653)<br>|
| Citibank, N.A. | Receive | Invesco UK Broad <br> Quality Net Total <br> Return Index<br>| SONIA + <br> 0.430%<br>| Monthly | 348 | October—2025 | GBP | 3203357 |  | (59552)<br>| (59552)<br>|
| Citibank, N.A. | Receive | MSCI EMU <br> Momentum Index<br>| ESTRON - <br> 0.011%<br>| Monthly | 880 | July—2025 | EUR | 7159256 |  | (1413)<br>| (1413)<br>|
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco UK Broad <br> Low Volatility Net <br> Total Return <br> Index<br>| SONIA + <br> 0.430%<br>| Monthly | 140 | September—2025 | GBP | 882892 |  | (21487)<br>| (21487)<br>|
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco UK Broad <br> Low Volatility Net <br> Total Return <br> Index<br>| SONIA + <br> 0.430%<br>| Monthly | 472 | November—2025 | GBP | 2976607 |  | (72440)<br>| (72440)<br>|
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco UK Broad <br> Price Momentum <br> Net Total Return <br> Index<br>| SONIA + <br> 0.400%<br>| Monthly | 190 | August—2025 | GBP | 1591788 |  | (14466)<br>| (14466)<br>|
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco UK Broad <br> Quality Net Total <br> Return Index<br>| SONIA + <br> 0.430%<br>| Monthly | 185 | October—2025 | GBP | 1702934 |  | (31659)<br>| (31659)<br>|
| J.P. Morgan Chase Bank, <br> N.A.<br>| Receive | Invesco UK Broad <br> Quality Net Total <br> Return Index<br>| SONIA + <br> 0.480%<br>| Monthly | 164 | July—2025 | GBP | 1509628 |  | (28065)<br>| (28065)<br>|
| Merrill Lynch <br> International<br>| Receive | Invesco UK Broad <br> Quality Net Total <br> Return Index<br>| SONIA + <br> 0.509%<br>| Monthly | 173 | July—2025 | GBP | 1592474 |  | (29605)<br>| (29605)<br>|
| Merrill Lynch <br> International<br>| Receive | MSCI EMU <br> Minimum <br> Volatility Index<br>| ESTRON - <br> 0.085%<br>| Monthly | 1790 | September—2025 | EUR | 7135244 |  | (66334)<br>| (66334)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  |  |  | (560058)<br>| (560058)<br>|
| Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements | Total — Total Return Swap Agreements |  |  |  |  | $— | $1027574 | $1027574 |

---

---

| |
|:---|
| <sup>(a)</sup> Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $1,381,000. |
| <sup>(b)</sup> The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively. |

---

---

| | | |
|:---|:---|:---|
| **Reference Entity Components** | **Reference Entity Components** | **Reference Entity Components** |
| **Reference Entity** | **Underlying Components** | **Percentage** |
| **Barclays Commodity Strategy 1452 Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Copper | &nbsp;&nbsp; 100.00% |

---

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

**8**

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

------

---

| | | |
|:---|:---|:---|
| **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** |
| **Reference Entity** | **Underlying Components** | **Percentage** |
| **Canadian Imperial Bank of Commerce Dynamic Roll LME Copper** <br> **Excess Return Index 2**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Copper | &nbsp;&nbsp; 100.00% |
| **Canadian Imperial Bank of Commerce Seasonally Enhanced Bean Oil** <br> **Commodity Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean Oil | &nbsp;&nbsp; 100.00% |
| **Canadian Imperial Bank of Commerce Seasonally Enhanced Cotton** <br> **Commodity Excess Return Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Cotton | &nbsp;&nbsp; 100.00% |
| **S&P GSCI Soybean Oil Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean Oil | &nbsp;&nbsp; 100.00% |
| **MLCISCE Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Corn | &nbsp;&nbsp; 100.00% |
| **MLCX Natural Gas Annual Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Natural Gas | &nbsp;&nbsp; 100.00% |
| **MLCX6CTE Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Cotton | &nbsp;&nbsp; 100.00% |
| **S&P GSCI Aluminum Dynamic Index Excess Return** |  |  |
|  | **Long Futures Contracts** |  |
|  | Aluminum | &nbsp;&nbsp; 100.00% |
| **RBC Commodity KCEO Excess Return Custom Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Copper | &nbsp;&nbsp; 100.00% |
| **RBC Commodity SB01 Excess Return Custom Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Sugar | &nbsp;&nbsp; 100.00% |
| **RBC Commodity SO01 Excess Return Custom Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean | &nbsp;&nbsp; 100.00% |
| **RBC Gold E0 Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Gold | &nbsp;&nbsp; 100.00% |
| **Barclays Soybean Oil Seasonal Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean Oil | &nbsp;&nbsp; 100.00% |

---

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

**9**

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

------

---

| | | |
|:---|:---|:---|
| **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** | **Reference Entity Components—(continued)** |
| **Reference Entity** | **Underlying Components** | **Percentage** |
| **Barclays Soybeans Seasonal Index Excess Return** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean | &nbsp;&nbsp; 100.00% |
| **Barclays Wheat Seasonal Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Wheat | &nbsp;&nbsp; 0.00% |
| **Canadian Imperial Bank of Commerce Seasonally Enhanced Lean Hog** <br> **Commodity Excess Return Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Lean Hog | &nbsp;&nbsp; 100.00% |
| **Canadian Imperial Bank of Commerce Seasonally Enhanced Live Cattle** <br> **Commodity Excess Return Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Live Cattle | &nbsp;&nbsp; 100.00% |
| **Canadian Imperial Bank of Commerce Soybean Meal 1 Excess Return** <br> **Commodity Index**<br>|  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean Meal | &nbsp;&nbsp; 100.00% |
| **CIBZ Enhanced Sugar 2 Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Sugar | &nbsp;&nbsp; 100.00% |
| **Citi Commodities Benchmark (Regular Roll) Mono Index Coffee** |  |  |
|  | **Long Futures Contracts** |  |
|  | Mono Index coffee | &nbsp;&nbsp; 100.00% |
| **S&P GSCI Corn Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Corn | &nbsp;&nbsp; 100.00% |
| **J.P. Morgan Contag Beta Gas Oil Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Gas Oil | &nbsp;&nbsp; 100.00% |
| **S&P GSCI Gold Index Excess Return** |  |  |
|  | **Long Futures Contracts** |  |
|  | Gold | &nbsp;&nbsp; 100.00% |
| **Macquarie Single Commodity Soymeal type A Excess Return** |  |  |
|  | **Long Futures Contracts** |  |
|  | Soybean Meal | &nbsp;&nbsp; 100.00% |
| **Merrill Lynch Gold Excess Return Index** |  |  |
|  | **Long Futures Contracts** |  |
|  | Natural Gas | &nbsp;&nbsp; 100.00% |

---

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

**10**

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

------

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| EMU | —European Economic and Monetary Union |
| ESTRON | —Euro Short-Term Rate |
| EUR | —Euro |
| GBP | —British Pound Sterling |
| JPY | —Japanese Yen |
| SOFR | —Secured Overnight Financing Rate |
| SONIA | —Sterling Overnight Index Average |
| TONAR | —Tokyo Overnight Average Rate |
| USD | —U.S. Dollar |

---

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

**11**

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

------

**Consolidated Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $13,295,576)<br>| &nbsp;&nbsp; $10734889 |
| Investments in affiliated money market funds, at value <br> (Cost $379,544,527)<br>| &nbsp;&nbsp; 379544527 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 437516 |
| Swaps receivable — OTC | &nbsp;&nbsp; 93062 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp; 2721385 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 14733455 |
| Cash collateral — OTC Derivatives | &nbsp;&nbsp; 1381000 |
| Foreign currencies, at value (Cost $7,074,467) | &nbsp;&nbsp; 7171912 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 160374 |
| Fund shares sold | &nbsp;&nbsp; 121580 |
| Dividends | &nbsp;&nbsp; 1294487 |
| Interest | &nbsp;&nbsp; 67503 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 97985 |
| Other assets | &nbsp;&nbsp; 54454 |
| Total assets | &nbsp;&nbsp; 418614129 |
| **Liabilities:** |  |
| Other investments: |  |
| Swaps payable — OTC | &nbsp;&nbsp; 530903 |
| Unrealized depreciation on swap agreements—OTC | &nbsp;&nbsp; 2305187 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 159037 |
| Fund shares reacquired | &nbsp;&nbsp; 318971 |
| Accrued fees to affiliates | &nbsp;&nbsp; 287796 |
| Accrued other operating expenses | &nbsp;&nbsp; 42678 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 103212 |
| Total liabilities | &nbsp;&nbsp; 3747784 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $414866345 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $473348224 |
| Distributable earnings (loss) | &nbsp;&nbsp; (58481879)<br>|
|  | &nbsp;&nbsp; $414866345 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $45616296 |
| Series II | &nbsp;&nbsp; $369250049 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 5233215 |
| Series II | &nbsp;&nbsp; 43448503 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $8.72 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $8.50 |

---

**Consolidated Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $573682 |
| Dividends from affiliated money market funds | &nbsp;&nbsp; 7876139 |
| Total investment income | &nbsp;&nbsp; 8449821 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1953463 |
| Administrative services fees | &nbsp;&nbsp; 344207 |
| Custodian fees | &nbsp;&nbsp; 31037 |
| Distribution fees - Series II | &nbsp;&nbsp; 467626 |
| Transfer agent fees | &nbsp;&nbsp; 10705 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 11013 |
| Reports to shareholders | &nbsp;&nbsp; 4423 |
| Professional services fees | &nbsp;&nbsp; 37521 |
| Other | &nbsp;&nbsp; 4966 |
| Total expenses | &nbsp;&nbsp; 2864961 |
| Less: Fees waived | &nbsp;&nbsp; (941174)<br>|
| Net expenses | &nbsp;&nbsp; 1923787 |
| Net investment income | &nbsp;&nbsp; 6526034 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (2998290)<br>|
| Foreign currencies | &nbsp;&nbsp; 480763 |
| Futures contracts | &nbsp;&nbsp; (16320523)<br>|
| Swap agreements | &nbsp;&nbsp; 7061924 |
|  | &nbsp;&nbsp; (11776126)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (237569)<br>|
| Foreign currencies | &nbsp;&nbsp; 258117 |
| Futures contracts | &nbsp;&nbsp; 12534603 |
| Swap agreements | &nbsp;&nbsp; 4448470 |
|  | &nbsp;&nbsp; 17003621 |
| Net realized and unrealized gain | &nbsp;&nbsp; 5227495 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $11753529 |

---

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

**12**

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

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**Consolidated Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $6526034 | &nbsp;&nbsp; $17359236 |
| Net realized gain (loss) | &nbsp;&nbsp; (11776126)<br>| &nbsp;&nbsp; 22522592 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 17003621 | &nbsp;&nbsp; (23289455)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 11753529 | &nbsp;&nbsp; 16592373 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (2400906)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (23600140)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (26001046)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; 4761328 | &nbsp;&nbsp; 6035622 |
| Series II | &nbsp;&nbsp; (24257676)<br>| &nbsp;&nbsp; (27251986)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (19496348)<br>| &nbsp;&nbsp; (21216364)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (7742819)<br>| &nbsp;&nbsp; (30625037)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 422609164 | &nbsp;&nbsp; 453234201 |
| End of period | &nbsp;&nbsp; $414866345 | &nbsp;&nbsp; $422609164 |

---

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

**13**

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

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**Consolidated Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Return of** <br>**capital**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $8.46 | $0.14 | $0.12 | $0.26 | $— | $— | $— | $— | $8.72 | 3.07<br> %<br>| $45616 | 0.70 %<sup>(d)(e)</sup><br>| 1.15 %<sup>(d)</sup><br>| 3.37 %<sup>(d)</sup><br>| 14<br> %<br>|
| Year ended 12/31/24 | 8.68 | 0.37 | (0.03)<br>| 0.34 | (0.56)<br>|  |  | (0.56)<br>| 8.46 | 3.76 | 39559 | 0.72 <br><sup>(e)</sup><br>| 1.14 | 4.09 | 10 |
| Year ended 12/31/23 | 8.14 | 0.32 | 0.22 | 0.54 |  |  |  |  | 8.68 | 6.63 | 34610 | 0.73 <br><sup>(e)</sup><br>| 1.13 | 3.90 | 68 |
| Year ended 12/31/22 | 10.76 | 0.06 | (1.60)<br>| (1.54)<br>| (0.74)<br>| (0.34)<br>| (0.00)<br>| (1.08)<br>| 8.14 | (14.35)<br>| 41209 | 0.73 <br><sup>(e)</sup><br>| 1.12 | 0.59 | 140 |
| Year ended 12/31/21 | 10.48 | (0.08)<br>| 1.08 | 1.00 | (0.36)<br>| (0.36)<br>|  | (0.72)<br>| 10.76 | 9.55 | 49456 | 0.71 | 1.11 | (0.69)<br>| 107 |
| Year ended 12/31/20 | 10.91 | (0.03)<br>| 1.03 | 1.00 | (0.87)<br>| (0.56)<br>|  | (1.43)<br>| 10.48 | 10.22 | 46853 | 0.66 <br><sup>(e)</sup><br>| 1.10 | (0.25)<br>| 82 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 8.27 | 0.13 | 0.10 | 0.23 |  |  |  |  | 8.50 | 2.78 | 369250 | 0.95 <br><sup>(d)(e)</sup><br>| 1.40 <br><sup>(d)</sup><br>| 3.12 <br><sup>(d)</sup><br>| 14 |
| Year ended 12/31/24 | 8.48 | 0.34 | (0.02)<br>| 0.32 | (0.53)<br>|  |  | (0.53)<br>| 8.27 | 3.56 | 383050 | 0.97 <br><sup>(e)</sup><br>| 1.39 | 3.84 | 10 |
| Year ended 12/31/23 | 7.97 | 0.30 | 0.21 | 0.51 |  |  |  |  | 8.48 | 6.40 | 418624 | 0.98 <br><sup>(e)</sup><br>| 1.38 | 3.65 | 68 |
| Year ended 12/31/22 | 10.55 | 0.03 | (1.56)<br>| (1.53)<br>| (0.71)<br>| (0.34)<br>| (0.00)<br>| (1.05)<br>| 7.97 | (14.52)<br>| 768478 | 0.98 <br><sup>(e)</sup><br>| 1.37 | 0.34 | 140 |
| Year ended 12/31/21 | 10.29 | (0.10)<br>| 1.05 | 0.95 | (0.33)<br>| (0.36)<br>|  | (0.69)<br>| 10.55 | 9.26 | 931915 | 0.96 | 1.36 | (0.94)<br>| 107 |
| Year ended 12/31/20 | 10.73 | (0.05)<br>| 1.01 | 0.96 | (0.84)<br>| (0.56)<br>|  | (1.40)<br>| 10.29 | 9.99 | 933770 | 0.91 <br><sup>(e)</sup><br>| 1.35 | (0.50)<br>| 82 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

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

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

<sup>(d)</sup> Annualized.

<sup>(e)</sup> In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by your Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds your Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in your Fund's total return. Estimated acquired fund fees from underlying funds were 0.19%, 0.19%, 0.17%, 0.11% and 0.15% for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022 and 2020, respectively. 

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

**14**

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

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**Notes to Consolidated Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

The Fund will seek to gain exposure to the commodity markets primarily through investments in the Subsidiary. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives and other securities that may provide leveraged and non-leveraged exposure to commodities. The Fund may invest up to 25% of its total assets in the Subsidiary.

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

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

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

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

**15**

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **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

**16**

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

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

**M.** **Put Options Purchased** – The Fund may purchase put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option's underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option's underlying instrument may be a security, securities index, or a futures contract. Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund's resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the securities hedged. Realized and unrealized gains and losses on put options purchased are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

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

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

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

**17**

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

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return swaps includes dividends on the underlying securities and financing rate payable from the Counterparty. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

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

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

**P.** **Other Risks** - The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in commodity futures and swaps, commodity related exchange-traded funds and exchange-traded notes and commodity linked notes, some or all of which will be owned through the Subsidiary. The Subsidiary, unlike the Fund, may invest without limitation in commodity-linked derivatives and other securities, such as exchange-traded and commodity-linked notes, that may provide leveraged and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiary's investments.

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities, when rates increase. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

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

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

By Investing in the Subsidiary, the Fund is indirectly exposed to risks associated with the Subsidiary's investments. The Subsidiary is not registered under the 1940 Act, and, except as otherwise noted in the Fund's prospectus, is not to subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended, and could negatively affect the Fund and its shareholders. Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund's ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

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

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

---

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

---

For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.94%.

The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of the Subsidiary's average daily net assets as set forth in the table above. To the extent the Fund invests in the Subsidiary, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from the Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from the Subsidiary.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to

**18**

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

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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, 2026, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (including fiscal year-end Acquired Fund Fees and Expenses of 0.19% and excluding certain items discussed below) of Series I and Series II shares to 0.88% and 1.13%, respectively of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2026. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $941,174.

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 six months ended June 30, 2025, Invesco was paid $32,553 for accounting and fund administrative services and was reimbursed $311,654 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Consolidated Statement of Operations as *Distribution fees*.

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8959471 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8959471 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 379544527 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 379544527 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 1775418 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1775418 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 381319945 | &nbsp;&nbsp;&nbsp;&nbsp; 8959471 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 390279416 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 6175365 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6175365 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2721385 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2721385 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 6175365 | &nbsp;&nbsp;&nbsp;&nbsp; 2721385 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8896750 |

---

**19**

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

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(817495)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(817495)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2305187)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2305187)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (817495)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2305187)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3122682)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 5357870 | &nbsp;&nbsp;&nbsp;&nbsp; 416198 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5774068 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $386677815 | &nbsp;&nbsp;&nbsp;&nbsp; $9375669 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $396053484 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

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

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

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Commodity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1000576 | &nbsp;&nbsp;&nbsp;&nbsp; $2067845 | &nbsp;&nbsp;&nbsp;&nbsp; $3106944 | &nbsp;&nbsp;&nbsp;&nbsp; $6175365 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; 784448 | &nbsp;&nbsp;&nbsp;&nbsp; 1936937 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2721385 |
| Options purchased, at value — Exchange-Traded<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1775418 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1775418 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 1785024 | &nbsp;&nbsp;&nbsp;&nbsp; 5780200 | &nbsp;&nbsp;&nbsp;&nbsp; 3106944 | &nbsp;&nbsp;&nbsp;&nbsp; 10672168 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (1000576)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3843263)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3106944)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7950783)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $784448 | &nbsp;&nbsp;&nbsp;&nbsp; $1936937 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2721385 |
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Commodity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(237499)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(78914)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(501082)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(817495)<br>|
| Unrealized depreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (1737409)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (567778)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2305187)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (1974908)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (646692)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (501082)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3122682)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 237499 | &nbsp;&nbsp;&nbsp;&nbsp; 78914 | &nbsp;&nbsp;&nbsp;&nbsp; 501082 | &nbsp;&nbsp;&nbsp;&nbsp; 817495 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(1737409)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(567778)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2305187)<br>|

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities. <br> <sup>(b)</sup> Options purchased, at value as reported in the Consolidated Schedule of Investments.

**20**

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

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**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Swap** <br>**Agreements**<br>| &nbsp;&nbsp; **Swap** <br>**Agreements**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<sup>(a)</sup><br>|
| **Fund** |  |  |  |  |  |  |
| BNP Paribas S.A. | &nbsp;&nbsp;&nbsp; $827710 | &nbsp;&nbsp;&nbsp; $(87096)<br>| &nbsp;&nbsp;&nbsp; $740614 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(640000)<br>| &nbsp;&nbsp;&nbsp; $100614 |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; 260274 | &nbsp;&nbsp;&nbsp; (271559)<br>| &nbsp;&nbsp;&nbsp; (11285)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11285 | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 730492 | &nbsp;&nbsp;&nbsp; (234060)<br>| &nbsp;&nbsp;&nbsp; 496432 | &nbsp;&nbsp;&nbsp; (258368)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 238064 |
| Macquarie Bank Ltd. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8123)<br>| &nbsp;&nbsp;&nbsp; (8123)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8123)<br>|
| Merrill Lynch International | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (105064)<br>| &nbsp;&nbsp;&nbsp; (105064)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (105064)<br>|
| Morgan Stanley and Co. International PLC | &nbsp;&nbsp;&nbsp; 187425 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 187425 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 187425 |
| Subtotal - Fund | &nbsp;&nbsp;&nbsp; 2005901 | &nbsp;&nbsp;&nbsp; (705902)<br>| &nbsp;&nbsp;&nbsp; 1299999 | &nbsp;&nbsp;&nbsp; (258368)<br>| &nbsp;&nbsp;&nbsp; (628715)<br>| &nbsp;&nbsp;&nbsp; 412916 |
| **Subsidiary** |  |  |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; 66542 | &nbsp;&nbsp;&nbsp; (276411)<br>| &nbsp;&nbsp;&nbsp; (209869)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 209869 | &nbsp;&nbsp;&nbsp; — |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp; 323598 | &nbsp;&nbsp;&nbsp; (434337)<br>| &nbsp;&nbsp;&nbsp; (110739)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (110739)<br>|
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (410759)<br>| &nbsp;&nbsp;&nbsp; (410759)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp; (100759)<br>|
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 283340 | &nbsp;&nbsp;&nbsp; (11370)<br>| &nbsp;&nbsp;&nbsp; 271970 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (271970)<br>| &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (605614)<br>| &nbsp;&nbsp;&nbsp; (605614)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 491000 | &nbsp;&nbsp;&nbsp; (114614)<br>|
| Macquarie Bank Ltd. | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4007)<br>| &nbsp;&nbsp;&nbsp; (4007)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4007)<br>|
| Merrill Lynch International | &nbsp;&nbsp;&nbsp; 24098 | &nbsp;&nbsp;&nbsp; (74062)<br>| &nbsp;&nbsp;&nbsp; (49964)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (49964)<br>|
| Morgan Stanley and Co. International PLC | &nbsp;&nbsp;&nbsp; 110968 | &nbsp;&nbsp;&nbsp; (521)<br>| &nbsp;&nbsp;&nbsp; 110447 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 110447 |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (313107)<br>| &nbsp;&nbsp;&nbsp; (313107)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (313107)<br>|
| Subtotal - Subsidiary | &nbsp;&nbsp;&nbsp; 808546 | &nbsp;&nbsp;&nbsp; (2130188)<br>| &nbsp;&nbsp;&nbsp; (1321642)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 738899 | &nbsp;&nbsp;&nbsp; (582743)<br>|
| Total | &nbsp;&nbsp;&nbsp; $2814447 | &nbsp;&nbsp;&nbsp; $(2836090)<br>| &nbsp;&nbsp;&nbsp; $(21643)<br>| &nbsp;&nbsp;&nbsp; $(258368)<br>| &nbsp;&nbsp;&nbsp; $110184 | &nbsp;&nbsp;&nbsp; $(169827)<br>|

---

<sup>(a)</sup>

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

**Effect of Derivative Investments for the six months ended June 30, 2025**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Commodity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(1412772)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(5608874)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(9298877)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(16320523)<br>|
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (3052908)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (3052908)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 5054416 | &nbsp;&nbsp;&nbsp;&nbsp; 2007508 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 7061924 |
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 260107 | &nbsp;&nbsp;&nbsp;&nbsp; 5929152 | &nbsp;&nbsp;&nbsp;&nbsp; 6345344 | &nbsp;&nbsp;&nbsp;&nbsp; 12534603 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (241765)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (241765)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 161835 | &nbsp;&nbsp;&nbsp;&nbsp; 4286635 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 4448470 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $4063586 | &nbsp;&nbsp;&nbsp;&nbsp; $3319748 | &nbsp;&nbsp;&nbsp;&nbsp; $(2953533)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4429801 |

---

<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.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Swap** <br>**Agreements**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $457219976 | &nbsp;&nbsp;&nbsp;&nbsp; $93925639 | &nbsp;&nbsp;&nbsp;&nbsp; $289645348 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1024 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**21**

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

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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 Consolidated Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 7—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 had a capital loss carryforward as of December 31, 2024, 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; $31169893 | &nbsp;&nbsp;&nbsp;&nbsp; $65647289 | &nbsp;&nbsp;&nbsp;&nbsp; $96817182 |

---

\*

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 six months ended June 30, 2025 was $2,732,447 and $1,684,629, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $21242530 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (5704757)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $15537773 |

---

Cost of investments for tax purposes is $380,515,711.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 985252 | &nbsp;&nbsp;&nbsp; $8453993 | &nbsp;&nbsp;&nbsp; 1618272 | &nbsp;&nbsp;&nbsp; $14246634 |
| Series II | &nbsp;&nbsp;&nbsp; 1025949 | &nbsp;&nbsp;&nbsp; 8557634 | &nbsp;&nbsp;&nbsp; 2114787 | &nbsp;&nbsp;&nbsp; 18470431 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 274703 | &nbsp;&nbsp;&nbsp; 2400906 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2763482 | &nbsp;&nbsp;&nbsp; 23600140 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (427979)<br>| &nbsp;&nbsp;&nbsp; (3692665)<br>| &nbsp;&nbsp;&nbsp; (1202424)<br>| &nbsp;&nbsp;&nbsp; (10611918)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (3915869)<br>| &nbsp;&nbsp;&nbsp; (32815310)<br>| &nbsp;&nbsp;&nbsp; (7915109)<br>| &nbsp;&nbsp;&nbsp; (69322557)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (2332647)<br>| &nbsp;&nbsp;&nbsp; $(19496348)<br>| &nbsp;&nbsp;&nbsp; (2346289)<br>| &nbsp;&nbsp;&nbsp; $(21216364)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 72% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**22**

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

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Balanced-Risk Allocation Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco V.I. Balanced-Risk Allocation Style Index (Index). The Board noted that performance of Series I shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between the Fund's investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe. The Board considered that the

**23**

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

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Fund's performance has been adversely impacted by its risk parity-oriented approach, which has resulted in an underweight to outperforming U.S. equity names, and also noted that the Fund's tactical overlay was challenged due to market whipsaws which impacted the Fund's three and five year performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were above and the same as, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that there were only three funds (including the Fund) in the expense group, therefore, Broadridge did not provide quintile rankings. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management regarding the Fund's limited peer group. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows

as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from

providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through "soft dollar" arrangements to any significant degree.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the

**24**

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

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compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**25**

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

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**26**

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

------

![](img1d2b28671.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. Comstock Fund**

------

---

| | |
|:---|:---|
| [2](#xx_6ae42996-ab26-44a6-b355-b63e5be5a5f2_SOI-Continued-66_1) | Schedule of Investments |
| [5](#xx_6ae42996-ab26-44a6-b355-b63e5be5a5f2_FS-Continued-66_1) | Financial Statements |
| [7](#xx_6ae42996-ab26-44a6-b355-b63e5be5a5f2_FS-Continued-66_3) | Financial Highlights |
| [8](#xx_6ae42996-ab26-44a6-b355-b63e5be5a5f2_NTF-Continued-66_1) | Notes to Financial Statements |
| [14](#xx_6ae42996-ab26-44a6-b355-b63e5be5a5f2_AOC-Continued-66_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [17](#xx_6ae42996-ab26-44a6-b355-b63e5be5a5f2_OIRSR-Continued-66_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VK-VICOM-NCSRS

------

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

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–96.10%** | **Common Stocks & Other Equity Interests–96.10%** | **Common Stocks & Other Equity Interests–96.10%** |
| **Aerospace & Defense–1.26%** | **Aerospace & Defense–1.26%** | **Aerospace & Defense–1.26%** |
| Textron, Inc. | 226651 | &nbsp;&nbsp; $18197809 |
| **Air Freight & Logistics–1.58%** | **Air Freight & Logistics–1.58%** | **Air Freight & Logistics–1.58%** |
| FedEx Corp. | 99905 | &nbsp;&nbsp; 22709405 |
| **Asset Management & Custody Banks–2.15%** | **Asset Management & Custody Banks–2.15%** | **Asset Management & Custody Banks–2.15%** |
| State Street Corp. | 291567 | &nbsp;&nbsp; 31005235 |
| **Biotechnology–0.36%** | **Biotechnology–0.36%** | **Biotechnology–0.36%** |
| Regeneron Pharmaceuticals, Inc. | 9840 | &nbsp;&nbsp; 5166000 |
| **Brewers–1.01%** | **Brewers–1.01%** | **Brewers–1.01%** |
| Anheuser-Busch InBev S.A./N.V. <br> (Belgium) | 210658 | &nbsp;&nbsp; 14493354 |
| **Broadline Retail–1.25%** | **Broadline Retail–1.25%** | **Broadline Retail–1.25%** |
| eBay, Inc. | 241896 | &nbsp;&nbsp; 18011576 |
| **Building Products–1.95%** | **Building Products–1.95%** | **Building Products–1.95%** |
| Johnson Controls International PLC | 265479 | &nbsp;&nbsp; 28039892 |
| **Cable & Satellite–1.97%** | **Cable & Satellite–1.97%** | **Cable & Satellite–1.97%** |
| Charter Communications, Inc., <br> Class A<sup>(b)</sup>  | 38339 | &nbsp;&nbsp; 15673366 |
| Comcast Corp., Class A | 354651 | &nbsp;&nbsp; 12657494 |
|  |  | &nbsp;&nbsp; 28330860 |
| **Casinos & Gaming–1.04%** | **Casinos & Gaming–1.04%** | **Casinos & Gaming–1.04%** |
| Las Vegas Sands Corp. | 343984 | &nbsp;&nbsp; 14966744 |
| **Communications Equipment–3.42%** | **Communications Equipment–3.42%** | **Communications Equipment–3.42%** |
| Cisco Systems, Inc. | 566535 | &nbsp;&nbsp; 39306198 |
| F5, Inc.<sup>(b)</sup>  | 33957 | &nbsp;&nbsp; 9994224 |
|  |  | &nbsp;&nbsp; 49300422 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **2.73%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **2.73%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **2.73%** |
| Caterpillar, Inc. | 46100 | &nbsp;&nbsp; 17896481 |
| Wabtec Corp. | 102422 | &nbsp;&nbsp; 21442046 |
|  |  | &nbsp;&nbsp; 39338527 |
| **Consumer Finance–0.40%** | **Consumer Finance–0.40%** | **Consumer Finance–0.40%** |
| Capital One Financial Corp. | 27384 | &nbsp;&nbsp; 5826220 |
| **Diversified Banks–9.24%** | **Diversified Banks–9.24%** | **Diversified Banks–9.24%** |
| Bank of America Corp. | 1015649 | &nbsp;&nbsp; 48060511 |
| Citigroup, Inc. | 282025 | &nbsp;&nbsp; 24005968 |
| Fifth Third Bancorp | 473526 | &nbsp;&nbsp; 19476124 |
| Wells Fargo & Co. | 519331 | &nbsp;&nbsp; 41608800 |
|  |  | &nbsp;&nbsp; 133151403 |
| **Electric Utilities–0.35%** | **Electric Utilities–0.35%** | **Electric Utilities–0.35%** |
| Evergy, Inc.<sup>(c)</sup>  | 73415 | &nbsp;&nbsp; 5060496 |
| **Electrical Components & Equipment–3.34%** | **Electrical Components & Equipment–3.34%** | **Electrical Components & Equipment–3.34%** |
| Eaton Corp. PLC | 68850 | &nbsp;&nbsp; 24578761 |
| Emerson Electric Co. | 176521 | &nbsp;&nbsp; 23535545 |
|  |  | &nbsp;&nbsp; 48114306 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Fertilizers & Agricultural Chemicals–1.33%** | **Fertilizers & Agricultural Chemicals–1.33%** | **Fertilizers & Agricultural Chemicals–1.33%** |
| CF Industries Holdings, Inc. | 75951 | &nbsp;&nbsp; $6987492 |
| Corteva, Inc. | 163822 | &nbsp;&nbsp; 12209654 |
|  |  | &nbsp;&nbsp; 19197146 |
| **Food Distributors–1.78%** | **Food Distributors–1.78%** | **Food Distributors–1.78%** |
| Sysco Corp. | 337858 | &nbsp;&nbsp; 25589365 |
| **Footwear–0.83%** | **Footwear–0.83%** | **Footwear–0.83%** |
| NIKE, Inc., Class B | 168386 | &nbsp;&nbsp; 11962141 |
| **Health Care Distributors–0.76%** | **Health Care Distributors–0.76%** | **Health Care Distributors–0.76%** |
| Henry Schein, Inc.<sup>(b)(c)</sup>  | 150344 | &nbsp;&nbsp; 10982629 |
| **Health Care Equipment–2.91%** | **Health Care Equipment–2.91%** | **Health Care Equipment–2.91%** |
| Baxter International, Inc. | 195011 | &nbsp;&nbsp; 5904933 |
| Becton, Dickinson and Co. | 73537 | &nbsp;&nbsp; 12666748 |
| GE HealthCare Technologies, Inc. | 125699 | &nbsp;&nbsp; 9310525 |
| Medtronic PLC | 161432 | &nbsp;&nbsp; 14072028 |
|  |  | &nbsp;&nbsp; 41954234 |
| **Health Care Services–2.35%** | **Health Care Services–2.35%** | **Health Care Services–2.35%** |
| CVS Health Corp. | 490322 | &nbsp;&nbsp; 33822411 |
| **Household Products–3.86%** | **Household Products–3.86%** | **Household Products–3.86%** |
| Clorox Co. (The) | 90697 | &nbsp;&nbsp; 10889989 |
| Kimberly-Clark Corp.<sup>(c)</sup>  | 164066 | &nbsp;&nbsp; 21151389 |
| Reckitt Benckiser Group PLC (United <br> Kingdom) | 346753 | &nbsp;&nbsp; 23623223 |
|  |  | &nbsp;&nbsp; 55664601 |
| **Integrated Oil & Gas–3.69%** | **Integrated Oil & Gas–3.69%** | **Integrated Oil & Gas–3.69%** |
| Chevron Corp. | 153249 | &nbsp;&nbsp; 21943724 |
| Exxon Mobil Corp.<sup>(c)</sup>  | 116106 | &nbsp;&nbsp; 12516227 |
| Suncor Energy, Inc. (Canada) | 499442 | &nbsp;&nbsp; 18704103 |
|  |  | &nbsp;&nbsp; 53164054 |
| **Interactive Media & Services–4.08%** | **Interactive Media & Services–4.08%** | **Interactive Media & Services–4.08%** |
| Alphabet, Inc., Class A | 166619 | &nbsp;&nbsp; 29363266 |
| Meta Platforms, Inc., Class A | 39883 | &nbsp;&nbsp; 29437244 |
|  |  | &nbsp;&nbsp; 58800510 |
| **Investment Banking & Brokerage–0.51%** | **Investment Banking & Brokerage–0.51%** | **Investment Banking & Brokerage–0.51%** |
| Goldman Sachs Group, Inc. (The) | 10420 | &nbsp;&nbsp; 7374755 |
| **IT Consulting & Other Services–2.28%** | **IT Consulting & Other Services–2.28%** | **IT Consulting & Other Services–2.28%** |
| Cognizant Technology Solutions Corp., <br> Class A | 308587 | &nbsp;&nbsp; 24079044 |
| DXC Technology Co.<sup>(b)</sup>  | 577893 | &nbsp;&nbsp; 8835984 |
|  |  | &nbsp;&nbsp; 32915028 |
| **Life & Health Insurance–0.99%** | **Life & Health Insurance–0.99%** | **Life & Health Insurance–0.99%** |
| MetLife, Inc. | 177317 | &nbsp;&nbsp; 14259833 |
| **Life Sciences Tools & Services–0.94%** | **Life Sciences Tools & Services–0.94%** | **Life Sciences Tools & Services–0.94%** |
| ICON PLC<sup>(b)</sup>  | 44867 | &nbsp;&nbsp; 6525905 |
| IQVIA Holdings, Inc.<sup>(b)</sup>  | 44468 | &nbsp;&nbsp; 7007712 |
|  |  | &nbsp;&nbsp; 13533617 |

---

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

**2**

**Invesco V.I. Comstock Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Managed Health Care–2.70%** | **Managed Health Care–2.70%** | **Managed Health Care–2.70%** |
| Elevance Health, Inc. | 58044 | &nbsp;&nbsp; $22576794 |
| Humana, Inc. | 30467 | &nbsp;&nbsp; 7448572 |
| UnitedHealth Group, Inc. | 28388 | &nbsp;&nbsp; 8856205 |
|  |  | &nbsp;&nbsp; 38881571 |
| **Movies & Entertainment–2.24%** | **Movies & Entertainment–2.24%** | **Movies & Entertainment–2.24%** |
| Universal Music Group N.V. (Netherlands) | 272095 | &nbsp;&nbsp; 8826912 |
| Walt Disney Co. (The) | 118959 | &nbsp;&nbsp; 14752105 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup>  | 759721 | &nbsp;&nbsp; 8706403 |
|  |  | &nbsp;&nbsp; 32285420 |
| **Multi-line Insurance–1.41%** | **Multi-line Insurance–1.41%** | **Multi-line Insurance–1.41%** |
| American International Group, Inc. | 238025 | &nbsp;&nbsp; 20372560 |
| **Multi-Utilities–2.81%** | **Multi-Utilities–2.81%** | **Multi-Utilities–2.81%** |
| Dominion Energy, Inc.<sup>(c)</sup>  | 312069 | &nbsp;&nbsp; 17638140 |
| Sempra | 301566 | &nbsp;&nbsp; 22849656 |
|  |  | &nbsp;&nbsp; 40487796 |
| **Oil & Gas Equipment & Services–0.56%** | **Oil & Gas Equipment & Services–0.56%** | **Oil & Gas Equipment & Services–0.56%** |
| Tenaris S.A. | 426941 | &nbsp;&nbsp; 8002878 |
| **Oil & Gas Exploration & Production–2.43%** | **Oil & Gas Exploration & Production–2.43%** | **Oil & Gas Exploration & Production–2.43%** |
| ConocoPhillips | 187351 | &nbsp;&nbsp; 16812879 |
| EQT Corp. | 142313 | &nbsp;&nbsp; 8299694 |
| Hess Corp. | 71326 | &nbsp;&nbsp; 9881504 |
|  |  | &nbsp;&nbsp; 34994077 |
| **Paper & Plastic Packaging Products & Materials–0.76%** | **Paper & Plastic Packaging Products & Materials–0.76%** | **Paper & Plastic Packaging Products & Materials–0.76%** |
| International Paper Co.<sup>(c)</sup>  | 234995 | &nbsp;&nbsp; 11004816 |
| **Pharmaceuticals–5.65%** | **Pharmaceuticals–5.65%** | **Pharmaceuticals–5.65%** |
| AstraZeneca PLC (United Kingdom) | 131629 | &nbsp;&nbsp; 18318694 |
| Bristol-Myers Squibb Co. | 195742 | &nbsp;&nbsp; 9060897 |
| Johnson & Johnson | 117741 | &nbsp;&nbsp; 17984938 |
| Merck & Co., Inc. | 201158 | &nbsp;&nbsp; 15923667 |
| Sanofi S.A., ADR | 416216 | &nbsp;&nbsp; 20107395 |
|  |  | &nbsp;&nbsp; 81395591 |
| **Property & Casualty Insurance–0.72%** | **Property & Casualty Insurance–0.72%** | **Property & Casualty Insurance–0.72%** |
| Allstate Corp. (The) | 51809 | &nbsp;&nbsp; 10429670 |
| **Regional Banks–4.52%** | **Regional Banks–4.52%** | **Regional Banks–4.52%** |
| Citizens Financial Group, Inc. | 519766 | &nbsp;&nbsp; 23259529 |
| Huntington Bancshares, Inc. | 1457561 | &nbsp;&nbsp; 24428722 |
| M&T Bank Corp. | 90152 | &nbsp;&nbsp; 17488586 |
|  |  | &nbsp;&nbsp; 65176837 |
| **Restaurants–3.15%** | **Restaurants–3.15%** | **Restaurants–3.15%** |
| Domino's Pizza, Inc.<sup>(c)</sup>  | 28081 | &nbsp;&nbsp; 12653298 |
| Restaurant Brands International, Inc. <br> (Canada) | 233489 | &nbsp;&nbsp; 15488204 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Restaurants–(continued)** | **Restaurants–(continued)** | **Restaurants–(continued)** | **Restaurants–(continued)** |
| Starbucks Corp.<sup>(c)</sup>  | Starbucks Corp.<sup>(c)</sup>  | 187614 | &nbsp;&nbsp; $17191071 |
|  |  |  | &nbsp;&nbsp; 45332573 |
| **Semiconductors–3.16%** | **Semiconductors–3.16%** | **Semiconductors–3.16%** | **Semiconductors–3.16%** |
| Intel Corp. | Intel Corp. | 463256 | &nbsp;&nbsp; 10376934 |
| NXP Semiconductors N.V. (Netherlands) | NXP Semiconductors N.V. (Netherlands) | 111454 | &nbsp;&nbsp; 24351584 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | 67818 | &nbsp;&nbsp; 10800695 |
|  |  |  | &nbsp;&nbsp; 45529213 |
| **Soft Drinks & Non-alcoholic Beverages–2.02%** | **Soft Drinks & Non-alcoholic Beverages–2.02%** | **Soft Drinks & Non-alcoholic Beverages–2.02%** | **Soft Drinks & Non-alcoholic Beverages–2.02%** |
| Coca-Cola Co. (The) | Coca-Cola Co. (The) | 135753 | &nbsp;&nbsp; 9604525 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | 588602 | &nbsp;&nbsp; 19459182 |
|  |  |  | &nbsp;&nbsp; 29063707 |
| **Systems Software–2.97%** | **Systems Software–2.97%** | **Systems Software–2.97%** | **Systems Software–2.97%** |
| Microsoft Corp. | Microsoft Corp. | 86044 | &nbsp;&nbsp; 42799146 |
| **Telecom Tower REITs–0.80%** | **Telecom Tower REITs–0.80%** | **Telecom Tower REITs–0.80%** | **Telecom Tower REITs–0.80%** |
| SBA Communications Corp., Class A | SBA Communications Corp., Class A | 48806 | &nbsp;&nbsp; 11461601 |
| **Tobacco–1.84%** | **Tobacco–1.84%** | **Tobacco–1.84%** | **Tobacco–1.84%** |
| Philip Morris International, Inc. <br> (Switzerland) | Philip Morris International, Inc. <br> (Switzerland) | 145399 | &nbsp;&nbsp; 26481520 |
| Total Common Stocks & Other Equity Interests <br> (Cost $912,373,890) | Total Common Stocks & Other Equity Interests <br> (Cost $912,373,890) | Total Common Stocks & Other Equity Interests <br> (Cost $912,373,890) | &nbsp;&nbsp; 1384631549 |
| **Money Market Funds–2.71%** | **Money Market Funds–2.71%** | **Money Market Funds–2.71%** | **Money Market Funds–2.71%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 13654631 | &nbsp;&nbsp; 13654631 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 25357757 | &nbsp;&nbsp; 25357757 |
| Total Money Market Funds (Cost $39,012,388) | Total Money Market Funds (Cost $39,012,388) | Total Money Market Funds (Cost $39,012,388) | &nbsp;&nbsp; 39012388 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-98.81% <br> (Cost $951,386,278)<br>|  |  | &nbsp;&nbsp; 1423643937 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–4.07%** | **Money Market Funds–4.07%** | **Money Market Funds–4.07%** | **Money Market Funds–4.07%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 16241605 | &nbsp;&nbsp; 16241605 |
| Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | 42385823 | &nbsp;&nbsp; 42398539 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $58,636,193) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $58,636,193) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $58,636,193) | &nbsp;&nbsp; 58640144 |
| TOTAL INVESTMENTS IN SECURITIES–102.88% <br> (Cost $1,010,022,471) | TOTAL INVESTMENTS IN SECURITIES–102.88% <br> (Cost $1,010,022,471) | TOTAL INVESTMENTS IN SECURITIES–102.88% <br> (Cost $1,010,022,471) | &nbsp;&nbsp; 1482284081 |
| OTHER ASSETS LESS LIABILITIES—(2.88)% | OTHER ASSETS LESS LIABILITIES—(2.88)% | OTHER ASSETS LESS LIABILITIES—(2.88)% | &nbsp;&nbsp; (41548705)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1440735376 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

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

**3**

**Invesco V.I. Comstock Fund**

------

Notes to Schedule of Investments:

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

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

<sup>(c)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $10946450 | &nbsp;&nbsp; $53133912 | &nbsp;&nbsp; $(50425731) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13654631 | &nbsp;&nbsp; $194389 |
| Invesco Treasury Portfolio, Institutional Class | 20328278 | &nbsp;&nbsp; 98677266 | &nbsp;&nbsp; (93647787) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 25357757 | &nbsp;&nbsp; 358375 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 23751088 | &nbsp;&nbsp; 368343827 | &nbsp;&nbsp; (375853310) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 16241605 | &nbsp;&nbsp; 543,571\* |
| Invesco Private Prime Fund | 61891507 | &nbsp;&nbsp; 778222035 | &nbsp;&nbsp; (797716437) | &nbsp;&nbsp; 3951 | &nbsp;&nbsp; (2517) | &nbsp;&nbsp; 42398539 | &nbsp;&nbsp; 1,473,433\* |
| Total | $116917323 | &nbsp;&nbsp; $1298377040 | &nbsp;&nbsp; $(1317643265) | &nbsp;&nbsp; $3951 | &nbsp;&nbsp; $(2517) | &nbsp;&nbsp; $97652532 | &nbsp;&nbsp; $2569768 |

---

\* 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 June 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 07/09/2025 | Deutsche Bank AG | USD | 461741 | GBP | 338807 | &nbsp;&nbsp;&nbsp; $3337 |
| 07/09/2025 | Goldman Sachs International | USD | 348695 | CAD | 475401 | &nbsp;&nbsp;&nbsp; 540 |
| 07/09/2025 | Goldman Sachs International | USD | 458220 | GBP | 334219 | &nbsp;&nbsp;&nbsp; 560 |
| 07/09/2025 | Royal Bank of Canada | CAD | 3347261 | USD | 2465887 | &nbsp;&nbsp;&nbsp; 6951 |
| 07/09/2025 | Royal Bank of Canada | USD | 630097 | CAD | 863896 | &nbsp;&nbsp;&nbsp; 4531 |
| 07/09/2025 | Royal Bank of Canada | USD | 632509 | EUR | 548627 | &nbsp;&nbsp;&nbsp; 14044 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 29963 |
| **Currency Risk** |  |  |  |  |  |  |
| 07/09/2025 | Deutsche Bank AG | CAD | 25133836 | USD | 18371804 | &nbsp;&nbsp;&nbsp; (91797)<br>|
| 07/09/2025 | Deutsche Bank AG | EUR | 22581573 | USD | 25905756 | &nbsp;&nbsp;&nbsp; (706461)<br>|
| 07/09/2025 | Deutsche Bank AG | USD | 2804172 | CAD | 3810083 | &nbsp;&nbsp;&nbsp; (5242)<br>|
| 07/09/2025 | Goldman Sachs International | GBP | 355349 | USD | 481906 | &nbsp;&nbsp;&nbsp; (5879)<br>|
| 07/09/2025 | Royal Bank of Canada | GBP | 15596842 | USD | 21136123 | &nbsp;&nbsp;&nbsp; (273548)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (1082927)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $(1052964)<br>|

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CAD | – Canadian Dollar |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| USD | – U.S. Dollar |

---

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

**4**

**Invesco V.I. Comstock Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $912,373,890)\*<br>| &nbsp;&nbsp; $1384631549 |
| Investments in affiliated money market funds, at value <br> (Cost $97,648,581)<br>| &nbsp;&nbsp; 97652532 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 29963 |
| Cash | &nbsp;&nbsp; 225981 |
| Foreign currencies, at value (Cost $36,850) | &nbsp;&nbsp; 37397 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 8890277 |
| Fund shares sold | &nbsp;&nbsp; 8385548 |
| Dividends | &nbsp;&nbsp; 2410365 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 188165 |
| Other assets | &nbsp;&nbsp; 534 |
| Total assets | &nbsp;&nbsp; 1502452311 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 1082927 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 846327 |
| Due to broker | &nbsp;&nbsp; 33502 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 58636193 |
| Accrued fees to affiliates | &nbsp;&nbsp; 889510 |
| Accrued other operating expenses | &nbsp;&nbsp; 31322 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 197154 |
| Total liabilities | &nbsp;&nbsp; 61716935 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1440735376 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $714169847 |
| Distributable earnings | &nbsp;&nbsp; 726565529 |
|  | &nbsp;&nbsp; $1440735376 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $212396031 |
| Series II | &nbsp;&nbsp; $1228339345 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 9524569 |
| Series II | &nbsp;&nbsp; 55443080 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $22.30 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $22.15 |

---

\* At June 30, 2025, securities with an aggregate value of $57,503,545 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $341,014) | &nbsp;&nbsp; $16915730 |
| Dividends from affiliated money market funds (includes <br> net securities lending income of $63,957)<br>| &nbsp;&nbsp; 616721 |
| Total investment income | &nbsp;&nbsp; 17532451 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3960357 |
| Administrative services fees | &nbsp;&nbsp; 1157957 |
| Custodian fees | &nbsp;&nbsp; 13187 |
| Distribution fees - Series II | &nbsp;&nbsp; 1487005 |
| Transfer agent fees | &nbsp;&nbsp; 36409 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 14594 |
| Reports to shareholders | &nbsp;&nbsp; 4448 |
| Professional services fees | &nbsp;&nbsp; 22367 |
| Other | &nbsp;&nbsp; 8747 |
| Total expenses | &nbsp;&nbsp; 6705071 |
| Less: Fees waived | &nbsp;&nbsp; (15228)<br>|
| Net expenses | &nbsp;&nbsp; 6689843 |
| Net investment income | &nbsp;&nbsp; 10842608 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 95437106 |
| Affiliated investment securities | &nbsp;&nbsp; (2517)<br>|
| Foreign currencies | &nbsp;&nbsp; 30005 |
| Forward foreign currency contracts | &nbsp;&nbsp; (3851715)<br>|
|  | &nbsp;&nbsp; 91612879 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 366501 |
| Affiliated investment securities | &nbsp;&nbsp; 3951 |
| Foreign currencies | &nbsp;&nbsp; 8571 |
| Forward foreign currency contracts | &nbsp;&nbsp; (2023237)<br>|
|  | &nbsp;&nbsp; (1644214)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 89968665 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $100811273 |

---

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

**5**

**Invesco V.I. Comstock Fund**

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**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $10842608 | &nbsp;&nbsp; $21120736 |
| Net realized gain | &nbsp;&nbsp; 91612879 | &nbsp;&nbsp; 151317173 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (1644214)<br>| &nbsp;&nbsp; 27700726 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 100811273 | &nbsp;&nbsp; 200138635 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (18365751)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (104283621)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (122649372)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (10302868)<br>| &nbsp;&nbsp; (13777955)<br>|
| Series II | &nbsp;&nbsp; (77720850)<br>| &nbsp;&nbsp; (58627385)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (88023718)<br>| &nbsp;&nbsp; (72405340)<br>|
| Net increase in net assets | &nbsp;&nbsp; 12787555 | &nbsp;&nbsp; 5083923 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1427947821 | &nbsp;&nbsp; 1422863898 |
| End of period | &nbsp;&nbsp; $1440735376 | &nbsp;&nbsp; $1427947821 |

---

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

**6**

**Invesco V.I. Comstock Fund**

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**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $20.72 | $0.19 | $1.39 | $1.58 | $— | $— | $— | $22.30 | 7.63<br> %<br>| &nbsp;&nbsp; $212396 | 0.75 %<sup>(d)</sup><br>| 0.75 %<sup>(d)</sup><br>| 1.76 %<sup>(d)</sup><br>| 11<br> %<br>|
| Year ended 12/31/24 | 19.67 | 0.36 | 2.64 | 3.00 | (0.39)<br>| (1.56)<br>| (1.95)<br>| 20.72 | 15.18 | &nbsp;&nbsp; 207469 | 0.76 | 0.76 | 1.67 | 19 |
| Year ended 12/31/23 | 20.34 | 0.37 | 1.77 | 2.14 | (0.39)<br>| (2.42)<br>| (2.81)<br>| 19.67 | 12.36 | &nbsp;&nbsp; 209813 | 0.75 | 0.75 | 1.80 | 20 |
| Year ended 12/31/22 | 21.14 | 0.36 | (0.16)<br>| 0.20 | (0.34)<br>| (0.66)<br>| (1.00)<br>| 20.34 | 1.12 | &nbsp;&nbsp; 207442 | 0.75 | 0.75 | 1.72 | 21 |
| Year ended 12/31/21 | 16.13 | 0.30 | 5.07 | 5.37 | (0.36)<br>|  | (0.36)<br>| 21.14 | 33.36 | &nbsp;&nbsp; 212550 | 0.74 | 0.74 | 1.53 | 16 |
| Year ended 12/31/20 | 17.16 | 0.32 | (0.59)<br>| (0.27)<br>| (0.36)<br>| (0.40)<br>| (0.76)<br>| 16.13 | (0.85)<br>| &nbsp;&nbsp; 181594 | 0.75 | 0.75 | 2.24 | 38 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 20.61 | 0.16 | 1.38 | 1.54 |  |  |  | 22.15 | 7.47 | &nbsp;&nbsp; 1228339 | 1.00 <br><sup>(d)</sup><br>| 1.00 <br><sup>(d)</sup><br>| 1.51 <br><sup>(d)</sup><br>| 11 |
| Year ended 12/31/24 | 19.58 | 0.30 | 2.62 | 2.92 | (0.33)<br>| (1.56)<br>| (1.89)<br>| 20.61 | 14.87 | &nbsp;&nbsp; 1220479 | 1.01 | 1.01 | 1.42 | 19 |
| Year ended 12/31/23 | 20.25 | 0.32 | 1.77 | 2.09 | (0.34)<br>| (2.42)<br>| (2.76)<br>| 19.58 | 12.10 | &nbsp;&nbsp; 1213051 | 1.00 | 1.00 | 1.55 | 20 |
| Year ended 12/31/22 | 21.05 | 0.31 | (0.16)<br>| 0.15 | (0.29)<br>| (0.66)<br>| (0.95)<br>| 20.25 | 0.85 | &nbsp;&nbsp; 1185393 | 1.00 | 1.00 | 1.47 | 21 |
| Year ended 12/31/21 | 16.07 | 0.25 | 5.05 | 5.30 | (0.32)<br>|  | (0.32)<br>| 21.05 | 33.04 | &nbsp;&nbsp; 1323433 | 0.99 | 0.99 | 1.28 | 16 |
| Year ended 12/31/20 | 17.09 | 0.28 | (0.58)<br>| (0.30)<br>| (0.32)<br>| (0.40)<br>| (0.72)<br>| 16.07 | (1.09)<br>| &nbsp;&nbsp; 1144913 | 1.00 | 1.00 | 1.99 | 38 |

---

<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> Annualized.

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

**7**

**Invesco V.I. Comstock Fund**

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**8**

**Invesco V.I. Comstock Fund**

------

unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**9**

**Invesco V.I. Comstock Fund**

------

compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $5,938 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.530% |

---

For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.57%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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.

**10**

**Invesco V.I. Comstock Fund**

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For the six months ended June 30, 2025, the Adviser waived advisory fees of $15,228.

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 six months ended June 30, 2025, Invesco was paid $112,044 for accounting and fund administrative services and was reimbursed $1,045,913 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $1311366488 | &nbsp;&nbsp;&nbsp;&nbsp; $73265061 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1384631549 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 39012388 | &nbsp;&nbsp;&nbsp;&nbsp; 58640144 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97652532 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 1350378876 | &nbsp;&nbsp;&nbsp;&nbsp; 131905205 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1482284081 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29963 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29963 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1082927)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1082927)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1052964)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1052964)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1350378876 | &nbsp;&nbsp;&nbsp;&nbsp; $130852241 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1481231117 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

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

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

**11**

**Invesco V.I. Comstock Fund**

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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 June 30, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $29963 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $29963 |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $(1082927)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(1082927)<br>|

---

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp; $3337 | &nbsp;&nbsp;&nbsp; $(803500)<br>| &nbsp;&nbsp;&nbsp; $(800163)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(800163)<br>|
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; (5879)<br>| &nbsp;&nbsp;&nbsp; (4779)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4779)<br>|
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 25526 | &nbsp;&nbsp;&nbsp; (273548)<br>| &nbsp;&nbsp;&nbsp; (248022)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (248022)<br>|
| Total | &nbsp;&nbsp;&nbsp; $29963 | &nbsp;&nbsp;&nbsp; $(1082927)<br>| &nbsp;&nbsp;&nbsp; $(1052964)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1052964)<br>|

---

**Effect of Derivative Investments for the six months ended June 30, 2025**

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

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(3851715)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; (2023237)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(5874952)<br>|

---

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $73213880 |

---

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

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

**NOTE 6—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund

**12**

**Invesco V.I. Comstock Fund**

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may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 7—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $159,982,727 and $266,239,938, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $498360792 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (42151218)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $456209574 |

---

Cost of investments for tax purposes is $1,025,021,543.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 379266 | &nbsp;&nbsp;&nbsp; $8083297 | &nbsp;&nbsp;&nbsp; 479795 | &nbsp;&nbsp;&nbsp; $10204293 |
| Series II | &nbsp;&nbsp;&nbsp; 2268939 | &nbsp;&nbsp;&nbsp; 48324382 | &nbsp;&nbsp;&nbsp; 2342802 | &nbsp;&nbsp;&nbsp; 50056575 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 879586 | &nbsp;&nbsp;&nbsp; 18365751 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5018461 | &nbsp;&nbsp;&nbsp; 104283621 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (868048)<br>| &nbsp;&nbsp;&nbsp; (18386165)<br>| &nbsp;&nbsp;&nbsp; (2011916)<br>| &nbsp;&nbsp;&nbsp; (42347999)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (6043083)<br>| &nbsp;&nbsp;&nbsp; (126045232)<br>| &nbsp;&nbsp;&nbsp; (10101263)<br>| &nbsp;&nbsp;&nbsp; (212967581)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (4262926)<br>| &nbsp;&nbsp;&nbsp; $(88023718)<br>| &nbsp;&nbsp;&nbsp; (3392535)<br>| &nbsp;&nbsp;&nbsp; $(72405340)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 57% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**13**

**Invesco V.I. Comstock Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Comstock Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 1000® Value Index (Index). The Board noted that performance of Series I shares of the Fund was in the second quintile of its performance universe for the one year period and the first quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed

**14**

**Invesco V.I. Comstock Fund**

------

more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the Fund's contractual management fee schedule was amended effective July 1, 2024 to add an additional breakpoint for assets over $2 billion. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such total expenses. The Board requested and considered additional information from management regarding such relative total expenses, including the differentiated client base associated with variable insurance products. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The

Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities

**15**

**Invesco V.I. Comstock Fund**

------

lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**16**

**Invesco V.I. Comstock Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**17**

**Invesco V.I. Comstock Fund**

------

![](imgabb5361b1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. Core Equity Fund**

------

---

| | |
|:---|:---|
| [2](#xx_b4234152-c27a-4067-94b6-46fcc926a602_SOI-Continued-67_1) | Schedule of Investments |
| [5](#xx_b4234152-c27a-4067-94b6-46fcc926a602_FS-Continued-67_1) | Financial Statements |
| [7](#xx_b4234152-c27a-4067-94b6-46fcc926a602_FS-Continued-67_3) | Financial Highlights |
| [8](#xx_b4234152-c27a-4067-94b6-46fcc926a602_NTF-Continued-67_1) | Notes to Financial Statements |
| [13](#xx_b4234152-c27a-4067-94b6-46fcc926a602_AOC-Continued-67_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [16](#xx_b4234152-c27a-4067-94b6-46fcc926a602_OIRSR-Continued-67_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VICEQ-NCSRS

------

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

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.33%** | **Common Stocks & Other Equity Interests–99.33%** | **Common Stocks & Other Equity Interests–99.33%** |
| **Advertising–0.49%** | **Advertising–0.49%** | **Advertising–0.49%** |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup>  | 51386 | &nbsp;&nbsp; $3699278 |
| **Aerospace & Defense–2.93%** | **Aerospace & Defense–2.93%** | **Aerospace & Defense–2.93%** |
| Airbus S.E. (France) | 41579 | &nbsp;&nbsp; 8698355 |
| Howmet Aerospace, Inc. | 43393 | &nbsp;&nbsp; 8076739 |
| Northrop Grumman Corp. | 10714 | &nbsp;&nbsp; 5356786 |
|  |  | &nbsp;&nbsp; 22131880 |
| **Application Software–2.12%** | **Application Software–2.12%** | **Application Software–2.12%** |
| Intuit, Inc. | 12086 | &nbsp;&nbsp; 9519296 |
| Salesforce, Inc. | 23824 | &nbsp;&nbsp; 6496567 |
|  |  | &nbsp;&nbsp; 16015863 |
| **Asset Management & Custody Banks–1.02%** | **Asset Management & Custody Banks–1.02%** | **Asset Management & Custody Banks–1.02%** |
| BlackRock, Inc. | 7360 | &nbsp;&nbsp; 7722480 |
| **Automobile Manufacturers–0.24%** | **Automobile Manufacturers–0.24%** | **Automobile Manufacturers–0.24%** |
| Tesla, Inc.<sup>(b)</sup>  | 5667 | &nbsp;&nbsp; 1800179 |
| **Broadline Retail–4.56%** | **Broadline Retail–4.56%** | **Broadline Retail–4.56%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 157325 | &nbsp;&nbsp; 34515532 |
| **Building Products–0.99%** | **Building Products–0.99%** | **Building Products–0.99%** |
| Johnson Controls International PLC | 70852 | &nbsp;&nbsp; 7483388 |
| **Communications Equipment–1.25%** | **Communications Equipment–1.25%** | **Communications Equipment–1.25%** |
| Cisco Systems, Inc. | 136270 | &nbsp;&nbsp; 9454413 |
| **Construction Materials–0.96%** | **Construction Materials–0.96%** | **Construction Materials–0.96%** |
| CRH PLC | 78966 | &nbsp;&nbsp; 7249079 |
| **Consumer Finance–2.10%** | **Consumer Finance–2.10%** | **Consumer Finance–2.10%** |
| American Express Co. | 24615 | &nbsp;&nbsp; 7851693 |
| Capital One Financial Corp. | 37708 | &nbsp;&nbsp; 8022754 |
|  |  | &nbsp;&nbsp; 15874447 |
| **Consumer Staples Merchandise Retail–1.88%** | **Consumer Staples Merchandise Retail–1.88%** | **Consumer Staples Merchandise Retail–1.88%** |
| Walmart, Inc. | 145178 | &nbsp;&nbsp; 14195505 |
| **Distillers & Vintners–0.50%** | **Distillers & Vintners–0.50%** | **Distillers & Vintners–0.50%** |
| Constellation Brands, Inc., Class A<sup>(c)</sup>  | 23098 | &nbsp;&nbsp; 3757583 |
| **Diversified Banks–4.63%** | **Diversified Banks–4.63%** | **Diversified Banks–4.63%** |
| JPMorgan Chase & Co. | 83812 | &nbsp;&nbsp; 24297937 |
| Wells Fargo & Co. | 134173 | &nbsp;&nbsp; 10749941 |
|  |  | &nbsp;&nbsp; 35047878 |
| **Diversified REITs–0.73%** | **Diversified REITs–0.73%** | **Diversified REITs–0.73%** |
| Digital Realty Trust, Inc. | 31630 | &nbsp;&nbsp; 5514058 |
| **Electric Utilities–1.97%** | **Electric Utilities–1.97%** | **Electric Utilities–1.97%** |
| Constellation Energy Corp. | 23087 | &nbsp;&nbsp; 7451560 |
| PPL Corp. | 218914 | &nbsp;&nbsp; 7418995 |
|  |  | &nbsp;&nbsp; 14870555 |
| **Electrical Components & Equipment–2.96%** | **Electrical Components & Equipment–2.96%** | **Electrical Components & Equipment–2.96%** |
| Emerson Electric Co. | 71647 | &nbsp;&nbsp; 9552694 |
| Hubbell, Inc. | 11710 | &nbsp;&nbsp; 4782481 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Electrical Components & Equipment–(continued)** | **Electrical Components & Equipment–(continued)** | **Electrical Components & Equipment–(continued)** |
| Rockwell Automation, Inc. | 24180 | &nbsp;&nbsp; $8031871 |
|  |  | &nbsp;&nbsp; 22367046 |
| **Financial Exchanges & Data–1.17%** | **Financial Exchanges & Data–1.17%** | **Financial Exchanges & Data–1.17%** |
| Cboe Global Markets, Inc. | 37938 | &nbsp;&nbsp; 8847521 |
| **Health Care Distributors–1.29%** | **Health Care Distributors–1.29%** | **Health Care Distributors–1.29%** |
| McKesson Corp. | 13353 | &nbsp;&nbsp; 9784811 |
| **Health Care Equipment–2.78%** | **Health Care Equipment–2.78%** | **Health Care Equipment–2.78%** |
| Boston Scientific Corp.<sup>(b)</sup>  | 102342 | &nbsp;&nbsp; 10992554 |
| Medtronic PLC | 70402 | &nbsp;&nbsp; 6136942 |
| Zimmer Biomet Holdings, Inc.<sup>(c)</sup>  | 43098 | &nbsp;&nbsp; 3930969 |
|  |  | &nbsp;&nbsp; 21060465 |
| **Health Care Facilities–0.84%** | **Health Care Facilities–0.84%** | **Health Care Facilities–0.84%** |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 36303 | &nbsp;&nbsp; 6389328 |
| **Health Care Supplies–0.56%** | **Health Care Supplies–0.56%** | **Health Care Supplies–0.56%** |
| Cooper Cos., Inc. (The)<sup>(b)</sup>  | 59733 | &nbsp;&nbsp; 4250600 |
| **Home Improvement Retail–1.21%** | **Home Improvement Retail–1.21%** | **Home Improvement Retail–1.21%** |
| Lowe's Cos., Inc. | 41170 | &nbsp;&nbsp; 9134388 |
| **Hotels, Resorts & Cruise Lines–2.20%** | **Hotels, Resorts & Cruise Lines–2.20%** | **Hotels, Resorts & Cruise Lines–2.20%** |
| Marriott International, Inc., Class A | 25390 | &nbsp;&nbsp; 6936802 |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup>  | 30922 | &nbsp;&nbsp; 9682915 |
|  |  | &nbsp;&nbsp; 16619717 |
| **Household Products–1.79%** | **Household Products–1.79%** | **Household Products–1.79%** |
| Procter & Gamble Co. (The) | 84943 | &nbsp;&nbsp; 13533119 |
| **Human Resource & Employment Services–0.46%** | **Human Resource & Employment Services–0.46%** | **Human Resource & Employment Services–0.46%** |
| Paylocity Holding Corp.<sup>(b)</sup>  | 19034 | &nbsp;&nbsp; 3448770 |
| **Industrial REITs–1.09%** | **Industrial REITs–1.09%** | **Industrial REITs–1.09%** |
| Prologis, Inc. | 78651 | &nbsp;&nbsp; 8267793 |
| **Insurance Brokers–1.14%** | **Insurance Brokers–1.14%** | **Insurance Brokers–1.14%** |
| Arthur J. Gallagher & Co. | 26947 | &nbsp;&nbsp; 8626274 |
| **Integrated Oil & Gas–1.46%** | **Integrated Oil & Gas–1.46%** | **Integrated Oil & Gas–1.46%** |
| Chevron Corp. | 76995 | &nbsp;&nbsp; 11024914 |
| **Interactive Media & Services–7.17%** | **Interactive Media & Services–7.17%** | **Interactive Media & Services–7.17%** |
| Alphabet, Inc., Class A | 165333 | &nbsp;&nbsp; 29136635 |
| Meta Platforms, Inc., Class A | 34047 | &nbsp;&nbsp; 25129750 |
|  |  | &nbsp;&nbsp; 54266385 |
| **Investment Banking & Brokerage–2.28%** | **Investment Banking & Brokerage–2.28%** | **Investment Banking & Brokerage–2.28%** |
| Charles Schwab Corp. (The) | 139882 | &nbsp;&nbsp; 12762834 |
| Raymond James Financial, Inc. | 29176 | &nbsp;&nbsp; 4474723 |
|  |  | &nbsp;&nbsp; 17237557 |
| **IT Consulting & Other Services–0.83%** | **IT Consulting & Other Services–0.83%** | **IT Consulting & Other Services–0.83%** |
| Accenture PLC, Class A (Ireland) | 21055 | &nbsp;&nbsp; 6293129 |
| **Life Sciences Tools & Services–1.02%** | **Life Sciences Tools & Services–1.02%** | **Life Sciences Tools & Services–1.02%** |
| Lonza Group AG (Switzerland) | 10766 | &nbsp;&nbsp; 7699450 |

---

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

**2**

**Invesco V.I. Core Equity Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Managed Health Care–0.99%** | **Managed Health Care–0.99%** | **Managed Health Care–0.99%** |
| UnitedHealth Group, Inc. | 23900 | &nbsp;&nbsp; $7456083 |
| **Multi-line Insurance–1.25%** | **Multi-line Insurance–1.25%** | **Multi-line Insurance–1.25%** |
| American International Group, Inc. | 110733 | &nbsp;&nbsp; 9477637 |
| **Multi-Utilities–0.78%** | **Multi-Utilities–0.78%** | **Multi-Utilities–0.78%** |
| Ameren Corp.<sup>(c)</sup>  | 61707 | &nbsp;&nbsp; 5926340 |
| **Oil & Gas Exploration & Production–0.98%** | **Oil & Gas Exploration & Production–0.98%** | **Oil & Gas Exploration & Production–0.98%** |
| ConocoPhillips | 82467 | &nbsp;&nbsp; 7400589 |
| **Oil & Gas Storage & Transportation–0.97%** | **Oil & Gas Storage & Transportation–0.97%** | **Oil & Gas Storage & Transportation–0.97%** |
| Cheniere Energy, Inc. | 30254 | &nbsp;&nbsp; 7367454 |
| **Passenger Ground Transportation–1.40%** | **Passenger Ground Transportation–1.40%** | **Passenger Ground Transportation–1.40%** |
| Uber Technologies, Inc.<sup>(b)</sup>  | 113829 | &nbsp;&nbsp; 10620246 |
| **Personal Care Products–1.29%** | **Personal Care Products–1.29%** | **Personal Care Products–1.29%** |
| BellRing Brands, Inc.<sup>(b)</sup>  | 79393 | &nbsp;&nbsp; 4599236 |
| Estee Lauder Cos., Inc. (The), Class A | 63567 | &nbsp;&nbsp; 5136214 |
|  |  | &nbsp;&nbsp; 9735450 |
| **Pharmaceuticals–2.38%** | **Pharmaceuticals–2.38%** | **Pharmaceuticals–2.38%** |
| Eli Lilly and Co. | 15769 | &nbsp;&nbsp; 12292409 |
| Sanofi S.A., ADR | 118585 | &nbsp;&nbsp; 5728841 |
|  |  | &nbsp;&nbsp; 18021250 |
| **Property & Casualty Insurance–0.83%** | **Property & Casualty Insurance–0.83%** | **Property & Casualty Insurance–0.83%** |
| Hartford Insurance Group, Inc. (The) | 49484 | &nbsp;&nbsp; 6278035 |
| **Restaurants–0.97%** | **Restaurants–0.97%** | **Restaurants–0.97%** |
| McDonald's Corp. | 25111 | &nbsp;&nbsp; 7336681 |
| **Semiconductor Materials & Equipment–0.81%** | **Semiconductor Materials & Equipment–0.81%** | **Semiconductor Materials & Equipment–0.81%** |
| ASML Holding N.V., New York Shares <br> (Netherlands) | 7690 | &nbsp;&nbsp; 6162689 |
| **Semiconductors–11.32%** | **Semiconductors–11.32%** | **Semiconductors–11.32%** |
| Broadcom, Inc. | 75106 | &nbsp;&nbsp; 20702969 |
| NVIDIA Corp. | 343654 | &nbsp;&nbsp; 54293895 |
| Texas Instruments, Inc. | 51076 | &nbsp;&nbsp; 10604399 |
|  |  | &nbsp;&nbsp; 85601263 |
| **Systems Software–10.49%** | **Systems Software–10.49%** | **Systems Software–10.49%** |
| Microsoft Corp. | 120928 | &nbsp;&nbsp; 60150797 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** |
| Oracle Corp. | Oracle Corp. | 54288 | &nbsp;&nbsp; $11868985 |
| ServiceNow, Inc.<sup>(b)</sup>  | ServiceNow, Inc.<sup>(b)</sup>  | 7162 | &nbsp;&nbsp; 7363109 |
|  |  |  | &nbsp;&nbsp; 79382891 |
| **Technology Hardware, Storage & Peripherals–4.56%** | **Technology Hardware, Storage & Peripherals–4.56%** | **Technology Hardware, Storage & Peripherals–4.56%** | **Technology Hardware, Storage & Peripherals–4.56%** |
| Apple, Inc. | Apple, Inc. | 168262 | &nbsp;&nbsp; 34522314 |
| **Tobacco–1.49%** | **Tobacco–1.49%** | **Tobacco–1.49%** | **Tobacco–1.49%** |
| Philip Morris International, Inc. (Switzerland) | Philip Morris International, Inc. (Switzerland) | 61753 | &nbsp;&nbsp; 11247074 |
| **Transaction & Payment Processing Services–2.20%** | **Transaction & Payment Processing Services–2.20%** | **Transaction & Payment Processing Services–2.20%** | **Transaction & Payment Processing Services–2.20%** |
| Fiserv, Inc.<sup>(b)</sup>  | Fiserv, Inc.<sup>(b)</sup>  | 39583 | &nbsp;&nbsp; 6824505 |
| Mastercard, Inc., Class A | Mastercard, Inc., Class A | 17401 | &nbsp;&nbsp; 9778318 |
|  |  |  | &nbsp;&nbsp; 16602823 |
| Total Common Stocks & Other Equity Interests <br> (Cost $456,536,250) | Total Common Stocks & Other Equity Interests <br> (Cost $456,536,250) | Total Common Stocks & Other Equity Interests <br> (Cost $456,536,250) | &nbsp;&nbsp; 751322204 |
| **Money Market Funds–0.72%** | **Money Market Funds–0.72%** | **Money Market Funds–0.72%** | **Money Market Funds–0.72%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 1905984 | &nbsp;&nbsp; 1905984 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 3539686 | &nbsp;&nbsp; 3539686 |
| Total Money Market Funds (Cost $5,445,670) | Total Money Market Funds (Cost $5,445,670) | Total Money Market Funds (Cost $5,445,670) | &nbsp;&nbsp; 5445670 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.05% <br> (Cost $461,981,920)<br>|  |  | &nbsp;&nbsp; 756767874 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–2.88%** | **Money Market Funds–2.88%** | **Money Market Funds–2.88%** | **Money Market Funds–2.88%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 6069839 | &nbsp;&nbsp; 6069839 |
| Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | 15742734 | &nbsp;&nbsp; 15747456 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $21,816,046) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $21,816,046) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $21,816,046) | &nbsp;&nbsp; 21817295 |
| TOTAL INVESTMENTS IN SECURITIES–102.93% <br> (Cost $483,797,966) | TOTAL INVESTMENTS IN SECURITIES–102.93% <br> (Cost $483,797,966) | TOTAL INVESTMENTS IN SECURITIES–102.93% <br> (Cost $483,797,966) | &nbsp;&nbsp; 778585169 |
| OTHER ASSETS LESS LIABILITIES—(2.93)% | OTHER ASSETS LESS LIABILITIES—(2.93)% | OTHER ASSETS LESS LIABILITIES—(2.93)% | &nbsp;&nbsp; (22193565)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $756391604 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

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

<sup>(c)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $3224364 | &nbsp;&nbsp; $20689481 | &nbsp;&nbsp; $(22007861) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1905984 | &nbsp;&nbsp; $53834 |
| Invesco Treasury Portfolio, Institutional Class | 5988108 | &nbsp;&nbsp; 38423322 | &nbsp;&nbsp; (40871744) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3539686 | &nbsp;&nbsp; 99185 |

---

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

**3**

**Invesco V.I. Core Equity Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **December 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **June 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | $1215153 | &nbsp;&nbsp; $79009909 | &nbsp;&nbsp; $(74155223) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6069839 | &nbsp;&nbsp; $73,026\* |
| Invesco Private Prime Fund | 3173499 | &nbsp;&nbsp; 195644590 | &nbsp;&nbsp; (183071892) | &nbsp;&nbsp; 1249 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 15747456 | &nbsp;&nbsp; 196,904\* |
| Total | $13601124 | &nbsp;&nbsp; $333767302 | &nbsp;&nbsp; $(320106720) | &nbsp;&nbsp; $1249 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $27262965 | &nbsp;&nbsp; $422949 |

---

\* 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 June 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**4**

**Invesco V.I. Core Equity Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $456,536,250)\*<br>| &nbsp;&nbsp; $751322204 |
| Investments in affiliated money market funds, at value <br> (Cost $27,261,716)<br>| &nbsp;&nbsp; 27262965 |
| Foreign currencies, at value (Cost $401) | &nbsp;&nbsp; 400 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 131186 |
| Dividends | &nbsp;&nbsp; 460590 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 359319 |
| Other assets | &nbsp;&nbsp; 84115 |
| Total assets | &nbsp;&nbsp; 779620779 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 665683 |
| Amount due custodian | &nbsp;&nbsp; 26728 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 21816046 |
| Accrued fees to affiliates | &nbsp;&nbsp; 332874 |
| Accrued other operating expenses | &nbsp;&nbsp; 17675 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 370169 |
| Total liabilities | &nbsp;&nbsp; 23229175 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $756391604 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $374488255 |
| Distributable earnings | &nbsp;&nbsp; 381903349 |
|  | &nbsp;&nbsp; $756391604 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $733133901 |
| Series II | &nbsp;&nbsp; $23257703 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 20421464 |
| Series II | &nbsp;&nbsp; 653101 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $35.90 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $35.61 |

---

\* At June 30, 2025, securities with an aggregate value of $21,544,849 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $69,744) | &nbsp;&nbsp; $4574378 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $6,286)<br>| &nbsp;&nbsp; 159305 |
| Total investment income | &nbsp;&nbsp; 4733683 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 2258548 |
| Administrative services fees | &nbsp;&nbsp; 608333 |
| Custodian fees | &nbsp;&nbsp; 3021 |
| Distribution fees - Series II | &nbsp;&nbsp; 27568 |
| Transfer agent fees | &nbsp;&nbsp; 20192 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 12168 |
| Reports to shareholders | &nbsp;&nbsp; 4448 |
| Professional services fees | &nbsp;&nbsp; 22328 |
| Other | &nbsp;&nbsp; 4271 |
| Total expenses | &nbsp;&nbsp; 2960877 |
| Less: Fees waived | &nbsp;&nbsp; (4114)<br>|
| Net expenses | &nbsp;&nbsp; 2956763 |
| Net investment income | &nbsp;&nbsp; 1776920 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 28374108 |
| Affiliated investment securities | &nbsp;&nbsp; 10 |
| Foreign currencies | &nbsp;&nbsp; (874)<br>|
|  | &nbsp;&nbsp; 28373244 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 17411156 |
| Affiliated investment securities | &nbsp;&nbsp; 1249 |
| Foreign currencies | &nbsp;&nbsp; 8092 |
|  | &nbsp;&nbsp; 17420497 |
| Net realized and unrealized gain | &nbsp;&nbsp; 45793741 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $47570661 |

---

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

**5**

**Invesco V.I. Core Equity Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $1776920 | &nbsp;&nbsp; $4805929 |
| Net realized gain | &nbsp;&nbsp; 28373244 | &nbsp;&nbsp; 57086961 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 17420497 | &nbsp;&nbsp; 101874605 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 47570661 | &nbsp;&nbsp; 163767495 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (65342737)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (2021044)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (67363781)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (62438431)<br>| &nbsp;&nbsp; (3157491)<br>|
| Series II | &nbsp;&nbsp; (1016520)<br>| &nbsp;&nbsp; (650104)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (63454951)<br>| &nbsp;&nbsp; (3807595)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (15884290)<br>| &nbsp;&nbsp; 92596119 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 772275894 | &nbsp;&nbsp; 679679775 |
| End of period | &nbsp;&nbsp; $756391604 | &nbsp;&nbsp; $772275894 |

---

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

**6**

**Invesco V.I. Core Equity Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $33.62 | $0.08 | $2.20 | $2.28 | $— | $— | $— | $35.90 | 6.78<br> %<br>| &nbsp;&nbsp; $733134 | 0.80 %<sup>(d)</sup><br>| 0.80 %<sup>(d)</sup><br>| 0.49 %<sup>(d)</sup><br>| 17<br> %<br>|
| Year ended 12/31/24 | 29.29 | 0.22 | 7.24 | 7.46 | (0.24)<br>| (2.89)<br>| (3.13)<br>| 33.62 | 25.60 | &nbsp;&nbsp; 749457 | 0.81 | 0.81 | 0.67 | 46 |
| Year ended 12/31/23 | 24.55 | 0.17 | 5.45 | 5.62 | (0.21)<br>| (0.67)<br>| (0.88)<br>| 29.29 | 23.36 | &nbsp;&nbsp; 659227 | 0.80 | 0.80 | 0.61 | 47 |
| Year ended 12/31/22 | 37.79 | 0.24 | (8.10)<br>| (7.86)<br>| (0.30)<br>| (5.08)<br>| (5.38)<br>| 24.55 | (20.55)<br>| &nbsp;&nbsp; 682777 | 0.80 | 0.80 | 0.78 | 88 |
| Year ended 12/31/21 | 30.43 | 0.25 | 8.16 | 8.41 | (0.24)<br>| (0.81)<br>| (1.05)<br>| 37.79 | 27.74 | &nbsp;&nbsp; 969408 | 0.80 | 0.80 | 0.72 | 54 |
| Year ended 12/31/20 | 34.95 | 0.29 | 3.89 | 4.18 | (0.48)<br>| (8.22)<br>| (8.70)<br>| 30.43 | 13.85 | &nbsp;&nbsp; 740345 | 0.81 | 0.81 | 0.89 | 50 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 33.39 | 0.04 | 2.18 | 2.22 |  |  |  | 35.61 | 6.65 | &nbsp;&nbsp; 23258 | 1.05 <br><sup>(d)</sup><br>| 1.05 <br><sup>(d)</sup><br>| 0.24 <br><sup>(d)</sup><br>| 17 |
| Year ended 12/31/24 | 29.12 | 0.14 | 7.19 | 7.33 | (0.17)<br>| (2.89)<br>| (3.06)<br>| 33.39 | 25.29 | &nbsp;&nbsp; 22819 | 1.06 | 1.06 | 0.42 | 46 |
| Year ended 12/31/23 | 24.40 | 0.10 | 5.42 | 5.52 | (0.13)<br>| (0.67)<br>| (0.80)<br>| 29.12 | 23.08 | &nbsp;&nbsp; 20453 | 1.05 | 1.05 | 0.36 | 47 |
| Year ended 12/31/22 | 37.57 | 0.16 | (8.05)<br>| (7.89)<br>| (0.20)<br>| (5.08)<br>| (5.28)<br>| 24.40 | (20.75)<br>| &nbsp;&nbsp; 18208 | 1.05 | 1.05 | 0.53 | 88 |
| Year ended 12/31/21 | 30.27 | 0.16 | 8.11 | 8.27 | (0.16)<br>| (0.81)<br>| (0.97)<br>| 37.57 | 27.42 | &nbsp;&nbsp; 25276 | 1.05 | 1.05 | 0.47 | 54 |
| Year ended 12/31/20 | 34.81 | 0.21 | 3.85 | 4.06 | (0.38)<br>| (8.22)<br>| (8.60)<br>| 30.27 | 13.53 | &nbsp;&nbsp; 22009 | 1.06 | 1.06 | 0.64 | 50 |

---

<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> Annualized.

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

**7**

**Invesco V.I. Core Equity Fund**

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund

**8**

**Invesco V.I. Core Equity Fund**

------

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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**9**

**Invesco V.I. Core Equity Fund**

------

compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $698 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% |
| Next $1.75 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |

---

For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.62%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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.

**10**

**Invesco V.I. Core Equity Fund**

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For the six months ended June 30, 2025, the Adviser waived advisory fees of $4,114.

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 six months ended June 30, 2025, Invesco was paid $59,468 for accounting and fund administrative services and was reimbursed $548,865 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $734924399 | &nbsp;&nbsp;&nbsp;&nbsp; $16397805 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $751322204 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 5445670 | &nbsp;&nbsp;&nbsp;&nbsp; 21817295 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27262965 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $740370069 | &nbsp;&nbsp;&nbsp;&nbsp; $38215100 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $778585169 |

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

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

**NOTE 5—Cash Balances**

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

**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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

**11**

**Invesco V.I. Core Equity Fund**

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The Fund did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $123,174,734 and $180,686,228, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $302179045 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (9461854)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $292717191 |

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Cost of investments for tax purposes is $485,867,978.

**NOTE 8—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 271834 | &nbsp;&nbsp;&nbsp; $8855411 | &nbsp;&nbsp;&nbsp; 2637482 | &nbsp;&nbsp;&nbsp; $88863991 |
| Series II | &nbsp;&nbsp;&nbsp; 19228 | &nbsp;&nbsp;&nbsp; 631201 | &nbsp;&nbsp;&nbsp; 61381 | &nbsp;&nbsp;&nbsp; 2003302 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1966970 | &nbsp;&nbsp;&nbsp; 65342737 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 61225 | &nbsp;&nbsp;&nbsp; 2021044 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (2144360)<br>| &nbsp;&nbsp;&nbsp; (71293842)<br>| &nbsp;&nbsp;&nbsp; (4820352)<br>| &nbsp;&nbsp;&nbsp; (157364219)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (49584)<br>| &nbsp;&nbsp;&nbsp; (1647721)<br>| &nbsp;&nbsp;&nbsp; (141623)<br>| &nbsp;&nbsp;&nbsp; (4674450)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1902882)<br>| &nbsp;&nbsp;&nbsp; $(63454951)<br>| &nbsp;&nbsp;&nbsp; (234917)<br>| &nbsp;&nbsp;&nbsp; $(3807595)<br>|

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

**12**

**Invesco V.I. Core Equity Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Core Equity Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 1000® Index (Index). The Board noted that performance of Series I shares of the Fund was in the first quintile of its performance universe for the one year period and in the fourth quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed

**13**

**Invesco V.I. Core Equity Fund**

------

more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were reasonably comparable to and the same as, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the Fund's contractual management fee schedule was amended effective July 1, 2024 to add an additional breakpoint for assets over $2 billion. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such total expenses. The Board requested and considered additional information from management regarding such relative total expenses, including the differentiated client base associated with variable insurance products. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer

agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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

**14**

**Invesco V.I. Core Equity Fund**

------

direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**15**

**Invesco V.I. Core Equity Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**16**

**Invesco V.I. Core Equity Fund**

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![](imgf74502741.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

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

------

---

| | |
|:---|:---|
| [2](#xx_619fea35-7d70-4fdc-9a12-d3b76804856e_SOI-Continued-68_1) | Schedule of Investments |
| [27](#xx_619fea35-7d70-4fdc-9a12-d3b76804856e_FS-Continued-68_1) | Financial Statements |
| [29](#xx_619fea35-7d70-4fdc-9a12-d3b76804856e_FS-Continued-68_3) | Financial Highlights |
| [30](#xx_619fea35-7d70-4fdc-9a12-d3b76804856e_NTF-Continued-68_1) | Notes to Financial Statements |
| [37](#xx_619fea35-7d70-4fdc-9a12-d3b76804856e_AOC-Continued-68_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [40](#xx_619fea35-7d70-4fdc-9a12-d3b76804856e_OIRSR-Continued-68_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VICPB-NCSRS

------

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

*June 30, 2025*

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–48.42%** | **U.S. Dollar Denominated Bonds & Notes–48.42%** | **U.S. Dollar Denominated Bonds & Notes–48.42%** | **U.S. Dollar Denominated Bonds & Notes–48.42%** |
| **Aerospace & Defense–0.60%** | **Aerospace & Defense–0.60%** | **Aerospace & Defense–0.60%** | **Aerospace & Defense–0.60%** |
| BAE Systems PLC (United Kingdom), <br> 5.13%, 03/26/2029<sup>(b)</sup> <br>|  | $200000 | &nbsp;&nbsp; $205070 |
| Boeing Co. (The), | Boeing Co. (The), |  |  |
| 6.26%, 05/01/2027 |  | 3000 | &nbsp;&nbsp; 3088 |
| 6.30%, 05/01/2029 |  | 2000 | &nbsp;&nbsp; 2115 |
| 6.39%, 05/01/2031 |  | 3000 | &nbsp;&nbsp; 3225 |
| 6.53%, 05/01/2034 |  | 6000 | &nbsp;&nbsp; 6523 |
| 5.81%, 05/01/2050 |  | 2000 | &nbsp;&nbsp; 1920 |
| General Dynamics Corp., 4.95%, <br> 08/15/2035<br>|  | 32000 | &nbsp;&nbsp; 32138 |
| Hexcel Corp., 5.88%, 02/26/2035 |  | 6000 | &nbsp;&nbsp; 6107 |
| Howmet Aerospace, Inc., 4.85%, <br> 10/15/2031<br>|  | 2000 | &nbsp;&nbsp; 2028 |
| Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., |  |  |
| 5.35%, 01/15/2030 |  | 4000 | &nbsp;&nbsp; 4113 |
| 5.75%, 01/15/2035 |  | 4000 | &nbsp;&nbsp; 4127 |
| L3Harris Technologies, Inc., 5.40%, <br> 07/31/2033<br>|  | 1000 | &nbsp;&nbsp; 1028 |
| Lockheed Martin Corp., | Lockheed Martin Corp., |  |  |
| 4.50%, 02/15/2029 |  | 3000 | &nbsp;&nbsp; 3030 |
| 4.80%, 08/15/2034 |  | 4000 | &nbsp;&nbsp; 3989 |
| 5.90%, 11/15/2063 |  | 2000 | &nbsp;&nbsp; 2068 |
| RTX Corp., | RTX Corp., |  |  |
| 5.75%, 01/15/2029 |  | 2000 | &nbsp;&nbsp; 2096 |
| 6.00%, 03/15/2031 |  | 3000 | &nbsp;&nbsp; 3225 |
| 5.15%, 02/27/2033 |  | 2000 | &nbsp;&nbsp; 2045 |
| 6.40%, 03/15/2054 |  | 1000 | &nbsp;&nbsp; 1097 |
| TransDigm, Inc., | TransDigm, Inc., |  |  |
| 6.75%, 08/15/2028<sup>(b)</sup> <br>|  | 81000 | &nbsp;&nbsp; 82814 |
| 6.38%, 03/01/2029<sup>(b)</sup> <br>|  | 97000 | &nbsp;&nbsp; 99637 |
| 6.38%, 05/31/2033<sup>(b)</sup> <br>|  | 382000 | &nbsp;&nbsp; 383301 |
|  |  |  | &nbsp;&nbsp; 854784 |
| **Agricultural & Farm Machinery–0.16%** | **Agricultural & Farm Machinery–0.16%** | **Agricultural & Farm Machinery–0.16%** | **Agricultural & Farm Machinery–0.16%** |
| AGCO Corp., | AGCO Corp., |  |  |
| 5.45%, 03/21/2027 |  | 2000 | &nbsp;&nbsp; 2025 |
| 5.80%, 03/21/2034 |  | 3000 | &nbsp;&nbsp; 3047 |
| CNH Industrial Capital LLC, 4.75%, <br> 03/21/2028<br>|  | 11000 | &nbsp;&nbsp; 11085 |
| Imperial Brands Finance PLC (United <br> Kingdom), 5.63%, 07/01/2035<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200753 |
| John Deere Capital Corp., 5.10%, <br> 04/11/2034<br>|  | 5000 | &nbsp;&nbsp; 5118 |
|  |  |  | &nbsp;&nbsp; 222028 |
| **Air Freight & Logistics–0.18%** | **Air Freight & Logistics–0.18%** | **Air Freight & Logistics–0.18%** | **Air Freight & Logistics–0.18%** |
| GXO Logistics, Inc., | GXO Logistics, Inc., |  |  |
| 6.25%, 05/06/2029 |  | 5000 | &nbsp;&nbsp; 5222 |
| 6.50%, 05/06/2034 |  | 4000 | &nbsp;&nbsp; 4187 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Air Freight & Logistics–(continued)** | **Air Freight & Logistics–(continued)** | **Air Freight & Logistics–(continued)** | **Air Freight & Logistics–(continued)** |
| United Parcel Service, Inc., | United Parcel Service, Inc., |  |  |
| 4.65%, 10/15/2030 |  | $58000 | &nbsp;&nbsp; $58821 |
| 5.15%, 05/22/2034 |  | 5000 | &nbsp;&nbsp; 5127 |
| 5.25%, 05/14/2035 |  | 59000 | &nbsp;&nbsp; 60193 |
| 5.50%, 05/22/2054 |  | 4000 | &nbsp;&nbsp; 3882 |
| 5.95%, 05/14/2055 |  | 39000 | &nbsp;&nbsp; 40054 |
| 5.60%, 05/22/2064 |  | 3000 | &nbsp;&nbsp; 2891 |
| 6.05%, 05/14/2065 |  | 70000 | &nbsp;&nbsp; 71709 |
|  |  |  | &nbsp;&nbsp; 252086 |
| **Application Software–0.17%** | **Application Software–0.17%** | **Application Software–0.17%** | **Application Software–0.17%** |
| Autodesk, Inc., 5.30%, 06/15/2035 |  | 72000 | &nbsp;&nbsp; 73264 |
| Cadence Design Systems, Inc., <br> 4.70%, 09/10/2034<br>|  | 4000 | &nbsp;&nbsp; 3953 |
| Fair Isaac Corp., 6.00%, <br> 05/15/2033<sup>(b)</sup> <br>|  | 90000 | &nbsp;&nbsp; 91050 |
| Intuit, Inc., 5.20%, 09/15/2033 |  | 2000 | &nbsp;&nbsp; 2073 |
| Roper Technologies, Inc., | Roper Technologies, Inc., |  |  |
| 4.50%, 10/15/2029 |  | 4000 | &nbsp;&nbsp; 4009 |
| 4.75%, 02/15/2032 |  | 3000 | &nbsp;&nbsp; 3007 |
| 4.90%, 10/15/2034 |  | 5000 | &nbsp;&nbsp; 4933 |
| SS&C Technologies, Inc., | SS&C Technologies, Inc., |  |  |
| 5.50%, 09/30/2027<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 51080 |
| 6.50%, 06/01/2032<sup>(b)</sup> <br>|  | 11000 | &nbsp;&nbsp; 11430 |
| Synopsys, Inc., 5.70%, 04/01/2055 |  | 4000 | &nbsp;&nbsp; 3980 |
|  |  |  | &nbsp;&nbsp; 248779 |
| **Asset Management & Custody Banks–0.77%** | **Asset Management & Custody Banks–0.77%** | **Asset Management & Custody Banks–0.77%** | **Asset Management & Custody Banks–0.77%** |
| Affiliated Managers Group, Inc., <br> 5.50%, 08/20/2034<br>|  | 5000 | &nbsp;&nbsp; 4998 |
| Ameriprise Financial, Inc., | Ameriprise Financial, Inc., |  |  |
| 5.70%, 12/15/2028 |  | 3000 | &nbsp;&nbsp; 3145 |
| 5.15%, 05/15/2033 |  | 1000 | &nbsp;&nbsp; 1027 |
| 5.20%, 04/15/2035 |  | 22000 | &nbsp;&nbsp; 22170 |
| Ares Capital Corp., 5.50%, <br> 09/01/2030<br>|  | 214000 | &nbsp;&nbsp; 213393 |
| Ares Strategic Income Fund, | Ares Strategic Income Fund, |  |  |
| 5.70%, 03/15/2028 |  | 11000 | &nbsp;&nbsp; 11093 |
| 5.45%, 09/09/2028<sup>(b)</sup> <br>|  | 107000 | &nbsp;&nbsp; 107076 |
| Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), |  |  |
| 5.02% (SOFR + 0.68%), <br> 06/09/2028<sup>(c)</sup> <br>|  | 279000 | &nbsp;&nbsp; 279383 |
| 4.89%, 07/21/2028<sup>(d)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6081 |
| 4.98%, 03/14/2030<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1024 |
| 5.06%, 07/22/2032<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2048 |
| 5.83%, 10/25/2033<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3183 |
| 5.19%, 03/14/2035<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2026 |
| 5.32%, 06/06/2036<sup>(d)</sup> <br>|  | 104000 | &nbsp;&nbsp; 106206 |
| Series J, 4.97%, 04/26/2034<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2007 |
| Series I, 3.75%<sup>(d)(e)</sup> <br>|  | 1000 | &nbsp;&nbsp; 979 |
| Blackstone Private Credit Fund, <br> 4.95%, 09/26/2027<br>|  | 4000 | &nbsp;&nbsp; 3981 |
| Blackstone Secured Lending Fund, | Blackstone Secured Lending Fund, |  |  |
| 2.13%, 02/15/2027 |  | 4000 | &nbsp;&nbsp; 3822 |
| 5.88%, 11/15/2027 |  | 5000 | &nbsp;&nbsp; 5107 |
| Brookfield Asset Management Ltd. <br> (Canada), 5.80%, 04/24/2035<br>|  | 120000 | &nbsp;&nbsp; 123184 |

---

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

**2**

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

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** |
| Citadel L.P., | Citadel L.P., |  |  |
| 6.00%, 01/23/2030<sup>(b)</sup> <br>|  | $4000 | &nbsp;&nbsp; $4137 |
| 6.38%, 01/23/2032<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6269 |
| Northern Trust Corp., 6.13%, <br> 11/02/2032<br>|  | 2000 | &nbsp;&nbsp; 2160 |
| State Street Corp., | State Street Corp., |  |  |
| 5.29% (SOFR + 0.95%), <br> 04/24/2028<sup>(c)</sup> <br>|  | 49000 | &nbsp;&nbsp; 49241 |
| 5.68%, 11/21/2029<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3138 |
| 4.73%, 02/28/2030 |  | 13000 | &nbsp;&nbsp; 13200 |
| 4.83%, 04/24/2030 |  | 75000 | &nbsp;&nbsp; 76410 |
| 6.12%, 11/21/2034<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1069 |
| 5.15%, 02/28/2036<sup>(d)</sup> <br>|  | 17000 | &nbsp;&nbsp; 17205 |
| 6.45%<sup>(d)(e)</sup> <br>|  | 18000 | &nbsp;&nbsp; 18358 |
|  |  |  | &nbsp;&nbsp; 1093120 |
| **Automobile Manufacturers–2.85%** | **Automobile Manufacturers–2.85%** | **Automobile Manufacturers–2.85%** | **Automobile Manufacturers–2.85%** |
| American Honda Finance Corp., <br> 4.90%, 01/10/2034<br>|  | 2000 | &nbsp;&nbsp; 1980 |
| Daimler Truck Finance North America LLC <br> (Germany), | Daimler Truck Finance North America LLC <br> (Germany), |  |  |
| 5.15%, 01/16/2026<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 150468 |
| 5.00%, 01/15/2027<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 151493 |
| 5.63%, 01/13/2035<sup>(b)</sup> <br>|  | 116000 | &nbsp;&nbsp; 118134 |
| Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |  |  |
| 6.95%, 06/10/2026 |  | 242000 | &nbsp;&nbsp; 245352 |
| 7.35%, 11/04/2027 |  | 209000 | &nbsp;&nbsp; 217120 |
| 5.92%, 03/20/2028 |  | 200000 | &nbsp;&nbsp; 202071 |
| 6.80%, 05/12/2028<sup>(f)</sup> <br>|  | 339000 | &nbsp;&nbsp; 350456 |
| 6.80%, 11/07/2028 |  | 200000 | &nbsp;&nbsp; 207273 |
| 7.20%, 06/10/2030 |  | 49000 | &nbsp;&nbsp; 51587 |
| Honda Motor Co. Ltd. (Japan), | Honda Motor Co. Ltd. (Japan), |  |  |
| 4.44%, 07/08/2028 |  | 262000 | &nbsp;&nbsp; 262362 |
| 4.69%, 07/08/2030 |  | 193000 | &nbsp;&nbsp; 193375 |
| 5.34%, 07/08/2035 |  | 262000 | &nbsp;&nbsp; 262768 |
| Hyundai Capital America, | Hyundai Capital America, |  |  |
| 4.88%, 06/23/2027<sup>(b)</sup> <br>|  | 149000 | &nbsp;&nbsp; 149923 |
| 5.00%, 01/07/2028<sup>(b)</sup> <br>|  | 37000 | &nbsp;&nbsp; 37295 |
| 5.60%, 03/30/2028<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2049 |
| 5.35%, 03/19/2029<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3058 |
| 5.30%, 01/08/2030<sup>(b)</sup> <br>|  | 17000 | &nbsp;&nbsp; 17371 |
| 5.80%, 04/01/2030<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1039 |
| Hyundai Capital Services, Inc. (South <br> Korea), 5.25%, 01/22/2028<sup>(b)</sup> <br>|  | 201000 | &nbsp;&nbsp; 203808 |
| Mercedes-Benz Finance North America LLC <br> (Germany), | Mercedes-Benz Finance North America LLC <br> (Germany), |  |  |
| 5.10%, 08/03/2028<sup>(b)</sup> <br>|  | 256000 | &nbsp;&nbsp; 260751 |
| 4.85%, 01/11/2029<sup>(b)</sup> <br>|  | 145000 | &nbsp;&nbsp; 146251 |
| 5.00%, 01/11/2034<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 148844 |
| 5.13%, 08/01/2034<sup>(b)</sup> <br>|  | 204000 | &nbsp;&nbsp; 203666 |
| PACCAR Financial Corp., 4.00%, <br> 09/26/2029<br>|  | 11000 | &nbsp;&nbsp; 10947 |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |  |  |
| 4.55%, 08/09/2029 |  | 6000 | &nbsp;&nbsp; 6050 |
| 5.10%, 03/21/2031 |  | 1000 | &nbsp;&nbsp; 1027 |
| Volkswagen Group of America Finance LLC <br> (Germany), | Volkswagen Group of America Finance LLC <br> (Germany), |  |  |
| 5.25%, 03/22/2029<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202415 |
| 5.60%, 03/22/2034<sup>(b)</sup> <br>|  | 236000 | &nbsp;&nbsp; 237128 |
|  |  |  | &nbsp;&nbsp; 4046061 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automotive Parts & Equipment–0.46%** | **Automotive Parts & Equipment–0.46%** | **Automotive Parts & Equipment–0.46%** | **Automotive Parts & Equipment–0.46%** |
| Clarios Global L.P./Clarios US Finance <br> Co., 6.75%, 02/15/2030<sup>(b)</sup> <br>|  | $112000 | &nbsp;&nbsp; $116546 |
| ERAC USA Finance LLC, | ERAC USA Finance LLC, |  |  |
| 5.00%, 02/15/2029<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3072 |
| 4.90%, 05/01/2033<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2001 |
| Magna International, Inc. (Canada), <br> 5.88%, 06/01/2035<br>|  | 20000 | &nbsp;&nbsp; 20534 |
| ZF North America Capital, Inc. (Germany), | ZF North America Capital, Inc. (Germany), |  |  |
| 6.88%, 04/14/2028<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 150592 |
| 7.13%, 04/14/2030<sup>(b)</sup> <br>|  | 85000 | &nbsp;&nbsp; 83207 |
| 6.75%, 04/23/2030<sup>(b)</sup> <br>|  | 86000 | &nbsp;&nbsp; 82695 |
| 6.88%, 04/23/2032<sup>(b)</sup> <br>|  | 203000 | &nbsp;&nbsp; 187781 |
|  |  |  | &nbsp;&nbsp; 646428 |
| **Automotive Retail–0.00%** | **Automotive Retail–0.00%** | **Automotive Retail–0.00%** | **Automotive Retail–0.00%** |
| AutoZone, Inc., 5.20%, <br> 08/01/2033<br>|  | 1000 | &nbsp;&nbsp; 1014 |
| O'Reilly Automotive, Inc., 5.00%, <br> 08/19/2034<br>|  | 6000 | &nbsp;&nbsp; 5946 |
|  |  |  | &nbsp;&nbsp; 6960 |
| **Biotechnology–0.01%** | **Biotechnology–0.01%** | **Biotechnology–0.01%** | **Biotechnology–0.01%** |
| AbbVie, Inc., | AbbVie, Inc., |  |  |
| 4.80%, 03/15/2029 |  | 3000 | &nbsp;&nbsp; 3059 |
| 5.05%, 03/15/2034 |  | 3000 | &nbsp;&nbsp; 3056 |
| 5.40%, 03/15/2054 |  | 4000 | &nbsp;&nbsp; 3892 |
| 5.50%, 03/15/2064 |  | 3000 | &nbsp;&nbsp; 2912 |
| Amgen, Inc., 5.15%, 03/02/2028 |  | 3000 | &nbsp;&nbsp; 3066 |
| Gilead Sciences, Inc., | Gilead Sciences, Inc., |  |  |
| 5.25%, 10/15/2033 |  | 1000 | &nbsp;&nbsp; 1035 |
| 5.55%, 10/15/2053 |  | 2000 | &nbsp;&nbsp; 1976 |
|  |  |  | &nbsp;&nbsp; 18996 |
| **Broadcasting–0.01%** | **Broadcasting–0.01%** | **Broadcasting–0.01%** | **Broadcasting–0.01%** |
| Paramount Global, | Paramount Global, |  |  |
| 5.85%, 09/01/2043 |  | 6000 | &nbsp;&nbsp; 5226 |
| 4.95%, 05/19/2050 |  | 6000 | &nbsp;&nbsp; 4594 |
|  |  |  | &nbsp;&nbsp; 9820 |
| **Broadline Retail–0.15%** | **Broadline Retail–0.15%** | **Broadline Retail–0.15%** | **Broadline Retail–0.15%** |
| El Puerto de Liverpool S.A.B. de C.V. <br> (Mexico), 6.66%, 01/22/2037<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206380 |
| **Building Products–0.05%** | **Building Products–0.05%** | **Building Products–0.05%** | **Building Products–0.05%** |
| Carrier Global Corp., 5.90%, <br> 03/15/2034<br>|  | 3000 | &nbsp;&nbsp; 3196 |
| Holcim Finance US LLC, | Holcim Finance US LLC, |  |  |
| 4.70%, 04/07/2028<sup>(b)</sup> <br>|  | 30000 | &nbsp;&nbsp; 30281 |
| 4.95%, 04/07/2030<sup>(b)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8111 |
| 5.40%, 04/07/2035<sup>(b)</sup> <br>|  | 32000 | &nbsp;&nbsp; 32483 |
| Lennox International, Inc., 5.50%, <br> 09/15/2028<br>|  | 2000 | &nbsp;&nbsp; 2063 |
|  |  |  | &nbsp;&nbsp; 76134 |
| **Cable & Satellite–0.21%** | **Cable & Satellite–0.21%** | **Cable & Satellite–0.21%** | **Cable & Satellite–0.21%** |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp., | CCO Holdings LLC/CCO Holdings Capital <br> Corp., |  |  |
| 6.38%, 09/01/2029<sup>(b)</sup> <br>|  | 80000 | &nbsp;&nbsp; 81660 |
| 7.38%, 03/01/2031<sup>(b)</sup> <br>|  | 29000 | &nbsp;&nbsp; 30277 |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital <br> Corp., 6.65%, 02/01/2034<br>|  | 3000 | &nbsp;&nbsp; 3214 |

---

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

**3**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** |
| Comcast Corp., | Comcast Corp., |  |  |
| 5.50%, 11/15/2032 |  | $1000 | &nbsp;&nbsp; $1051 |
| 6.05%, 05/15/2055 |  | 176000 | &nbsp;&nbsp; 179838 |
| Cox Communications, Inc., 5.70%, <br> 06/15/2033<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3038 |
|  |  |  | &nbsp;&nbsp; 299078 |
| **Cargo Ground Transportation–0.02%** | **Cargo Ground Transportation–0.02%** | **Cargo Ground Transportation–0.02%** | **Cargo Ground Transportation–0.02%** |
| Penske Truck Leasing Co. L.P./PTL Finance <br> Corp., | Penske Truck Leasing Co. L.P./PTL Finance <br> Corp., |  |  |
| 5.75%, 05/24/2026<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3026 |
| 5.35%, 01/12/2027<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2023 |
| 5.70%, 02/01/2028<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3086 |
| 5.55%, 05/01/2028<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1028 |
| 6.05%, 08/01/2028<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1042 |
| 5.25%, 02/01/2030<sup>(b)</sup> <br>|  | 13000 | &nbsp;&nbsp; 13310 |
| Ryder System, Inc., 4.90%, <br> 12/01/2029<br>|  | 5000 | &nbsp;&nbsp; 5076 |
|  |  |  | &nbsp;&nbsp; 28591 |
| **Commercial & Residential Mortgage Finance–0.29%** | **Commercial & Residential Mortgage Finance–0.29%** | **Commercial & Residential Mortgage Finance–0.29%** | **Commercial & Residential Mortgage Finance–0.29%** |
| Aviation Capital Group LLC, | Aviation Capital Group LLC, |  |  |
| 6.25%, 04/15/2028<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2085 |
| 6.75%, 10/25/2028<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3190 |
| Nationwide Building Society (United <br> Kingdom), 6.56%, <br> 10/18/2027<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205100 |
| Radian Group, Inc., 6.20%, <br> 05/15/2029<br>|  | 2000 | &nbsp;&nbsp; 2079 |
| Rocket Cos., Inc., | Rocket Cos., Inc., |  |  |
| 6.13%, 08/01/2030<sup>(b)</sup> <br>|  | 49000 | &nbsp;&nbsp; 49963 |
| 6.38%, 08/01/2033<sup>(b)</sup> <br>|  | 143000 | &nbsp;&nbsp; 146496 |
|  |  |  | &nbsp;&nbsp; 408913 |
| **Computer & Electronics Retail–0.08%** | **Computer & Electronics Retail–0.08%** | **Computer & Electronics Retail–0.08%** | **Computer & Electronics Retail–0.08%** |
| Dell International LLC/EMC Corp., | Dell International LLC/EMC Corp., |  |  |
| 6.02%, 06/15/2026 |  | 2000 | &nbsp;&nbsp; 2019 |
| 5.50%, 04/01/2035 |  | 114000 | &nbsp;&nbsp; 115178 |
| Leidos, Inc., 5.75%, 03/15/2033 |  | 3000 | &nbsp;&nbsp; 3128 |
|  |  |  | &nbsp;&nbsp; 120325 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.51%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.51%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.51%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.51%** |
| Caterpillar, Inc., | Caterpillar, Inc., |  |  |
| 5.20%, 05/15/2035 |  | 55000 | &nbsp;&nbsp; 56093 |
| 5.50%, 05/15/2055 |  | 13000 | &nbsp;&nbsp; 12966 |
| Cummins, Inc., | Cummins, Inc., |  |  |
| 4.70%, 02/15/2031 |  | 197000 | &nbsp;&nbsp; 198862 |
| 5.30%, 05/09/2035 |  | 166000 | &nbsp;&nbsp; 168636 |
| Northriver Midstream Finance L.P. <br> (Canada), 6.75%, 07/15/2032<sup>(b)</sup> <br>|  | 30000 | &nbsp;&nbsp; 31091 |
| Westinghouse Air Brake Technologies <br> Corp., | Westinghouse Air Brake Technologies <br> Corp., |  |  |
| 4.90%, 05/29/2030 |  | 84000 | &nbsp;&nbsp; 85216 |
| 5.50%, 05/29/2035 |  | 174000 | &nbsp;&nbsp; 176601 |
|  |  |  | &nbsp;&nbsp; 729465 |
| **Construction Materials–0.12%** | **Construction Materials–0.12%** | **Construction Materials–0.12%** | **Construction Materials–0.12%** |
| JH North America Holdings, Inc., | JH North America Holdings, Inc., |  |  |
| 5.88%, 01/31/2031<sup>(b)</sup> <br>|  | 110000 | &nbsp;&nbsp; 111030 |
| 6.13%, 07/31/2032<sup>(b)</sup> <br>|  | 62000 | &nbsp;&nbsp; 63068 |
|  |  |  | &nbsp;&nbsp; 174098 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Consumer Electronics–0.07%** | **Consumer Electronics–0.07%** | **Consumer Electronics–0.07%** | **Consumer Electronics–0.07%** |
| LG Electronics, Inc. (South Korea), <br> 5.63%, 04/24/2029<sup>(b)</sup> <br>|  | $100000 | &nbsp;&nbsp; $103314 |
| **Consumer Finance–0.65%** | **Consumer Finance–0.65%** | **Consumer Finance–0.65%** | **Consumer Finance–0.65%** |
| American Express Co., | American Express Co., |  |  |
| 5.65%, 04/23/2027<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1009 |
| 4.73%, 04/25/2029<sup>(d)</sup> <br>|  | 77000 | &nbsp;&nbsp; 77891 |
| 5.60% (SOFR + 1.26%), <br> 04/25/2029<sup>(c)</sup> <br>|  | 236000 | &nbsp;&nbsp; 238241 |
| 5.53%, 04/25/2030<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2080 |
| 5.02%, 04/25/2031<sup>(d)</sup> <br>|  | 168000 | &nbsp;&nbsp; 171591 |
| 5.44%, 01/30/2036<sup>(d)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9191 |
| 5.67%, 04/25/2036<sup>(d)</sup> <br>|  | 113000 | &nbsp;&nbsp; 117059 |
| Capital One Financial Corp., 7.15%, <br> 10/29/2027<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2067 |
| FirstCash, Inc., 6.88%, <br> 03/01/2032<sup>(b)</sup> <br>|  | 172000 | &nbsp;&nbsp; 178199 |
| General Motors Financial Co., Inc., <br> 5.40%, 04/06/2026<br>|  | 2000 | &nbsp;&nbsp; 2009 |
| OneMain Finance Corp., 7.13%, <br> 09/15/2032<br>|  | 124000 | &nbsp;&nbsp; 128528 |
|  |  |  | &nbsp;&nbsp; 927865 |
| **Consumer Staples Merchandise Retail–0.07%** | **Consumer Staples Merchandise Retail–0.07%** | **Consumer Staples Merchandise Retail–0.07%** | **Consumer Staples Merchandise Retail–0.07%** |
| Dollar General Corp., 5.50%, <br> 11/01/2052<br>|  | 2000 | &nbsp;&nbsp; 1859 |
| Walmart, Inc., 4.90%, 04/28/2035 |  | 94000 | &nbsp;&nbsp; 95243 |
|  |  |  | &nbsp;&nbsp; 97102 |
| **Distillers & Vintners–0.01%** | **Distillers & Vintners–0.01%** | **Distillers & Vintners–0.01%** | **Distillers & Vintners–0.01%** |
| Constellation Brands, Inc., | Constellation Brands, Inc., |  |  |
| 4.80%, 05/01/2030 |  | 13000 | &nbsp;&nbsp; 13112 |
| 4.90%, 05/01/2033 |  | 1000 | &nbsp;&nbsp; 991 |
|  |  |  | &nbsp;&nbsp; 14103 |
| **Distributors–0.01%** | **Distributors–0.01%** | **Distributors–0.01%** | **Distributors–0.01%** |
| Genuine Parts Co., | Genuine Parts Co., |  |  |
| 6.50%, 11/01/2028 |  | 3000 | &nbsp;&nbsp; 3188 |
| 4.95%, 08/15/2029 |  | 4000 | &nbsp;&nbsp; 4063 |
| 6.88%, 11/01/2033 |  | 2000 | &nbsp;&nbsp; 2224 |
|  |  |  | &nbsp;&nbsp; 9475 |
| **Diversified Banks–13.03%** | **Diversified Banks–13.03%** | **Diversified Banks–13.03%** | **Diversified Banks–13.03%** |
| Africa Finance Corp. (Supranational), <br> 7.50%<sup>(b)(d)(e)</sup> <br>|  | 280000 | &nbsp;&nbsp; 272520 |
| Australia and New Zealand Banking Group <br> Ltd. (Australia), | Australia and New Zealand Banking Group <br> Ltd. (Australia), |  |  |
| 6.74%, 12/08/2032<sup>(b)</sup> <br>|  | 387000 | &nbsp;&nbsp; 421967 |
| 5.20%, 09/30/2035<sup>(b)(d)</sup> <br>|  | 380000 | &nbsp;&nbsp; 372422 |
| Banco Bilbao Vizcaya Argentaria S.A. <br> (Spain), 9.38%<sup>(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 221219 |
| Banco Santander S.A. (Spain), | Banco Santander S.A. (Spain), |  |  |
| 5.55%, 03/14/2028<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203278 |
| 9.63%<sup>(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 221293 |
| 9.63%<sup>(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 233744 |

---

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

**4**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Bank of America Corp., | Bank of America Corp., |  |  |
| 5.41% (SOFR + 1.05%), <br> 02/04/2028<sup>(c)</sup> <br>|  | $2000 | &nbsp;&nbsp; $2018 |
| 4.95%, 07/22/2028<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2023 |
| 5.19% (SOFR + 0.83%), <br> 01/24/2029<sup>(c)</sup> <br>|  | 8000 | &nbsp;&nbsp; 7993 |
| 5.20%, 04/25/2029<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1022 |
| 4.62%, 05/09/2029<sup>(d)</sup> <br>|  | 94000 | &nbsp;&nbsp; 94609 |
| 4.27%, 07/23/2029<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 997 |
| 5.16%, 01/24/2031<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4101 |
| 5.35% (SOFR + 1.01%), <br> 01/24/2031<sup>(c)</sup> <br>|  | 6000 | &nbsp;&nbsp; 5983 |
| 5.43%, 08/15/2035<sup>(d)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5001 |
| 5.51%, 01/24/2036<sup>(d)</sup> <br>|  | 58000 | &nbsp;&nbsp; 59659 |
| 5.46%, 05/09/2036<sup>(d)</sup> <br>|  | 146000 | &nbsp;&nbsp; 149767 |
| 7.75%, 05/14/2038 |  | 232000 | &nbsp;&nbsp; 277115 |
| 6.63%<sup>(d)(e)</sup> <br>|  | 109000 | &nbsp;&nbsp; 113159 |
| Bank of Montreal (Canada), | Bank of Montreal (Canada), |  |  |
| 5.30%, 06/05/2026 |  | 2000 | &nbsp;&nbsp; 2018 |
| 7.70%, 05/26/2084<sup>(d)</sup> <br>|  | 365000 | &nbsp;&nbsp; 377806 |
| 7.30%, 11/26/2084<sup>(d)</sup> <br>|  | 207000 | &nbsp;&nbsp; 211953 |
| Bank of New York Mellon (The), <br> 5.06% (SOFR + 0.71%), <br> 04/20/2027<sup>(c)</sup> <br>|  | 260000 | &nbsp;&nbsp; 260592 |
| Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), |  |  |
| 8.63%, 10/27/2082<sup>(d)(f)</sup> <br>|  | 306000 | &nbsp;&nbsp; 325498 |
| 8.00%, 01/27/2084<sup>(d)</sup> <br>|  | 54000 | &nbsp;&nbsp; 57400 |
| Barclays PLC (United Kingdom), <br> 6.69%, 09/13/2034<sup>(d)</sup> <br>|  | 207000 | &nbsp;&nbsp; 226065 |
| BNP Paribas S.A. (France), | BNP Paribas S.A. (France), |  |  |
| 4.79%, 05/09/2029<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201060 |
| 5.85% (SOFR + 1.43%), <br> 05/09/2029<sup>(b)(c)</sup> <br>|  | 356000 | &nbsp;&nbsp; 359640 |
| 5.09%, 05/09/2031<sup>(b)(d)(f)</sup> <br>|  | 341000 | &nbsp;&nbsp; 344440 |
| 7.45%<sup>(b)(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201700 |
| BPCE S.A. (France), 6.29%, <br> 01/14/2036<sup>(b)(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 262667 |
| Canadian Imperial Bank of Commerce <br> (Canada), 6.95%, 01/28/2085<sup>(d)</sup> <br>|  | 364000 | &nbsp;&nbsp; 365939 |
| Citigroup, Inc., | Citigroup, Inc., |  |  |
| 5.48% (SOFR + 1.14%), <br> 05/07/2028<sup>(c)</sup> <br>|  | 177000 | &nbsp;&nbsp; 177920 |
| 5.17%, 02/13/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3061 |
| 4.54%, 09/19/2030<sup>(d)</sup> <br>|  | 10000 | &nbsp;&nbsp; 9957 |
| 4.95%, 05/07/2031<sup>(d)</sup> <br>|  | 193000 | &nbsp;&nbsp; 195253 |
| 5.80% (SOFR + 1.46%), <br> 05/07/2031<sup>(c)</sup> <br>|  | 190000 | &nbsp;&nbsp; 191161 |
| 6.17%, 05/25/2034<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3142 |
| 5.83%, 02/13/2035<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3062 |
| 5.41%, 09/19/2039<sup>(d)</sup> <br>|  | 7000 | &nbsp;&nbsp; 6802 |
| 5.61%, 03/04/2056<sup>(d)</sup> <br>|  | 24000 | &nbsp;&nbsp; 23574 |
| Series AA, 7.63%<sup>(d)(e)</sup> <br>|  | 64000 | &nbsp;&nbsp; 67513 |
| Series BB, 7.20%<sup>(d)(e)</sup> <br>|  | 76000 | &nbsp;&nbsp; 78552 |
| Series DD, 7.00%<sup>(d)(e)</sup> <br>|  | 135000 | &nbsp;&nbsp; 142245 |
| Series W, 4.00%<sup>(d)(e)</sup> <br>|  | 6000 | &nbsp;&nbsp; 5973 |
| Series Z, 7.38%<sup>(d)(e)</sup> <br>|  | 71000 | &nbsp;&nbsp; 74870 |
| Comerica, Inc., 5.98%, <br> 01/30/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3074 |
| Credit Agricole S.A. (France), 5.22%, <br> 05/27/2031<sup>(b)(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 254750 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Federation des caisses Desjardins du <br> Quebec (Canada), 4.55%, <br> 08/23/2027<sup>(b)(f)</sup> <br>|  | $337000 | &nbsp;&nbsp; $338962 |
| Fifth Third Bancorp, | Fifth Third Bancorp, |  |  |
| 6.34%, 07/27/2029<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2107 |
| 4.77%, 07/28/2030<sup>(d)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5032 |
| 5.63%, 01/29/2032<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1041 |
| HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |  |  |
| 5.60%, 05/17/2028<sup>(d)</sup> <br>|  | 224000 | &nbsp;&nbsp; 228276 |
| 5.21%, 08/11/2028<sup>(d)</sup> <br>|  | 207000 | &nbsp;&nbsp; 209964 |
| 5.29%, 11/19/2030<sup>(d)</sup> <br>|  | 256000 | &nbsp;&nbsp; 261591 |
| 5.13%, 03/03/2031<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202723 |
| 5.24%, 05/13/2031<sup>(d)</sup> <br>|  | 213000 | &nbsp;&nbsp; 216925 |
| 5.91% (SOFR + 1.57%), <br> 05/13/2031<sup>(c)</sup> <br>|  | 390000 | &nbsp;&nbsp; 392380 |
| 5.79%, 05/13/2036<sup>(d)</sup> <br>|  | 239000 | &nbsp;&nbsp; 245912 |
| 6.33%, 03/09/2044<sup>(d)</sup> <br>|  | 315000 | &nbsp;&nbsp; 338356 |
| 6.88%<sup>(d)(e)</sup> <br>|  | 216000 | &nbsp;&nbsp; 219128 |
| 6.95%<sup>(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201559 |
| 7.05%<sup>(d)(e)</sup> <br>|  | 232000 | &nbsp;&nbsp; 235261 |
| ING Groep N.V. (Netherlands), <br> 5.34%, 03/19/2030<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205136 |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |  |
| 3.63%, 12/01/2027 |  | 2000 | &nbsp;&nbsp; 1973 |
| 5.57%, 04/22/2028<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3063 |
| 4.85%, 07/25/2028<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2021 |
| 4.92%, 01/24/2029<sup>(d)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5068 |
| 5.30%, 07/24/2029<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1027 |
| 6.09%, 10/23/2029<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2102 |
| 5.01%, 01/23/2030<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2037 |
| 5.58%, 04/22/2030<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1039 |
| 5.00%, 07/22/2030<sup>(d)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6111 |
| 4.60%, 10/22/2030<sup>(d)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8029 |
| 5.14%, 01/24/2031<sup>(d)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7180 |
| 5.10%, 04/22/2031<sup>(d)</sup> <br>|  | 93000 | &nbsp;&nbsp; 95330 |
| 5.72%, 09/14/2033<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2085 |
| 5.34%, 01/23/2035<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3072 |
| 5.50%, 01/24/2036<sup>(d)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9274 |
| 5.57%, 04/22/2036<sup>(d)</sup> <br>|  | 84000 | &nbsp;&nbsp; 87086 |
| 5.53%, 11/29/2045<sup>(d)</sup> <br>|  | 54000 | &nbsp;&nbsp; 54157 |
| Series W, 5.59% (3 mo. Term <br> SOFR + 1.26%), 05/15/2047<sup>(c)</sup> <br>|  | 1000 | &nbsp;&nbsp; 888 |
| Series NN, 6.88%<sup>(d)(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2116 |
| Series OO, 6.50%<sup>(d)(e)</sup> <br>|  | 28000 | &nbsp;&nbsp; 28988 |
| KeyCorp, 2.55%, 10/01/2029 |  | 3000 | &nbsp;&nbsp; 2772 |
| Manufacturers & Traders Trust Co., <br> 4.70%, 01/27/2028<br>|  | 230000 | &nbsp;&nbsp; 232079 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Japan), | Mitsubishi UFJ Financial Group, Inc. <br> (Japan), |  |  |
| 5.26%, 04/17/2030<sup>(d)</sup> <br>|  | 276000 | &nbsp;&nbsp; 283245 |
| 5.16%, 04/24/2031<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204844 |
| 5.83% (SOFR + 1.48%), <br> 04/24/2031<sup>(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203482 |
| 5.43%, 04/17/2035<sup>(d)</sup> <br>|  | 292000 | &nbsp;&nbsp; 298332 |
| 5.57%, 01/16/2036<sup>(d)</sup> <br>|  | 260000 | &nbsp;&nbsp; 267257 |
| 5.62%, 04/24/2036<sup>(d)</sup> <br>|  | 592000 | &nbsp;&nbsp; 608991 |
| 8.20%<sup>(d)(e)</sup> <br>|  | 158000 | &nbsp;&nbsp; 171144 |
| Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |  |  |
| 5.38%, 07/10/2030<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205833 |
| 5.59%, 07/10/2035<sup>(d)</sup> <br>|  | 268000 | &nbsp;&nbsp; 275937 |

---

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

**5**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Morgan Stanley Bank N.A., 5.88%, <br> 10/30/2026<br>|  | $291000 | &nbsp;&nbsp; $297204 |
| Multibank, Inc. (Panama), 7.75%, <br> 02/03/2028<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207562 |
| National Australia Bank Ltd. <br> (Australia), 5.90%, <br> 01/14/2036<sup>(b)(d)(f)</sup> <br>|  | 448000 | &nbsp;&nbsp; 459229 |
| Nordea Bank Abp (Finland), <br> 6.30%<sup>(b)(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 195308 |
| PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |  |  |
| 6.62%, 10/20/2027<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1028 |
| 5.58%, 06/12/2029<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1036 |
| 4.90%, 05/13/2031<sup>(d)</sup> <br>|  | 179000 | &nbsp;&nbsp; 181316 |
| 6.04%, 10/28/2033<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2128 |
| 5.07%, 01/24/2034<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1005 |
| 6.88%, 10/20/2034<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1118 |
| Series V, 6.20%<sup>(d)(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3064 |
| Series W, 6.25%<sup>(d)(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3092 |
| Royal Bank of Canada (Canada), | Royal Bank of Canada (Canada), |  |  |
| 5.06% (SOFR + 0.71%), <br> 01/21/2027<sup>(c)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2006 |
| 4.95%, 02/01/2029 |  | 2000 | &nbsp;&nbsp; 2046 |
| 5.00%, 02/01/2033 |  | 1000 | &nbsp;&nbsp; 1016 |
| 7.50%, 05/02/2084<sup>(d)</sup> <br>|  | 338000 | &nbsp;&nbsp; 350113 |
| 6.75%, 08/24/2085<sup>(d)</sup> <br>|  | 366000 | &nbsp;&nbsp; 367186 |
| Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), |  |  |
| 6.19%, 07/06/2027<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203087 |
| 6.05%, 10/15/2030<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202123 |
| 5.24%, 05/13/2031<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203004 |
| 6.05% (SOFR + 1.68%), <br> 05/13/2031<sup>(b)(c)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202214 |
| 7.75%<sup>(b)(d)(e)</sup> <br>|  | 288000 | &nbsp;&nbsp; 299478 |
| Sumitomo Mitsui Financial Group, Inc. <br> (Japan), 6.60%<sup>(d)(e)</sup> <br>|  | 285000 | &nbsp;&nbsp; 286354 |
| Sumitomo Mitsui Trust Bank Ltd. <br> (Japan), 5.35%, 03/07/2034<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204337 |
| Synovus Bank, 5.63%, 02/15/2028 |  | 250000 | &nbsp;&nbsp; 252767 |
| Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |  |  |
| 4.78%, 12/17/2029 |  | 8000 | &nbsp;&nbsp; 8096 |
| 8.13%, 10/31/2082<sup>(d)</sup> <br>|  | 247000 | &nbsp;&nbsp; 258586 |
| 7.25%, 07/31/2084<sup>(d)</sup> <br>|  | 262000 | &nbsp;&nbsp; 269534 |
| U.S. Bancorp, | U.S. Bancorp, |  |  |
| 5.78%, 06/12/2029<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3116 |
| 5.38%, 01/23/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3089 |
| Wells Fargo & Co., | Wells Fargo & Co., |  |  |
| 5.71%, 04/22/2028<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2044 |
| 4.81%, 07/25/2028<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2017 |
| 5.71% (SOFR + 1.37%), <br> 04/23/2029<sup>(c)</sup> <br>|  | 99000 | &nbsp;&nbsp; 100287 |
| 5.57%, 07/25/2029<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3098 |
| 6.30%, 10/23/2029<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3171 |
| 5.20%, 01/23/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3074 |
| 5.15%, 04/23/2031<sup>(d)</sup> <br>|  | 163000 | &nbsp;&nbsp; 166987 |
| 4.90%, 07/25/2033<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2001 |
| 5.39%, 04/24/2034<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2047 |
| 5.56%, 07/25/2034<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2065 |
| 5.50%, 01/23/2035<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2052 |
| 5.61%, 04/23/2036<sup>(d)</sup> <br>|  | 218000 | &nbsp;&nbsp; 225109 |
| 6.85%<sup>(d)(e)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6320 |
| 7.63%<sup>(d)(e)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3230 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Westpac Banking Corp. (Australia), | Westpac Banking Corp. (Australia), |  |  |
| 6.82%, 11/17/2033 |  | $3000 | &nbsp;&nbsp; $3300 |
| 5.62%, 11/20/2035<sup>(d)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6043 |
|  |  |  | &nbsp;&nbsp; 18492579 |
| **Diversified Capital Markets–0.73%** | **Diversified Capital Markets–0.73%** | **Diversified Capital Markets–0.73%** | **Diversified Capital Markets–0.73%** |
| Deutsche Bank AG (Germany), 5.30%, <br> 05/09/2031<sup>(d)</sup> <br>|  | 150000 | &nbsp;&nbsp; 152384 |
| UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |  |  |
| 5.43%, 02/08/2030<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205448 |
| 7.13%<sup>(b)(d)(e)</sup> <br>|  | 226000 | &nbsp;&nbsp; 225636 |
| 9.25%<sup>(b)(d)(e)</sup> <br>|  | 201000 | &nbsp;&nbsp; 232941 |
| 9.25%<sup>(b)(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 218795 |
|  |  |  | &nbsp;&nbsp; 1035204 |
| **Diversified Financial Services–0.87%** | **Diversified Financial Services–0.87%** | **Diversified Financial Services–0.87%** | **Diversified Financial Services–0.87%** |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland), <br> 6.50%, 01/31/2056<sup>(d)</sup> <br>|  | 241000 | &nbsp;&nbsp; 241986 |
| Apollo Global Management, Inc., <br> 6.38%, 11/15/2033<br>|  | 3000 | &nbsp;&nbsp; 3281 |
| Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |  |  |
| 4.95%, 01/15/2028<sup>(b)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7040 |
| 6.38%, 05/04/2028<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3130 |
| BlackRock Funding, Inc., 4.90%, <br> 01/08/2035<br>|  | 2000 | &nbsp;&nbsp; 2026 |
| Corebridge Financial, Inc., | Corebridge Financial, Inc., |  |  |
| 6.05%, 09/15/2033 |  | 2000 | &nbsp;&nbsp; 2107 |
| 5.75%, 01/15/2034 |  | 3000 | &nbsp;&nbsp; 3119 |
| Gabon Blue Bond Master Trust <br> (Gabon), Series 2, 6.10%, <br> 08/01/2038<sup>(b)</sup> <br>|  | 341000 | &nbsp;&nbsp; 341767 |
| Horizon Mutual Holdings, Inc., <br> 6.20%, 11/15/2034<sup>(b)</sup> <br>|  | 120000 | &nbsp;&nbsp; 118191 |
| Jane Street Group/JSG Finance, Inc., | Jane Street Group/JSG Finance, Inc., |  |  |
| 7.13%, 04/30/2031<sup>(b)</sup> <br>|  | 34000 | &nbsp;&nbsp; 35798 |
| 6.13%, 11/01/2032<sup>(b)</sup> <br>|  | 119000 | &nbsp;&nbsp; 120210 |
| 6.75%, 05/01/2033<sup>(b)</sup> <br>|  | 104000 | &nbsp;&nbsp; 106998 |
| OPEC Fund for International <br> Development (The) <br> (Supranational), 4.50%, <br> 01/26/2026<sup>(b)</sup> <br>|  | 245000 | &nbsp;&nbsp; 245053 |
|  |  |  | &nbsp;&nbsp; 1230706 |
| **Diversified Metals & Mining–0.45%** | **Diversified Metals & Mining–0.45%** | **Diversified Metals & Mining–0.45%** | **Diversified Metals & Mining–0.45%** |
| BHP Billiton Finance (USA) Ltd. (Australia), | BHP Billiton Finance (USA) Ltd. (Australia), |  |  |
| 5.10%, 09/08/2028 |  | 1000 | &nbsp;&nbsp; 1026 |
| 5.25%, 09/08/2030 |  | 2000 | &nbsp;&nbsp; 2074 |
| 5.25%, 09/08/2033 |  | 3000 | &nbsp;&nbsp; 3073 |
| Corporacion Nacional del Cobre de <br> Chile (Chile), 5.13%, <br> 02/02/2033<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 194945 |
| Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |  |  |
| 4.91%, 04/01/2028<sup>(b)</sup> <br>|  | 21000 | &nbsp;&nbsp; 21219 |
| 5.37%, 04/04/2029<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1026 |
| 5.19%, 04/01/2030<sup>(b)</sup> <br>|  | 29000 | &nbsp;&nbsp; 29580 |
| 5.63%, 04/04/2034<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3059 |
| 5.67%, 04/01/2035<sup>(b)</sup> <br>|  | 49000 | &nbsp;&nbsp; 50011 |
| 5.89%, 04/04/2054<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 981 |
| 6.14%, 04/01/2055<sup>(b)</sup> <br>|  | 20000 | &nbsp;&nbsp; 20237 |

---

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

**6**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Metals & Mining–(continued)** | **Diversified Metals & Mining–(continued)** | **Diversified Metals & Mining–(continued)** | **Diversified Metals & Mining–(continued)** |
| Rio Tinto Finance (USA) PLC (Australia), | Rio Tinto Finance (USA) PLC (Australia), |  |  |
| 4.88%, 03/14/2030 |  | $22000 | &nbsp;&nbsp; $22431 |
| 5.00%, 03/14/2032 |  | 22000 | &nbsp;&nbsp; 22396 |
| 5.25%, 03/14/2035 |  | 21000 | &nbsp;&nbsp; 21379 |
| 5.75%, 03/14/2055 |  | 21000 | &nbsp;&nbsp; 21047 |
| 5.88%, 03/14/2065 |  | 13000 | &nbsp;&nbsp; 13071 |
| Windfall Mining Group, Inc. (South <br> Africa), 5.85%, 05/13/2032<sup>(b)</sup> <br>|  | 201000 | &nbsp;&nbsp; 205542 |
|  |  |  | &nbsp;&nbsp; 633097 |
| **Diversified REITs–0.04%** | **Diversified REITs–0.04%** | **Diversified REITs–0.04%** | **Diversified REITs–0.04%** |
| Brixmor Operating Partnership L.P., <br> 5.75%, 02/15/2035<br>|  | 3000 | &nbsp;&nbsp; 3084 |
| ERP Operating L.P., 4.95%, <br> 06/15/2032<br>|  | 50000 | &nbsp;&nbsp; 50595 |
| VICI Properties L.P., | VICI Properties L.P., |  |  |
| 5.75%, 04/01/2034 |  | 2000 | &nbsp;&nbsp; 2046 |
| 6.13%, 04/01/2054 |  | 2000 | &nbsp;&nbsp; 1968 |
|  |  |  | &nbsp;&nbsp; 57693 |
| **Diversified Support Services–0.28%** | **Diversified Support Services–0.28%** | **Diversified Support Services–0.28%** | **Diversified Support Services–0.28%** |
| Amazon Conservation DAC (Ecuador), <br> 6.03%, 01/16/2042<sup>(b)</sup> <br>|  | 270000 | &nbsp;&nbsp; 271033 |
| Element Fleet Management Corp. (Canada), | Element Fleet Management Corp. (Canada), |  |  |
| 6.32%, 12/04/2028<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2110 |
| 5.04%, 03/25/2030<sup>(b)</sup> <br>|  | 49000 | &nbsp;&nbsp; 49453 |
| RB Global Holdings, Inc. (Canada), | RB Global Holdings, Inc. (Canada), |  |  |
| 6.75%, 03/15/2028<sup>(b)</sup> <br>|  | 23000 | &nbsp;&nbsp; 23621 |
| 7.75%, 03/15/2031<sup>(b)</sup> <br>|  | 45000 | &nbsp;&nbsp; 47363 |
|  |  |  | &nbsp;&nbsp; 393580 |
| **Drug Retail–0.41%** | **Drug Retail–0.41%** | **Drug Retail–0.41%** | **Drug Retail–0.41%** |
| CK Hutchison International (23) Ltd. <br> (United Kingdom), 4.88%, <br> 04/21/2033<sup>(b)</sup> <br>|  | 215000 | &nbsp;&nbsp; 213643 |
| CVS Pass-Through Trust, 5.77%, <br> 01/10/2033<sup>(b)</sup> <br>|  | 58038 | &nbsp;&nbsp; 58516 |
| Teva Pharmaceutical Finance <br> Netherlands IV B.V. (Israel), <br> 5.75%, 12/01/2030<sup>(f)</sup> <br>|  | 300000 | &nbsp;&nbsp; 305568 |
|  |  |  | &nbsp;&nbsp; 577727 |
| **Electric Utilities–2.28%** | **Electric Utilities–2.28%** | **Electric Utilities–2.28%** | **Electric Utilities–2.28%** |
| AEP Texas, Inc., 3.95%, <br> 06/01/2028<sup>(b)</sup> <br>|  | 162000 | &nbsp;&nbsp; 160156 |
| AEP Transmission Co. LLC, 5.38%, <br> 06/15/2035<br>|  | 17000 | &nbsp;&nbsp; 17378 |
| Alabama Power Co., | Alabama Power Co., |  |  |
| 5.85%, 11/15/2033 |  | 3000 | &nbsp;&nbsp; 3202 |
| 5.10%, 04/02/2035 |  | 10000 | &nbsp;&nbsp; 10083 |
| Alexander Funding Trust II, 7.47%, <br> 07/31/2028<sup>(b)</sup> <br>|  | 202000 | &nbsp;&nbsp; 216097 |
| American Electric Power Co., Inc., | American Electric Power Co., Inc., |  |  |
| 5.75%, 11/01/2027 |  | 2000 | &nbsp;&nbsp; 2064 |
| 5.20%, 01/15/2029 |  | 2000 | &nbsp;&nbsp; 2052 |
| Baltimore Gas and Electric Co., <br> 5.45%, 06/01/2035<br>|  | 50000 | &nbsp;&nbsp; 51273 |
| Capital Power (US Holdings), Inc. (Canada), | Capital Power (US Holdings), Inc. (Canada), |  |  |
| 5.26%, 06/01/2028<sup>(b)</sup> <br>|  | 57000 | &nbsp;&nbsp; 57784 |
| 6.19%, 06/01/2035<sup>(b)</sup> <br>|  | 108000 | &nbsp;&nbsp; 111506 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, |  |  |
| 4.80%, 03/15/2030 |  | $15000 | &nbsp;&nbsp; $15273 |
| 5.05%, 03/01/2035 |  | 6000 | &nbsp;&nbsp; 5997 |
| Series AJ, 4.85%, 10/01/2052 |  | 1000 | &nbsp;&nbsp; 898 |
| Chile Electricity Lux MPC II S.a.r.l. <br> (Chile), 5.58%, 10/20/2035<sup>(b)</sup> <br>|  | 273702 | &nbsp;&nbsp; 274134 |
| Commonwealth Edison Co., 5.95%, <br> 06/01/2055<br>|  | 34000 | &nbsp;&nbsp; 35238 |
| Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., |  |  |
| 5.50%, 03/15/2034 |  | 1000 | &nbsp;&nbsp; 1041 |
| 5.90%, 11/15/2053 |  | 2000 | &nbsp;&nbsp; 2043 |
| Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |  |  |
| 6.13%, 01/15/2034 |  | 2000 | &nbsp;&nbsp; 2155 |
| 6.50%, 10/01/2053 |  | 3000 | &nbsp;&nbsp; 3224 |
| 5.75%, 03/15/2054 |  | 1000 | &nbsp;&nbsp; 981 |
| Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |  |  |
| 4.85%, 03/15/2030 |  | 4000 | &nbsp;&nbsp; 4090 |
| 5.25%, 03/15/2035 |  | 13000 | &nbsp;&nbsp; 13305 |
| 5.35%, 01/15/2053 |  | 2000 | &nbsp;&nbsp; 1922 |
| Duke Energy Corp., | Duke Energy Corp., |  |  |
| 4.85%, 01/05/2029 |  | 2000 | &nbsp;&nbsp; 2032 |
| 5.00%, 08/15/2052 |  | 1000 | &nbsp;&nbsp; 878 |
| Duke Energy Indiana LLC, | Duke Energy Indiana LLC, |  |  |
| 5.40%, 04/01/2053 |  | 2000 | &nbsp;&nbsp; 1908 |
| 5.90%, 05/15/2055 |  | 21000 | &nbsp;&nbsp; 21608 |
| Electricite de France S.A. (France), | Electricite de France S.A. (France), |  |  |
| 6.38%, 01/13/2055<sup>(b)</sup> <br>|  | 184000 | &nbsp;&nbsp; 184791 |
| 9.13%<sup>(b)(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 226085 |
| Enel Finance International N.V. (Italy), <br> 7.05%, 10/14/2025<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201190 |
| Entergy Corp., 7.13%, <br> 12/01/2054<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2074 |
| Entergy Louisiana LLC, | Entergy Louisiana LLC, |  |  |
| 5.15%, 09/15/2034 |  | 6000 | &nbsp;&nbsp; 6039 |
| 5.80%, 03/15/2055 |  | 10000 | &nbsp;&nbsp; 10018 |
| Entergy Texas, Inc., | Entergy Texas, Inc., |  |  |
| 5.25%, 04/15/2035 |  | 14000 | &nbsp;&nbsp; 14121 |
| 5.55%, 09/15/2054 |  | 5000 | &nbsp;&nbsp; 4776 |
| Evergy Metro, Inc., 4.95%, <br> 04/15/2033<br>|  | 3000 | &nbsp;&nbsp; 2998 |
| Exelon Corp., | Exelon Corp., |  |  |
| 5.15%, 03/15/2029 |  | 2000 | &nbsp;&nbsp; 2053 |
| 5.13%, 03/15/2031 |  | 29000 | &nbsp;&nbsp; 29727 |
| 5.45%, 03/15/2034 |  | 1000 | &nbsp;&nbsp; 1027 |
| 5.88%, 03/15/2055 |  | 20000 | &nbsp;&nbsp; 19986 |
| FirstEnergy Pennsylvania Electric Co., <br> 5.20%, 04/01/2028<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2041 |
| FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |  |  |
| 4.55%, 01/15/2030 |  | 5000 | &nbsp;&nbsp; 5005 |
| 5.00%, 01/15/2035 |  | 6000 | &nbsp;&nbsp; 5940 |
| Florida Power & Light Co., | Florida Power & Light Co., |  |  |
| 4.80%, 05/15/2033 |  | 2000 | &nbsp;&nbsp; 2006 |
| 5.80%, 03/15/2065 |  | 9000 | &nbsp;&nbsp; 9141 |
| Georgia Power Co., 4.95%, <br> 05/17/2033<br>|  | 3000 | &nbsp;&nbsp; 3025 |
| MidAmerican Energy Co., | MidAmerican Energy Co., |  |  |
| 5.35%, 01/15/2034 |  | 3000 | &nbsp;&nbsp; 3111 |
| 5.85%, 09/15/2054 |  | 1000 | &nbsp;&nbsp; 1031 |
| 5.30%, 02/01/2055 |  | 2000 | &nbsp;&nbsp; 1905 |

---

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

**7**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| National Rural Utilities Cooperative Finance <br> Corp., | National Rural Utilities Cooperative Finance <br> Corp., |  |  |
| 4.85%, 02/07/2029 |  | $3000 | &nbsp;&nbsp; $3055 |
| 5.00%, 02/07/2031 |  | 3000 | &nbsp;&nbsp; 3077 |
| 5.80%, 01/15/2033 |  | 2000 | &nbsp;&nbsp; 2126 |
| 5.00%, 08/15/2034 |  | 8000 | &nbsp;&nbsp; 8056 |
| 7.13%, 09/15/2053<sup>(d)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9433 |
| NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |  |  |
| 4.90%, 03/15/2029 |  | 4000 | &nbsp;&nbsp; 4065 |
| 5.05%, 03/15/2030 |  | 34000 | &nbsp;&nbsp; 34806 |
| 5.45%, 03/15/2035 |  | 21000 | &nbsp;&nbsp; 21416 |
| 6.75%, 06/15/2054<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3120 |
| 6.38%, 08/15/2055<sup>(d)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9213 |
| Niagara Mohawk Power Corp., | Niagara Mohawk Power Corp., |  |  |
| 4.65%, 10/03/2030<sup>(b)</sup> <br>|  | 161000 | &nbsp;&nbsp; 161000 |
| 5.29%, 01/17/2034<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1995 |
| 6.00%, 07/03/2055<sup>(b)</sup> <br>|  | 185000 | &nbsp;&nbsp; 185000 |
| Northern States Power Co., | Northern States Power Co., |  |  |
| 5.05%, 05/15/2035 |  | 88000 | &nbsp;&nbsp; 88918 |
| 5.65%, 05/15/2055 |  | 33000 | &nbsp;&nbsp; 32973 |
| Oglethorpe Power Corp. (An Electric <br> Membership Corp.), 5.90%, <br> 02/01/2055<br>|  | 6000 | &nbsp;&nbsp; 5902 |
| Ohio Power Co., 5.65%, <br> 06/01/2034<br>|  | 2000 | &nbsp;&nbsp; 2058 |
| Oklahoma Gas and Electric Co., <br> 5.60%, 04/01/2053<br>|  | 11000 | &nbsp;&nbsp; 10739 |
| Oncor Electric Delivery Co. LLC, | Oncor Electric Delivery Co. LLC, |  |  |
| 4.65%, 11/01/2029 |  | 9000 | &nbsp;&nbsp; 9108 |
| 5.65%, 11/15/2033 |  | 1000 | &nbsp;&nbsp; 1051 |
| 5.80%, 04/01/2055<sup>(b)</sup> <br>|  | 29000 | &nbsp;&nbsp; 29156 |
| PacifiCorp, | PacifiCorp, |  |  |
| 5.10%, 02/15/2029 |  | 2000 | &nbsp;&nbsp; 2040 |
| 5.30%, 02/15/2031 |  | 2000 | &nbsp;&nbsp; 2061 |
| 5.45%, 02/15/2034 |  | 1000 | &nbsp;&nbsp; 1015 |
| 5.80%, 01/15/2055 |  | 1000 | &nbsp;&nbsp; 958 |
| Pinnacle West Capital Corp., | Pinnacle West Capital Corp., |  |  |
| 4.90%, 05/15/2028 |  | 14000 | &nbsp;&nbsp; 14200 |
| 5.15%, 05/15/2030 |  | 26000 | &nbsp;&nbsp; 26626 |
| PPL Capital Funding, Inc., 5.25%, <br> 09/01/2034<br>|  | 1000 | &nbsp;&nbsp; 1009 |
| PSEG Power LLC, 5.20%, <br> 05/15/2030<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 51044 |
| Public Service Co. of Colorado, <br> 5.25%, 04/01/2053<br>|  | 1000 | &nbsp;&nbsp; 920 |
| Public Service Co. of New Hampshire, <br> 5.35%, 10/01/2033<br>|  | 2000 | &nbsp;&nbsp; 2073 |
| San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |  |  |
| 5.35%, 04/01/2053 |  | 2000 | &nbsp;&nbsp; 1870 |
| 5.55%, 04/15/2054 |  | 6000 | &nbsp;&nbsp; 5785 |
| Sierra Pacific Power Co., 5.90%, <br> 03/15/2054<br>|  | 1000 | &nbsp;&nbsp; 1004 |
| Southern Co. (The), | Southern Co. (The), |  |  |
| 5.70%, 10/15/2032 |  | 3000 | &nbsp;&nbsp; 3154 |
| 4.85%, 03/15/2035 |  | 6000 | &nbsp;&nbsp; 5870 |
| Southwestern Electric Power Co., <br> 5.30%, 04/01/2033<br>|  | 3000 | &nbsp;&nbsp; 3030 |
| Trans-Allegheny Interstate Line Co., <br> 5.00%, 01/15/2031<sup>(b)</sup> <br>|  | 41000 | &nbsp;&nbsp; 41734 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Union Electric Co., | Union Electric Co., |  |  |
| 5.20%, 04/01/2034 |  | $2000 | &nbsp;&nbsp; $2035 |
| 5.25%, 04/15/2035 |  | 23000 | &nbsp;&nbsp; 23499 |
| 5.13%, 03/15/2055 |  | 6000 | &nbsp;&nbsp; 5556 |
| Virginia Electric & Power Co., 5.00%, <br> 04/01/2033<br>|  | 3000 | &nbsp;&nbsp; 3034 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| 5.05%, 12/30/2026<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6033 |
| 5.63%, 02/15/2027<sup>(b)(f)</sup> <br>|  | 500000 | &nbsp;&nbsp; 500655 |
| 7.75%, 10/15/2031<sup>(b)</sup> <br>|  | 88000 | &nbsp;&nbsp; 93593 |
| 6.88%, 04/15/2032<sup>(b)</sup> <br>|  | 37000 | &nbsp;&nbsp; 38707 |
| 6.95%, 10/15/2033<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1099 |
| 6.00%, 04/15/2034<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1039 |
| 5.70%, 12/30/2034<sup>(b)</sup> <br>|  | 11000 | &nbsp;&nbsp; 11210 |
| Xcel Energy, Inc., 4.75%, <br> 03/21/2028<br>|  | 9000 | &nbsp;&nbsp; 9090 |
|  |  |  | &nbsp;&nbsp; 3242622 |
| **Electrical Components & Equipment–0.10%** | **Electrical Components & Equipment–0.10%** | **Electrical Components & Equipment–0.10%** | **Electrical Components & Equipment–0.10%** |
| EnerSys, 4.38%, 12/15/2027<sup>(b)</sup> <br>|  | 23000 | &nbsp;&nbsp; 22690 |
| Molex Electronic Technologies LLC, | Molex Electronic Technologies LLC, |  |  |
| 4.75%, 04/30/2028<sup>(b)</sup> <br>|  | 47000 | &nbsp;&nbsp; 47304 |
| 5.25%, 04/30/2032<sup>(b)</sup> <br>|  | 68000 | &nbsp;&nbsp; 69028 |
| Regal Rexnord Corp., | Regal Rexnord Corp., |  |  |
| 6.30%, 02/15/2030 |  | 2000 | &nbsp;&nbsp; 2096 |
| 6.40%, 04/15/2033 |  | 2000 | &nbsp;&nbsp; 2113 |
|  |  |  | &nbsp;&nbsp; 143231 |
| **Electronic Components–0.01%** | **Electronic Components–0.01%** | **Electronic Components–0.01%** | **Electronic Components–0.01%** |
| Amphenol Corp., | Amphenol Corp., |  |  |
| 5.00%, 01/15/2035 |  | 8000 | &nbsp;&nbsp; 8090 |
| 5.38%, 11/15/2054 |  | 5000 | &nbsp;&nbsp; 4897 |
|  |  |  | &nbsp;&nbsp; 12987 |
| **Electronic Equipment & Instruments–0.03%** | **Electronic Equipment & Instruments–0.03%** | **Electronic Equipment & Instruments–0.03%** | **Electronic Equipment & Instruments–0.03%** |
| Keysight Technologies, Inc., 5.35%, <br> 07/30/2030<br>|  | 45000 | &nbsp;&nbsp; 46426 |
| **Electronic Manufacturing Services–0.06%** | **Electronic Manufacturing Services–0.06%** | **Electronic Manufacturing Services–0.06%** | **Electronic Manufacturing Services–0.06%** |
| EMRLD Borrower L.P./Emerald <br> Co-Issuer, Inc., 6.63%, <br> 12/15/2030<sup>(b)</sup> <br>|  | 78000 | &nbsp;&nbsp; 79827 |
| **Environmental & Facilities Services–0.02%** | **Environmental & Facilities Services–0.02%** | **Environmental & Facilities Services–0.02%** | **Environmental & Facilities Services–0.02%** |
| Republic Services, Inc., | Republic Services, Inc., |  |  |
| 4.88%, 04/01/2029 |  | 3000 | &nbsp;&nbsp; 3066 |
| 5.00%, 12/15/2033 |  | 1000 | &nbsp;&nbsp; 1021 |
| 5.00%, 04/01/2034 |  | 3000 | &nbsp;&nbsp; 3046 |
| Rollins, Inc., 5.25%, 02/24/2035 |  | 9000 | &nbsp;&nbsp; 9038 |
| Veralto Corp., | Veralto Corp., |  |  |
| 5.50%, 09/18/2026 |  | 2000 | &nbsp;&nbsp; 2024 |
| 5.35%, 09/18/2028 |  | 2000 | &nbsp;&nbsp; 2062 |
| Waste Management, Inc., 5.35%, <br> 10/15/2054<br>|  | 9000 | &nbsp;&nbsp; 8669 |
|  |  |  | &nbsp;&nbsp; 28926 |
| **Financial Exchanges & Data–0.01%** | **Financial Exchanges & Data–0.01%** | **Financial Exchanges & Data–0.01%** | **Financial Exchanges & Data–0.01%** |
| Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., |  |  |
| 4.95%, 06/15/2052 |  | 2000 | &nbsp;&nbsp; 1810 |
| 5.20%, 06/15/2062 |  | 1000 | &nbsp;&nbsp; 919 |
| Moody's Corp., 5.25%, 07/15/2044 |  | 2000 | &nbsp;&nbsp; 1914 |

---

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

**8**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** |
| Nasdaq, Inc., | Nasdaq, Inc., |  |  |
| 5.35%, 06/28/2028 |  | $2000 | &nbsp;&nbsp; $2060 |
| 5.55%, 02/15/2034 |  | 2000 | &nbsp;&nbsp; 2085 |
| 5.95%, 08/15/2053 |  | 2000 | &nbsp;&nbsp; 2042 |
| 6.10%, 06/28/2063 |  | 3000 | &nbsp;&nbsp; 3063 |
|  |  |  | &nbsp;&nbsp; 13893 |
| **Food Distributors–0.01%** | **Food Distributors–0.01%** | **Food Distributors–0.01%** | **Food Distributors–0.01%** |
| Sysco Corp., 5.10%, 09/23/2030 |  | 10000 | &nbsp;&nbsp; 10250 |
| **Food Retail–0.00%** | **Food Retail–0.00%** | **Food Retail–0.00%** | **Food Retail–0.00%** |
| Kroger Co. (The), 5.65%, <br> 09/15/2064<br>|  | 6000 | &nbsp;&nbsp; 5685 |
| **Forest Products–0.09%** | **Forest Products–0.09%** | **Forest Products–0.09%** | **Forest Products–0.09%** |
| Georgia-Pacific LLC, | Georgia-Pacific LLC, |  |  |
| 4.40%, 06/30/2028<sup>(b)</sup> <br>|  | 47000 | &nbsp;&nbsp; 47248 |
| 4.95%, 06/30/2032<sup>(b)</sup> <br>|  | 73000 | &nbsp;&nbsp; 73914 |
|  |  |  | &nbsp;&nbsp; 121162 |
| **Gas Utilities–0.46%** | **Gas Utilities–0.46%** | **Gas Utilities–0.46%** | **Gas Utilities–0.46%** |
| Atmos Energy Corp., | Atmos Energy Corp., |  |  |
| 5.90%, 11/15/2033 |  | 3000 | &nbsp;&nbsp; 3222 |
| 5.20%, 08/15/2035 |  | 381000 | &nbsp;&nbsp; 385650 |
| 6.20%, 11/15/2053 |  | 3000 | &nbsp;&nbsp; 3249 |
| Piedmont Natural Gas Co., Inc., <br> 5.40%, 06/15/2033<br>|  | 1000 | &nbsp;&nbsp; 1031 |
| Snam S.p.A. (Italy), 5.00%, <br> 05/28/2030<sup>(b)</sup> <br>|  | 209000 | &nbsp;&nbsp; 210846 |
| Southwest Gas Corp., 5.45%, <br> 03/23/2028<br>|  | 3000 | &nbsp;&nbsp; 3071 |
| Venture Global Plaquemines LNG LLC, <br> 6.50%, 01/15/2034<sup>(b)</sup> <br>|  | 46000 | &nbsp;&nbsp; 46000 |
|  |  |  | &nbsp;&nbsp; 653069 |
| **Gold–0.03%** | **Gold–0.03%** | **Gold–0.03%** | **Gold–0.03%** |
| New Gold, Inc. (Canada), 6.88%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 38000 | &nbsp;&nbsp; 39187 |
| **Health Care Distributors–0.45%** | **Health Care Distributors–0.45%** | **Health Care Distributors–0.45%** | **Health Care Distributors–0.45%** |
| Cardinal Health, Inc., 5.45%, <br> 02/15/2034<br>|  | 2000 | &nbsp;&nbsp; 2059 |
| Cencora, Inc., 5.13%, 02/15/2034 |  | 1000 | &nbsp;&nbsp; 1008 |
| McKesson Corp., | McKesson Corp., |  |  |
| 4.25%, 09/15/2029 |  | 5000 | &nbsp;&nbsp; 4995 |
| 4.65%, 05/30/2030 |  | 211000 | &nbsp;&nbsp; 212765 |
| 4.95%, 05/30/2032 |  | 165000 | &nbsp;&nbsp; 167278 |
| 5.25%, 05/30/2035 |  | 247000 | &nbsp;&nbsp; 251002 |
|  |  |  | &nbsp;&nbsp; 639107 |
| **Health Care Equipment–0.08%** | **Health Care Equipment–0.08%** | **Health Care Equipment–0.08%** | **Health Care Equipment–0.08%** |
| GE HealthCare Technologies, Inc., <br> 4.80%, 01/15/2031<br>|  | 91000 | &nbsp;&nbsp; 91780 |
| Smith & Nephew PLC (United <br> Kingdom), 5.40%, 03/20/2034<br>|  | 3000 | &nbsp;&nbsp; 3044 |
| Stryker Corp., | Stryker Corp., |  |  |
| 4.25%, 09/11/2029 |  | 3000 | &nbsp;&nbsp; 2996 |
| 4.85%, 02/10/2030 |  | 9000 | &nbsp;&nbsp; 9185 |
| 5.20%, 02/10/2035 |  | 13000 | &nbsp;&nbsp; 13256 |
|  |  |  | &nbsp;&nbsp; 120261 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Facilities–0.02%** | **Health Care Facilities–0.02%** | **Health Care Facilities–0.02%** | **Health Care Facilities–0.02%** |
| Adventist Health System, 5.76%, <br> 12/01/2034<br>|  | $5000 | &nbsp;&nbsp; $5013 |
| Universal Health Services, Inc., | Universal Health Services, Inc., |  |  |
| 4.63%, 10/15/2029 |  | 6000 | &nbsp;&nbsp; 5934 |
| 5.05%, 10/15/2034 |  | 11000 | &nbsp;&nbsp; 10504 |
| UPMC, | UPMC, |  |  |
| 5.04%, 05/15/2033 |  | 5000 | &nbsp;&nbsp; 5026 |
| 5.38%, 05/15/2043 |  | 6000 | &nbsp;&nbsp; 5725 |
|  |  |  | &nbsp;&nbsp; 32202 |
| **Health Care REITs–0.13%** | **Health Care REITs–0.13%** | **Health Care REITs–0.13%** | **Health Care REITs–0.13%** |
| Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |  |  |
| 5.25%, 05/15/2036 |  | 2000 | &nbsp;&nbsp; 1964 |
| 5.63%, 05/15/2054 |  | 4000 | &nbsp;&nbsp; 3733 |
| DOC DR LLC, 4.30%, 03/15/2027 |  | 2000 | &nbsp;&nbsp; 1996 |
| Healthpeak OP LLC, 5.38%, <br> 02/15/2035<br>|  | 4000 | &nbsp;&nbsp; 4039 |
| Omega Healthcare Investors, Inc., <br> 5.20%, 07/01/2030<br>|  | 167000 | &nbsp;&nbsp; 168004 |
|  |  |  | &nbsp;&nbsp; 179736 |
| **Health Care Services–1.03%** | **Health Care Services–1.03%** | **Health Care Services–1.03%** | **Health Care Services–1.03%** |
| CommonSpirit Health, | CommonSpirit Health, |  |  |
| 5.32%, 12/01/2034 |  | 22000 | &nbsp;&nbsp; 22065 |
| 5.55%, 12/01/2054 |  | 9000 | &nbsp;&nbsp; 8479 |
| CVS Health Corp., | CVS Health Corp., |  |  |
| 5.00%, 01/30/2029 |  | 1000 | &nbsp;&nbsp; 1016 |
| 5.25%, 01/30/2031 |  | 1000 | &nbsp;&nbsp; 1023 |
| 6.75%, 12/10/2054<sup>(d)</sup> <br>|  | 160000 | &nbsp;&nbsp; 160748 |
| 7.00%, 03/10/2055<sup>(d)</sup> <br>|  | 577000 | &nbsp;&nbsp; 596566 |
| 6.00%, 06/01/2063 |  | 1000 | &nbsp;&nbsp; 957 |
| HCA, Inc., | HCA, Inc., |  |  |
| 5.45%, 09/15/2034 |  | 3000 | &nbsp;&nbsp; 3027 |
| 5.75%, 03/01/2035 |  | 13000 | &nbsp;&nbsp; 13376 |
| 5.90%, 06/01/2053 |  | 2000 | &nbsp;&nbsp; 1933 |
| 6.20%, 03/01/2055 |  | 6000 | &nbsp;&nbsp; 6048 |
| Icon Investments Six DAC, | Icon Investments Six DAC, |  |  |
| 5.81%, 05/08/2027 |  | 200000 | &nbsp;&nbsp; 204257 |
| 5.85%, 05/08/2029 |  | 209000 | &nbsp;&nbsp; 216911 |
| 6.00%, 05/08/2034 |  | 200000 | &nbsp;&nbsp; 204507 |
| Laboratory Corp. of America <br> Holdings, 4.35%, 04/01/2030<br>|  | 9000 | &nbsp;&nbsp; 8942 |
| Piedmont Healthcare, Inc., 2.86%, <br> 01/01/2052<br>|  | 5000 | &nbsp;&nbsp; 3063 |
| Providence St. Joseph Health <br> Obligated Group, Series 21-A, <br> 2.70%, 10/01/2051<br>|  | 9000 | &nbsp;&nbsp; 5028 |
| Quest Diagnostics, Inc., 6.40%, <br> 11/30/2033<br>|  | 1000 | &nbsp;&nbsp; 1096 |
|  |  |  | &nbsp;&nbsp; 1459042 |
| **Health Care Supplies–0.24%** | **Health Care Supplies–0.24%** | **Health Care Supplies–0.24%** | **Health Care Supplies–0.24%** |
| DENTSPLY SIRONA, Inc., 8.38%, <br> 09/12/2055<sup>(d)</sup> <br>|  | 335000 | &nbsp;&nbsp; 337685 |
| Solventum Corp., | Solventum Corp., |  |  |
| 5.45%, 02/25/2027 |  | 1000 | &nbsp;&nbsp; 1017 |
| 5.40%, 03/01/2029 |  | 6000 | &nbsp;&nbsp; 6180 |
| 5.60%, 03/23/2034 |  | 3000 | &nbsp;&nbsp; 3089 |
|  |  |  | &nbsp;&nbsp; 347971 |

---

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

**9**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Highways & Railtracks–0.20%** | **Highways & Railtracks–0.20%** | **Highways & Railtracks–0.20%** | **Highways & Railtracks–0.20%** |
| Burlington Northern Santa Fe LLC, <br> 5.80%, 03/15/2056<sup>(f)</sup> <br>|  | $275000 | &nbsp;&nbsp; $283247 |
| **Home Improvement Retail–0.00%** | **Home Improvement Retail–0.00%** | **Home Improvement Retail–0.00%** | **Home Improvement Retail–0.00%** |
| Home Depot, Inc. (The), 4.90%, <br> 04/15/2029<br>|  | 1000 | &nbsp;&nbsp; 1026 |
| Lowe's Cos., Inc., | Lowe's Cos., Inc., |  |  |
| 5.80%, 09/15/2062 |  | 1000 | &nbsp;&nbsp; 973 |
| 5.85%, 04/01/2063 |  | 1000 | &nbsp;&nbsp; 977 |
|  |  |  | &nbsp;&nbsp; 2976 |
| **Homebuilding–0.15%** | **Homebuilding–0.15%** | **Homebuilding–0.15%** | **Homebuilding–0.15%** |
| Toll Brothers Finance Corp., 5.60%, <br> 06/15/2035<br>|  | 205000 | &nbsp;&nbsp; 206710 |
| **Hotel & Resort REITs–0.01%** | **Hotel & Resort REITs–0.01%** | **Hotel & Resort REITs–0.01%** | **Hotel & Resort REITs–0.01%** |
| Phillips Edison Grocery Center Operating <br> Partnership I L.P., | Phillips Edison Grocery Center Operating <br> Partnership I L.P., |  |  |
| 5.75%, 07/15/2034 |  | 3000 | &nbsp;&nbsp; 3087 |
| 4.95%, 01/15/2035 |  | 5000 | &nbsp;&nbsp; 4845 |
|  |  |  | &nbsp;&nbsp; 7932 |
| **Hotels, Resorts & Cruise Lines–0.43%** | **Hotels, Resorts & Cruise Lines–0.43%** | **Hotels, Resorts & Cruise Lines–0.43%** | **Hotels, Resorts & Cruise Lines–0.43%** |
| Carnival Corp., | Carnival Corp., |  |  |
| 7.00%, 08/15/2029<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1054 |
| 5.75%, 03/15/2030<sup>(b)</sup> <br>|  | 46000 | &nbsp;&nbsp; 46808 |
| 5.88%, 06/15/2031<sup>(b)</sup> <br>|  | 430000 | &nbsp;&nbsp; 438331 |
| Expedia Group, Inc., 5.40%, <br> 02/15/2035<br>|  | 13000 | &nbsp;&nbsp; 13096 |
| Hilton Domestic Operating Co., Inc., | Hilton Domestic Operating Co., Inc., |  |  |
| 5.88%, 04/01/2029<sup>(b)</sup> <br>|  | 40000 | &nbsp;&nbsp; 40880 |
| 6.13%, 04/01/2032<sup>(b)</sup> <br>|  | 15000 | &nbsp;&nbsp; 15372 |
| Marriott International, Inc., | Marriott International, Inc., |  |  |
| 4.88%, 05/15/2029 |  | 3000 | &nbsp;&nbsp; 3043 |
| 4.80%, 03/15/2030 |  | 6000 | &nbsp;&nbsp; 6060 |
| 5.30%, 05/15/2034 |  | 2000 | &nbsp;&nbsp; 2025 |
| 5.35%, 03/15/2035 |  | 4000 | &nbsp;&nbsp; 4035 |
| Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |  |  |
| 6.25%, 03/15/2032<sup>(b)</sup> <br>|  | 17000 | &nbsp;&nbsp; 17485 |
| 6.00%, 02/01/2033<sup>(b)</sup> <br>|  | 18000 | &nbsp;&nbsp; 18358 |
|  |  |  | &nbsp;&nbsp; 606547 |
| **Household Appliances–0.06%** | **Household Appliances–0.06%** | **Household Appliances–0.06%** | **Household Appliances–0.06%** |
| Whirlpool Corp., | Whirlpool Corp., |  |  |
| 6.13%, 06/15/2030 |  | 27000 | &nbsp;&nbsp; 27254 |
| 6.50%, 06/15/2033 |  | 54000 | &nbsp;&nbsp; 54224 |
|  |  |  | &nbsp;&nbsp; 81478 |
| **Independent Power Producers & Energy Traders–0.12%** | **Independent Power Producers & Energy Traders–0.12%** | **Independent Power Producers & Energy Traders–0.12%** | **Independent Power Producers & Energy Traders–0.12%** |
| AES Corp. (The), | AES Corp. (The), |  |  |
| 5.80%, 03/15/2032 |  | 77000 | &nbsp;&nbsp; 78219 |
| 6.95%, 07/15/2055<sup>(d)</sup> <br>|  | 72000 | &nbsp;&nbsp; 70417 |
| Vistra Corp., 7.00%<sup>(b)(d)(e)</sup> <br>|  | 21000 | &nbsp;&nbsp; 21266 |
|  |  |  | &nbsp;&nbsp; 169902 |
| **Industrial Conglomerates–0.01%** | **Industrial Conglomerates–0.01%** | **Industrial Conglomerates–0.01%** | **Industrial Conglomerates–0.01%** |
| Honeywell International, Inc., | Honeywell International, Inc., |  |  |
| 4.88%, 09/01/2029 |  | 4000 | &nbsp;&nbsp; 4098 |
| 4.95%, 09/01/2031 |  | 6000 | &nbsp;&nbsp; 6166 |
| 5.00%, 03/01/2035 |  | 4000 | &nbsp;&nbsp; 4028 |
|  |  |  | &nbsp;&nbsp; 14292 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Industrial Machinery & Supplies & Components–0.15%** | **Industrial Machinery & Supplies & Components–0.15%** | **Industrial Machinery & Supplies & Components–0.15%** | **Industrial Machinery & Supplies & Components–0.15%** |
| Enpro, Inc., 6.13%, 06/01/2033<sup>(b)</sup> <br>|  | $197000 | &nbsp;&nbsp; $201890 |
| Ingersoll Rand, Inc., | Ingersoll Rand, Inc., |  |  |
| 5.20%, 06/15/2027 |  | 5000 | &nbsp;&nbsp; 5084 |
| 5.40%, 08/14/2028 |  | 1000 | &nbsp;&nbsp; 1031 |
| Nordson Corp., | Nordson Corp., |  |  |
| 5.60%, 09/15/2028 |  | 1000 | &nbsp;&nbsp; 1032 |
| 5.80%, 09/15/2033 |  | 1000 | &nbsp;&nbsp; 1057 |
| nVent Finance S.a.r.l. (United <br> Kingdom), 5.65%, 05/15/2033<br>|  | 1000 | &nbsp;&nbsp; 1019 |
|  |  |  | &nbsp;&nbsp; 211113 |
| **Industrial REITs–0.00%** | **Industrial REITs–0.00%** | **Industrial REITs–0.00%** | **Industrial REITs–0.00%** |
| LXP Industrial Trust, 6.75%, <br> 11/15/2028<br>|  | 2000 | &nbsp;&nbsp; 2119 |
| **Insurance Brokers–0.03%** | **Insurance Brokers–0.03%** | **Insurance Brokers–0.03%** | **Insurance Brokers–0.03%** |
| Arthur J. Gallagher & Co., | Arthur J. Gallagher & Co., |  |  |
| 4.85%, 12/15/2029 |  | 1000 | &nbsp;&nbsp; 1015 |
| 5.00%, 02/15/2032 |  | 3000 | &nbsp;&nbsp; 3043 |
| 5.15%, 02/15/2035 |  | 3000 | &nbsp;&nbsp; 3003 |
| 6.75%, 02/15/2054 |  | 1000 | &nbsp;&nbsp; 1109 |
| AssuredPartners, Inc., 7.50%, <br> 02/15/2032<sup>(b)</sup> <br>|  | 21000 | &nbsp;&nbsp; 22592 |
| Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., |  |  |
| 5.40%, 09/15/2033 |  | 2000 | &nbsp;&nbsp; 2076 |
| 5.45%, 03/15/2053 |  | 3000 | &nbsp;&nbsp; 2920 |
| 5.70%, 09/15/2053 |  | 2000 | &nbsp;&nbsp; 2011 |
|  |  |  | &nbsp;&nbsp; 37769 |
| **Integrated Oil & Gas–0.82%** | **Integrated Oil & Gas–0.82%** | **Integrated Oil & Gas–0.82%** | **Integrated Oil & Gas–0.82%** |
| BP Capital Markets PLC, 6.13%<sup>(d)(e)</sup> <br>|  | 23000 | &nbsp;&nbsp; 23019 |
| Ecopetrol S.A. (Colombia), | Ecopetrol S.A. (Colombia), |  |  |
| 4.63%, 11/02/2031 |  | 11000 | &nbsp;&nbsp; 9299 |
| 8.88%, 01/13/2033 |  | 297000 | &nbsp;&nbsp; 306594 |
| 8.38%, 01/19/2036 |  | 48000 | &nbsp;&nbsp; 46344 |
| 5.88%, 05/28/2045 |  | 12000 | &nbsp;&nbsp; 8292 |
| Occidental Petroleum Corp., | Occidental Petroleum Corp., |  |  |
| 5.20%, 08/01/2029 |  | 3000 | &nbsp;&nbsp; 3012 |
| 5.38%, 01/01/2032 |  | 4000 | &nbsp;&nbsp; 3970 |
| 6.45%, 09/15/2036 |  | 1000 | &nbsp;&nbsp; 1024 |
| 4.63%, 06/15/2045 |  | 1000 | &nbsp;&nbsp; 752 |
| Saudi Arabian Oil Co. (Saudi Arabia), | Saudi Arabian Oil Co. (Saudi Arabia), |  |  |
| 4.75%, 06/02/2030<sup>(b)</sup> <br>|  | 214000 | &nbsp;&nbsp; 215148 |
| 5.38%, 06/02/2035<sup>(b)</sup> <br>|  | 253000 | &nbsp;&nbsp; 254398 |
| 6.38%, 06/02/2055<sup>(b)</sup> <br>|  | 288000 | &nbsp;&nbsp; 288192 |
|  |  |  | &nbsp;&nbsp; 1160044 |
| **Integrated Telecommunication Services–0.62%** | **Integrated Telecommunication Services–0.62%** | **Integrated Telecommunication Services–0.62%** | **Integrated Telecommunication Services–0.62%** |
| AT&T, Inc., | AT&T, Inc., |  |  |
| 4.30%, 02/15/2030 |  | 1000 | &nbsp;&nbsp; 997 |
| 5.40%, 02/15/2034 |  | 1000 | &nbsp;&nbsp; 1029 |
| 6.05%, 08/15/2056 |  | 226000 | &nbsp;&nbsp; 230799 |
| Bell Canada (Canada), | Bell Canada (Canada), |  |  |
| 6.88%, 09/15/2055<sup>(d)</sup> <br>|  | 59000 | &nbsp;&nbsp; 60623 |
| 7.00%, 09/15/2055<sup>(d)</sup> <br>|  | 69000 | &nbsp;&nbsp; 70159 |
| TELUS Corp. (Canada), | TELUS Corp. (Canada), |  |  |
| 6.63%, 10/15/2055<sup>(d)</sup> <br>|  | 144000 | &nbsp;&nbsp; 144896 |
| 7.00%, 10/15/2055<sup>(d)</sup> <br>|  | 142000 | &nbsp;&nbsp; 143305 |
| Verizon Communications, Inc., <br> 5.25%, 04/02/2035<br>|  | 60000 | &nbsp;&nbsp; 60522 |

---

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

**10**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** | **Integrated Telecommunication Services–(continued)** |
| Zegona Finance PLC (United <br> Kingdom), 8.63%, 07/15/2029<sup>(b)</sup> <br>|  | $159000 | &nbsp;&nbsp; $170050 |
|  |  |  | &nbsp;&nbsp; 882380 |
| **Interactive Media & Services–0.10%** | **Interactive Media & Services–0.10%** | **Interactive Media & Services–0.10%** | **Interactive Media & Services–0.10%** |
| Alphabet, Inc., | Alphabet, Inc., |  |  |
| 5.25%, 05/15/2055 |  | 54000 | &nbsp;&nbsp; 53223 |
| 5.30%, 05/15/2065 |  | 57000 | &nbsp;&nbsp; 55857 |
| Meta Platforms, Inc., | Meta Platforms, Inc., |  |  |
| 4.55%, 08/15/2031 |  | 4000 | &nbsp;&nbsp; 4057 |
| 4.75%, 08/15/2034 |  | 11000 | &nbsp;&nbsp; 11055 |
| 5.40%, 08/15/2054 |  | 6000 | &nbsp;&nbsp; 5856 |
| 5.75%, 05/15/2063 |  | 2000 | &nbsp;&nbsp; 2023 |
| 5.55%, 08/15/2064 |  | 10000 | &nbsp;&nbsp; 9781 |
|  |  |  | &nbsp;&nbsp; 141852 |
| **Internet Services & Infrastructure–0.09%** | **Internet Services & Infrastructure–0.09%** | **Internet Services & Infrastructure–0.09%** | **Internet Services & Infrastructure–0.09%** |
| CoreWeave, Inc., 9.25%, <br> 06/01/2030<sup>(b)</sup> <br>|  | 119000 | &nbsp;&nbsp; 121759 |
| **Investment Banking & Brokerage–1.03%** | **Investment Banking & Brokerage–1.03%** | **Investment Banking & Brokerage–1.03%** | **Investment Banking & Brokerage–1.03%** |
| Charles Schwab Corp. (The), Series K, <br> 5.00%<sup>(d)(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1998 |
| Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |  |  |
| 5.19% (SOFR + 0.79%), <br> 12/09/2026<sup>(c)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2003 |
| 5.63% (SOFR + 1.29%), <br> 04/23/2028<sup>(c)</sup> <br>|  | 79000 | &nbsp;&nbsp; 79507 |
| 5.73%, 04/25/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3124 |
| 5.05%, 07/23/2030<sup>(d)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5084 |
| 4.69%, 10/23/2030<sup>(d)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5016 |
| 5.21%, 01/28/2031<sup>(d)</sup> <br>|  | 10000 | &nbsp;&nbsp; 10237 |
| 5.22%, 04/23/2031<sup>(d)</sup> <br>|  | 164000 | &nbsp;&nbsp; 168171 |
| 5.85%, 04/25/2035<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3148 |
| 5.33%, 07/23/2035<sup>(d)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6055 |
| 5.54%, 01/28/2036<sup>(d)</sup> <br>|  | 52000 | &nbsp;&nbsp; 53346 |
| 5.73%, 01/28/2056<sup>(d)</sup> <br>|  | 14000 | &nbsp;&nbsp; 14011 |
| 6.85%<sup>(d)(e)</sup> <br>|  | 209000 | &nbsp;&nbsp; 216208 |
| Series V, 4.13%<sup>(d)(e)</sup> <br>|  | 22000 | &nbsp;&nbsp; 21622 |
| Series W, 7.50%<sup>(d)(e)</sup> <br>|  | 97000 | &nbsp;&nbsp; 103245 |
| Series X, 7.50%<sup>(d)(e)</sup> <br>|  | 138000 | &nbsp;&nbsp; 145649 |
| LPL Holdings, Inc., | LPL Holdings, Inc., |  |  |
| 5.70%, 05/20/2027 |  | 4000 | &nbsp;&nbsp; 4077 |
| 5.20%, 03/15/2030 |  | 14000 | &nbsp;&nbsp; 14225 |
| 5.15%, 06/15/2030 |  | 32000 | &nbsp;&nbsp; 32409 |
| 5.65%, 03/15/2035 |  | 47000 | &nbsp;&nbsp; 47283 |
| 5.75%, 06/15/2035 |  | 29000 | &nbsp;&nbsp; 29352 |
| Morgan Stanley, | Morgan Stanley, |  |  |
| 5.12%, 02/01/2029<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3053 |
| 4.99%, 04/12/2029<sup>(d)</sup> <br>|  | 30000 | &nbsp;&nbsp; 30441 |
| 5.16%, 04/20/2029<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3059 |
| 5.45%, 07/20/2029<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2057 |
| 6.41%, 11/01/2029<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2119 |
| 5.17%, 01/16/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3063 |
| 5.04%, 07/19/2030<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4069 |
| 4.65%, 10/18/2030<sup>(d)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7015 |
| 5.19%, 04/17/2031<sup>(d)</sup> <br>|  | 87000 | &nbsp;&nbsp; 89208 |
| 5.25%, 04/21/2034<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2035 |
| 5.42%, 07/21/2034<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3074 |
| 5.47%, 01/18/2035<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3070 |
| 5.83%, 04/19/2035<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3144 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** | **Investment Banking & Brokerage–(continued)** |
| 5.32%, 07/19/2035<sup>(d)</sup> <br>|  | $5000 | &nbsp;&nbsp; $5063 |
| 5.59%, 01/18/2036<sup>(d)</sup> <br>|  | 56000 | &nbsp;&nbsp; 57507 |
| 5.66%, 04/17/2036<sup>(d)</sup> <br>|  | 73000 | &nbsp;&nbsp; 75675 |
| 5.95%, 01/19/2038<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3087 |
| Nomura Holdings, Inc. (Japan), <br> 7.00%<sup>(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202800 |
|  |  |  | &nbsp;&nbsp; 1465309 |
| **IT Consulting & Other Services–0.70%** | **IT Consulting & Other Services–0.70%** | **IT Consulting & Other Services–0.70%** | **IT Consulting & Other Services–0.70%** |
| International Business Machines Corp., | International Business Machines Corp., |  |  |
| 4.80%, 02/10/2030<sup>(f)</sup> <br>|  | 382000 | &nbsp;&nbsp; 388209 |
| 5.20%, 02/10/2035 |  | 261000 | &nbsp;&nbsp; 265010 |
| 5.70%, 02/10/2055<sup>(f)</sup> <br>|  | 348000 | &nbsp;&nbsp; 344424 |
|  |  |  | &nbsp;&nbsp; 997643 |
| **Leisure Facilities–0.08%** | **Leisure Facilities–0.08%** | **Leisure Facilities–0.08%** | **Leisure Facilities–0.08%** |
| Vail Resorts, Inc., 5.63%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 114000 | &nbsp;&nbsp; 114000 |
| **Leisure Products–0.00%** | **Leisure Products–0.00%** | **Leisure Products–0.00%** | **Leisure Products–0.00%** |
| Brunswick Corp., 5.85%, <br> 03/18/2029<br>|  | 3000 | &nbsp;&nbsp; 3092 |
| **Life & Health Insurance–2.72%** | **Life & Health Insurance–2.72%** | **Life & Health Insurance–2.72%** | **Life & Health Insurance–2.72%** |
| 200 Park Funding Trust, 5.74%, <br> 02/15/2055<sup>(b)</sup> <br>|  | 192000 | &nbsp;&nbsp; 189594 |
| AIA Group Ltd. (Hong Kong), | AIA Group Ltd. (Hong Kong), |  |  |
| 5.38%, 04/05/2034<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204314 |
| 4.95%, 03/30/2035<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 198833 |
| 5.40%, 09/30/2054<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 187325 |
| American National Global Funding, <br> 5.55%, 01/28/2030<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6131 |
| American National Group, Inc., <br> 6.00%, 07/15/2035<br>|  | 301000 | &nbsp;&nbsp; 302914 |
| Athene Global Funding, 5.58%, <br> 01/09/2029<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4113 |
| Athene Holding Ltd., | Athene Holding Ltd., |  |  |
| 6.25%, 04/01/2054 |  | 2000 | &nbsp;&nbsp; 1976 |
| 6.63%, 05/19/2055 |  | 114000 | &nbsp;&nbsp; 117571 |
| 6.88%, 06/28/2055<sup>(d)</sup> <br>|  | 208000 | &nbsp;&nbsp; 207501 |
| Belrose Funding Trust II, 6.79%, <br> 05/15/2055<sup>(b)</sup> <br>|  | 283000 | &nbsp;&nbsp; 289527 |
| Corebridge Global Funding, | Corebridge Global Funding, |  |  |
| 5.90%, 09/19/2028<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1046 |
| 5.20%, 01/12/2029<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1025 |
| 5.20%, 06/24/2029<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6143 |
| Dai-ichi Life Insurance Co. Ltd. (The) <br> (Japan), 6.20%<sup>(b)(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202315 |
| F&G Annuities & Life, Inc., 7.40%, <br> 01/13/2028<br>|  | 1000 | &nbsp;&nbsp; 1048 |
| GA Global Funding Trust, 5.50%, <br> 01/08/2029<sup>(b)</sup> <br>|  | 80000 | &nbsp;&nbsp; 82029 |
| Henneman Trust, 6.58%, <br> 05/15/2055<sup>(b)</sup> <br>|  | 74000 | &nbsp;&nbsp; 74435 |
| High Street Funding Trust III, 5.81%, <br> 02/15/2055<sup>(b)</sup> <br>|  | 105000 | &nbsp;&nbsp; 101984 |
| Jackson National Life Global Funding, <br> 4.70%, 06/05/2028<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 150976 |
| MAG Mutual Holding Co., 4.75%, <br> 04/30/2041<sup>(b)(g)</sup> <br>|  | 784000 | &nbsp;&nbsp; 707168 |

---

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

**11**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** |
| MetLife, Inc., | MetLife, Inc., |  |  |
| 5.25%, 01/15/2054 |  | $1000 | &nbsp;&nbsp; $943 |
| Series G, <br>6.35%, 03/15/2055<sup>(d)</sup> <br>|  | 56000 | &nbsp;&nbsp; 57606 |
| 3.85%<sup>(d)(e)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1995 |
| Nippon Life Insurance Co. (Japan), | Nippon Life Insurance Co. (Japan), |  |  |
| 5.95%, 04/16/2054<sup>(b)(d)</sup> <br>|  | 226000 | &nbsp;&nbsp; 227797 |
| 6.50%, 04/30/2055<sup>(b)(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207187 |
| Peachtree Corners Funding Trust II, <br> 6.01%, 05/15/2035<sup>(b)</sup> <br>|  | 117000 | &nbsp;&nbsp; 119970 |
| Penn Mutual Life Insurance Co. (The), <br> 3.80%, 04/29/2061<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1304 |
| Pricoa Global Funding I, 4.65%, <br> 08/27/2031<sup>(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 150426 |
| Prudential Financial, Inc., 5.20%, <br> 03/14/2035<br>|  | 61000 | &nbsp;&nbsp; 61686 |
|  |  |  | &nbsp;&nbsp; 3866882 |
| **Managed Health Care–0.01%** | **Managed Health Care–0.01%** | **Managed Health Care–0.01%** | **Managed Health Care–0.01%** |
| Humana, Inc., 5.75%, 12/01/2028 |  | 1000 | &nbsp;&nbsp; 1041 |
| UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |  |  |
| 3.75%, 07/15/2025 |  | 2000 | &nbsp;&nbsp; 1999 |
| 5.25%, 02/15/2028 |  | 3000 | &nbsp;&nbsp; 3080 |
| 5.30%, 02/15/2030 |  | 2000 | &nbsp;&nbsp; 2072 |
| 5.35%, 02/15/2033 |  | 1000 | &nbsp;&nbsp; 1031 |
| 5.05%, 04/15/2053 |  | 3000 | &nbsp;&nbsp; 2680 |
| 5.63%, 07/15/2054 |  | 2000 | &nbsp;&nbsp; 1942 |
|  |  |  | &nbsp;&nbsp; 13845 |
| **Marine Transportation–0.22%** | **Marine Transportation–0.22%** | **Marine Transportation–0.22%** | **Marine Transportation–0.22%** |
| A.P. Moller - Maersk A/S (Denmark), <br> 5.88%, 09/14/2033<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1055 |
| Stena International S.A. (Sweden), <br> 7.63%, 02/15/2031<sup>(b)</sup> <br>|  | 303000 | &nbsp;&nbsp; 311417 |
|  |  |  | &nbsp;&nbsp; 312472 |
| **Metal, Glass & Plastic Containers–0.33%** | **Metal, Glass & Plastic Containers–0.33%** | **Metal, Glass & Plastic Containers–0.33%** | **Metal, Glass & Plastic Containers–0.33%** |
| CROWN Americas LLC, 5.88%, <br> 06/01/2033<sup>(b)</sup> <br>|  | 252000 | &nbsp;&nbsp; 253880 |
| Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), | Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), |  |  |
| 5.20%, 01/15/2030 |  | 112000 | &nbsp;&nbsp; 114304 |
| 5.44%, 04/03/2034 |  | 103000 | &nbsp;&nbsp; 104450 |
|  |  |  | &nbsp;&nbsp; 472634 |
| **Movies & Entertainment–0.53%** | **Movies & Entertainment–0.53%** | **Movies & Entertainment–0.53%** | **Movies & Entertainment–0.53%** |
| Flutter Treasury DAC (Ireland), <br> 5.88%, 06/04/2031<sup>(b)</sup> <br>|  | 281000 | &nbsp;&nbsp; 283283 |
| Netflix, Inc., 5.40%, 08/15/2054 |  | 1000 | &nbsp;&nbsp; 988 |
| WarnerMedia Holdings, Inc., | WarnerMedia Holdings, Inc., |  |  |
| 4.28%, 03/15/2032 |  | 3000 | &nbsp;&nbsp; 2534 |
| 5.05%, 03/15/2042 |  | 694000 | &nbsp;&nbsp; 466902 |
| 5.14%, 03/15/2052 |  | 2000 | &nbsp;&nbsp; 1235 |
|  |  |  | &nbsp;&nbsp; 754942 |
| **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** |
| AvalonBay Communities, Inc., <br> 5.30%, 12/07/2033<br>|  | 2000 | &nbsp;&nbsp; 2060 |
| Invitation Homes Operating <br> Partnership L.P., 4.88%, <br> 02/01/2035<br>|  | 3000 | &nbsp;&nbsp; 2908 |
| Mid-America Apartments L.P., <br> 5.30%, 02/15/2032<br>|  | 6000 | &nbsp;&nbsp; 6203 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Multi-Family Residential REITs–(continued)** | **Multi-Family Residential REITs–(continued)** | **Multi-Family Residential REITs–(continued)** | **Multi-Family Residential REITs–(continued)** |
| UDR, Inc., 5.13%, 09/01/2034 |  | $1000 | &nbsp;&nbsp; $991 |
|  |  |  | &nbsp;&nbsp; 12162 |
| **Multi-line Insurance–0.48%** | **Multi-line Insurance–0.48%** | **Multi-line Insurance–0.48%** | **Multi-line Insurance–0.48%** |
| Allianz SE (Germany), 3.50%<sup>(b)(d)(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 197131 |
| American International Group, Inc., <br> 4.85%, 05/07/2030<br>|  | 32000 | &nbsp;&nbsp; 32525 |
| MassMutual Global Funding II, 4.55%, <br> 05/07/2030<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201511 |
| Metropolitan Life Global Funding I, <br> 5.15%, 03/28/2033<sup>(b)</sup> <br>|  | 240000 | &nbsp;&nbsp; 243693 |
|  |  |  | &nbsp;&nbsp; 674860 |
| **Multi-Utilities–0.21%** | **Multi-Utilities–0.21%** | **Multi-Utilities–0.21%** | **Multi-Utilities–0.21%** |
| Algonquin Power & Utilities Corp. <br> (Canada), 5.37%, 06/15/2026<sup>(h)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5028 |
| Ameren Illinois Co., 4.95%, <br> 06/01/2033<br>|  | 3000 | &nbsp;&nbsp; 3042 |
| Black Hills Corp., 6.15%, <br> 05/15/2034<br>|  | 2000 | &nbsp;&nbsp; 2100 |
| Dominion Energy, Inc., 5.38%, <br> 11/15/2032<br>|  | 2000 | &nbsp;&nbsp; 2051 |
| DTE Electric Co., | DTE Electric Co., |  |  |
| 5.20%, 03/01/2034 |  | 2000 | &nbsp;&nbsp; 2047 |
| 5.85%, 05/15/2055 |  | 19000 | &nbsp;&nbsp; 19470 |
| DTE Energy Co., 4.95%, <br> 07/01/2027<br>|  | 2000 | &nbsp;&nbsp; 2024 |
| ENGIE S.A. (France), 5.25%, <br> 04/10/2029<sup>(b)</sup> <br>|  | 204000 | &nbsp;&nbsp; 208976 |
| NiSource, Inc., | NiSource, Inc., |  |  |
| 5.25%, 03/30/2028 |  | 3000 | &nbsp;&nbsp; 3072 |
| 5.35%, 04/01/2034 |  | 4000 | &nbsp;&nbsp; 4069 |
| 5.85%, 04/01/2055 |  | 15000 | &nbsp;&nbsp; 14858 |
| Public Service Enterprise Group, Inc., <br> 5.88%, 10/15/2028<br>|  | 3000 | &nbsp;&nbsp; 3141 |
| Sempra, | Sempra, |  |  |
| 6.88%, 10/01/2054<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3033 |
| 6.55%, 04/01/2055<sup>(d)</sup> <br>|  | 13000 | &nbsp;&nbsp; 12360 |
| 6.63%, 04/01/2055<sup>(d)</sup> <br>|  | 9000 | &nbsp;&nbsp; 8729 |
| WEC Energy Group, Inc., 5.15%, <br> 10/01/2027<br>|  | 2000 | &nbsp;&nbsp; 2038 |
|  |  |  | &nbsp;&nbsp; 296038 |
| **Office REITs–0.17%** | **Office REITs–0.17%** | **Office REITs–0.17%** | **Office REITs–0.17%** |
| Boston Properties L.P., 5.75%, <br> 01/15/2035<br>|  | 7000 | &nbsp;&nbsp; 7049 |
| Brandywine Operating Partnership L.P., | Brandywine Operating Partnership L.P., |  |  |
| 8.30%, 03/15/2028 |  | 36000 | &nbsp;&nbsp; 38627 |
| 8.88%, 04/12/2029 |  | 63000 | &nbsp;&nbsp; 68258 |
| Cousins Properties L.P., | Cousins Properties L.P., |  |  |
| 5.25%, 07/15/2030 |  | 110000 | &nbsp;&nbsp; 112121 |
| 5.38%, 02/15/2032 |  | 6000 | &nbsp;&nbsp; 6068 |
| 5.88%, 10/01/2034 |  | 6000 | &nbsp;&nbsp; 6176 |
| Piedmont Operating Partnership L.P., <br> 6.88%, 07/15/2029<br>|  | 6000 | &nbsp;&nbsp; 6322 |
|  |  |  | &nbsp;&nbsp; 244621 |
| **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** |
| Northern Natural Gas Co., 5.63%, <br> 02/01/2054<sup>(b)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1930 |

---

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

**12**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Exploration & Production–0.67%** | **Oil & Gas Exploration & Production–0.67%** | **Oil & Gas Exploration & Production–0.67%** | **Oil & Gas Exploration & Production–0.67%** |
| Aethon United BR L.P./Aethon United <br> Finance Corp., 7.50%, <br> 10/01/2029<sup>(b)</sup> <br>|  | $59000 | &nbsp;&nbsp; $61931 |
| ConocoPhillips Co., 5.70%, <br> 09/15/2063<br>|  | 2000 | &nbsp;&nbsp; 1915 |
| Diamondback Energy, Inc., | Diamondback Energy, Inc., |  |  |
| 5.20%, 04/18/2027 |  | 3000 | &nbsp;&nbsp; 3042 |
| 5.15%, 01/30/2030 |  | 4000 | &nbsp;&nbsp; 4093 |
| 5.90%, 04/18/2064 |  | 1000 | &nbsp;&nbsp; 927 |
| EOG Resources, Inc., | EOG Resources, Inc., |  |  |
| 4.40%, 07/15/2028 |  | 50000 | &nbsp;&nbsp; 50299 |
| 5.35%, 01/15/2036 |  | 112000 | &nbsp;&nbsp; 113629 |
| 5.95%, 07/15/2055 |  | 155000 | &nbsp;&nbsp; 157974 |
| Expand Energy Corp., 5.38%, <br> 03/15/2030<br>|  | 3000 | &nbsp;&nbsp; 3011 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., | Hilcorp Energy I L.P./Hilcorp Finance Co., |  |  |
| 6.88%, 05/15/2034<sup>(b)</sup> <br>|  | 22000 | &nbsp;&nbsp; 21095 |
| 7.25%, 02/15/2035<sup>(b)</sup> <br>|  | 45000 | &nbsp;&nbsp; 44045 |
| Transocean Titan Financing Ltd., <br> 8.38%, 02/01/2028<sup>(b)</sup> <br>|  | 28952 | &nbsp;&nbsp; 29430 |
| Var Energi ASA (Norway), 6.50%, <br> 05/22/2035<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207311 |
| Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |  |  |
| 7.50%, 05/01/2033<sup>(b)</sup> <br>|  | 58000 | &nbsp;&nbsp; 62148 |
| 7.75%, 05/01/2035<sup>(b)</sup> <br>|  | 104000 | &nbsp;&nbsp; 112662 |
| 6.75%, 01/15/2036<sup>(b)</sup> <br>|  | 45000 | &nbsp;&nbsp; 45000 |
| Woodside Finance Ltd. (Australia), <br> 5.70%, 05/19/2032<br>|  | 36000 | &nbsp;&nbsp; 36670 |
|  |  |  | &nbsp;&nbsp; 955182 |
| **Oil & Gas Refining & Marketing–0.14%** | **Oil & Gas Refining & Marketing–0.14%** | **Oil & Gas Refining & Marketing–0.14%** | **Oil & Gas Refining & Marketing–0.14%** |
| Phillips 66 Co., 5.30%, 06/30/2033 |  | 1000 | &nbsp;&nbsp; 1011 |
| Raizen Fuels Finance S.A. (Brazil), <br> 6.70%, 02/25/2037<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 196500 |
|  |  |  | &nbsp;&nbsp; 197511 |
| **Oil & Gas Storage & Transportation–1.99%** | **Oil & Gas Storage & Transportation–1.99%** | **Oil & Gas Storage & Transportation–1.99%** | **Oil & Gas Storage & Transportation–1.99%** |
| Antero Midstream Partners <br> L.P./Antero Midstream Finance <br> Corp., 6.63%, 02/01/2032<sup>(b)</sup> <br>|  | 92000 | &nbsp;&nbsp; 95088 |
| Cheniere Energy Partners L.P., <br> 5.95%, 06/30/2033<br>|  | 1000 | &nbsp;&nbsp; 1044 |
| Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, |  |  |
| 6.06%, 08/15/2026<sup>(b)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3038 |
| 5.10%, 10/01/2031<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4020 |
| Columbia Pipelines Operating Co. LLC, <br> 5.70%, 10/01/2054<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3705 |
| Eastern Energy Gas Holdings LLC, <br> 5.65%, 10/15/2054<br>|  | 3000 | &nbsp;&nbsp; 2871 |
| Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |  |  |
| 5.70%, 03/08/2033 |  | 1000 | &nbsp;&nbsp; 1037 |
| 7.63%, 01/15/2083<sup>(d)</sup> <br>|  | 2000 | &nbsp;&nbsp; 2114 |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| 6.10%, 12/01/2028 |  | 2000 | &nbsp;&nbsp; 2102 |
| 6.40%, 12/01/2030 |  | 2000 | &nbsp;&nbsp; 2156 |
| 5.55%, 05/15/2034 |  | 2000 | &nbsp;&nbsp; 2026 |
| 5.95%, 05/15/2054 |  | 2000 | &nbsp;&nbsp; 1904 |
| 8.00%, 05/15/2054<sup>(d)</sup> <br>|  | 88000 | &nbsp;&nbsp; 93683 |
| 6.05%, 09/01/2054 |  | 6000 | &nbsp;&nbsp; 5772 |
| 7.13%, 10/01/2054<sup>(d)</sup> <br>|  | 368000 | &nbsp;&nbsp; 377656 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |  |  |
| 4.30%, 06/20/2028 |  | $132000 | &nbsp;&nbsp; $132625 |
| 5.20%, 01/15/2036 |  | 220000 | &nbsp;&nbsp; 221602 |
| Florida Gas Transmission Co. LLC, <br> 5.75%, 07/15/2035<sup>(b)</sup> <br>|  | 302000 | &nbsp;&nbsp; 309170 |
| GreenSaif Pipelines Bidco S.a.r.l. (Saudi <br> Arabia), | GreenSaif Pipelines Bidco S.a.r.l. (Saudi <br> Arabia), |  |  |
| 5.85%, 02/23/2036<sup>(b)</sup> <br>|  | 205000 | &nbsp;&nbsp; 207531 |
| 6.13%, 02/23/2038<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206361 |
| 6.51%, 02/23/2042<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207413 |
| 6.10%, 08/23/2042<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200291 |
| Kinder Morgan, Inc., | Kinder Morgan, Inc., |  |  |
| 5.15%, 06/01/2030 |  | 24000 | &nbsp;&nbsp; 24514 |
| 4.80%, 02/01/2033 |  | 2000 | &nbsp;&nbsp; 1969 |
| 5.20%, 06/01/2033 |  | 1000 | &nbsp;&nbsp; 1005 |
| 5.85%, 06/01/2035 |  | 90000 | &nbsp;&nbsp; 93327 |
| MPLX L.P., 4.95%, 03/14/2052 |  | 2000 | &nbsp;&nbsp; 1658 |
| NGL Energy Operating LLC/NGL Energy <br> Finance Corp., 8.38%, <br> 02/15/2032<sup>(b)</sup> <br>|  | 49000 | &nbsp;&nbsp; 49187 |
| ONEOK, Inc., | ONEOK, Inc., |  |  |
| 5.65%, 11/01/2028 |  | 3000 | &nbsp;&nbsp; 3109 |
| 4.40%, 10/15/2029 |  | 5000 | &nbsp;&nbsp; 4964 |
| 5.80%, 11/01/2030 |  | 2000 | &nbsp;&nbsp; 2095 |
| 6.05%, 09/01/2033 |  | 1000 | &nbsp;&nbsp; 1050 |
| 6.63%, 09/01/2053 |  | 2000 | &nbsp;&nbsp; 2080 |
| Plains All American Pipeline L.P., <br> 5.95%, 06/15/2035<br>|  | 20000 | &nbsp;&nbsp; 20571 |
| South Bow Canadian Infrastructure <br> Holdings Ltd. (Canada), | South Bow Canadian Infrastructure <br> Holdings Ltd. (Canada), |  |  |
| 7.50%, 03/01/2055<sup>(b)(d)</sup> <br>|  | 86000 | &nbsp;&nbsp; 88808 |
| 7.63%, 03/01/2055<sup>(b)(d)</sup> <br>|  | 147000 | &nbsp;&nbsp; 153223 |
| South Bow USA Infrastructure Holdings LLC <br> (Canada), | South Bow USA Infrastructure Holdings LLC <br> (Canada), |  |  |
| 5.03%, 10/01/2029<sup>(b)</sup> <br>|  | 7000 | &nbsp;&nbsp; 7025 |
| 5.58%, 10/01/2034<sup>(b)</sup> <br>|  | 5000 | &nbsp;&nbsp; 4950 |
| 6.18%, 10/01/2054<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 951 |
| Southern Co. Gas Capital Corp., <br> 5.75%, 09/15/2033<br>|  | 2000 | &nbsp;&nbsp; 2101 |
| Tallgrass Energy Partners <br> L.P./Tallgrass Energy Finance <br> Corp., 7.38%, 02/15/2029<sup>(b)</sup> <br>|  | 102000 | &nbsp;&nbsp; 104898 |
| Targa Resources Corp., | Targa Resources Corp., |  |  |
| 5.50%, 02/15/2035 |  | 3000 | &nbsp;&nbsp; 3012 |
| 6.25%, 07/01/2052 |  | 2000 | &nbsp;&nbsp; 1983 |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| 9.50%, 02/01/2029<sup>(b)</sup> <br>|  | 92000 | &nbsp;&nbsp; 100280 |
| 9.88%, 02/01/2032<sup>(b)</sup> <br>|  | 39000 | &nbsp;&nbsp; 42143 |
| Western Midstream Operating L.P., | Western Midstream Operating L.P., |  |  |
| 6.15%, 04/01/2033 |  | 1000 | &nbsp;&nbsp; 1041 |
| 5.45%, 11/15/2034 |  | 1000 | &nbsp;&nbsp; 981 |
| Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |  |  |
| 5.30%, 08/15/2028 |  | 2000 | &nbsp;&nbsp; 2055 |
| 4.80%, 11/15/2029 |  | 4000 | &nbsp;&nbsp; 4047 |
| 5.65%, 03/15/2033 |  | 1000 | &nbsp;&nbsp; 1040 |
| 5.15%, 03/15/2034 |  | 2000 | &nbsp;&nbsp; 1997 |
| 5.80%, 11/15/2054 |  | 4000 | &nbsp;&nbsp; 3913 |
| 6.00%, 03/15/2055 |  | 6000 | &nbsp;&nbsp; 5999 |
|  |  |  | &nbsp;&nbsp; 2819185 |

---

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

**13**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Other Specialized REITs–0.01%** | **Other Specialized REITs–0.01%** | **Other Specialized REITs–0.01%** | **Other Specialized REITs–0.01%** |
| Simon Property Group, Inc., 4.75%, <br> 09/26/2034<br>|  | $9000 | &nbsp;&nbsp; $8766 |
| **Other Specialty Retail–0.00%** | **Other Specialty Retail–0.00%** | **Other Specialty Retail–0.00%** | **Other Specialty Retail–0.00%** |
| Tractor Supply Co., 5.25%, <br> 05/15/2033<br>|  | 3000 | &nbsp;&nbsp; 3064 |
| **Packaged Foods & Meats–0.15%** | **Packaged Foods & Meats–0.15%** | **Packaged Foods & Meats–0.15%** | **Packaged Foods & Meats–0.15%** |
| J.M. Smucker Co. (The), 6.20%, <br> 11/15/2033<br>|  | 3000 | &nbsp;&nbsp; 3222 |
| Mars, Inc., | Mars, Inc., |  |  |
| 4.80%, 03/01/2030<sup>(b)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16217 |
| 5.00%, 03/01/2032<sup>(b)</sup> <br>|  | 37000 | &nbsp;&nbsp; 37511 |
| 5.20%, 03/01/2035<sup>(b)</sup> <br>|  | 38000 | &nbsp;&nbsp; 38474 |
| 5.65%, 05/01/2045<sup>(b)</sup> <br>|  | 29000 | &nbsp;&nbsp; 29087 |
| 5.70%, 05/01/2055<sup>(b)</sup> <br>|  | 28000 | &nbsp;&nbsp; 27952 |
| 5.80%, 05/01/2065<sup>(b)</sup> <br>|  | 21000 | &nbsp;&nbsp; 20980 |
| McCormick & Co., Inc., 4.70%, <br> 10/15/2034<br>|  | 6000 | &nbsp;&nbsp; 5822 |
| Post Holdings, Inc., 6.25%, <br> 10/15/2034<sup>(b)</sup> <br>|  | 24000 | &nbsp;&nbsp; 24196 |
| The Campbell's Company, | The Campbell's Company, |  |  |
| 5.20%, 03/21/2029 |  | 2000 | &nbsp;&nbsp; 2049 |
| 5.40%, 03/21/2034 |  | 1000 | &nbsp;&nbsp; 1016 |
| 5.25%, 10/13/2054 |  | 6000 | &nbsp;&nbsp; 5477 |
|  |  |  | &nbsp;&nbsp; 212003 |
| **Paper & Plastic Packaging Products & Materials–0.07%** | **Paper & Plastic Packaging Products & Materials–0.07%** | **Paper & Plastic Packaging Products & Materials–0.07%** | **Paper & Plastic Packaging Products & Materials–0.07%** |
| Graphic Packaging International LLC, <br> 6.38%, 07/15/2032<sup>(b)</sup> <br>|  | 32000 | &nbsp;&nbsp; 32714 |
| Sealed Air Corp., 7.25%, <br> 02/15/2031<sup>(b)</sup> <br>|  | 70000 | &nbsp;&nbsp; 73761 |
|  |  |  | &nbsp;&nbsp; 106475 |
| **Paper Products–0.02%** | **Paper Products–0.02%** | **Paper Products–0.02%** | **Paper Products–0.02%** |
| Magnera Corp., 7.25%, <br> 11/15/2031<sup>(b)</sup> <br>|  | 26000 | &nbsp;&nbsp; 24538 |
| **Passenger Airlines–0.39%** | **Passenger Airlines–0.39%** | **Passenger Airlines–0.39%** | **Passenger Airlines–0.39%** |
| American Airlines Pass-Through Trust, <br> Series 2021-1, Class A, 2.88%, <br> 07/11/2034<br>|  | 866 | &nbsp;&nbsp; 765 |
| American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., 5.50%, <br> 04/20/2026<sup>(b)</sup> <br>|  | 166667 | &nbsp;&nbsp; 166388 |
| AS Mileage Plan IP Ltd., | AS Mileage Plan IP Ltd., |  |  |
| 5.02%, 10/20/2029<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 5941 |
| 5.31%, 10/20/2031<sup>(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 5906 |
| British Airways Pass-Through Trust <br> (United Kingdom), Series 2021-1, <br> Class A, 2.90%, 03/15/2035<sup>(b)</sup> <br>|  | 3325 | &nbsp;&nbsp; 3003 |
| Delta Air Lines, Inc., | Delta Air Lines, Inc., |  |  |
| 4.95%, 07/10/2028 |  | 263000 | &nbsp;&nbsp; 264673 |
| 5.25%, 07/10/2030 |  | 82000 | &nbsp;&nbsp; 82581 |
| Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |
| 4.50%, 10/20/2025<sup>(b)</sup> <br>|  | 2475 | &nbsp;&nbsp; 2469 |
| 4.75%, 10/20/2028<sup>(b)</sup> <br>|  | 4751 | &nbsp;&nbsp; 4764 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** | **Passenger Airlines–(continued)** |
| United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |  |  |
| Series 2020-1, Class A, 5.88%, <br> 10/15/2027<br>|  | $1192 | &nbsp;&nbsp; $1218 |
| Series 24-A, 5.88%, <br> 02/15/2037<br>|  | 9913 | &nbsp;&nbsp; 9900 |
| Series AA, 5.45%, 02/15/2037 |  | 7930 | &nbsp;&nbsp; 8031 |
|  |  |  | &nbsp;&nbsp; 555639 |
| **Passenger Ground Transportation–0.01%** | **Passenger Ground Transportation–0.01%** | **Passenger Ground Transportation–0.01%** | **Passenger Ground Transportation–0.01%** |
| Uber Technologies, Inc., | Uber Technologies, Inc., |  |  |
| 4.30%, 01/15/2030 |  | 4000 | &nbsp;&nbsp; 3985 |
| 5.35%, 09/15/2054 |  | 5000 | &nbsp;&nbsp; 4667 |
|  |  |  | &nbsp;&nbsp; 8652 |
| **Personal Care Products–0.03%** | **Personal Care Products–0.03%** | **Personal Care Products–0.03%** | **Personal Care Products–0.03%** |
| Coty, Inc., 5.00%, 04/15/2026<sup>(b)</sup> <br>|  | 29000 | &nbsp;&nbsp; 29089 |
| Kenvue, Inc., | Kenvue, Inc., |  |  |
| 5.05%, 03/22/2028 |  | 3000 | &nbsp;&nbsp; 3073 |
| 5.00%, 03/22/2030 |  | 1000 | &nbsp;&nbsp; 1031 |
| 4.90%, 03/22/2033 |  | 2000 | &nbsp;&nbsp; 2031 |
| 5.20%, 03/22/2063 |  | 2000 | &nbsp;&nbsp; 1852 |
|  |  |  | &nbsp;&nbsp; 37076 |
| **Pharmaceuticals–0.43%** | **Pharmaceuticals–0.43%** | **Pharmaceuticals–0.43%** | **Pharmaceuticals–0.43%** |
| AstraZeneca Finance LLC (United Kingdom), | AstraZeneca Finance LLC (United Kingdom), |  |  |
| 4.85%, 02/26/2029 |  | 1000 | &nbsp;&nbsp; 1023 |
| 4.90%, 02/26/2031 |  | 3000 | &nbsp;&nbsp; 3084 |
| Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |  |  |
| 4.90%, 02/22/2027 |  | 2000 | &nbsp;&nbsp; 2026 |
| 4.90%, 02/22/2029 |  | 2000 | &nbsp;&nbsp; 2048 |
| 5.75%, 02/01/2031 |  | 3000 | &nbsp;&nbsp; 3197 |
| 5.90%, 11/15/2033 |  | 2000 | &nbsp;&nbsp; 2145 |
| 6.25%, 11/15/2053 |  | 2000 | &nbsp;&nbsp; 2145 |
| 6.40%, 11/15/2063 |  | 1000 | &nbsp;&nbsp; 1084 |
| Eli Lilly and Co., | Eli Lilly and Co., |  |  |
| 4.70%, 02/09/2034 |  | 2000 | &nbsp;&nbsp; 1999 |
| 4.88%, 02/27/2053 |  | 1000 | &nbsp;&nbsp; 917 |
| 5.00%, 02/09/2054 |  | 3000 | &nbsp;&nbsp; 2806 |
| 5.10%, 02/09/2064 |  | 3000 | &nbsp;&nbsp; 2790 |
| 5.20%, 08/14/2064 |  | 3000 | &nbsp;&nbsp; 2843 |
| Merck & Co., Inc., | Merck & Co., Inc., |  |  |
| 4.90%, 05/17/2044 |  | 2000 | &nbsp;&nbsp; 1872 |
| 5.15%, 05/17/2063 |  | 2000 | &nbsp;&nbsp; 1845 |
| Novartis Capital Corp., | Novartis Capital Corp., |  |  |
| 4.00%, 09/18/2031 |  | 8000 | &nbsp;&nbsp; 7881 |
| 4.20%, 09/18/2034 |  | 8000 | &nbsp;&nbsp; 7713 |
| 4.70%, 09/18/2054 |  | 9000 | &nbsp;&nbsp; 8067 |
| Takeda U.S. Financing, Inc., | Takeda U.S. Financing, Inc., |  |  |
| 5.20%, 07/07/2035 |  | 354000 | &nbsp;&nbsp; 354181 |
| 5.90%, 07/07/2055 |  | 200000 | &nbsp;&nbsp; 201152 |
|  |  |  | &nbsp;&nbsp; 610818 |
| **Property & Casualty Insurance–0.01%** | **Property & Casualty Insurance–0.01%** | **Property & Casualty Insurance–0.01%** | **Property & Casualty Insurance–0.01%** |
| Allstate Corp. (The), 4.20%, <br> 12/15/2046<br>|  | 2000 | &nbsp;&nbsp; 1634 |
| Fairfax Financial Holdings Ltd. <br> (Canada), 6.10%, 03/15/2055<br>|  | 6000 | &nbsp;&nbsp; 5883 |
| Travelers Cos., Inc. (The), 5.45%, <br> 05/25/2053<br>|  | 2000 | &nbsp;&nbsp; 1958 |
|  |  |  | &nbsp;&nbsp; 9475 |

---

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

**14**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Rail Transportation–0.02%** | **Rail Transportation–0.02%** | **Rail Transportation–0.02%** | **Rail Transportation–0.02%** |
| Canadian Pacific Railway Co. (Canada), <br> 5.20%, 03/30/2035<br>|  | $20000 | &nbsp;&nbsp; $20287 |
| Norfolk Southern Corp., | Norfolk Southern Corp., |  |  |
| 5.05%, 08/01/2030 |  | 1000 | &nbsp;&nbsp; 1034 |
| 5.55%, 03/15/2034 |  | 1000 | &nbsp;&nbsp; 1046 |
| 5.95%, 03/15/2064 |  | 1000 | &nbsp;&nbsp; 1030 |
| Union Pacific Corp., 5.15%, <br> 01/20/2063<br>|  | 3000 | &nbsp;&nbsp; 2738 |
|  |  |  | &nbsp;&nbsp; 26135 |
| **Regional Banks–0.01%** | **Regional Banks–0.01%** | **Regional Banks–0.01%** | **Regional Banks–0.01%** |
| Regions Financial Corp., 5.72%, <br> 06/06/2030<sup>(d)</sup> <br>|  | 1000 | &nbsp;&nbsp; 1033 |
| Synovus Financial Corp., 6.17%, <br> 11/01/2030<sup>(d)</sup> <br>|  | 6000 | &nbsp;&nbsp; 6157 |
| Truist Financial Corp., Series P, <br> 4.95%<sup>(d)(e)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4003 |
|  |  |  | &nbsp;&nbsp; 11193 |
| **Reinsurance–0.08%** | **Reinsurance–0.08%** | **Reinsurance–0.08%** | **Reinsurance–0.08%** |
| Fortitude Group Holdings LLC, <br> 6.25%, 04/01/2030<sup>(b)</sup> <br>|  | 13000 | &nbsp;&nbsp; 13380 |
| Global Atlantic (Fin) Co., | Global Atlantic (Fin) Co., |  |  |
| 6.75%, 03/15/2054<sup>(b)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4103 |
| 7.95%, 10/15/2054<sup>(b)(d)</sup> <br>|  | 95000 | &nbsp;&nbsp; 99140 |
|  |  |  | &nbsp;&nbsp; 116623 |
| **Renewable Electricity–0.03%** | **Renewable Electricity–0.03%** | **Renewable Electricity–0.03%** | **Renewable Electricity–0.03%** |
| California Buyer Ltd./Atlantica <br> Sustainable Infrastructure PLC <br> (United Kingdom), 6.38%, <br> 02/15/2032<sup>(b)</sup> <br>|  | 42000 | &nbsp;&nbsp; 42106 |
| Idaho Power Co., 5.20%, <br> 08/15/2034<br>|  | 3000 | &nbsp;&nbsp; 3061 |
|  |  |  | &nbsp;&nbsp; 45167 |
| **Research & Consulting Services–0.02%** | **Research & Consulting Services–0.02%** | **Research & Consulting Services–0.02%** | **Research & Consulting Services–0.02%** |
| CACI International, Inc., 6.38%, <br> 06/15/2033<sup>(b)</sup> <br>|  | 26000 | &nbsp;&nbsp; 26863 |
| **Restaurants–0.39%** | **Restaurants–0.39%** | **Restaurants–0.39%** | **Restaurants–0.39%** |
| 1011778 BC ULC/New Red Finance, <br> Inc. (Canada), 5.63%, <br> 09/15/2029<sup>(b)</sup> <br>|  | 68000 | &nbsp;&nbsp; 69045 |
| Arcos Dorados B.V. (Brazil), 6.38%, <br> 01/29/2032<sup>(b)</sup> <br>|  | 220000 | &nbsp;&nbsp; 228996 |
| McDonald's Corp., | McDonald's Corp., |  |  |
| 4.80%, 08/14/2028 |  | 5000 | &nbsp;&nbsp; 5096 |
| 4.60%, 05/15/2030 |  | 17000 | &nbsp;&nbsp; 17189 |
| 4.95%, 08/14/2033 |  | 4000 | &nbsp;&nbsp; 4077 |
| 4.95%, 03/03/2035 |  | 14000 | &nbsp;&nbsp; 13997 |
| Raising Cane's Restaurants LLC, <br> 9.38%, 05/01/2029<sup>(b)</sup> <br>|  | 198000 | &nbsp;&nbsp; 209200 |
|  |  |  | &nbsp;&nbsp; 547600 |
| **Retail REITs–0.43%** | **Retail REITs–0.43%** | **Retail REITs–0.43%** | **Retail REITs–0.43%** |
| Agree L.P., | Agree L.P., |  |  |
| 5.63%, 06/15/2034 |  | 3000 | &nbsp;&nbsp; 3077 |
| 5.60%, 06/15/2035 |  | 74000 | &nbsp;&nbsp; 75353 |
| Kimco Realty OP LLC, | Kimco Realty OP LLC, |  |  |
| 4.85%, 03/01/2035 |  | 3000 | &nbsp;&nbsp; 2938 |
| 5.30%, 02/01/2036 |  | 290000 | &nbsp;&nbsp; 292154 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Retail REITs–(continued)** | **Retail REITs–(continued)** | **Retail REITs–(continued)** | **Retail REITs–(continued)** |
| Kite Realty Group L.P., | Kite Realty Group L.P., |  |  |
| 4.95%, 12/15/2031 |  | $4000 | &nbsp;&nbsp; $4017 |
| 5.50%, 03/01/2034 |  | 2000 | &nbsp;&nbsp; 2040 |
| NNN REIT, Inc., | NNN REIT, Inc., |  |  |
| 5.60%, 10/15/2033 |  | 3000 | &nbsp;&nbsp; 3103 |
| 5.50%, 06/15/2034 |  | 1000 | &nbsp;&nbsp; 1026 |
| Phillips Edison Grocery Center <br> Operating Partnership I L.P., <br> 5.25%, 08/15/2032<br>|  | 152000 | &nbsp;&nbsp; 153517 |
| Realty Income Corp., | Realty Income Corp., |  |  |
| 2.20%, 06/15/2028 |  | 2000 | &nbsp;&nbsp; 1891 |
| 5.63%, 10/13/2032 |  | 2000 | &nbsp;&nbsp; 2094 |
| 5.13%, 04/15/2035 |  | 15000 | &nbsp;&nbsp; 15025 |
| 5.38%, 09/01/2054 |  | 2000 | &nbsp;&nbsp; 1920 |
| Regency Centers L.P., | Regency Centers L.P., |  |  |
| 5.00%, 07/15/2032 |  | 47000 | &nbsp;&nbsp; 47561 |
| 5.25%, 01/15/2034 |  | 1000 | &nbsp;&nbsp; 1015 |
| 5.10%, 01/15/2035 |  | 1000 | &nbsp;&nbsp; 1003 |
|  |  |  | &nbsp;&nbsp; 607734 |
| **Self-Storage REITs–0.19%** | **Self-Storage REITs–0.19%** | **Self-Storage REITs–0.19%** | **Self-Storage REITs–0.19%** |
| Americold Realty Operating Partnership <br> L.P., | Americold Realty Operating Partnership <br> L.P., |  |  |
| 5.60%, 05/15/2032 |  | 17000 | &nbsp;&nbsp; 17091 |
| 5.41%, 09/12/2034 |  | 2000 | &nbsp;&nbsp; 1959 |
| Extra Space Storage L.P., | Extra Space Storage L.P., |  |  |
| 5.70%, 04/01/2028 |  | 2000 | &nbsp;&nbsp; 2066 |
| 5.40%, 02/01/2034 |  | 3000 | &nbsp;&nbsp; 3049 |
| Goodman US Finance Six LLC <br> (Australia), 5.13%, <br> 10/07/2034<sup>(b)</sup> <br>|  | 1000 | &nbsp;&nbsp; 997 |
| Prologis L.P., | Prologis L.P., |  |  |
| 4.88%, 06/15/2028 |  | 2000 | &nbsp;&nbsp; 2041 |
| 4.75%, 01/15/2031 |  | 131000 | &nbsp;&nbsp; 132654 |
| 5.13%, 01/15/2034 |  | 1000 | &nbsp;&nbsp; 1013 |
| 5.00%, 03/15/2034 |  | 3000 | &nbsp;&nbsp; 3009 |
| 5.00%, 01/31/2035 |  | 4000 | &nbsp;&nbsp; 4001 |
| 5.25%, 05/15/2035 |  | 95000 | &nbsp;&nbsp; 96345 |
| 5.25%, 03/15/2054 |  | 6000 | &nbsp;&nbsp; 5638 |
| Public Storage Operating Co., 5.35%, <br> 08/01/2053<br>|  | 1000 | &nbsp;&nbsp; 961 |
|  |  |  | &nbsp;&nbsp; 270824 |
| **Semiconductors–1.47%** | **Semiconductors–1.47%** | **Semiconductors–1.47%** | **Semiconductors–1.47%** |
| Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |  |  |
| 5.50%, 01/25/2031<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205284 |
| 6.15%, 01/25/2032<sup>(b)</sup> <br>|  | 205000 | &nbsp;&nbsp; 215881 |
| 5.88%, 01/25/2034<sup>(b)(f)</sup> <br>|  | 326000 | &nbsp;&nbsp; 331582 |
| 6.25%, 01/25/2035<sup>(b)</sup> <br>|  | 272000 | &nbsp;&nbsp; 286002 |
| 6.10%, 01/25/2036<sup>(b)</sup> <br>|  | 205000 | &nbsp;&nbsp; 212339 |
| 6.20%, 01/25/2037<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 208431 |
| 6.40%, 01/25/2038<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 210876 |
| 6.30%, 01/25/2039<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 209494 |
| Micron Technology, Inc., | Micron Technology, Inc., |  |  |
| 5.30%, 01/15/2031 |  | 2000 | &nbsp;&nbsp; 2049 |
| 5.65%, 11/01/2032 |  | 50000 | &nbsp;&nbsp; 51991 |
| 6.05%, 11/01/2035 |  | 142000 | &nbsp;&nbsp; 148668 |
|  |  |  | &nbsp;&nbsp; 2082597 |

---

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

**15**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Single-Family Residential REITs–0.01%** | **Single-Family Residential REITs–0.01%** | **Single-Family Residential REITs–0.01%** | **Single-Family Residential REITs–0.01%** |
| American Homes 4 Rent L.P., | American Homes 4 Rent L.P., |  |  |
| 5.50%, 07/15/2034 |  | $3000 | &nbsp;&nbsp; $3045 |
| 5.25%, 03/15/2035 |  | 6000 | &nbsp;&nbsp; 5959 |
|  |  |  | &nbsp;&nbsp; 9004 |
| **Soft Drinks & Non-alcoholic Beverages–0.33%** | **Soft Drinks & Non-alcoholic Beverages–0.33%** | **Soft Drinks & Non-alcoholic Beverages–0.33%** | **Soft Drinks & Non-alcoholic Beverages–0.33%** |
| Coca-Cola Co. (The), 5.40%, <br> 05/13/2064<br>|  | 5000 | &nbsp;&nbsp; 4883 |
| Coca-Cola FEMSA, S.A.B. de C.V. <br> (Mexico), 5.10%, 05/06/2035<br>|  | 254000 | &nbsp;&nbsp; 252855 |
| Keurig Dr Pepper, Inc., | Keurig Dr Pepper, Inc., |  |  |
| 4.35%, 05/15/2028 |  | 20000 | &nbsp;&nbsp; 20038 |
| 4.60%, 05/15/2030 |  | 114000 | &nbsp;&nbsp; 114611 |
| 5.15%, 05/15/2035 |  | 40000 | &nbsp;&nbsp; 39932 |
| PepsiCo, Inc., | PepsiCo, Inc., |  |  |
| 4.60%, 02/07/2030 |  | 13000 | &nbsp;&nbsp; 13244 |
| 5.00%, 02/07/2035 |  | 20000 | &nbsp;&nbsp; 20313 |
|  |  |  | &nbsp;&nbsp; 465876 |
| **Sovereign Debt–1.57%** | **Sovereign Debt–1.57%** | **Sovereign Debt–1.57%** | **Sovereign Debt–1.57%** |
| Brazilian Government International <br> Bond (Brazil), 6.13%, <br> 03/15/2034<br>|  | 208000 | &nbsp;&nbsp; 206453 |
| Costa Rica Government International <br> Bond (Costa Rica), 7.30%, <br> 11/13/2054<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207663 |
| Dominican Republic International Bond <br> (Dominican Republic), | Dominican Republic International Bond <br> (Dominican Republic), |  |  |
| 6.95%, 03/15/2037<sup>(b)</sup> <br>|  | 285000 | &nbsp;&nbsp; 290187 |
| 7.15%, 02/24/2055<sup>(b)</sup> <br>|  | 215000 | &nbsp;&nbsp; 214925 |
| Guatemala Government Bond <br> (Guatemala), 6.05%, <br> 08/06/2031<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203576 |
| Peruvian Government International <br> Bond (Peru), 5.38%, <br> 02/08/2035<br>|  | 70000 | &nbsp;&nbsp; 70047 |
| Republic of Poland Government <br> International Bond (Poland), | Republic of Poland Government <br> International Bond (Poland), |  |  |
| 5.75%, 11/16/2032 |  | 5000 | &nbsp;&nbsp; 5289 |
| 5.38%, 02/12/2035 |  | 270000 | &nbsp;&nbsp; 275559 |
| Romanian Government International Bond <br> (Romania), | Romanian Government International Bond <br> (Romania), |  |  |
| 5.25%, 11/25/2027<sup>(b)</sup> <br>|  | 30000 | &nbsp;&nbsp; 30054 |
| 6.63%, 02/17/2028<sup>(b)</sup> <br>|  | 138000 | &nbsp;&nbsp; 142814 |
| 5.88%, 01/30/2029<sup>(b)</sup> <br>|  | 90000 | &nbsp;&nbsp; 90737 |
| 7.13%, 01/17/2033<sup>(b)</sup> <br>|  | 106000 | &nbsp;&nbsp; 110545 |
| 5.75%, 03/24/2035<sup>(b)</sup> <br>|  | 190000 | &nbsp;&nbsp; 175947 |
| Trinidad & Tobago Government <br> International Bond (Trinidad), <br> 6.40%, 06/26/2034<sup>(b)</sup> <br>|  | 210000 | &nbsp;&nbsp; 206751 |
|  |  |  | &nbsp;&nbsp; 2230547 |
| **Specialized Consumer Services–0.43%** | **Specialized Consumer Services–0.43%** | **Specialized Consumer Services–0.43%** | **Specialized Consumer Services–0.43%** |
| Rentokil Terminix Funding LLC, | Rentokil Terminix Funding LLC, |  |  |
| 5.00%, 04/28/2030<sup>(b)</sup> <br>|  | 208000 | &nbsp;&nbsp; 209543 |
| 5.63%, 04/28/2035<sup>(b)(f)</sup> <br>|  | 400000 | &nbsp;&nbsp; 405857 |
|  |  |  | &nbsp;&nbsp; 615400 |
| **Specialized Finance–0.15%** | **Specialized Finance–0.15%** | **Specialized Finance–0.15%** | **Specialized Finance–0.15%** |
| Jefferson Capital Holdings LLC, | Jefferson Capital Holdings LLC, |  |  |
| 9.50%, 02/15/2029<sup>(b)</sup> <br>|  | 38000 | &nbsp;&nbsp; 40217 |
| 8.25%, 05/15/2030<sup>(b)</sup> <br>|  | 165000 | &nbsp;&nbsp; 171095 |
|  |  |  | &nbsp;&nbsp; 211312 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Specialty Chemicals–0.30%** | **Specialty Chemicals–0.30%** | **Specialty Chemicals–0.30%** | **Specialty Chemicals–0.30%** |
| OCP S.A. (Morocco), 6.70%, <br> 03/01/2036<sup>(b)</sup> <br>|  | $202000 | &nbsp;&nbsp; $203349 |
| Sociedad Quimica y Minera de Chile <br> S.A. (Chile), 6.50%, <br> 11/07/2033<sup>(b)</sup> <br>|  | 210000 | &nbsp;&nbsp; 223080 |
|  |  |  | &nbsp;&nbsp; 426429 |
| **Steel–0.70%** | **Steel–0.70%** | **Steel–0.70%** | **Steel–0.70%** |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| 5.88%, 06/01/2027<sup>(f)</sup> <br>|  | 459000 | &nbsp;&nbsp; 458917 |
| 6.88%, 11/01/2029<sup>(b)</sup> <br>|  | 117000 | &nbsp;&nbsp; 115296 |
| POSCO (South Korea), 5.63%, <br> 01/17/2026<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200928 |
| POSCO Holdings, Inc. (South Korea), <br> 5.13%, 05/07/2030<sup>(b)</sup> <br>|  | 211000 | &nbsp;&nbsp; 213995 |
|  |  |  | &nbsp;&nbsp; 989136 |
| **Systems Software–0.04%** | **Systems Software–0.04%** | **Systems Software–0.04%** | **Systems Software–0.04%** |
| Oracle Corp., | Oracle Corp., |  |  |
| 6.25%, 11/09/2032 |  | 1000 | &nbsp;&nbsp; 1082 |
| 4.90%, 02/06/2033 |  | 1000 | &nbsp;&nbsp; 1003 |
| 4.70%, 09/27/2034 |  | 9000 | &nbsp;&nbsp; 8742 |
| 6.90%, 11/09/2052 |  | 1000 | &nbsp;&nbsp; 1113 |
| 5.38%, 09/27/2054 |  | 11000 | &nbsp;&nbsp; 10063 |
| 6.00%, 08/03/2055 |  | 9000 | &nbsp;&nbsp; 8992 |
| 5.50%, 09/27/2064 |  | 9000 | &nbsp;&nbsp; 8204 |
| 6.13%, 08/03/2065 |  | 17000 | &nbsp;&nbsp; 17030 |
|  |  |  | &nbsp;&nbsp; 56229 |
| **Technology Hardware, Storage & Peripherals–0.01%** | **Technology Hardware, Storage & Peripherals–0.01%** | **Technology Hardware, Storage & Peripherals–0.01%** | **Technology Hardware, Storage & Peripherals–0.01%** |
| Apple, Inc., 4.25%, 02/09/2047 |  | 2000 | &nbsp;&nbsp; 1716 |
| Hewlett Packard Enterprise Co., | Hewlett Packard Enterprise Co., |  |  |
| 5.00%, 10/15/2034 |  | 6000 | &nbsp;&nbsp; 5823 |
| 5.60%, 10/15/2054 |  | 10000 | &nbsp;&nbsp; 9242 |
|  |  |  | &nbsp;&nbsp; 16781 |
| **Tobacco–0.14%** | **Tobacco–0.14%** | **Tobacco–0.14%** | **Tobacco–0.14%** |
| B.A.T. Capital Corp. (United Kingdom), | B.A.T. Capital Corp. (United Kingdom), |  |  |
| 5.83%, 02/20/2031 |  | 1000 | &nbsp;&nbsp; 1053 |
| 6.00%, 02/20/2034 |  | 1000 | &nbsp;&nbsp; 1055 |
| 7.08%, 08/02/2043 |  | 1000 | &nbsp;&nbsp; 1102 |
| 7.08%, 08/02/2053 |  | 2000 | &nbsp;&nbsp; 2229 |
| Philip Morris International, Inc., | Philip Morris International, Inc., |  |  |
| 5.00%, 11/17/2025 |  | 1000 | &nbsp;&nbsp; 1002 |
| 4.38%, 11/01/2027 |  | 4000 | &nbsp;&nbsp; 4020 |
| 5.13%, 11/17/2027 |  | 3000 | &nbsp;&nbsp; 3061 |
| 4.88%, 02/15/2028 |  | 1000 | &nbsp;&nbsp; 1017 |
| 4.13%, 04/28/2028 |  | 21000 | &nbsp;&nbsp; 20964 |
| 5.25%, 09/07/2028 |  | 2000 | &nbsp;&nbsp; 2058 |
| 4.88%, 02/13/2029 |  | 5000 | &nbsp;&nbsp; 5090 |
| 4.63%, 11/01/2029 |  | 11000 | &nbsp;&nbsp; 11107 |
| 4.38%, 04/30/2030 |  | 56000 | &nbsp;&nbsp; 55880 |
| 5.13%, 02/13/2031 |  | 1000 | &nbsp;&nbsp; 1030 |
| 4.75%, 11/01/2031 |  | 9000 | &nbsp;&nbsp; 9072 |
| 5.75%, 11/17/2032 |  | 2000 | &nbsp;&nbsp; 2115 |
| 5.38%, 02/15/2033 |  | 3000 | &nbsp;&nbsp; 3099 |
| 5.63%, 09/07/2033 |  | 1000 | &nbsp;&nbsp; 1048 |
| 4.90%, 11/01/2034 |  | 11000 | &nbsp;&nbsp; 10955 |
| 4.88%, 04/30/2035 |  | 67000 | &nbsp;&nbsp; 66129 |
|  |  |  | &nbsp;&nbsp; 203086 |

---

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

**16**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Trading Companies & Distributors–0.37%** | **Trading Companies & Distributors–0.37%** | **Trading Companies & Distributors–0.37%** | **Trading Companies & Distributors–0.37%** |
| Air Lease Corp., Series B, 4.65%<sup>(d)(e)</sup> <br>|  | $97000 | &nbsp;&nbsp; $96683 |
| Ferguson Enterprises, Inc., 5.00%, <br> 10/03/2034<br>|  | 6000 | &nbsp;&nbsp; 5958 |
| Mitsubishi Corp. (Japan), | Mitsubishi Corp. (Japan), |  |  |
| 5.00%, 07/02/2029<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204741 |
| 5.13%, 07/17/2034<sup>(b)</sup> <br>|  | 209000 | &nbsp;&nbsp; 213046 |
|  |  |  | &nbsp;&nbsp; 520428 |
| **Transaction & Payment Processing Services–0.00%** | **Transaction & Payment Processing Services–0.00%** | **Transaction & Payment Processing Services–0.00%** | **Transaction & Payment Processing Services–0.00%** |
| Fiserv, Inc., | Fiserv, Inc., |  |  |
| 5.38%, 08/21/2028 |  | 1000 | &nbsp;&nbsp; 1029 |
| 5.63%, 08/21/2033 |  | 2000 | &nbsp;&nbsp; 2080 |
| 5.45%, 03/15/2034 |  | 2000 | &nbsp;&nbsp; 2050 |
| Mastercard, Inc., 4.85%, <br> 03/09/2033<br>|  | 1000 | &nbsp;&nbsp; 1019 |
|  |  |  | &nbsp;&nbsp; 6178 |
| **Wireless Telecommunication Services–0.22%** | **Wireless Telecommunication Services–0.22%** | **Wireless Telecommunication Services–0.22%** | **Wireless Telecommunication Services–0.22%** |
| Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), |  |  |
| 7.00%, 04/15/2055<sup>(d)</sup> <br>|  | 91000 | &nbsp;&nbsp; 93262 |
| 7.13%, 04/15/2055<sup>(d)</sup> <br>|  | 63000 | &nbsp;&nbsp; 63889 |
| Sprint Spectrum Co. LLC/Sprint <br> Spectrum Co. II LLC/Sprint <br> Spectrum Co. III LLC, 5.15%, <br> 03/20/2028<sup>(b)</sup> <br>|  | 114950 | &nbsp;&nbsp; 115780 |
| T-Mobile USA, Inc., | T-Mobile USA, Inc., |  |  |
| 5.65%, 01/15/2053 |  | 1000 | &nbsp;&nbsp; 968 |
| 6.00%, 06/15/2054 |  | 3000 | &nbsp;&nbsp; 3056 |
| 5.88%, 11/15/2055 |  | 20000 | &nbsp;&nbsp; 20006 |
| Vodafone Group PLC (United <br> Kingdom), 5.13%, 06/04/2081<sup>(d)</sup> <br>|  | 25000 | &nbsp;&nbsp; 18974 |
|  |  |  | &nbsp;&nbsp; 315935 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $67,385,842) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $67,385,842) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $67,385,842) | &nbsp;&nbsp; 68700086 |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–30.69%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–30.69%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–30.69%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–30.69%** |
| **Collateralized Mortgage Obligations–0.44%** | **Collateralized Mortgage Obligations–0.44%** | **Collateralized Mortgage Obligations–0.44%** | **Collateralized Mortgage Obligations–0.44%** |
| Fannie Mae Interest STRIPS, | Fannie Mae Interest STRIPS, |  |  |
| IO, <br>7.00%, 02/25/2028 to <br> 04/25/2032<sup>(i)</sup> <br>|  | 35689 | &nbsp;&nbsp; 4878 |
| 6.50%, 04/25/2029 to <br> 02/25/2033<sup>(i)(j)</sup> <br>|  | 117008 | &nbsp;&nbsp; 13688 |
| 7.50%, 11/25/2029<sup>(i)</sup> <br>|  | 5388 | &nbsp;&nbsp; 564 |
| 6.00%, 02/25/2033 to <br> 03/25/2036<sup>(i)(j)</sup> <br>|  | 107496 | &nbsp;&nbsp; 16477 |
| 5.50%, 09/25/2033 to <br> 06/25/2035<sup>(i)(j)</sup> <br>|  | 157824 | &nbsp;&nbsp; 21224 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| IO, <br>3.00%, 11/25/2027<sup>(i)</sup> <br>|  | $11444 | &nbsp;&nbsp; $211 |
| 2.68% (7.10% - (30 Day Average <br> SOFR + 0.11%)), 11/25/2030<sup>(c)(i)</sup> <br>|  | 15374 | &nbsp;&nbsp; 837 |
| 3.48% (7.90% - (30 Day Average <br> SOFR + 0.11%)), 11/18/2031 to <br> 12/18/2031<sup>(c)(i)</sup> <br>|  | 1233 | &nbsp;&nbsp; 109 |
| 3.48% (7.90% - (30 Day Average <br> SOFR + 0.11%)), 11/25/2031<sup>(c)(i)</sup> <br>|  | 26510 | &nbsp;&nbsp; 2327 |
| 2.83% (7.25% - (30 Day Average <br> SOFR + 0.11%)), 01/25/2032<sup>(c)(i)</sup> <br>|  | 1364 | &nbsp;&nbsp; 133 |
| 3.53% (7.95% - (30 Day Average <br> SOFR + 0.11%)), 01/25/2032<sup>(c)(i)</sup> <br>|  | 6701 | &nbsp;&nbsp; 598 |
| 3.58% (8.00% - (30 Day Average <br> SOFR + 0.11%)), 03/18/2032 to <br> 12/18/2032<sup>(c)(i)</sup> <br>|  | 2488 | &nbsp;&nbsp; 238 |
| 3.68% (8.10% - (30 Day Average <br> SOFR + 0.11%)), 03/25/2032 to <br> 04/25/2032<sup>(c)(i)</sup> <br>|  | 2117 | &nbsp;&nbsp; 209 |
| 2.58% (7.00% - (30 Day Average <br> SOFR + 0.11%)), 04/25/2032 to <br> 09/25/2032<sup>(c)(i)</sup> <br>|  | 6690 | &nbsp;&nbsp; 584 |
| 3.38% (7.80% - (30 Day Average <br> SOFR + 0.11%)), 04/25/2032<sup>(c)(i)</sup> <br>|  | 216 | &nbsp;&nbsp; 23 |
| 3.58% (8.00% - (30 Day Average <br> SOFR + 0.11%)), 04/25/2032 to <br> 12/25/2032<sup>(c)(i)</sup> <br>|  | 99938 | &nbsp;&nbsp; 10662 |
| 3.68% (8.10% - (30 Day Average <br> SOFR + 0.11%)), 12/18/2032<sup>(c)(i)</sup> <br>|  | 7330 | &nbsp;&nbsp; 481 |
| 3.83% (8.25% - (30 Day Average <br> SOFR + 0.11%)), 02/25/2033 to <br> 05/25/2033<sup>(c)(i)</sup> <br>|  | 38184 | &nbsp;&nbsp; 5552 |
| 7.00%, 04/25/2033<sup>(i)</sup> <br>|  | 1534 | &nbsp;&nbsp; 262 |
| 1.63% (6.05% - (30 Day Average <br> SOFR + 0.11%)), 03/25/2035 to <br> 07/25/2038<sup>(c)(i)</sup> <br>|  | 20076 | &nbsp;&nbsp; 1556 |
| 2.33% (6.75% - (30 Day Average <br> SOFR + 0.11%)), 03/25/2035 to <br> 05/25/2035<sup>(c)(i)</sup> <br>|  | 5553 | &nbsp;&nbsp; 276 |
| 2.18% (6.60% - (30 Day Average <br> SOFR + 0.11%)), 05/25/2035<sup>(c)(i)</sup> <br>|  | 13146 | &nbsp;&nbsp; 810 |
| 2.28% (6.70% - (30 Day Average <br> SOFR + 0.11%)), 05/25/2035<sup>(c)(i)</sup> <br>|  | 49860 | &nbsp;&nbsp; 4194 |
| 3.50%, 08/25/2035<sup>(i)</sup> <br>|  | 123456 | &nbsp;&nbsp; 12791 |
| 1.68% (6.10% - (30 Day Average <br> SOFR + 0.11%)), 10/25/2035<sup>(c)(i)</sup> <br>|  | 52949 | &nbsp;&nbsp; 4885 |
| 4.00%, 04/25/2041 to <br> 08/25/2047<sup>(i)</sup> <br>|  | 41802 | &nbsp;&nbsp; 6192 |
| 2.13% (6.55% - (30 Day Average <br> SOFR + 0.11%)), 10/25/2041<sup>(c)(i)</sup> <br>|  | 12558 | &nbsp;&nbsp; 1031 |
| 1.73% (6.15% - (30 Day Average <br> SOFR + 0.11%)), 12/25/2042<sup>(c)(i)</sup> <br>|  | 35571 | &nbsp;&nbsp; 4147 |
| 5.50%, 07/25/2046<sup>(i)</sup> <br>|  | 34697 | &nbsp;&nbsp; 4608 |
| 1.48% (5.90% - (30 Day Average <br> SOFR + 0.11%)), 09/25/2047<sup>(c)(i)</sup> <br>|  | 246340 | &nbsp;&nbsp; 24991 |
| 6.50%, 10/25/2028 to <br> 11/25/2029<br>|  | 22875 | &nbsp;&nbsp; 23202 |
| 6.00%, 11/25/2028 to <br> 12/25/2031<br>|  | 28608 | &nbsp;&nbsp; 29435 |
| 4.67% (30 Day Average SOFR + <br> 0.36%), 08/25/2035<sup>(c)</sup> <br>|  | 216 | &nbsp;&nbsp; 214 |

---

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

**17**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| 8.36% (24.57% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 03/25/2036<sup>(c)</sup> <br>|  | $20731 | &nbsp;&nbsp; $24555 |
| 7.99% (24.20% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 06/25/2036<sup>(c)</sup> <br>|  | 12701 | &nbsp;&nbsp; 14842 |
| 7.99% (24.20% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 06/25/2036<sup>(c)</sup> <br>|  | 10248 | &nbsp;&nbsp; 11465 |
| 5.36% (30 Day Average SOFR + <br> 1.05%), 06/25/2037<sup>(c)</sup> <br>|  | 8409 | &nbsp;&nbsp; 8480 |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| Series K734, Class X1, IO, <br>0.79%, 02/25/2026<sup>(j)</sup> <br>|  | 1663493 | &nbsp;&nbsp; 3283 |
| Series K735, Class X1, IO, <br>1.10%, 05/25/2026<sup>(j)</sup> <br>|  | 1940233 | &nbsp;&nbsp; 11263 |
| Series K083, Class AM, <br>4.03%, 10/25/2028<sup>(h)</sup> <br>|  | 23000 | &nbsp;&nbsp; 22896 |
| Series K085, Class AM, <br>4.06%, 10/25/2028<sup>(h)</sup> <br>|  | 23000 | &nbsp;&nbsp; 22972 |
| Series K089, Class AM, <br>3.63%, 01/25/2029<sup>(h)</sup> <br>|  | 39000 | &nbsp;&nbsp; 38348 |
| Series K088, Class AM, <br>3.76%, 01/25/2029<sup>(h)</sup> <br>|  | 92000 | &nbsp;&nbsp; 90934 |
| Series K093, Class X1, IO, <br>1.08%, 05/25/2029<sup>(j)</sup> <br>|  | 1556355 | &nbsp;&nbsp; 47421 |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| IO, <br>3.23% (7.65% - (30 Day Average <br> SOFR + 0.11%)), 07/15/2026 to <br> 03/15/2029<sup>(c)(i)</sup> <br>|  | 10227 | &nbsp;&nbsp; 331 |
| 3.00%, 06/15/2027 to <br> 12/15/2027<sup>(i)</sup> <br>|  | 39936 | &nbsp;&nbsp; 774 |
| 2.50%, 05/15/2028<sup>(i)</sup> <br>|  | 11774 | &nbsp;&nbsp; 261 |
| 3.68% (8.10% - (30 Day Average <br> SOFR + 0.11%)), 06/15/2029<sup>(c)(i)</sup> <br>|  | 333 | &nbsp;&nbsp; 19 |
| 2.28% (6.70% - (30 Day Average <br> SOFR + 0.11%)), 01/15/2035<sup>(c)(i)</sup> <br>|  | 103350 | &nbsp;&nbsp; 6407 |
| 2.33% (6.75% - (30 Day Average <br> SOFR + 0.11%)), 02/15/2035<sup>(c)(i)</sup> <br>|  | 10881 | &nbsp;&nbsp; 655 |
| 2.30% (6.72% - (30 Day Average <br> SOFR + 0.11%)), 05/15/2035<sup>(c)(i)</sup> <br>|  | 8594 | &nbsp;&nbsp; 531 |
| 1.73% (6.15% - (30 Day Average <br> SOFR + 0.11%)), 07/15/2035<sup>(c)(i)</sup> <br>|  | 2355 | &nbsp;&nbsp; 114 |
| 2.58% (7.00% - (30 Day Average <br> SOFR + 0.11%)), 12/15/2037<sup>(c)(i)</sup> <br>|  | 2445 | &nbsp;&nbsp; 259 |
| 1.58% (6.00% - (30 Day Average <br> SOFR + 0.11%)), 04/15/2038<sup>(c)(i)</sup> <br>|  | 2840 | &nbsp;&nbsp; 250 |
| 1.65% (6.07% - (30 Day Average <br> SOFR + 0.11%)), 05/15/2038<sup>(c)(i)</sup> <br>|  | 78318 | &nbsp;&nbsp; 6642 |
| 1.83% (6.25% - (30 Day Average <br> SOFR + 0.11%)), 12/15/2039<sup>(c)(i)</sup> <br>|  | 16806 | &nbsp;&nbsp; 1517 |
| 1.68% (6.10% - (30 Day Average <br> SOFR + 0.11%)), 01/15/2044<sup>(c)(i)</sup> <br>|  | 33340 | &nbsp;&nbsp; 3326 |
| 4.00%, 03/15/2045<sup>(i)</sup> <br>|  | 806 | &nbsp;&nbsp; 1 |
| 6.50%, 02/15/2028 to <br> 06/15/2032<br>|  | 97632 | &nbsp;&nbsp; 99782 |
| 8.00%, 03/15/2030 |  | 175 | &nbsp;&nbsp; 181 |
| 5.42% (30 Day Average SOFR + <br> 1.11%), 02/15/2032<sup>(c)</sup> <br>|  | 274 | &nbsp;&nbsp; 277 |
| 3.50%, 05/15/2032 |  | 4223 | &nbsp;&nbsp; 4143 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| 8.55% (24.75% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 08/15/2035<sup>(c)</sup> <br>|  | $3013 | &nbsp;&nbsp; $3371 |
| 4.82% (30 Day Average SOFR + <br> 0.51%), 09/15/2035<sup>(c)</sup> <br>|  | 441 | &nbsp;&nbsp; 438 |
| Freddie Mac STRIPS, | Freddie Mac STRIPS, |  |  |
| PO, <br>0.00%, 06/01/2026<sup>(k)</sup> <br>|  | 588 | &nbsp;&nbsp; 575 |
| IO, <br>3.00%, 12/15/2027<sup>(i)</sup> <br>|  | 15887 | &nbsp;&nbsp; 361 |
| 3.15%, 12/15/2027<sup>(j)</sup> <br>|  | 4687 | &nbsp;&nbsp; 124 |
| 7.00%, 09/01/2029<sup>(i)</sup> <br>|  | 664 | &nbsp;&nbsp; 63 |
| 7.50%, 12/15/2029<sup>(i)</sup> <br>|  | 15846 | &nbsp;&nbsp; 1653 |
| 6.00%, 12/15/2032<sup>(i)</sup> <br>|  | 10167 | &nbsp;&nbsp; 1136 |
|  |  |  | &nbsp;&nbsp; 627039 |
| **Federal Home Loan Mortgage Corp. (FHLMC)–0.13%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.13%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.13%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.13%** |
| 6.50%, 07/01/2028 to <br> 04/01/2034<br>|  | 23337 | &nbsp;&nbsp; 24152 |
| 6.00%, 10/01/2029 |  | 20059 | &nbsp;&nbsp; 20556 |
| 7.00%, 10/01/2031 to <br> 10/01/2037<br>|  | 11114 | &nbsp;&nbsp; 11735 |
| 5.00%, 12/01/2034 |  | 464 | &nbsp;&nbsp; 464 |
| 5.50%, 09/01/2039 |  | 56621 | &nbsp;&nbsp; 57985 |
| 4.00%, 11/01/2048 to <br> 07/01/2049<br>|  | 71527 | &nbsp;&nbsp; 67567 |
|  |  |  | &nbsp;&nbsp; 182459 |
| **Federal National Mortgage Association (FNMA)–0.21%** | **Federal National Mortgage Association (FNMA)–0.21%** | **Federal National Mortgage Association (FNMA)–0.21%** | **Federal National Mortgage Association (FNMA)–0.21%** |
| 7.00%, 01/01/2030 to <br> 12/01/2032<br>|  | 3100 | &nbsp;&nbsp; 3271 |
| 3.50%, 12/01/2030 to <br> 05/01/2047<br>|  | 283841 | &nbsp;&nbsp; 263066 |
| 6.50%, 09/01/2031 to <br> 01/01/2034<br>|  | 1425 | &nbsp;&nbsp; 1473 |
| 7.50%, 01/01/2033 |  | 519 | &nbsp;&nbsp; 532 |
| 5.50%, 02/01/2035 to <br> 05/01/2036<br>|  | 27741 | &nbsp;&nbsp; 28511 |
|  |  |  | &nbsp;&nbsp; 296853 |
| **Government National Mortgage Association (GNMA)–6.95%** | **Government National Mortgage Association (GNMA)–6.95%** | **Government National Mortgage Association (GNMA)–6.95%** | **Government National Mortgage Association (GNMA)–6.95%** |
| 7.00%, 03/15/2026 to <br> 08/15/2031<br>|  | 176 | &nbsp;&nbsp; 179 |
| 6.50%, 11/15/2031 |  | 547 | &nbsp;&nbsp; 557 |
| 6.00%, 11/15/2032 |  | 357 | &nbsp;&nbsp; 366 |
| 4.00%, 07/20/2049 |  | 21568 | &nbsp;&nbsp; 20307 |
| IO, <br>2.12% (6.55% - (1 mo. Term <br> SOFR + 0.11%)), 04/16/2037<sup>(c)(i)</sup> <br>|  | 14463 | &nbsp;&nbsp; 815 |
| 2.22% (6.65% - (1 mo. Term <br> SOFR + 0.11%)), 04/16/2041<sup>(c)(i)</sup> <br>|  | 81834 | &nbsp;&nbsp; 5467 |
| 4.50%, 09/16/2047<sup>(i)</sup> <br>|  | 85371 | &nbsp;&nbsp; 11925 |
| 1.77% (6.20% - (1 mo. Term <br> SOFR + 0.11%)), 10/16/2047<sup>(c)(i)</sup> <br>|  | 90600 | &nbsp;&nbsp; 11535 |
| TBA, <br>2.00%, 07/01/2055<sup>(l)</sup> <br>|  | 345000 | &nbsp;&nbsp; 281061 |
| 2.50%, 07/01/2055<sup>(l)</sup> <br>|  | 1767000 | &nbsp;&nbsp; 1501512 |
| 4.50%, 07/01/2055<sup>(l)</sup> <br>|  | 1998000 | &nbsp;&nbsp; 1912826 |
| 5.00%, 07/01/2055<sup>(l)</sup> <br>|  | 1518000 | &nbsp;&nbsp; 1491374 |
| 5.50%, 07/01/2055<sup>(l)</sup> <br>|  | 2392000 | &nbsp;&nbsp; 2395887 |
| 6.00%, 07/01/2055<sup>(l)</sup> <br>|  | 2193000 | &nbsp;&nbsp; 2225719 |
|  |  |  | &nbsp;&nbsp; 9859530 |

---

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

**18**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Uniform Mortgage-Backed Securities–22.96%** | **Uniform Mortgage-Backed Securities–22.96%** | **Uniform Mortgage-Backed Securities–22.96%** | **Uniform Mortgage-Backed Securities–22.96%** |
| TBA, <br>2.00%, 07/01/2040 to <br> 07/01/2055<sup>(l)</sup> <br>|  | $2606000 | &nbsp;&nbsp; $2165099 |
| 2.50%, 07/01/2055<sup>(l)</sup> <br>|  | 6435701 | &nbsp;&nbsp; 5337018 |
| 3.00%, 07/01/2055<sup>(l)</sup> <br>|  | 5482449 | &nbsp;&nbsp; 4744802 |
| 3.50%, 07/01/2055<sup>(l)</sup> <br>|  | 2923000 | &nbsp;&nbsp; 2631985 |
| 4.00%, 07/01/2055<sup>(l)</sup> <br>|  | 2359000 | &nbsp;&nbsp; 2193779 |
| 5.00%, 07/01/2055<sup>(l)</sup> <br>|  | 5068319 | &nbsp;&nbsp; 4967635 |
| 5.50%, 07/01/2055<sup>(l)</sup> <br>|  | 5956795 | &nbsp;&nbsp; 5956363 |
| 6.00%, 07/01/2055<sup>(l)</sup> <br>|  | 4500486 | &nbsp;&nbsp; 4573750 |
|  |  |  | &nbsp;&nbsp; 32570431 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $44,129,552) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $44,129,552) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $44,129,552) | &nbsp;&nbsp; 43536312 |
| **Asset-Backed Securities–26.73%** | **Asset-Backed Securities–26.73%** | **Asset-Backed Securities–26.73%** | **Asset-Backed Securities–26.73%** |
| Adjustable Rate Mortgage Trust, <br> Series 2004-2, Class 6A1, <br> 0.71%, 02/25/2035<sup>(h)</sup> <br>|  | 320 | &nbsp;&nbsp; 318 |
| AGL CLO 17 Ltd., Series 2022-17A, <br> Class AR, 5.22% (3 mo. Term <br> SOFR + 0.95%), 01/21/2035<sup>(b)(c)</sup> <br>|  | 307000 | &nbsp;&nbsp; 307641 |
| ALA Trust, Series 2025-OANA, <br> Class B, 6.14% (1 mo. Term SOFR <br> + 1.84%), 06/15/2040<sup>(b)(c)</sup> <br>|  | 610000 | &nbsp;&nbsp; 611371 |
| AMSR Trust, Series 2021-SFR3, <br> Class B, 1.73%, 10/17/2038<sup>(b)</sup> <br>|  | 380000 | &nbsp;&nbsp; 364514 |
| Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |  |  |
| Series 2020-1, Class A1, 2.16%, <br> 12/25/2059<sup>(b)(h)</sup> <br>|  | 17848 | &nbsp;&nbsp; 17360 |
| Series 2020-3, Class A1, 1.69%, <br> 04/25/2065<sup>(b)(h)</sup> <br>|  | 74464 | &nbsp;&nbsp; 70333 |
| Series 2020-5, Class A1, 1.37%, <br> 05/25/2065<sup>(b)(h)</sup> <br>|  | 7931 | &nbsp;&nbsp; 7622 |
| Series 2021-3, Class A1, 1.07%, <br> 05/25/2066<sup>(b)(h)</sup> <br>|  | 66620 | &nbsp;&nbsp; 56851 |
| Series 2021-7, Class A1, 1.98%, <br> 10/25/2066<sup>(b)(h)</sup> <br>|  | 166658 | &nbsp;&nbsp; 143906 |
| Series 2022-1, Class A1, 2.88%, <br> 12/25/2066<sup>(b)(h)</sup> <br>|  | 293118 | &nbsp;&nbsp; 272224 |
| Series 2023-6, Class A1, 6.50%, <br> 12/25/2067<sup>(b)(h)</sup> <br>|  | 75956 | &nbsp;&nbsp; 76541 |
| Series 2024-10, Class A1, <br> 5.35%, 10/25/2069<sup>(b)(h)</sup> <br>|  | 246613 | &nbsp;&nbsp; 246253 |
| Series 2024-2, Class A1, 5.99%, <br> 01/25/2069<sup>(b)(h)</sup> <br>|  | 313484 | &nbsp;&nbsp; 315112 |
| Series 2025-HB1, Class A1, <br> 6.11% (30 Day Average SOFR + <br> 1.80%), 02/25/2055<sup>(b)(c)</sup> <br>|  | 93763 | &nbsp;&nbsp; 94407 |
| Apidos CLO XII, Series 2013-12A, <br> Class ARR, 5.34% (3 mo. Term <br> SOFR + 1.08%), 04/15/2031<sup>(b)(c)</sup> <br>|  | 173666 | &nbsp;&nbsp; 173781 |
| Apidos CLO XXV, Series 2016-25A, <br> Class A1R3, 5.41% (3 mo. Term <br> SOFR + 1.14%), 01/20/2037<sup>(b)(c)</sup> <br>|  | 302000 | &nbsp;&nbsp; 301313 |
| Avis Budget Rental Car Funding (AESOP) <br> LLC, | Avis Budget Rental Car Funding (AESOP) <br> LLC, |  |  |
| Series 2022-1A, Class A, 3.83%, <br> 08/21/2028<sup>(b)</sup> <br>|  | 560000 | &nbsp;&nbsp; 554439 |
| Series 2023-1A, Class A, 5.25%, <br> 04/20/2029<sup>(b)</sup> <br>|  | 102000 | &nbsp;&nbsp; 104101 |
| Series 2023-4A, Class A, 5.49%, <br> 06/20/2029<sup>(b)</sup> <br>|  | 354000 | &nbsp;&nbsp; 363957 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Bain Capital Credit CLO Ltd., <br> Series 2021-1A, Class AR, 5.21% <br> (3 mo. Term SOFR + 0.94%), <br> 04/18/2034<sup>(b)(c)</sup> <br>|  | $175000 | &nbsp;&nbsp; $175053 |
| Banc of America Commercial <br> Mortgage Trust, Series 2015-<br> UBS7, Class AS, 3.99%, <br> 09/15/2048<sup>(h)</sup> <br>|  | 70000 | &nbsp;&nbsp; 69603 |
| Banc of America Funding Trust, | Banc of America Funding Trust, |  |  |
| Series 2007-1, Class 1A3, <br> 6.00%, 01/25/2037<br>|  | 28091 | &nbsp;&nbsp; 24338 |
| Series 2007-C, Class 1A4, <br> 4.38%, 05/20/2036<sup>(h)</sup> <br>|  | 7328 | &nbsp;&nbsp; 6410 |
| Banc of America Mortgage Trust, <br> Series 2007-1, Class 1A24, <br> 6.00%, 03/25/2037<br>|  | 18464 | &nbsp;&nbsp; 15797 |
| Bank, Series 2019-BNK16, Class XA, <br> IO, 1.09%, 02/15/2052<sup>(j)</sup> <br>|  | 1422305 | &nbsp;&nbsp; 37336 |
| Bank5, Series 2024-5YR10, Class A, <br> 5.64%, 10/15/2057<br>|  | 90000 | &nbsp;&nbsp; 92293 |
| Bayview MSR Opportunity Master Fund <br> Trust, | Bayview MSR Opportunity Master Fund <br> Trust, |  |  |
| Series 2021-4, Class A3, 3.00%, <br> 10/25/2051<sup>(b)(h)</sup> <br>|  | 271849 | &nbsp;&nbsp; 230938 |
| Series 2021-4, Class A4, 2.50%, <br> 10/25/2051<sup>(b)(h)</sup> <br>|  | 271849 | &nbsp;&nbsp; 221611 |
| Series 2021-4, Class A8, 2.50%, <br> 10/25/2051<sup>(b)(h)</sup> <br>|  | 239466 | &nbsp;&nbsp; 213892 |
| Series 2021-5, Class A1, 3.00%, <br> 11/25/2051<sup>(b)(h)</sup> <br>|  | 276648 | &nbsp;&nbsp; 235843 |
| Series 2021-5, Class A2, 2.50%, <br> 11/25/2051<sup>(b)(h)</sup> <br>|  | 337332 | &nbsp;&nbsp; 275426 |
| Bear Stearns Adjustable Rate Mortgage <br> Trust, | Bear Stearns Adjustable Rate Mortgage <br> Trust, |  |  |
| Series 2005-9, Class A1, 0.76% <br> (1 yr. U.S. Treasury Yield Curve <br> Rate + 2.30%), 10/25/2035<sup>(c)</sup> <br>|  | 17655 | &nbsp;&nbsp; 16746 |
| Series 2006-1, Class A1, 0.65% <br> (1 yr. U.S. Treasury Yield Curve <br> Rate + 2.25%), 02/25/2036<sup>(c)</sup> <br>|  | 21235 | &nbsp;&nbsp; 20257 |
| Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |  |  |
| Series 2018-B1, Class XA, IO, <br> 0.67%, 01/15/2051<sup>(j)</sup> <br>|  | 1123768 | &nbsp;&nbsp; 12162 |
| Series 2018-B3, Class C, 4.70%, <br> 04/10/2051<sup>(h)</sup> <br>|  | 42000 | &nbsp;&nbsp; 36328 |
| Series 2019-B14, Class A5, <br> 3.05%, 12/15/2062<br>|  | 90000 | &nbsp;&nbsp; 84167 |
| Series 2019-B15, Class B, <br> 3.56%, 12/15/2072<br>|  | 70000 | &nbsp;&nbsp; 60814 |
| Benefit Street Partners CLO XXV Ltd., <br> Series 2021-25A, Class A1R, <br> 5.26% (3 mo. Term SOFR + <br> 1.00%), 01/15/2035<sup>(b)(c)</sup> <br>|  | 278000 | &nbsp;&nbsp; 277608 |
| BRAVO Residential Funding Trust, <br> Series 2021-NQM2, Class A1, <br> 0.97%, 03/25/2060<sup>(b)(h)</sup> <br>|  | 37515 | &nbsp;&nbsp; 36415 |
| BSTN Commercial Mortgage Trust, <br> Series 2025-1C, Class A, 5.55%, <br> 06/15/2044<sup>(b)(h)</sup> <br>|  | 660000 | &nbsp;&nbsp; 675861 |

---

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

**19**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |  |  |
| Series 2021-ACNT, Class A, <br> 5.28% (1 mo. Term SOFR + <br> 0.96%), 11/15/2038<sup>(b)(c)</sup> <br>|  | $201465 | &nbsp;&nbsp; $201468 |
| Series 2021-VOLT, Class A, <br> 5.13% (1 mo. Term SOFR + <br> 0.81%), 09/15/2036<sup>(b)(c)</sup> <br>|  | 242207 | &nbsp;&nbsp; 241526 |
| Series 2021-VOLT, Class B, <br> 5.38% (1 mo. Term SOFR + <br> 1.06%), 09/15/2036<sup>(b)(c)</sup> <br>|  | 217986 | &nbsp;&nbsp; 217190 |
| Series 2021-VOLT, Class C, <br> 5.53% (1 mo. Term SOFR + <br> 1.21%), 09/15/2036<sup>(b)(c)</sup> <br>|  | 193766 | &nbsp;&nbsp; 192948 |
| Series 2021-VOLT, Class D, <br> 6.08% (1 mo. Term SOFR + <br> 1.76%), 09/15/2036<sup>(b)(c)</sup> <br>|  | 96883 | &nbsp;&nbsp; 96489 |
| Series 2024-VLT5, Class A, <br> 5.59%, 11/13/2046<sup>(b)(h)</sup> <br>|  | 350000 | &nbsp;&nbsp; 354541 |
| Series 2024-VLT5, Class B, <br> 5.99%, 11/13/2046<sup>(b)(h)</sup> <br>|  | 130000 | &nbsp;&nbsp; 132697 |
| BX Trust, | BX Trust, |  |  |
| Series 2022-LBA6, Class A, <br> 5.31% (1 mo. Term SOFR + <br> 1.00%), 01/15/2039<sup>(b)(c)</sup> <br>|  | 320000 | &nbsp;&nbsp; 319996 |
| Series 2022-LBA6, Class B, <br> 5.61% (1 mo. Term SOFR + <br> 1.30%), 01/15/2039<sup>(b)(c)</sup> <br>|  | 230000 | &nbsp;&nbsp; 229897 |
| Series 2022-LBA6, Class C, <br> 5.91% (1 mo. Term SOFR + <br> 1.60%), 01/15/2039<sup>(b)(c)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100003 |
| Series 2025-VLT6, Class A, <br> 5.75% (1 mo. Term SOFR + <br> 1.44%), 03/15/2042<sup>(b)(c)</sup> <br>|  | 185000 | &nbsp;&nbsp; 185166 |
| Carlyle Global Market Strategies CLO Ltd. <br> (Cayman Islands), | Carlyle Global Market Strategies CLO Ltd. <br> (Cayman Islands), |  |  |
| Series 2015-4A, Class A1RR, <br> 5.49% (3 mo. Term SOFR + <br> 1.22%), 07/20/2032<sup>(b)(c)</sup> <br>|  | 163536 | &nbsp;&nbsp; 163624 |
| Series 2015-5A, Class A1R3, <br> 5.37% (3 mo. Term SOFR + <br> 1.10%), 01/20/2032<sup>(b)(c)</sup> <br>|  | 179493 | &nbsp;&nbsp; 179797 |
| CD Mortgage Trust, Series 2017-CD6, <br> Class XA, IO, 1.03%, <br> 11/13/2050<sup>(j)</sup> <br>|  | 556825 | &nbsp;&nbsp; 8244 |
| Cedar Funding XI CLO Ltd., <br> Series 2019-11A, Class A1R2, <br> 5.39% (3 mo. Term SOFR + <br> 1.06%), 05/29/2032<sup>(b)(c)</sup> <br>|  | 225522 | &nbsp;&nbsp; 225240 |
| Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |  |  |
| Series 2019-ATR1, Class A15, <br> 4.00%, 04/25/2049<sup>(b)(h)</sup> <br>|  | 2974 | &nbsp;&nbsp; 2840 |
| Series 2019-ATR2, Class A3, <br> 3.50%, 07/25/2049<sup>(b)(h)</sup> <br>|  | 17591 | &nbsp;&nbsp; 15997 |
| Series 2024-9, Class A4, 5.50%, <br> 09/25/2055<sup>(b)(h)</sup> <br>|  | 216786 | &nbsp;&nbsp; 217607 |
| Chase Mortgage Finance Corp., | Chase Mortgage Finance Corp., |  |  |
| Series 2016-SH1, Class M3, <br> 3.75%, 04/25/2045<sup>(b)(h)</sup> <br>|  | 19053 | &nbsp;&nbsp; 17354 |
| Series 2016-SH2, Class M3, <br> 3.75%, 12/25/2045<sup>(b)(h)</sup> <br>|  | 24435 | &nbsp;&nbsp; 22611 |
| Chase Mortgage Finance Trust, <br> Series 2005-A2, Class 1A3, <br> 4.92%, 01/25/2036<sup>(h)</sup> <br>|  | 22378 | &nbsp;&nbsp; 20868 |
| CIFC Funding Ltd., Series 2016-1A, <br> Class AR3, 5.27% (3 mo. Term <br> SOFR + 1.00%), 10/21/2031<sup>(b)(c)</sup> <br>|  | 128608 | &nbsp;&nbsp; 128435 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Citigroup Commercial Mortgage Trust, <br> Series 2017-C4, Class XA, IO, <br> 1.12%, 10/12/2050<sup>(j)</sup> <br>|  | $1547702 | &nbsp;&nbsp; $28963 |
| Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |  |  |
| Series 2006-AR1, Class 1A1, <br> 6.56% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.40%), <br> 10/25/2035<sup>(c)</sup> <br>|  | 47198 | &nbsp;&nbsp; 45316 |
| Series 2021-INV3, Class A3, <br> 2.50%, 05/25/2051<sup>(b)(h)</sup> <br>|  | 269680 | &nbsp;&nbsp; 220111 |
| Series 2024-1, Class A3A, <br> 6.00%, 07/25/2054<sup>(b)(h)</sup> <br>|  | 220334 | &nbsp;&nbsp; 222513 |
| CLI Funding IX LLC, Series 2025-1A, <br> Class A, 5.35%, 06/20/2050<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100833 |
| Clover CLO LLC, Series 2021-3A, <br> Class AR, 5.35% (3 mo. Term <br> SOFR + 1.07%), 01/25/2035<sup>(b)(c)</sup> <br>|  | 265000 | &nbsp;&nbsp; 265188 |
| COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, |  |  |
| Series 2021-5, Class A1, 1.73%, <br> 11/26/2066<sup>(b)(h)</sup> <br>|  | 72189 | &nbsp;&nbsp; 65200 |
| Series 2022-1, Class A1, 2.28%, <br> 12/27/2066<sup>(b)(h)</sup> <br>|  | 190387 | &nbsp;&nbsp; 171772 |
| Series 2022-2, Class A1, 2.99%, <br> 02/25/2067<sup>(b)(h)</sup> <br>|  | 193626 | &nbsp;&nbsp; 184218 |
| Series 2022-3, Class A1, 3.90%, <br> 02/25/2067<sup>(b)(h)</sup> <br>|  | 253988 | &nbsp;&nbsp; 248570 |
| Commercial Mortgage Trust, <br> Series 2015-CR25, Class B, <br> 4.69%, 08/10/2048<sup>(h)</sup> <br>|  | 72000 | &nbsp;&nbsp; 71674 |
| Countrywide Home Loans Mortgage <br> Pass-Through Trust, | Countrywide Home Loans Mortgage <br> Pass-Through Trust, |  |  |
| Series 2005-17, Class 1A8, <br> 5.50%, 09/25/2035<br>|  | 1822 | &nbsp;&nbsp; 1817 |
| Series 2005-26, Class 1A8, <br> 5.50%, 11/25/2035<br>|  | 25253 | &nbsp;&nbsp; 15167 |
| Series 2005-J4, Class A7, <br> 5.50%, 11/25/2035<br>|  | 2877 | &nbsp;&nbsp; 2396 |
| Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |  |  |
| Series 2021-NQM1, Class A1, <br> 0.81%, 05/25/2065<sup>(b)(h)</sup> <br>|  | 29061 | &nbsp;&nbsp; 26418 |
| Series 2021-NQM2, Class A1, <br> 1.18%, 02/25/2066<sup>(b)(h)</sup> <br>|  | 73426 | &nbsp;&nbsp; 65904 |
| Series 2022-ATH1, Class A1A, <br> 2.87%, 01/25/2067<sup>(b)(h)</sup> <br>|  | 261326 | &nbsp;&nbsp; 252616 |
| Series 2022-ATH1, Class A1B, <br> 3.35%, 01/25/2067<sup>(b)(h)</sup> <br>|  | 115000 | &nbsp;&nbsp; 105244 |
| Series 2022-ATH2, Class A1, <br> 4.55%, 05/25/2067<sup>(b)(h)</sup> <br>|  | 228944 | &nbsp;&nbsp; 228274 |
| Cross Mortgage Trust, | Cross Mortgage Trust, |  |  |
| Series 2024-H2, Class A1, <br> 6.09%, 04/25/2069<sup>(b)(h)</sup> <br>|  | 146128 | &nbsp;&nbsp; 147256 |
| Series 2024-H8, Class A1, <br> 5.55%, 12/25/2069<sup>(b)(h)</sup> <br>|  | 295900 | &nbsp;&nbsp; 297445 |
| CSAIL Commercial Mortgage Trust, <br> Series 2020-C19, Class A3, <br> 2.56%, 03/15/2053<br>|  | 776000 | &nbsp;&nbsp; 698900 |
| CSFB Mortgage-Backed Pass-Through <br> Ctfs., Series 2004-AR5, <br> Class 3A1, 4.61%, <br> 06/25/2034<sup>(h)</sup> <br>|  | 4690 | &nbsp;&nbsp; 4445 |
| CSMC Mortgage-Backed Trust, <br> Series 2006-6, Class 1A4, <br> 6.00%, 07/25/2036<br>|  | 92523 | &nbsp;&nbsp; 42696 |

---

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

**20**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| DB Master Finance LLC, | DB Master Finance LLC, |  |  |
| Series 2019-1A, Class A23, <br> 4.35%, 05/20/2049<sup>(b)</sup> <br>|  | $47125 | &nbsp;&nbsp; $46343 |
| Series 2019-1A, Class A2II, <br> 4.02%, 05/20/2049<sup>(b)</sup> <br>|  | 47125 | &nbsp;&nbsp; 46737 |
| Domino's Pizza Master Issuer LLC, <br> Series 2019-1A, Class A2, <br> 3.67%, 10/25/2049<sup>(b)</sup> <br>|  | 104640 | &nbsp;&nbsp; 99908 |
| EFMT 2025-NQM2, Series 2025-<br> NQM2, Class A1, 5.60%, <br> 06/25/2070<sup>(b)(h)</sup> <br>|  | 280000 | &nbsp;&nbsp; 281576 |
| Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, |  |  |
| Series 2019-2, Class A1, 2.74%, <br> 11/25/2059<sup>(b)(h)</sup> <br>|  | 10112 | &nbsp;&nbsp; 9612 |
| Series 2020-1, Class A1, 2.01%, <br> 05/25/2065<sup>(b)(h)</sup> <br>|  | 2146 | &nbsp;&nbsp; 2131 |
| Series 2021-1, Class A1, 0.80%, <br> 02/25/2066<sup>(b)(h)</sup> <br>|  | 24582 | &nbsp;&nbsp; 21109 |
| Series 2022-1, Class A1, 2.21%, <br> 01/25/2067<sup>(b)(h)</sup> <br>|  | 197270 | &nbsp;&nbsp; 171338 |
| Series 2022-3, Class A1, 5.00%, <br> 08/25/2067<sup>(b)(h)</sup> <br>|  | 222194 | &nbsp;&nbsp; 221491 |
| Series 2024-INV2, Class A1, <br> 5.04%, 10/25/2069<sup>(b)(h)</sup> <br>|  | 142898 | &nbsp;&nbsp; 142021 |
| Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |  |  |
| Series 2024-2, Class A4, 5.69%, <br> 12/20/2030<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 53804 |
| Series 2024-4, Class A3, 4.56%, <br> 11/20/2028<sup>(b)</sup> <br>|  | 110000 | &nbsp;&nbsp; 110667 |
| Extended Stay America Trust, <br> Series 2021-ESH, Class B, 5.81% <br> (1 mo. Term SOFR + 1.49%), <br> 07/15/2038<sup>(b)(c)</sup> <br>|  | 192989 | &nbsp;&nbsp; 193186 |
| First Horizon Alternative Mortgage <br> Securities Trust, Series 2005-FA8, <br> Class 1A6, 5.08% (1 mo. Term <br> SOFR + 0.76%), 11/25/2035<sup>(c)</sup> <br>|  | 50550 | &nbsp;&nbsp; 20053 |
| Flagstar Mortgage Trust, | Flagstar Mortgage Trust, |  |  |
| Series 2021-11IN, Class A6, <br> 3.70%, 11/25/2051<sup>(b)(h)</sup> <br>|  | 394650 | &nbsp;&nbsp; 353240 |
| Series 2021-8INV, Class A6, <br> 2.50%, 09/25/2051<sup>(b)(h)</sup> <br>|  | 127603 | &nbsp;&nbsp; 114556 |
| Fort Greene Park CLO LLC, <br> Series 2025-2A, Class AR, 5.22% <br> (3 mo. Term SOFR + 0.95%), <br> 04/22/2034<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 248556 |
| Frontier Issuer LLC, Series 2023-1, <br> Class A2, 6.60%, 08/20/2053<sup>(b)</sup> <br>|  | 311233 | &nbsp;&nbsp; 316333 |
| GCAT Trust, | GCAT Trust, |  |  |
| Series 2019-NQM3, Class A1, <br> 3.69%, 11/25/2059<sup>(b)(h)</sup> <br>|  | 10687 | &nbsp;&nbsp; 10418 |
| Series 2025-NQM2, Class A1, <br> 0.00%, 04/25/2070<sup>(b)(k)</sup> <br>|  | 174136 | &nbsp;&nbsp; 174867 |
| GMACM Mortgage Loan Trust, <br> Series 2006-AR1, Class 1A1, <br> 3.36%, 04/19/2036<sup>(h)</sup> <br>|  | 28166 | &nbsp;&nbsp; 23389 |
| GoldenTree Loan Management US CLO <br> 5 Ltd., Series 2019-5A, <br> Class ARR, 5.34% (3 mo. Term <br> SOFR + 1.07%), 10/20/2032<sup>(b)(c)</sup> <br>|  | 214544 | &nbsp;&nbsp; 214694 |
| GoldenTree Loan Management US CLO <br> 8 Ltd., Series 2020-8A, <br> Class ARR, 5.42% (3 mo. Term <br> SOFR + 1.15%), 10/20/2034<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250525 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Golub Capital Partners CLO 53(B) <br> Ltd., Series 2021-53A, Class AR, <br> 5.29% (3 mo. Term SOFR + <br> 0.98%), 07/20/2034<sup>(b)(c)</sup> <br>|  | $451000 | &nbsp;&nbsp; $451085 |
| GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |  |  |
| Series 2020-GC45, Class A5, <br> 2.91%, 02/13/2053<br>|  | 50000 | &nbsp;&nbsp; 46429 |
| Series 2020-GC47, Class A5, <br> 2.38%, 05/12/2053<br>|  | 300000 | &nbsp;&nbsp; 270713 |
| GS Mortgage-Backed Securities Trust, <br> Series 2021-INV1, Class A6, <br> 2.50%, 12/25/2051<sup>(b)(h)</sup> <br>|  | 228299 | &nbsp;&nbsp; 203612 |
| GSR Mortgage Loan Trust, <br> Series 2005-AR4, Class 6A1, <br> 5.02%, 07/25/2035<sup>(h)</sup> <br>|  | 4070 | &nbsp;&nbsp; 3836 |
| Hertz Vehicle Financing III L.P., | Hertz Vehicle Financing III L.P., |  |  |
| Series 2021-2A, Class A, 1.68%, <br> 12/27/2027<sup>(b)</sup> <br>|  | 113000 | &nbsp;&nbsp; 108722 |
| Series 2021-2A, Class B, 2.12%, <br> 12/27/2027<sup>(b)</sup> <br>|  | 103000 | &nbsp;&nbsp; 98555 |
| Hilton Grand Vacations Trust, <br> Series 2025-1A, Class A, 4.88%, <br> 05/27/2042<sup>(b)</sup> <br>|  | 102000 | &nbsp;&nbsp; 103146 |
| HPEFS Equipment Trust, <br> Series 2023-2A, Class A2, <br> 6.04%, 01/21/2031<sup>(b)</sup> <br>|  | 6541 | &nbsp;&nbsp; 6546 |
| Invitation Homes Trust, <br> Series 2024-SFR1, Class A, <br> 4.00%, 09/17/2041<sup>(b)</sup> <br>|  | 99829 | &nbsp;&nbsp; 97359 |
| IP 2025-IP Mortgage Trust, <br> Series 2025-IP, Class B, 5.54%, <br> 06/10/2042<sup>(b)(h)</sup> <br>|  | 280000 | &nbsp;&nbsp; 284246 |
| IP Mortgage Trust, Series 2025-IP, <br> Class A, 5.25%, 06/10/2042<sup>(b)(h)</sup> <br>|  | 294000 | &nbsp;&nbsp; 298647 |
| JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |  |  |
| Series 2007-A1, Class 5A1, <br> 5.04%, 07/25/2035<sup>(h)</sup> <br>|  | 7740 | &nbsp;&nbsp; 7862 |
| Series 2021-LTV2, Class A1, <br> 2.52%, 05/25/2052<sup>(b)(h)</sup> <br>|  | 299200 | &nbsp;&nbsp; 258283 |
| Series 2024-8, Class A3, 5.50%, <br> 01/25/2055<sup>(b)(h)</sup> <br>|  | 58280 | &nbsp;&nbsp; 58037 |
| Series 2024-VIS1, Class A1, <br> 5.99%, 07/25/2064<sup>(b)(h)</sup> <br>|  | 212823 | &nbsp;&nbsp; 214279 |
| JPMBB Commercial Mortgage Securities <br> Trust, | JPMBB Commercial Mortgage Securities <br> Trust, |  |  |
| Series 2014-C24, Class B, <br> 4.12%, 11/15/2047<sup>(h)</sup> <br>|  | 245000 | &nbsp;&nbsp; 226478 |
| Series 2014-C25, Class AS, <br> 4.07%, 11/15/2047<br>|  | 200000 | &nbsp;&nbsp; 193367 |
| Series 2015-C27, Class XA, IO, <br> 0.87%, 02/15/2048<sup>(j)</sup> <br>|  | 259903 | &nbsp;&nbsp; 6 |
| KKR CLO 15 Ltd., Series 15, <br> Class A1R2, 5.37% (3 mo. Term <br> SOFR + 1.10%), 01/18/2032<sup>(b)(c)</sup> <br>|  | 185466 | &nbsp;&nbsp; 185554 |
| Life Mortgage Trust, Series 2021-<br> BMR, Class C, 5.53% (1 mo. Term <br> SOFR + 1.21%), 03/15/2038<sup>(b)(c)</sup> <br>|  | 11748 | &nbsp;&nbsp; 11686 |
| Madison Park Funding XLVIII Ltd., <br> Series 2021-48A, Class A, 5.68% <br> (3 mo. Term SOFR + 1.41%), <br> 04/19/2033<sup>(b)(c)</sup> <br>|  | 673714 | &nbsp;&nbsp; 675522 |
| MASTR Asset Backed Securities Trust, <br> Series 2006-WMC3, Class A3, <br> 4.63% (1 mo. Term SOFR + <br> 0.31%), 08/25/2036<sup>(c)</sup> <br>|  | 34090 | &nbsp;&nbsp; 11541 |

---

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

**21**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Mello Mortgage Capital Acceptance Trust, | Mello Mortgage Capital Acceptance Trust, |  |  |
| Series 2021-INV2, Class A4, <br> 2.50%, 08/25/2051<sup>(b)(h)</sup> <br>|  | $165295 | &nbsp;&nbsp; $146799 |
| Series 2021-INV3, Class A4, <br> 2.50%, 10/25/2051<sup>(b)(h)</sup> <br>|  | 163760 | &nbsp;&nbsp; 146270 |
| Merrill Lynch Mortgage Investors <br> Trust, Series 2005-3, Class 3A, <br> 2.39%, 11/25/2035<sup>(h)</sup> <br>|  | 3405 | &nbsp;&nbsp; 3176 |
| MFA Trust, Series 2021-INV2, <br> Class A1, 1.91%, <br> 11/25/2056<sup>(b)(h)</sup> <br>|  | 205976 | &nbsp;&nbsp; 184675 |
| MHP Commercial Mortgage Trust, | MHP Commercial Mortgage Trust, |  |  |
| Series 2021-STOR, Class A, <br> 5.13% (1 mo. Term SOFR + <br> 0.81%), 07/15/2038<sup>(b)(c)</sup> <br>|  | 125000 | &nbsp;&nbsp; 125027 |
| Series 2021-STOR, Class B, <br> 5.33% (1 mo. Term SOFR + <br> 1.01%), 07/15/2038<sup>(b)(c)</sup> <br>|  | 105000 | &nbsp;&nbsp; 105027 |
| Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |  |  |
| Series 2017-HR2, Class XA, IO, <br> 0.99%, 12/15/2050<sup>(j)</sup> <br>|  | 534427 | &nbsp;&nbsp; 9293 |
| Series 2019-L2, Class A4, <br> 4.07%, 03/15/2052<br>|  | 80000 | &nbsp;&nbsp; 78047 |
| Series 2019-L3, Class AS, 3.49%, <br> 11/15/2052<br>|  | 60000 | &nbsp;&nbsp; 56146 |
| Morgan Stanley Re-REMIC Trust, <br> Series 2012-R3, Class 1B, <br> 6.00%, 11/26/2036<sup>(b)(h)</sup> <br>|  | 177799 | &nbsp;&nbsp; 157514 |
| Morgan Stanley Residential Mortgage Loan <br> Trust, | Morgan Stanley Residential Mortgage Loan <br> Trust, |  |  |
| Series 2024-3, Class A1, 6.00%, <br> 07/25/2054<sup>(b)(h)</sup> <br>|  | 158895 | &nbsp;&nbsp; 160161 |
| Series 2024-NQM5, Class A1, <br> 5.65%, 10/25/2069<sup>(b)(h)</sup> <br>|  | 234022 | &nbsp;&nbsp; 235151 |
| Series 2025-NQM1, Class A1, <br> 5.74%, 11/25/2069<sup>(b)(h)</sup> <br>|  | 363668 | &nbsp;&nbsp; 366184 |
| Navient Refinance Loan Trust, <br> Series 2025-A, Class A, 5.15%, <br> 02/16/2055<sup>(b)</sup> <br>|  | 178207 | &nbsp;&nbsp; 180356 |
| Neuberger Berman Loan Advisers CLO <br> 40 Ltd., Series 2021-40A, <br> Class A, 5.58% (3 mo. Term SOFR <br> + 1.32%), 04/16/2033<sup>(b)(c)</sup> <br>|  | 233995 | &nbsp;&nbsp; 234278 |
| Neuberger Berman Loan Advisers CLO <br> 49 Ltd., Series 2022-49A, <br> Class AR, 5.43% (3 mo. Term <br> SOFR + 1.15%), 07/25/2035<sup>(b)(c)</sup> <br>|  | 256000 | &nbsp;&nbsp; 256180 |
| New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |  |  |
| Series 2019-NQM4, Class A1, <br> 2.49%, 09/25/2059<sup>(b)(h)</sup> <br>|  | 10018 | &nbsp;&nbsp; 9573 |
| Series 2020-NQM1, Class A1, <br> 2.46%, 01/26/2060<sup>(b)(h)</sup> <br>|  | 16307 | &nbsp;&nbsp; 15413 |
| Series 2022-NQM2, Class A1, <br> 3.08%, 03/27/2062<sup>(b)(h)</sup> <br>|  | 196446 | &nbsp;&nbsp; 185313 |
| Series 2024-NQM3, Class A1, <br> 5.47%, 11/25/2064<sup>(b)(h)</sup> <br>|  | 87780 | &nbsp;&nbsp; 88026 |
| Oaktree CLO Ltd., Series 2021-2A, <br> Class AR, 5.23% (3 mo. Term <br> SOFR + 0.97%), 01/15/2035<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250119 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| OBX Trust, | OBX Trust, |  |  |
| Series 2021-NQM4, Class A1, <br> 1.96%, 10/25/2061<sup>(b)(h)</sup> <br>|  | $256965 | &nbsp;&nbsp; $218344 |
| Series 2022-NQM1, Class A1, <br> 2.31%, 11/25/2061<sup>(b)(h)</sup> <br>|  | 225714 | &nbsp;&nbsp; 202360 |
| Series 2022-NQM2, Class A1B, <br> 3.38%, 01/25/2062<sup>(b)(h)</sup> <br>|  | 235000 | &nbsp;&nbsp; 211515 |
| Series 2024-NQM14, Class A1, <br> 4.94%, 09/25/2064<sup>(b)(h)</sup> <br>|  | 165008 | &nbsp;&nbsp; 164180 |
| Series 2024-NQM18, Class A1, <br> 5.41%, 10/25/2064<sup>(b)(h)</sup> <br>|  | 105154 | &nbsp;&nbsp; 105322 |
| Oceanview Mortgage Trust, <br> Series 2021-3, Class A5, 2.50%, <br> 07/25/2051<sup>(b)(h)</sup> <br>|  | 203493 | &nbsp;&nbsp; 182658 |
| OCP CLO Ltd., Series 2020-8RA, <br> Class AR, 5.53% (3 mo. Term <br> SOFR + 1.25%), 10/17/2036<sup>(b)(c)</sup> <br>|  | 518000 | &nbsp;&nbsp; 517728 |
| One Bryant Park Trust, <br> Series 2019-OBP, Class A, 2.52%, <br> 09/15/2054<sup>(b)</sup> <br>|  | 114000 | &nbsp;&nbsp; 103902 |
| Palmer Square Loan Funding 2025-2 <br> Ltd., Series 2025-2A, Class A1, <br> 0.00% (3 mo. Term SOFR + <br> 0.94%), 07/15/2033<sup>(b)(c)(k)</sup> <br>|  | 570000 | &nbsp;&nbsp; 570427 |
| Pikes Peak CLO 6, Series 2020-6A, <br> Class ARR, 5.26% (3 mo. Term <br> SOFR + 0.94%), 05/18/2034<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 249751 |
| PMT Loan Trust, Series 2025-INV1, <br> Class A7, 6.00%, <br> 01/25/2060<sup>(b)(h)</sup> <br>|  | 123772 | &nbsp;&nbsp; 125500 |
| Progress Residential Trust, | Progress Residential Trust, |  |  |
| Series 2021-SFR10, Class A, <br> 2.39%, 12/17/2040<sup>(b)</sup> <br>|  | 203038 | &nbsp;&nbsp; 191165 |
| Series 2022-SFR5, Class A, <br> 4.45%, 06/17/2039<sup>(b)</sup> <br>|  | 242351 | &nbsp;&nbsp; 242179 |
| Qdoba Funding LLC, Series 2023-1A, <br> Class A2, 8.50%, 09/14/2053<sup>(b)</sup> <br>|  | 357105 | &nbsp;&nbsp; 373402 |
| Rate Mortgage Trust, | Rate Mortgage Trust, |  |  |
| Series 2024-J4, Class A1, <br> 6.00%, 12/25/2054<sup>(b)(h)</sup> <br>|  | 189260 | &nbsp;&nbsp; 191219 |
| Series 2025-J1, Class A4, <br> 6.00%, 03/25/2055<sup>(b)(h)</sup> <br>|  | 162720 | &nbsp;&nbsp; 164549 |
| Series 2025-J2, Class A5, <br> 5.50%, 07/25/2055<sup>(b)(h)</sup> <br>|  | 191000 | &nbsp;&nbsp; 191501 |
| RCKT Mortgage Trust, Series 2025-<br> CES6, Class A1A, 5.47%, <br> 06/25/2055<sup>(b)(h)</sup> <br>|  | 235000 | &nbsp;&nbsp; 234998 |
| Residential Accredit Loans, Inc. Trust, | Residential Accredit Loans, Inc. Trust, |  |  |
| Series 2006-QS13, Class 1A8, <br> 6.00%, 09/25/2036<br>|  | 210 | &nbsp;&nbsp; 166 |
| Series 2007-QS6, Class A28, <br> 5.75%, 04/25/2037<br>|  | 2876 | &nbsp;&nbsp; 2373 |
| Residential Mortgage Loan Trust, <br> Series 2020-1, Class A1, 2.38%, <br> 01/26/2060<sup>(b)(h)</sup> <br>|  | 3981 | &nbsp;&nbsp; 3943 |
| RUN Trust, Series 2022-NQM1, <br> Class A1, 4.00%, 03/25/2067<sup>(b)</sup> <br>|  | 186785 | &nbsp;&nbsp; 183166 |
| SG Residential Mortgage Trust, | SG Residential Mortgage Trust, |  |  |
| Series 2022-1, Class A1, 3.17%, <br> 03/27/2062<sup>(b)(h)</sup> <br>|  | 309430 | &nbsp;&nbsp; 286698 |
| Series 2022-1, Class A2, 3.58%, <br> 03/27/2062<sup>(b)(h)</sup> <br>|  | 101847 | &nbsp;&nbsp; 92430 |
| Shackleton CLO Ltd., Series 2015-<br> 7RA, Class ARR, 5.36% (3 mo. <br> Term SOFR + 1.10%), <br> 07/15/2031<sup>(b)(c)</sup> <br>|  | 161030 | &nbsp;&nbsp; 160997 |

---

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

**22**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Signal Peak CLO 1 Ltd., <br> Series 2014-1A, Class AR4, <br> 5.36% (3 mo. Term SOFR + <br> 1.08%), 04/17/2034<sup>(b)(c)</sup> <br>|  | $372000 | &nbsp;&nbsp; $371000 |
| Sonic Capital LLC, | Sonic Capital LLC, |  |  |
| Series 2020-1A, Class A2I, <br> 3.85%, 01/20/2050<sup>(b)</sup> <br>|  | 47583 | &nbsp;&nbsp; 46605 |
| Series 2021-1A, Class A2I, <br> 2.19%, 08/20/2051<sup>(b)</sup> <br>|  | 154000 | &nbsp;&nbsp; 140828 |
| Series 2021-1A, Class A2II, <br> 2.64%, 08/20/2051<sup>(b)</sup> <br>|  | 154000 | &nbsp;&nbsp; 131113 |
| STAR Trust, Series 2021-1, Class A1, <br> 1.22%, 05/25/2065<sup>(b)(h)</sup> <br>|  | 89886 | &nbsp;&nbsp; 84258 |
| Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |  |  |
| Series 2020-1, Class A1, 2.28%, <br> 02/25/2050<sup>(b)(h)</sup> <br>|  | 7245 | &nbsp;&nbsp; 6929 |
| Series 2020-INV1, Class A1, <br> 1.03%, 11/25/2055<sup>(b)(h)</sup> <br>|  | 12203 | &nbsp;&nbsp; 11539 |
| Series 2021-6, Class A1, 1.92%, <br> 11/25/2066<sup>(b)(h)</sup> <br>|  | 294175 | &nbsp;&nbsp; 261038 |
| Series 2022-1, Class A1, 2.45%, <br> 12/25/2066<sup>(b)(h)</sup> <br>|  | 225910 | &nbsp;&nbsp; 204992 |
| Structured Adjustable Rate Mortgage <br> Loan Trust, Series 2004-12, <br> Class 3A2, 5.29%, <br> 09/25/2034<sup>(h)</sup> <br>|  | 1400 | &nbsp;&nbsp; 1375 |
| Structured Asset Securities Corp. <br> Mortgage Pass-Through Ctfs., <br> Series 2003-34A, Class 5A5, <br> 5.67%, 11/25/2033<sup>(h)</sup> <br>|  | 15002 | &nbsp;&nbsp; 14702 |
| Subway Funding LLC, | Subway Funding LLC, |  |  |
| Series 2024-1A, Class A23, <br> 6.51%, 07/30/2054<sup>(b)</sup> <br>|  | 192035 | &nbsp;&nbsp; 197540 |
| Series 2024-1A, Class A2I, <br> 6.03%, 07/30/2054<sup>(b)</sup> <br>|  | 210940 | &nbsp;&nbsp; 214935 |
| Series 2024-1A, Class A2I, <br> 6.27%, 07/30/2054<sup>(b)</sup> <br>|  | 208950 | &nbsp;&nbsp; 214659 |
| Series 2024-3A, Class A23, <br> 5.91%, 07/30/2054<sup>(b)</sup> <br>|  | 218900 | &nbsp;&nbsp; 217347 |
| Series 2024-3A, Class A2I, <br> 5.25%, 07/30/2054<sup>(b)</sup> <br>|  | 199000 | &nbsp;&nbsp; 198297 |
| Series 2024-3A, Class A2I, <br> 5.57%, 07/30/2054<sup>(b)</sup> <br>|  | 203975 | &nbsp;&nbsp; 203770 |
| Symphony CLO XX Ltd., <br> Series 2018-20A, Class AR2, <br> 5.36% (3 mo. Term SOFR + <br> 1.10%), 01/16/2032<sup>(b)(c)</sup> <br>|  | 205888 | &nbsp;&nbsp; 205942 |
| Symphony CLO XXI Ltd., <br> Series 2019-21A, Class AR2, <br> 5.16% (3 mo. Term SOFR + <br> 0.90%), 07/15/2032<sup>(b)(c)</sup> <br>|  | 319866 | &nbsp;&nbsp; 319224 |
| Symphony CLO XXII Ltd., <br> Series 2020-22A, Class A1AR, <br> 5.45% (3 mo. Term SOFR + <br> 1.18%), 04/18/2033<sup>(b)(c)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250069 |
| Symphony CLO XXIII Ltd., <br> Series 2020-23A, Class AR2, <br> 5.16% (3 mo. Term SOFR + <br> 0.90%), 01/15/2034<sup>(b)(c)</sup> <br>|  | 340994 | &nbsp;&nbsp; 340663 |
| Synchrony Card Funding LLC, | Synchrony Card Funding LLC, |  |  |
| Series 2022-A2, Class A, 3.86%, <br> 07/15/2028<br>|  | 428000 | &nbsp;&nbsp; 427917 |
| Series 2024-A2, Class A, 4.93%, <br> 07/15/2030<br>|  | 140000 | &nbsp;&nbsp; 142153 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Textainer Marine Containers VII Ltd., <br> Series 2021-2A, Class A, 2.23%, <br> 04/20/2046<sup>(b)</sup> <br>|  | $293333 | &nbsp;&nbsp; $273941 |
| Thornburg Mortgage Securities Trust, <br> Series 2005-1, Class A3, 5.64%, <br> 04/25/2045<sup>(h)</sup> <br>|  | 10490 | &nbsp;&nbsp; 10280 |
| TierPoint Issuer LLC, Series 2023-1A, <br> Class A2, 6.00%, 06/25/2053<sup>(b)</sup> <br>|  | 58667 | &nbsp;&nbsp; 58702 |
| Tricon American Homes Trust, <br> Series 2020-SFR2, Class A, <br> 1.48%, 11/17/2039<sup>(b)</sup> <br>|  | 245340 | &nbsp;&nbsp; 230090 |
| Tricon Residential Trust, <br> Series 2025-SFR1, Class A, <br> 5.41% (1 mo. Term SOFR + <br> 1.10%), 03/17/2042<sup>(b)(c)</sup> <br>|  | 194665 | &nbsp;&nbsp; 194782 |
| UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |  |  |
| Series 2017-C5, Class XA, IO, <br> 1.28%, 11/15/2050<sup>(j)</sup> <br>|  | 831413 | &nbsp;&nbsp; 14101 |
| Series 2019-C16, Class A4, <br> 3.60%, 04/15/2052<br>|  | 80000 | &nbsp;&nbsp; 76797 |
| VDCM Commercial Mortgage Trust <br> 2025-AZ, | VDCM Commercial Mortgage Trust <br> 2025-AZ, |  |  |
| Series 2025-AZ, Class A, 5.23%, <br> 07/13/2044<sup>(b)(h)</sup> <br>|  | 695000 | &nbsp;&nbsp; 697810 |
| Series 2025-AZ, Class B, 5.48%, <br> 07/13/2044<sup>(b)(h)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100406 |
| Series 2025-AZ, Class C, 6.03%, <br> 07/13/2044<sup>(b)(h)</sup> <br>|  | 235000 | &nbsp;&nbsp; 236425 |
| Series 2025-AZ, Class D, 6.43%, <br> 07/13/2044<sup>(b)(h)</sup> <br>|  | 245000 | &nbsp;&nbsp; 247193 |
| Verus Securitization Trust, | Verus Securitization Trust, |  |  |
| Series 2020-1, Class A1, 3.42%, <br> 01/25/2060<sup>(b)(h)</sup> <br>|  | 25600 | &nbsp;&nbsp; 25138 |
| Series 2020-1, Class A2, 3.64%, <br> 01/25/2060<sup>(b)(h)</sup> <br>|  | 27829 | &nbsp;&nbsp; 27351 |
| Series 2021-1, Class A1B, <br> 0.82%, 01/25/2066<sup>(b)(h)</sup> <br>|  | 59287 | &nbsp;&nbsp; 52951 |
| Series 2021-7, Class A1, 1.83%, <br> 10/25/2066<sup>(b)(h)</sup> <br>|  | 246084 | &nbsp;&nbsp; 221541 |
| Series 2021-R1, Class A1, <br> 0.82%, 10/25/2063<sup>(b)(h)</sup> <br>|  | 42932 | &nbsp;&nbsp; 41510 |
| Series 2022-1, Class A1, 2.72%, <br> 01/25/2067<sup>(b)(h)</sup> <br>|  | 195857 | &nbsp;&nbsp; 183455 |
| Series 2022-3, Class A1, 4.13%, <br> 02/25/2067<sup>(b)(h)</sup> <br>|  | 135496 | &nbsp;&nbsp; 129780 |
| Series 2022-7, Class A1, 5.15%, <br> 07/25/2067<sup>(b)(h)</sup> <br>|  | 78853 | &nbsp;&nbsp; 79433 |
| Series 2022-INV2, Class A1, <br> 6.79%, 10/25/2067<sup>(b)(h)</sup> <br>|  | 104760 | &nbsp;&nbsp; 104793 |
| Series 2024-7, Class A1, 5.10%, <br> 09/25/2069<sup>(b)(h)</sup> <br>|  | 128815 | &nbsp;&nbsp; 128542 |
| Visio Trust, Series 2020-1R, <br> Class A1, 1.31%, 11/25/2055<sup>(b)</sup> <br>|  | 24594 | &nbsp;&nbsp; 23600 |
| WaMu Mortgage Pass-Through Ctfs. Trust, | WaMu Mortgage Pass-Through Ctfs. Trust, |  |  |
| Series 2003-AR10, Class A7, <br> 6.50%, 10/25/2033<sup>(h)</sup> <br>|  | 14384 | &nbsp;&nbsp; 13905 |
| Series 2005-AR14, Class 1A4, <br> 4.92%, 12/25/2035<sup>(h)</sup> <br>|  | 36806 | &nbsp;&nbsp; 34824 |
| Series 2005-AR16, Class 1A1, <br> 4.69%, 12/25/2035<sup>(h)</sup> <br>|  | 16799 | &nbsp;&nbsp; 15496 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, Class XA, <br> IO, 0.98%, 12/15/2050<sup>(j)</sup> <br>|  | 779584 | &nbsp;&nbsp; 13219 |
| Wendy's Funding LLC, Series 2018-<br> 1A, Class A2II, 3.88%, <br> 03/15/2048<sup>(b)</sup> <br>|  | 55487 | &nbsp;&nbsp; 54208 |

---

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

**23**

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

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| WEST Trust 2025-ROSE, <br> Series 2025-ROSE, Class A, <br> 5.45%, 04/10/2035<sup>(b)(h)</sup> <br>|  | $235000 | &nbsp;&nbsp; $238276 |
| WF Card Issuance Trust, <br> Series 2024-A1, Class A, 4.94%, <br> 02/15/2029<br>|  | 507000 | &nbsp;&nbsp; 513837 |
| WFRBS Commercial Mortgage Trust, <br> Series 2013-C14, Class AS, <br> 3.49%, 06/15/2046<br>|  | 21110 | &nbsp;&nbsp; 20564 |
| Zaxby's Funding LLC, | Zaxby's Funding LLC, |  |  |
| Series 2021-1A, Class A2, <br> 3.24%, 07/30/2051<sup>(b)</sup> <br>|  | 492319 | &nbsp;&nbsp; 455777 |
| Series 2024-1A, Class A2I, <br> 6.59%, 04/30/2054<sup>(b)</sup> <br>|  | 124063 | &nbsp;&nbsp; 127073 |
| Zayo Issuer LLC, Series 2025-2A, <br> Class A2, 5.95%, 06/20/2055<sup>(b)</sup> <br>|  | 219000 | &nbsp;&nbsp; 226463 |
| Ziply Fiber Issuer LLC, <br> Series 2024-1A, Class A2, <br> 6.64%, 04/20/2054<sup>(b)</sup> <br>|  | 248000 | &nbsp;&nbsp; 254904 |
| Total Asset-Backed Securities (Cost $39,322,255) | Total Asset-Backed Securities (Cost $39,322,255) | Total Asset-Backed Securities (Cost $39,322,255) | &nbsp;&nbsp; 37927744 |
| **U.S. Treasury Securities–11.91%** | **U.S. Treasury Securities–11.91%** | **U.S. Treasury Securities–11.91%** | **U.S. Treasury Securities–11.91%** |
| **U.S. Treasury Bills–0.23%** | **U.S. Treasury Bills–0.23%** | **U.S. Treasury Bills–0.23%** | **U.S. Treasury Bills–0.23%** |
| 4.11% - 4.12%, <br> 05/14/2026<sup>(m)(n)</sup> <br>|  | 335000 | &nbsp;&nbsp; 323702 |
| **U.S. Treasury Bonds–4.76%** | **U.S. Treasury Bonds–4.76%** | **U.S. Treasury Bonds–4.76%** | **U.S. Treasury Bonds–4.76%** |
| 5.00%, 05/15/2045 |  | 3163100 | &nbsp;&nbsp; 3249838 |
| 4.63%, 02/15/2055 |  | 3603100 | &nbsp;&nbsp; 3508519 |
|  |  |  | &nbsp;&nbsp; 6758357 |
| **U.S. Treasury Notes–6.92%** | **U.S. Treasury Notes–6.92%** | **U.S. Treasury Notes–6.92%** | **U.S. Treasury Notes–6.92%** |
| 3.75%, 06/30/2027 |  | 2917100 | &nbsp;&nbsp; 2919037 |
| 3.88%, 06/15/2028 |  | 150500 | &nbsp;&nbsp; 151305 |
| 3.88%, 06/30/2030 |  | 1516700 | &nbsp;&nbsp; 1522565 |
| 4.00%, 06/30/2032 |  | 699600 | &nbsp;&nbsp; 700201 |
| 4.25%, 05/15/2035 |  | 4509000 | &nbsp;&nbsp; 4516398 |
|  |  |  | &nbsp;&nbsp; 9809506 |
| Total U.S. Treasury Securities (Cost $16,673,764) | Total U.S. Treasury Securities (Cost $16,673,764) | Total U.S. Treasury Securities (Cost $16,673,764) | &nbsp;&nbsp; 16891565 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–0.51%** | **Preferred Stocks–0.51%** | **Preferred Stocks–0.51%** | **Preferred Stocks–0.51%** |
| **Aerospace & Defense–0.05%** | **Aerospace & Defense–0.05%** | **Aerospace & Defense–0.05%** | **Aerospace & Defense–0.05%** |
| Boeing Co. (The), 6.00%, Conv. Pfd. | Boeing Co. (The), 6.00%, Conv. Pfd. | 1000 | &nbsp;&nbsp; 68000 |
| **Diversified Banks–0.01%** | **Diversified Banks–0.01%** | **Diversified Banks–0.01%** | **Diversified Banks–0.01%** |
| Wells Fargo & Co., 7.50%, Class A, <br> Series L, Conv. Pfd. | Wells Fargo & Co., 7.50%, Class A, <br> Series L, Conv. Pfd. | 10 | &nbsp;&nbsp; 11741 |
| **Diversified Financial Services–0.24%** | **Diversified Financial Services–0.24%** | **Diversified Financial Services–0.24%** | **Diversified Financial Services–0.24%** |
| Apollo Global Management, Inc., 7.63%, <br> Pfd.<sup>(d)</sup>  | Apollo Global Management, Inc., 7.63%, <br> Pfd.<sup>(d)</sup>  | 13475 | &nbsp;&nbsp; 350754 |
| **Investment Banking & Brokerage–0.09%** | **Investment Banking & Brokerage–0.09%** | **Investment Banking & Brokerage–0.09%** | **Investment Banking & Brokerage–0.09%** |
| Morgan Stanley, 6.88%, Series F, Pfd. | Morgan Stanley, 6.88%, Series F, Pfd. | 5000 | &nbsp;&nbsp; 125650 |
| **Regional Banks–0.12%** | **Regional Banks–0.12%** | **Regional Banks–0.12%** | **Regional Banks–0.12%** |
| M&T Bank Corp., 7.50%, Series J, Pfd. | M&T Bank Corp., 7.50%, Series J, Pfd. | 6570 | &nbsp;&nbsp; 172134 |
| Total Preferred Stocks (Cost $688,830) | Total Preferred Stocks (Cost $688,830) | Total Preferred Stocks (Cost $688,830) | &nbsp;&nbsp; 728279 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Non-U.S. Dollar Denominated Bonds & Notes–0.32%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.32%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.32%**<sup>(o)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–0.32%**<sup>(o)</sup>  |
| **Movies & Entertainment–0.09%** | **Movies & Entertainment–0.09%** | **Movies & Entertainment–0.09%** | **Movies & Entertainment–0.09%** |
| Netflix, Inc., 3.88%, 11/15/2029<sup>(b)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; $123142 |
| **Sovereign Debt–0.23%** | **Sovereign Debt–0.23%** | **Sovereign Debt–0.23%** | **Sovereign Debt–0.23%** |
| Barbados Government International Bond <br> (Barbados), 8.00%, 06/26/2035<sup>(b)</sup>  | Barbados Government International Bond <br> (Barbados), 8.00%, 06/26/2035<sup>(b)</sup>  | 88000 | &nbsp;&nbsp; 88466 |
| Mexico Government International Bond <br> (Mexico), 5.85%, 07/02/2032 | Mexico Government International Bond <br> (Mexico), 5.85%, 07/02/2032 | 234000 | &nbsp;&nbsp; 237101 |
|  |  |  | &nbsp;&nbsp; 325567 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $431,541) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $431,541) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $431,541) | &nbsp;&nbsp; 448709 |
| **Agency Credit Risk Transfer Notes–0.16%** | **Agency Credit Risk Transfer Notes–0.16%** | **Agency Credit Risk Transfer Notes–0.16%** | **Agency Credit Risk Transfer Notes–0.16%** |
| Fannie Mae Connecticut Avenue Securities, | Fannie Mae Connecticut Avenue Securities, |  |  |
| Series 2023-R02, Class 1M1, <br> 6.61% (30 Day Average SOFR + <br> 2.30%), 01/25/2043<sup>(b)(c)</sup> <br>|  | $69240 | &nbsp;&nbsp; 70701 |
| Series 2025-R04, Class 1A1, <br> 5.31% (30 Day Average SOFR + <br> 1.00%), 05/25/2045<sup>(b)(c)</sup> <br>|  | 19449 | &nbsp;&nbsp; 19466 |
| Freddie Mac, | Freddie Mac, |  |  |
| Series 2022-HQA3, Class M1, <br> STACR<sup>®</sup>, 6.61% (30 Day Average <br> SOFR + 2.30%), 08/25/2042<sup>(b)(c)</sup> <br>|  | 86144 | &nbsp;&nbsp; 87762 |
| Series 2023-DNA1, Class M1, <br> STACR<sup>®</sup>, 6.41% (30 Day Average <br> SOFR + 2.10%), 03/25/2043<sup>(b)(c)</sup> <br>|  | 51164 | &nbsp;&nbsp; 51940 |
| Total Agency Credit Risk Transfer Notes <br> (Cost $225,996) | Total Agency Credit Risk Transfer Notes <br> (Cost $225,996) | Total Agency Credit Risk Transfer Notes <br> (Cost $225,996) | &nbsp;&nbsp; 229869 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–11.90%** | **Money Market Funds–11.90%** | **Money Market Funds–11.90%** | **Money Market Funds–11.90%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(p)(q)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(p)(q)</sup>  | 5905299 | &nbsp;&nbsp; 5905299 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(p)(q)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(p)(q)</sup>  | 10983695 | &nbsp;&nbsp; 10983695 |
| Total Money Market Funds (Cost $16,888,994) | Total Money Market Funds (Cost $16,888,994) | Total Money Market Funds (Cost $16,888,994) | &nbsp;&nbsp; 16888994 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-130.64% <br> (Cost $185,746,774)<br>|  |  | &nbsp;&nbsp; 185351558 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–2.85%** | **Money Market Funds–2.85%** | **Money Market Funds–2.85%** | **Money Market Funds–2.85%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(p)(q)(r)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(p)(q)(r)</sup>  | 900829 | &nbsp;&nbsp; 900829 |
| Invesco Private Prime Fund, 4.49%<sup>(p)(q)(r)</sup>  | Invesco Private Prime Fund, 4.49%<sup>(p)(q)(r)</sup>  | 3147974 | &nbsp;&nbsp; 3148918 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $4,049,449) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $4,049,449) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $4,049,449) | &nbsp;&nbsp; 4049747 |
| TOTAL INVESTMENTS IN SECURITIES–133.49% <br> (Cost $189,796,223) | TOTAL INVESTMENTS IN SECURITIES–133.49% <br> (Cost $189,796,223) | TOTAL INVESTMENTS IN SECURITIES–133.49% <br> (Cost $189,796,223) | &nbsp;&nbsp; 189401305 |
| OTHER ASSETS LESS LIABILITIES—(33.49)% | OTHER ASSETS LESS LIABILITIES—(33.49)% | OTHER ASSETS LESS LIABILITIES—(33.49)% | &nbsp;&nbsp; (47516733)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $141884572 |

---

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

**24**

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

------

Investment Abbreviations:

---

| | |
|:---|:---|
| Conv. | – Convertible |
| Ctfs. | – Certificates |
| EUR | – Euro |
| IO | – Interest Only |
| Pfd. | – Preferred |
| PO | – Principal Only |
| REIT | – Real Estate Investment Trust |
| REMICs | – Real Estate Mortgage Investment Conduits |
| SOFR | – Secured Overnight Financing Rate |
| STACR<sup>®</sup> | – Structured Agency Credit Risk |
| STRIPS | – Separately Traded Registered Interest and Principal Security |
| TBA | – To Be Announced |

---

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 June 30, 2025 was $67,842,655, which represented 47.82% of the Fund's Net Assets. 

<sup>(c)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2025.

<sup>(d)</sup> Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

<sup>(e)</sup> Perpetual bond with no specified maturity date.

<sup>(f)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(g)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(h)</sup> Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2025. 

<sup>(i)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

<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 June 30, 2025. 

<sup>(k)</sup> Zero coupon bond issued at a discount.

<sup>(l)</sup> Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1P.

<sup>(m)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(n)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1O.

<sup>(o)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated.

<sup>(p)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $11123631 | &nbsp;&nbsp; $10500719 | &nbsp;&nbsp; $(15719051) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5905299 | &nbsp;&nbsp; $166780 |
| Invesco Treasury Portfolio, Institutional Class | 20674884 | &nbsp;&nbsp; 19501336 | &nbsp;&nbsp; (29192525) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 10983695 | &nbsp;&nbsp; 307770 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 767918 | &nbsp;&nbsp; 17144054 | &nbsp;&nbsp; (17011143) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 900829 | &nbsp;&nbsp; 29,253\* |
| Invesco Private Prime Fund | 2010497 | &nbsp;&nbsp; 39482113 | &nbsp;&nbsp; (38344095) | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 3148918 | &nbsp;&nbsp; 82,593\* |
| Total | $34576930 | &nbsp;&nbsp; $86628222 | &nbsp;&nbsp; $(100266814) | &nbsp;&nbsp; $298 | &nbsp;&nbsp; $105 | &nbsp;&nbsp; $20938741 | &nbsp;&nbsp; $586396 |

---

\* 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 June 30, 2025.

<sup>(r)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1L. 

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

**25**

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 93 | September-2025 | &nbsp;&nbsp;&nbsp; $19346180 | &nbsp;&nbsp;&nbsp; $61464 | &nbsp;&nbsp;&nbsp; $61464 |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 12 | September-2025 | &nbsp;&nbsp;&nbsp; 1345500 | &nbsp;&nbsp;&nbsp; 16498 | &nbsp;&nbsp;&nbsp; 16498 |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 2 | September-2025 | &nbsp;&nbsp;&nbsp; 230937 | &nbsp;&nbsp;&nbsp; 2935 | &nbsp;&nbsp;&nbsp; 2935 |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 38 | September-2025 | &nbsp;&nbsp;&nbsp; 4526750 | &nbsp;&nbsp;&nbsp; 143865 | &nbsp;&nbsp;&nbsp; 143865 |
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; 224762 | &nbsp;&nbsp;&nbsp; 224762 |
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 22 | September-2025 | &nbsp;&nbsp;&nbsp; (2398000)<br>| &nbsp;&nbsp;&nbsp; (20145)<br>| &nbsp;&nbsp;&nbsp; (20145)<br>|
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 114 | September-2025 | &nbsp;&nbsp;&nbsp; (13026281)<br>| &nbsp;&nbsp;&nbsp; (289661)<br>| &nbsp;&nbsp;&nbsp; (289661)<br>|
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; (309806)<br>| &nbsp;&nbsp;&nbsp; (309806)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $(85044)<br>| &nbsp;&nbsp;&nbsp; $(85044)<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 07/31/2025 | Barclays Bank PLC | EUR | 167000 | USD | 190957 | &nbsp;&nbsp;&nbsp; $(6138)<br>|

---

Abbreviations: <br> EUR —Euro <br> USD —U.S. Dollar

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

**26**

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

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $168,857,780)\*<br>| &nbsp;&nbsp; $168462564 |
| Investments in affiliated money market funds, at value <br> (Cost $20,938,443)<br>| &nbsp;&nbsp; 20938741 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 1733 |
| Foreign currencies, at value (Cost $207,777) | &nbsp;&nbsp; 218537 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 7899348 |
| Fund shares sold | &nbsp;&nbsp; 322153 |
| Fund expenses absorbed | &nbsp;&nbsp; 1578 |
| Dividends | &nbsp;&nbsp; 68856 |
| Interest | &nbsp;&nbsp; 1239671 |
| Principal paydowns | &nbsp;&nbsp; 109 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 80386 |
| Other assets | &nbsp;&nbsp; 93 |
| Total assets | &nbsp;&nbsp; 199233769 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 6138 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 11164875 |
| TBA sales commitment | &nbsp;&nbsp; 41897665 |
| Fund shares reacquired | &nbsp;&nbsp; 56934 |
| Amount due custodian | &nbsp;&nbsp; 12097 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 4049449 |
| Accrued fees to affiliates | &nbsp;&nbsp; 64391 |
| Accrued other operating expenses | &nbsp;&nbsp; 14615 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 83033 |
| Total liabilities | &nbsp;&nbsp; 57349197 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $141884572 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $158430795 |
| Distributable earnings (loss) | &nbsp;&nbsp; (16546223)<br>|
|  | &nbsp;&nbsp; $141884572 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $98303418 |
| Series II | &nbsp;&nbsp; $43581154 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 16692518 |
| Series II | &nbsp;&nbsp; 7503946 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $5.89 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $5.81 |

---

\* At June 30, 2025, securities with an aggregate value of $3,948,205 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $3156493 |
| Dividends | &nbsp;&nbsp; 24448 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $5,950)<br>| &nbsp;&nbsp; 480500 |
| Total investment income | &nbsp;&nbsp; 3661441 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 316871 |
| Administrative services fees | &nbsp;&nbsp; 115998 |
| Custodian fees | &nbsp;&nbsp; 22209 |
| Distribution fees - Series II | &nbsp;&nbsp; 52600 |
| Transfer agent fees | &nbsp;&nbsp; 3779 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 9969 |
| Reports to shareholders | &nbsp;&nbsp; 4484 |
| Professional services fees | &nbsp;&nbsp; 26249 |
| Other | &nbsp;&nbsp; 1155 |
| Total expenses | &nbsp;&nbsp; 553314 |
| Less: Fees waived | &nbsp;&nbsp; (83668)<br>|
| Net expenses | &nbsp;&nbsp; 469646 |
| Net investment income | &nbsp;&nbsp; 3191795 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (1356717)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 105 |
| Foreign currencies | &nbsp;&nbsp; 12878 |
| Forward foreign currency contracts | &nbsp;&nbsp; (10133)<br>|
| Futures contracts | &nbsp;&nbsp; (728180)<br>|
|  | &nbsp;&nbsp; (2082047)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 3507950 |
| Affiliated investment securities | &nbsp;&nbsp; 298 |
| Foreign currencies | &nbsp;&nbsp; 13822 |
| Forward foreign currency contracts | &nbsp;&nbsp; (9848)<br>|
| Futures contracts | &nbsp;&nbsp; 145526 |
|  | &nbsp;&nbsp; 3657748 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1575701 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $4767496 |

---

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

**27**

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

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $3191795 | &nbsp;&nbsp; $6373440 |
| Net realized gain (loss) | &nbsp;&nbsp; (2082047)<br>| &nbsp;&nbsp; 1334601 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 3657748 | &nbsp;&nbsp; (3897665)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 4767496 | &nbsp;&nbsp; 3810376 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (3922900)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (1429086)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (5351986)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (11527698)<br>| &nbsp;&nbsp; 16812417 |
| Series II | &nbsp;&nbsp; 263822 | &nbsp;&nbsp; 6555347 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (11263876)<br>| &nbsp;&nbsp; 23367764 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (6496380)<br>| &nbsp;&nbsp; 21826154 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 148380952 | &nbsp;&nbsp; 126554798 |
| End of period | &nbsp;&nbsp; $141884572 | &nbsp;&nbsp; $148380952 |

---

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

**28**

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

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $5.70 | $0.13 | $0.06 | $0.19 | $— | $— | $— | $5.89 | 3.33<br> %<br>| &nbsp;&nbsp; $98303 | 0.59 %<sup>(d)</sup><br>| 0.71 %<sup>(d)</sup><br>| 4.61 %<sup>(d)</sup><br>| 282<br> %<br>|
| Year ended 12/31/24 | 5.74 | 0.27 | (0.09)<br>| 0.18 | (0.22)<br>|  | (0.22)<br>| 5.70 | 3.06 | &nbsp;&nbsp; 106439 | 0.59 | 0.73 | 4.68 | 419 |
| Year ended 12/31/23 | 5.56 | 0.25 | 0.08 | 0.33 | (0.15)<br>|  | (0.15)<br>| 5.74 | 6.14 | &nbsp;&nbsp; 90748 | 0.60 | 0.72 | 4.44 | 454 |
| Year ended 12/31/22 | 6.55 | 0.19 | (1.15)<br>| (0.96)<br>| (0.03)<br>| (0.00)<br>| (0.03)<br>| 5.56 | (14.54)<br>| &nbsp;&nbsp; 90481 | 0.61 | 0.71 | 3.28 | 507 |
| Year ended 12/31/21 | 6.93 | 0.12 | (0.17)<br>| (0.05)<br>| (0.10)<br>| (0.23)<br>| (0.33)<br>| 6.55 | (0.65)<br>| &nbsp;&nbsp; 39799 | 0.61 | 0.92 | 1.77 | 377 |
| Year ended 12/31/20 | 6.47 | 0.13 | 0.50 | 0.63 | (0.13)<br>| (0.04)<br>| (0.17)<br>| 6.93 | 9.72 | &nbsp;&nbsp; 34881 | 0.59 | 0.88 | 1.92 | 375 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 5.62 | 0.12 | 0.07 | 0.19 |  |  |  | 5.81 | 3.38 | &nbsp;&nbsp; 43581 | 0.84 <br><sup>(d)</sup><br>| 0.96 <br><sup>(d)</sup><br>| 4.36 <br><sup>(d)</sup><br>| 282 |
| Year ended 12/31/24 | 5.67 | 0.25 | (0.09)<br>| 0.16 | (0.21)<br>|  | (0.21)<br>| 5.62 | 2.72 | &nbsp;&nbsp; 41942 | 0.84 | 0.98 | 4.43 | 419 |
| Year ended 12/31/23 | 5.50 | 0.23 | 0.08 | 0.31 | (0.14)<br>|  | (0.14)<br>| 5.67 | 5.85 | &nbsp;&nbsp; 35807 | 0.85 | 0.97 | 4.19 | 454 |
| Year ended 12/31/22 | 6.49 | 0.17 | (1.13)<br>| (0.96)<br>| (0.03)<br>| (0.00)<br>| (0.03)<br>| 5.50 | (14.68)<br>| &nbsp;&nbsp; 28052 | 0.86 | 0.96 | 3.03 | 507 |
| Year ended 12/31/21 | 6.89 | 0.10 | (0.17)<br>| (0.07)<br>| (0.10)<br>| (0.23)<br>| (0.33)<br>| 6.49 | (1.01)<br>| &nbsp;&nbsp; 2035 | 0.86 | 1.17 | 1.52 | 377 |
| Year ended 12/31/20 | 6.45 | 0.11 | 0.49 | 0.60 | (0.12)<br>| (0.04)<br>| (0.16)<br>| 6.89 | 9.33 | &nbsp;&nbsp; 629 | 0.84 | 1.13 | 1.67 | 375 |

---

<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 six months ended June 30, 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. 

<sup>(d)</sup> Annualized.

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

**29**

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

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

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

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

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

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investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

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

**L.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt 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

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

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(collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

**P.** **Dollar Rolls and Forward Commitment Transactions** - The Fund may enter into dollar roll transactions to enhance the Fund's performance. The Fund

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

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executes its dollar roll transactions in the *to be announced* ("TBA") market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund's portfolio turnover rate.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement.

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

**R.** **Collateral** —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

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

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities, when rates increase. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower's payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund's income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund's share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund's ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

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

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.425% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.375% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |

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For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.45%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least April 30, 2026, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I and Series II shares to 0.61% and 0.86%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause 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, 2026. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.To the extent that the annualized ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $83,668.

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 six months ended June 30, 2025, Invesco was paid $11,011 for accounting and fund administrative services and was reimbursed $104,987 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

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

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The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $67992918 | &nbsp;&nbsp;&nbsp;&nbsp; $707168 | &nbsp;&nbsp;&nbsp;&nbsp; $68700086 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43536312 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43536312 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37927744 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37927744 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16891565 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16891565 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 728279 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 728279 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 448709 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 448709 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 229869 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 229869 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 16888994 | &nbsp;&nbsp;&nbsp;&nbsp; 4049747 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20938741 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 17617273 | &nbsp;&nbsp;&nbsp;&nbsp; 171076864 | &nbsp;&nbsp;&nbsp;&nbsp; 707168 | &nbsp;&nbsp;&nbsp;&nbsp; 189401305 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 224762 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 224762 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (309806)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (309806)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6138)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6138)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (309806)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6138)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (315944)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (85044)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6138)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (91182)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $17532229 | &nbsp;&nbsp;&nbsp;&nbsp; $171070726 | &nbsp;&nbsp;&nbsp;&nbsp; $707168 | &nbsp;&nbsp;&nbsp;&nbsp; $189310123 |

---

\* 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.

**34**

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

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**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of June 30, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $224762 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (224762)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(309806)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(309806)<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; (6138)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6138)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (6138)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (309806)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (315944)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 309806 | &nbsp;&nbsp;&nbsp;&nbsp; 309806 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(6138)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(6138)<br>|

---

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

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $(6138)<br>| &nbsp;&nbsp;&nbsp; $(6138)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(6138)<br>|

---

**Effect of Derivative Investments for the six months ended June 30, 2025**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(10133)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(10133)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (728180)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (728180)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; (9848)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (9848)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 145526 | &nbsp;&nbsp;&nbsp;&nbsp; 145526 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(19981)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(582654)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(602635)<br>|

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $172766 | &nbsp;&nbsp;&nbsp;&nbsp; $46394353 |

---

**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.

**35**

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

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**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.

**NOTE 7—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 had a capital loss carryforward as of December 31, 2024, 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; $12652713 | &nbsp;&nbsp;&nbsp;&nbsp; $11098594 | &nbsp;&nbsp;&nbsp;&nbsp; $23751307 |

---

\*

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 six months ended June 30, 2025 was $77,761,959 and $65,316,591, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2823293 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (3098531)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(275238)<br>|

---

Cost of investments for tax purposes is $189,585,361.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 1414868 | &nbsp;&nbsp;&nbsp; $8163828 | &nbsp;&nbsp;&nbsp; 4644066 | &nbsp;&nbsp;&nbsp; $27037991 |
| Series II | &nbsp;&nbsp;&nbsp; 797974 | &nbsp;&nbsp;&nbsp; 4548509 | &nbsp;&nbsp;&nbsp; 2110549 | &nbsp;&nbsp;&nbsp; 12097977 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 683432 | &nbsp;&nbsp;&nbsp; 3922900 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 252043 | &nbsp;&nbsp;&nbsp; 1428770 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (3409731)<br>| &nbsp;&nbsp;&nbsp; (19691526)<br>| &nbsp;&nbsp;&nbsp; (2447324)<br>| &nbsp;&nbsp;&nbsp; (14148474)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (751863)<br>| &nbsp;&nbsp;&nbsp; (4284687)<br>| &nbsp;&nbsp;&nbsp; (1214829)<br>| &nbsp;&nbsp;&nbsp; (6971400)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1948752)<br>| &nbsp;&nbsp;&nbsp; $(11263876)<br>| &nbsp;&nbsp;&nbsp; 4027937 | &nbsp;&nbsp;&nbsp; $23367764 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 54% 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.

**36**

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

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Core Plus Bond Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Bloomberg U.S. Aggregate Bond Index (Index). The Board noted that performance of Series I shares of the Fund was in the first quintile of its performance universe for the one and five year periods and the third quintile for the three year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was above the performance of the Index for the one and five year periods and reasonably comparable to the performance of the Index for the three year period. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed

**37**

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

------

more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were each below the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the

performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through "soft dollar" arrangements to any significant degree.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

**38**

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

------

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**39**

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

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**40**

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

------

![](img4529865e1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

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

Effective April 30, 2025, Invesco V.I. Capital Appreciation Fund was renamed Invesco V.I. Discovery Large Cap Fund.

------

---

| | |
|:---|:---|
| [2](#xx_30cb5ccd-3a63-45e6-83a4-f90536420d28_SOI-Continued-714_1) | Schedule of Investments |
| [4](#xx_30cb5ccd-3a63-45e6-83a4-f90536420d28_FS-Continued-714_1) | Financial Statements |
| [6](#xx_30cb5ccd-3a63-45e6-83a4-f90536420d28_FS-Continued-714_3) | Financial Highlights |
| [7](#xx_30cb5ccd-3a63-45e6-83a4-f90536420d28_NTF-Continued-714_1) | Notes to Financial Statements |
| [12](#xx_30cb5ccd-3a63-45e6-83a4-f90536420d28_AOC-Continued-714_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [15](#xx_30cb5ccd-3a63-45e6-83a4-f90536420d28_OIRSR-Continued-714_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

O-VICAPA-NCSRS

------

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

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.15%** | **Common Stocks & Other Equity Interests–99.15%** | **Common Stocks & Other Equity Interests–99.15%** |
| **Aerospace & Defense–4.16%** | **Aerospace & Defense–4.16%** | **Aerospace & Defense–4.16%** |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 13797 | &nbsp;&nbsp; $11423088 |
| General Electric Co. | 45770 | &nbsp;&nbsp; 11780740 |
| Howmet Aerospace, Inc.<sup>(c)</sup>  | 55553 | &nbsp;&nbsp; 10340080 |
|  |  | &nbsp;&nbsp; 33543908 |
| **Apparel Retail–0.76%** | **Apparel Retail–0.76%** | **Apparel Retail–0.76%** |
| TJX Cos., Inc. (The) | 49610 | &nbsp;&nbsp; 6126339 |
| **Application Software–2.32%** | **Application Software–2.32%** | **Application Software–2.32%** |
| AppLovin Corp., Class A<sup>(b)</sup>  | 32872 | &nbsp;&nbsp; 11507830 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup>  | 22789 | &nbsp;&nbsp; 3106596 |
| Samsara, Inc., Class A<sup>(b)(c)</sup>  | 102551 | &nbsp;&nbsp; 4079479 |
|  |  | &nbsp;&nbsp; 18693905 |
| **Asset Management & Custody Banks–2.07%** | **Asset Management & Custody Banks–2.07%** | **Asset Management & Custody Banks–2.07%** |
| Ares Management Corp., Class A<sup>(c)</sup>  | 23408 | &nbsp;&nbsp; 4054266 |
| BlackRock, Inc. | 5041 | &nbsp;&nbsp; 5289269 |
| KKR & Co., Inc., Class A | 55522 | &nbsp;&nbsp; 7386092 |
|  |  | &nbsp;&nbsp; 16729627 |
| **Automobile Manufacturers–2.19%** | **Automobile Manufacturers–2.19%** | **Automobile Manufacturers–2.19%** |
| Ferrari N.V. (Italy)<sup>(c)</sup>  | 7526 | &nbsp;&nbsp; 3693309 |
| Tesla, Inc.<sup>(b)</sup>  | 44099 | &nbsp;&nbsp; 14008489 |
|  |  | &nbsp;&nbsp; 17701798 |
| **Automotive Retail–1.57%** | **Automotive Retail–1.57%** | **Automotive Retail–1.57%** |
| AutoZone, Inc.<sup>(b)</sup>  | 1998 | &nbsp;&nbsp; 7417035 |
| Carvana Co.<sup>(b)</sup>  | 15633 | &nbsp;&nbsp; 5267696 |
|  |  | &nbsp;&nbsp; 12684731 |
| **Biotechnology–0.41%** | **Biotechnology–0.41%** | **Biotechnology–0.41%** |
| AbbVie, Inc. | 18060 | &nbsp;&nbsp; 3352297 |
| **Broadline Retail–7.76%** | **Broadline Retail–7.76%** | **Broadline Retail–7.76%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 249845 | &nbsp;&nbsp; 54813494 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup>  | 2982 | &nbsp;&nbsp; 7793845 |
|  |  | &nbsp;&nbsp; 62607339 |
| **Coal & Consumable Fuels–0.59%** | **Coal & Consumable Fuels–0.59%** | **Coal & Consumable Fuels–0.59%** |
| Cameco Corp. (Canada) | 63706 | &nbsp;&nbsp; 4728896 |
| **Communications Equipment–1.20%** | **Communications Equipment–1.20%** | **Communications Equipment–1.20%** |
| Arista Networks, Inc.<sup>(b)</sup>  | 94304 | &nbsp;&nbsp; 9648242 |
| **Construction & Engineering–1.56%** | **Construction & Engineering–1.56%** | **Construction & Engineering–1.56%** |
| Quanta Services, Inc.<sup>(c)</sup>  | 33348 | &nbsp;&nbsp; 12608212 |
| **Consumer Finance–0.94%** | **Consumer Finance–0.94%** | **Consumer Finance–0.94%** |
| American Express Co.<sup>(c)</sup>  | 23763 | &nbsp;&nbsp; 7579922 |
| **Consumer Staples Merchandise Retail–1.51%** | **Consumer Staples Merchandise Retail–1.51%** | **Consumer Staples Merchandise Retail–1.51%** |
| Costco Wholesale Corp.<sup>(c)</sup>  | 12284 | &nbsp;&nbsp; 12160423 |
| **Electrical Components & Equipment–0.99%** | **Electrical Components & Equipment–0.99%** | **Electrical Components & Equipment–0.99%** |
| Vertiv Holdings Co., Class A | 62148 | &nbsp;&nbsp; 7980425 |
| **Environmental & Facilities Services–0.75%** | **Environmental & Facilities Services–0.75%** | **Environmental & Facilities Services–0.75%** |
| Republic Services, Inc. | 24410 | &nbsp;&nbsp; 6019750 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Financial Exchanges & Data–0.40%** | **Financial Exchanges & Data–0.40%** | **Financial Exchanges & Data–0.40%** |
| Tradeweb Markets, Inc., Class A | 21832 | &nbsp;&nbsp; $3196205 |
| **Health Care Distributors–1.11%** | **Health Care Distributors–1.11%** | **Health Care Distributors–1.11%** |
| Cencora, Inc. | 29927 | &nbsp;&nbsp; 8973611 |
| **Health Care Equipment–2.96%** | **Health Care Equipment–2.96%** | **Health Care Equipment–2.96%** |
| Boston Scientific Corp.<sup>(b)</sup>  | 164948 | &nbsp;&nbsp; 17717064 |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 11370 | &nbsp;&nbsp; 6178572 |
|  |  | &nbsp;&nbsp; 23895636 |
| **Health Care REITs–0.92%** | **Health Care REITs–0.92%** | **Health Care REITs–0.92%** |
| Welltower, Inc.<sup>(c)</sup>  | 48434 | &nbsp;&nbsp; 7445759 |
| **Heavy Electrical Equipment–1.51%** | **Heavy Electrical Equipment–1.51%** | **Heavy Electrical Equipment–1.51%** |
| GE Vernova, Inc. | 23014 | &nbsp;&nbsp; 12177858 |
| **Hotels, Resorts & Cruise Lines–1.52%** | **Hotels, Resorts & Cruise Lines–1.52%** | **Hotels, Resorts & Cruise Lines–1.52%** |
| Booking Holdings, Inc. | 912 | &nbsp;&nbsp; 5279787 |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup>  | 22251 | &nbsp;&nbsp; 6967678 |
|  |  | &nbsp;&nbsp; 12247465 |
| **Independent Power Producers & Energy Traders–0.56%** | **Independent Power Producers & Energy Traders–0.56%** | **Independent Power Producers & Energy Traders–0.56%** |
| Vistra Corp. | 23510 | &nbsp;&nbsp; 4556473 |
| **Interactive Home Entertainment–0.95%** | **Interactive Home Entertainment–0.95%** | **Interactive Home Entertainment–0.95%** |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 31663 | &nbsp;&nbsp; 7689360 |
| **Interactive Media & Services–9.27%** | **Interactive Media & Services–9.27%** | **Interactive Media & Services–9.27%** |
| Alphabet, Inc., Class C | 134480 | &nbsp;&nbsp; 23855407 |
| Meta Platforms, Inc., Class A | 69097 | &nbsp;&nbsp; 50999805 |
|  |  | &nbsp;&nbsp; 74855212 |
| **Internet Services & Infrastructure–2.46%** | **Internet Services & Infrastructure–2.46%** | **Internet Services & Infrastructure–2.46%** |
| Cloudflare, Inc., Class A<sup>(b)</sup>  | 47272 | &nbsp;&nbsp; 9257276 |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 47371 | &nbsp;&nbsp; 10600208 |
|  |  | &nbsp;&nbsp; 19857484 |
| **Investment Banking & Brokerage–1.26%** | **Investment Banking & Brokerage–1.26%** | **Investment Banking & Brokerage–1.26%** |
| Goldman Sachs Group, Inc. (The) | 14363 | &nbsp;&nbsp; 10165413 |
| **Movies & Entertainment–5.55%** | **Movies & Entertainment–5.55%** | **Movies & Entertainment–5.55%** |
| Netflix, Inc.<sup>(b)</sup>  | 23681 | &nbsp;&nbsp; 31711937 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup>  | 17076 | &nbsp;&nbsp; 13103098 |
|  |  | &nbsp;&nbsp; 44815035 |
| **Pharmaceuticals–0.74%** | **Pharmaceuticals–0.74%** | **Pharmaceuticals–0.74%** |
| Eli Lilly and Co. | 7680 | &nbsp;&nbsp; 5986790 |
| **Property & Casualty Insurance–1.43%** | **Property & Casualty Insurance–1.43%** | **Property & Casualty Insurance–1.43%** |
| Progressive Corp. (The) | 43339 | &nbsp;&nbsp; 11565446 |
| **Real Estate Services–0.53%** | **Real Estate Services–0.53%** | **Real Estate Services–0.53%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 30698 | &nbsp;&nbsp; 4301404 |
| **Research & Consulting Services–0.69%** | **Research & Consulting Services–0.69%** | **Research & Consulting Services–0.69%** |
| Thomson Reuters Corp. (Canada) | 27766 | &nbsp;&nbsp; 5584576 |
| **Restaurants–1.44%** | **Restaurants–1.44%** | **Restaurants–1.44%** |
| DoorDash, Inc., Class A<sup>(b)</sup>  | 47199 | &nbsp;&nbsp; 11635025 |

---

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

**2**

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

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Semiconductors–18.22%** | **Semiconductors–18.22%** | **Semiconductors–18.22%** |
| Broadcom, Inc. | 117200 | &nbsp;&nbsp; $32306181 |
| Microchip Technology, Inc. | 113863 | &nbsp;&nbsp; 8012539 |
| Monolithic Power Systems, Inc. | 10784 | &nbsp;&nbsp; 7887202 |
| NVIDIA Corp. | 570515 | &nbsp;&nbsp; 90135665 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR (Taiwan) | 38470 | &nbsp;&nbsp; 8713070 |
|  |  | &nbsp;&nbsp; 147054657 |
| **Systems Software–12.13%** | **Systems Software–12.13%** | **Systems Software–12.13%** |
| Check Point Software Technologies Ltd. <br> (Israel)<sup>(b)</sup>  | 28133 | &nbsp;&nbsp; 6224427 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup>  | 8439 | &nbsp;&nbsp; 4298067 |
| Microsoft Corp. | 145281 | &nbsp;&nbsp; 72264222 |
| ServiceNow, Inc.<sup>(b)</sup>  | 14712 | &nbsp;&nbsp; 15125113 |
|  |  | &nbsp;&nbsp; 97911829 |
| **Technology Hardware, Storage & Peripherals–3.37%** | **Technology Hardware, Storage & Peripherals–3.37%** | **Technology Hardware, Storage & Peripherals–3.37%** |
| Apple, Inc. | 132561 | &nbsp;&nbsp; 27197540 |
| **Transaction & Payment Processing Services–3.35%** | **Transaction & Payment Processing Services–3.35%** | **Transaction & Payment Processing Services–3.35%** |
| Mastercard, Inc., Class A | 27649 | &nbsp;&nbsp; 15537079 |
| Visa, Inc., Class A | 32356 | &nbsp;&nbsp; 11487998 |
|  |  | &nbsp;&nbsp; 27025077 |
| Total Common Stocks & Other Equity Interests <br> (Cost $377,370,338) | Total Common Stocks & Other Equity Interests <br> (Cost $377,370,338) | &nbsp;&nbsp; 800303669 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–1.17%** | **Money Market Funds–1.17%** | **Money Market Funds–1.17%** | **Money Market Funds–1.17%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 3302853 | &nbsp;&nbsp; $3302853 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 6133870 | &nbsp;&nbsp; 6133870 |
| Total Money Market Funds (Cost $9,436,723) | Total Money Market Funds (Cost $9,436,723) | Total Money Market Funds (Cost $9,436,723) | &nbsp;&nbsp; 9436723 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.32% <br> (Cost $386,807,061)<br>|  |  | &nbsp;&nbsp; 809740392 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–5.22%** | **Money Market Funds–5.22%** | **Money Market Funds–5.22%** | **Money Market Funds–5.22%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 11739724 | &nbsp;&nbsp; 11739724 |
| Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | 30383785 | &nbsp;&nbsp; 30392900 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $42,131,660) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $42,131,660) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $42,131,660) | &nbsp;&nbsp; 42132624 |
| TOTAL INVESTMENTS IN SECURITIES–105.54% <br> (Cost $428,938,721) | TOTAL INVESTMENTS IN SECURITIES–105.54% <br> (Cost $428,938,721) | TOTAL INVESTMENTS IN SECURITIES–105.54% <br> (Cost $428,938,721) | &nbsp;&nbsp; 851873016 |
| OTHER ASSETS LESS LIABILITIES—(5.54)% | OTHER ASSETS LESS LIABILITIES—(5.54)% | OTHER ASSETS LESS LIABILITIES—(5.54)% | &nbsp;&nbsp; (44718680)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $807154336 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

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

<sup>(c)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $- | &nbsp;&nbsp; $31537185 | &nbsp;&nbsp; $(28234332) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3302853 | &nbsp;&nbsp; $52787 |
| Invesco Treasury Portfolio, Institutional Class | - | &nbsp;&nbsp; 58569058 | &nbsp;&nbsp; (52435188) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6133870 | &nbsp;&nbsp; 97256 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 1632253 | &nbsp;&nbsp; 160869987 | &nbsp;&nbsp; (150762516) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 11739724 | &nbsp;&nbsp; 195,421\* |
| Invesco Private Prime Fund | 4250112 | &nbsp;&nbsp; 366660205 | &nbsp;&nbsp; (340515801) | &nbsp;&nbsp; 964 | &nbsp;&nbsp; (2580) | &nbsp;&nbsp; 30392900 | &nbsp;&nbsp; 519,253\* |
| Total | $5882365 | &nbsp;&nbsp; $617636435 | &nbsp;&nbsp; $(571947837) | &nbsp;&nbsp; $964 | &nbsp;&nbsp; $(2580) | &nbsp;&nbsp; $51569347 | &nbsp;&nbsp; $864717 |

---

\* 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 June 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**3**

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

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $377,370,338)\*<br>| &nbsp;&nbsp; $800303669 |
| Investments in affiliated money market funds, at value <br> (Cost $51,568,383)<br>| &nbsp;&nbsp; 51569347 |
| Cash | &nbsp;&nbsp; 2000000 |
| Foreign currencies, at value (Cost $287) | &nbsp;&nbsp; 272 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 4079942 |
| Fund shares sold | &nbsp;&nbsp; 103100 |
| Fund expenses absorbed | &nbsp;&nbsp; 5985 |
| Dividends | &nbsp;&nbsp; 117448 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 108031 |
| Other assets | &nbsp;&nbsp; 309 |
| Total assets | &nbsp;&nbsp; 858288103 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1363568 |
| Fund shares reacquired | &nbsp;&nbsp; 7147770 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 42131660 |
| Accrued fees to affiliates | &nbsp;&nbsp; 365201 |
| Accrued other operating expenses | &nbsp;&nbsp; 17537 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 108031 |
| Total liabilities | &nbsp;&nbsp; 51133767 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $807154336 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $253461912 |
| Distributable earnings | &nbsp;&nbsp; 553692424 |
|  | &nbsp;&nbsp; $807154336 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $630723459 |
| Series II | &nbsp;&nbsp; $176430877 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 9459422 |
| Series II | &nbsp;&nbsp; 2800353 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $66.68 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $63.00 |

---

\* At June 30, 2025, securities with an aggregate value of $41,465,947 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $18,684) | &nbsp;&nbsp; $1505001 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $23,552)<br>| &nbsp;&nbsp; 173595 |
| Total investment income | &nbsp;&nbsp; 1678596 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 2594166 |
| Administrative services fees | &nbsp;&nbsp; 598872 |
| Custodian fees | &nbsp;&nbsp; 2875 |
| Distribution fees - Series II | &nbsp;&nbsp; 196833 |
| Transfer agent fees | &nbsp;&nbsp; 20242 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 12316 |
| Reports to shareholders | &nbsp;&nbsp; 4814 |
| Professional services fees | &nbsp;&nbsp; 23312 |
| Other | &nbsp;&nbsp; 4987 |
| Total expenses | &nbsp;&nbsp; 3458417 |
| Less: Fees waived | &nbsp;&nbsp; (272647)<br>|
| Net expenses | &nbsp;&nbsp; 3185770 |
| Net investment income (loss) | &nbsp;&nbsp; (1507174)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 40569672 |
| Affiliated investment securities | &nbsp;&nbsp; (2580)<br>|
|  | &nbsp;&nbsp; 40567092 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1651292 |
| Affiliated investment securities | &nbsp;&nbsp; 964 |
| Foreign currencies | &nbsp;&nbsp; 926 |
|  | &nbsp;&nbsp; 1653182 |
| Net realized and unrealized gain | &nbsp;&nbsp; 42220274 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $40713100 |

---

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

**4**

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

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**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(1507174)<br>| &nbsp;&nbsp; $(2472383)<br>|
| Net realized gain | &nbsp;&nbsp; 40567092 | &nbsp;&nbsp; 107466748 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 1653182 | &nbsp;&nbsp; 121362692 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 40713100 | &nbsp;&nbsp; 226357057 |
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (35886633)<br>| &nbsp;&nbsp; (82467684)<br>|
| Series II | &nbsp;&nbsp; (10349123)<br>| &nbsp;&nbsp; (39512776)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (46235756)<br>| &nbsp;&nbsp; (121980460)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (5522656)<br>| &nbsp;&nbsp; 104376597 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 812676992 | &nbsp;&nbsp; 708300395 |
| End of period | &nbsp;&nbsp; $807154336 | &nbsp;&nbsp; $812676992 |

---

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

**5**

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

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**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $63.15 | $(0.11)<br>| $3.64 | $3.53 | $— | $66.68 | 5.59<br> %<br>| $630723 | 0.80 %<sup>(d)</sup><br>| 0.87 %<sup>(d)</sup><br>| (0.35 )%<sup>(d)</sup><br>| 32<br> %<br>|
| Year ended 12/31/24 | 47.07 | (0.15)<br>| 16.23 | 16.08 |  | 63.15 | 34.16 | 633277 | 0.80 | 0.88 | (0.26)<br>| 58 |
| Year ended 12/31/23 | 34.77 | (0.05)<br>| 12.35 | 12.30 |  | 47.07 | 35.37 | 541047 | 0.80 | 0.88 | (0.11)<br>| 81 |
| Year ended 12/31/22 | 81.86 | 0.02 | (24.48)<br>| (24.46)<br>| (22.63)<br>| 34.77 | (30.78)<br>| 443996 | 0.80 | 0.88 | 0.03 | 73 |
| Year ended 12/31/21 | 70.34 | (0.26)<br>| 16.12 | 15.86 | (4.34)<br>| 81.86 | 22.57 | 686517 | 0.80 | 0.84 | (0.34)<br>| 91 |
| Year ended 12/31/20 | 59.77 | (0.08)<br>| 21.00 | 20.92 | (10.35)<br>| 70.34 | 36.59 | 626304 | 0.80 | 0.88 | (0.12)<br>| 37 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 59.74 | (0.17)<br>| 3.43 | 3.26 |  | 63.00 | 5.46 | 176431 | 1.05 <br><sup>(d)</sup><br>| 1.12 <br><sup>(d)</sup><br>| (0.60 )<sup>(d)</sup><br>| 32 |
| Year ended 12/31/24 | 44.64 | (0.27)<br>| 15.37 | 15.10 |  | 59.74 | 33.82 | 179400 | 1.05 | 1.13 | (0.51)<br>| 58 |
| Year ended 12/31/23 | 33.06 | (0.14)<br>| 11.72 | 11.58 |  | 44.64 | 35.03 | 167253 | 1.05 | 1.13 | (0.36)<br>| 81 |
| Year ended 12/31/22 | 79.58 | (0.12)<br>| (23.77)<br>| (23.89)<br>| (22.63)<br>| 33.06 | (30.96)<br>| 119613 | 1.05 | 1.13 | (0.22)<br>| 73 |
| Year ended 12/31/21 | 68.64 | (0.45)<br>| 15.73 | 15.28 | (4.34)<br>| 79.58 | 22.28 | 226282 | 1.05 | 1.09 | (0.59)<br>| 91 |
| Year ended 12/31/20 | 58.67 | (0.23)<br>| 20.55 | 20.32 | (10.35)<br>| 68.64 | 36.24 | 215610 | 1.05 | 1.13 | (0.37)<br>| 37 |

---

<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> Annualized.

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

**6**

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

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**7**

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

------

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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**8**

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

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compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $2,451 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

**M.** **Other Risks** – The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund's shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

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

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Over $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.69%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least April 30, 2026, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I and Series II shares to 0.80% and 1.05%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or

**9**

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

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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, 2026. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.To the extent that the annualized ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $272,647.

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 six months ended June 30, 2025, Invesco was paid $53,616 for accounting and fund administrative services and was reimbursed $545,256 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the six months ended June 30, 2025, the Fund incurred $4,311 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $800303669 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $800303669 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 9436723 | &nbsp;&nbsp;&nbsp;&nbsp; 42132624 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51569347 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $809740392 | &nbsp;&nbsp;&nbsp;&nbsp; $42132624 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $851873016 |

---

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

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

**NOTE 5—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund

**10**

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

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may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $238,683,317 and $297,771,496, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $423691687 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (1320860)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $422370827 |

---

Cost of investments for tax purposes is $429,502,189.

**NOTE 8—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 142076 | &nbsp;&nbsp;&nbsp; $8001075 | &nbsp;&nbsp;&nbsp; 124064 | &nbsp;&nbsp;&nbsp; $7048428 |
| Series II | &nbsp;&nbsp;&nbsp; 475456 | &nbsp;&nbsp;&nbsp; 27257048 | &nbsp;&nbsp;&nbsp; 103294 | &nbsp;&nbsp;&nbsp; 5480668 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (710871)<br>| &nbsp;&nbsp;&nbsp; (43887708)<br>| &nbsp;&nbsp;&nbsp; (1590331)<br>| &nbsp;&nbsp;&nbsp; (89516112)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (677903)<br>| &nbsp;&nbsp;&nbsp; (37606171)<br>| &nbsp;&nbsp;&nbsp; (846903)<br>| &nbsp;&nbsp;&nbsp; (44993444)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (771242)<br>| &nbsp;&nbsp;&nbsp; $(46235756)<br>| &nbsp;&nbsp;&nbsp; (2209876)<br>| &nbsp;&nbsp;&nbsp; $(121980460)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 67% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**11**

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

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Discovery Large Cap Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 1000® Growth Index (Index). The Board noted that performance of Series I shares of the Fund was in the first quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed

**12**

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

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more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were reasonably comparable to and below, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board requested and considered additional information from management regarding such relative total expenses, including the differentiated client base associated with variable insurance products. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally

operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund

bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the

**13**

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

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federal securities laws and consistent with best execution obligations.

**14**

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

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**15**

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

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![](img1303256a1.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

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

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---

| | |
|:---|:---|
| [2](#xx_46efeffd-65d2-470a-834a-c1503ea1575a_SOI-Continued-716_1) | Schedule of Investments |
| [5](#xx_46efeffd-65d2-470a-834a-c1503ea1575a_FS-Continued-716_1) | Financial Statements |
| [7](#xx_46efeffd-65d2-470a-834a-c1503ea1575a_FS-Continued-716_3) | Financial Highlights |
| [8](#xx_46efeffd-65d2-470a-834a-c1503ea1575a_NTF-Continued-716_1) | Notes to Financial Statements |
| [13](#xx_46efeffd-65d2-470a-834a-c1503ea1575a_AOC-Continued-716_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [16](#xx_46efeffd-65d2-470a-834a-c1503ea1575a_OIRSR-Continued-716_1) | Other Information Required in Form N-CSR (Items 8-11) |

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Invesco Distributors, Inc.

O-VIDMCG-NCSRS

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

*June 30, 2025*

*(Unaudited)*

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| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.49%** | **Common Stocks & Other Equity Interests–98.49%** | **Common Stocks & Other Equity Interests–98.49%** |
| **Aerospace & Defense–9.08%** | **Aerospace & Defense–9.08%** | **Aerospace & Defense–9.08%** |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 30542 | &nbsp;&nbsp; $25286943 |
| Curtiss-Wright Corp. | 27565 | &nbsp;&nbsp; 13466881 |
| Embraer S.A., ADR (Brazil) | 123909 | &nbsp;&nbsp; 7051661 |
| HEICO Corp.<sup>(c)</sup>  | 45106 | &nbsp;&nbsp; 14794768 |
| Howmet Aerospace, Inc. | 140973 | &nbsp;&nbsp; 26239305 |
|  |  | &nbsp;&nbsp; 86839558 |
| **Application Software–8.60%** | **Application Software–8.60%** | **Application Software–8.60%** |
| Circle Internet Group, Inc.<sup>(b)(c)</sup>  | 26636 | &nbsp;&nbsp; 4828840 |
| Fair Isaac Corp.<sup>(b)</sup>  | 3334 | &nbsp;&nbsp; 6094419 |
| Guidewire Software, Inc.<sup>(b)</sup>  | 58327 | &nbsp;&nbsp; 13733092 |
| Nutanix, Inc., Class A<sup>(b)(c)</sup>  | 73467 | &nbsp;&nbsp; 5615817 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup>  | 154434 | &nbsp;&nbsp; 21052443 |
| Q2 Holdings, Inc.<sup>(b)</sup>  | 67797 | &nbsp;&nbsp; 6345121 |
| Samsara, Inc., Class A<sup>(b)</sup>  | 170897 | &nbsp;&nbsp; 6798283 |
| ServiceTitan, Inc.<sup>(b)</sup>  | 57721 | &nbsp;&nbsp; 6186537 |
| Tyler Technologies, Inc.<sup>(b)</sup>  | 19621 | &nbsp;&nbsp; 11632114 |
|  |  | &nbsp;&nbsp; 82286666 |
| **Asset Management & Custody Banks–1.82%** | **Asset Management & Custody Banks–1.82%** | **Asset Management & Custody Banks–1.82%** |
| Ares Management Corp., Class A<sup>(c)</sup>  | 100722 | &nbsp;&nbsp; 17445050 |
| **Automotive Retail–2.22%** | **Automotive Retail–2.22%** | **Automotive Retail–2.22%** |
| AutoZone, Inc.<sup>(b)</sup>  | 3357 | &nbsp;&nbsp; 12461956 |
| Carvana Co.<sup>(b)</sup>  | 25917 | &nbsp;&nbsp; 8732992 |
|  |  | &nbsp;&nbsp; 21194948 |
| **Biotechnology–2.64%** | **Biotechnology–2.64%** | **Biotechnology–2.64%** |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup>  | 34838 | &nbsp;&nbsp; 11360323 |
| Natera, Inc.<sup>(b)</sup>  | 82384 | &nbsp;&nbsp; 13917953 |
|  |  | &nbsp;&nbsp; 25278276 |
| **Broadline Retail–1.28%** | **Broadline Retail–1.28%** | **Broadline Retail–1.28%** |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)(c)</sup>  | 92679 | &nbsp;&nbsp; 12213239 |
| **Building Products–0.60%** | **Building Products–0.60%** | **Building Products–0.60%** |
| Lennox International, Inc.<sup>(c)</sup>  | 9966 | &nbsp;&nbsp; 5712910 |
| **Cargo Ground Transportation–0.84%** | **Cargo Ground Transportation–0.84%** | **Cargo Ground Transportation–0.84%** |
| XPO, Inc.<sup>(b)(c)</sup>  | 63954 | &nbsp;&nbsp; 8076751 |
| **Construction & Engineering–4.56%** | **Construction & Engineering–4.56%** | **Construction & Engineering–4.56%** |
| Comfort Systems USA, Inc. | 20379 | &nbsp;&nbsp; 10927424 |
| EMCOR Group, Inc. | 16406 | &nbsp;&nbsp; 8775405 |
| MasTec, Inc.<sup>(b)</sup>  | 37464 | &nbsp;&nbsp; 6384989 |
| Quanta Services, Inc. | 46313 | &nbsp;&nbsp; 17510019 |
|  |  | &nbsp;&nbsp; 43597837 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **1.49%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.49%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.49%** |
| Wabtec Corp. | 67879 | &nbsp;&nbsp; 14210469 |
| **Consumer Staples Merchandise Retail–0.66%** | **Consumer Staples Merchandise Retail–0.66%** | **Consumer Staples Merchandise Retail–0.66%** |
| BJ's Wholesale Club Holdings, Inc., <br> Class C<sup>(b)</sup>  | 58663 | &nbsp;&nbsp; 6325631 |
| **Education Services–1.32%** | **Education Services–1.32%** | **Education Services–1.32%** |
| Duolingo, Inc.<sup>(b)</sup>  | 30759 | &nbsp;&nbsp; 12611805 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Electric Utilities–1.03%** | **Electric Utilities–1.03%** | **Electric Utilities–1.03%** |
| NRG Energy, Inc. | 61507 | &nbsp;&nbsp; $9876794 |
| **Electrical Components & Equipment–1.57%** | **Electrical Components & Equipment–1.57%** | **Electrical Components & Equipment–1.57%** |
| Vertiv Holdings Co., Class A | 117061 | &nbsp;&nbsp; 15031803 |
| **Electronic Manufacturing Services–2.05%** | **Electronic Manufacturing Services–2.05%** | **Electronic Manufacturing Services–2.05%** |
| Flex Ltd.<sup>(b)</sup>  | 393007 | &nbsp;&nbsp; 19618909 |
| **Environmental & Facilities Services–0.97%** | **Environmental & Facilities Services–0.97%** | **Environmental & Facilities Services–0.97%** |
| Republic Services, Inc. | 37719 | &nbsp;&nbsp; 9301883 |
| **Financial Exchanges & Data–3.18%** | **Financial Exchanges & Data–3.18%** | **Financial Exchanges & Data–3.18%** |
| Nasdaq, Inc. | 132351 | &nbsp;&nbsp; 11834826 |
| Tradeweb Markets, Inc., Class A | 127047 | &nbsp;&nbsp; 18599681 |
|  |  | &nbsp;&nbsp; 30434507 |
| **Food Retail–1.03%** | **Food Retail–1.03%** | **Food Retail–1.03%** |
| Casey's General Stores, Inc. | 19337 | &nbsp;&nbsp; 9867091 |
| **Health Care Distributors–1.97%** | **Health Care Distributors–1.97%** | **Health Care Distributors–1.97%** |
| Cencora, Inc. | 63015 | &nbsp;&nbsp; 18895048 |
| **Health Care Equipment–2.04%** | **Health Care Equipment–2.04%** | **Health Care Equipment–2.04%** |
| Insulet Corp.<sup>(b)</sup>  | 44566 | &nbsp;&nbsp; 14001746 |
| Penumbra, Inc.<sup>(b)</sup>  | 21567 | &nbsp;&nbsp; 5534739 |
|  |  | &nbsp;&nbsp; 19536485 |
| **Health Care Facilities–3.45%** | **Health Care Facilities–3.45%** | **Health Care Facilities–3.45%** |
| Encompass Health Corp. | 170195 | &nbsp;&nbsp; 20871013 |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 69116 | &nbsp;&nbsp; 12164416 |
|  |  | &nbsp;&nbsp; 33035429 |
| **Health Care Services–0.96%** | **Health Care Services–0.96%** | **Health Care Services–0.96%** |
| Labcorp Holdings, Inc. | 35149 | &nbsp;&nbsp; 9226964 |
| **Hotels, Resorts & Cruise Lines–5.08%** | **Hotels, Resorts & Cruise Lines–5.08%** | **Hotels, Resorts & Cruise Lines–5.08%** |
| Hilton Worldwide Holdings, Inc. | 99519 | &nbsp;&nbsp; 26505890 |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup>  | 35969 | &nbsp;&nbsp; 11263333 |
| Viking Holdings Ltd.<sup>(b)(c)</sup>  | 203662 | &nbsp;&nbsp; 10853148 |
|  |  | &nbsp;&nbsp; 48622371 |
| **Independent Power Producers & Energy Traders–1.21%** | **Independent Power Producers & Energy Traders–1.21%** | **Independent Power Producers & Energy Traders–1.21%** |
| Vistra Corp. | 59510 | &nbsp;&nbsp; 11533633 |
| **Industrial Machinery & Supplies & Components–1.16%** | **Industrial Machinery & Supplies & Components–1.16%** | **Industrial Machinery & Supplies & Components–1.16%** |
| ITT, Inc. | 70554 | &nbsp;&nbsp; 11064984 |
| **Insurance Brokers–2.27%** | **Insurance Brokers–2.27%** | **Insurance Brokers–2.27%** |
| Brown & Brown, Inc. | 123563 | &nbsp;&nbsp; 13699430 |
| Ryan Specialty Holdings, Inc., Class A<sup>(c)</sup>  | 118513 | &nbsp;&nbsp; 8057699 |
|  |  | &nbsp;&nbsp; 21757129 |
| **Interactive Home Entertainment–0.50%** | **Interactive Home Entertainment–0.50%** | **Interactive Home Entertainment–0.50%** |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 19708 | &nbsp;&nbsp; 4786088 |
| **Internet Services & Infrastructure–3.18%** | **Internet Services & Infrastructure–3.18%** | **Internet Services & Infrastructure–3.18%** |
| Cloudflare, Inc., Class A<sup>(b)</sup>  | 107365 | &nbsp;&nbsp; 21025288 |
| GoDaddy, Inc., Class A<sup>(b)</sup>  | 52273 | &nbsp;&nbsp; 9412276 |
|  |  | &nbsp;&nbsp; 30437564 |

---

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

**2**

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

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investment Banking & Brokerage–4.17%** | **Investment Banking & Brokerage–4.17%** | **Investment Banking & Brokerage–4.17%** |
| Evercore, Inc., Class A | 41588 | &nbsp;&nbsp; $11229592 |
| LPL Financial Holdings, Inc. | 44220 | &nbsp;&nbsp; 16581173 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup>  | 129505 | &nbsp;&nbsp; 12125553 |
|  |  | &nbsp;&nbsp; 39936318 |
| **Leisure Facilities–0.99%** | **Leisure Facilities–0.99%** | **Leisure Facilities–0.99%** |
| Planet Fitness, Inc., Class A<sup>(b)</sup>  | 86469 | &nbsp;&nbsp; 9429444 |
| **Managed Health Care–0.60%** | **Managed Health Care–0.60%** | **Managed Health Care–0.60%** |
| HealthEquity, Inc.<sup>(b)</sup>  | 55164 | &nbsp;&nbsp; 5778981 |
| **Movies & Entertainment–1.79%** | **Movies & Entertainment–1.79%** | **Movies & Entertainment–1.79%** |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup>  | 12172 | &nbsp;&nbsp; 9340062 |
| TKO Group Holdings, Inc.<sup>(c)</sup>  | 42989 | &nbsp;&nbsp; 7821849 |
|  |  | &nbsp;&nbsp; 17161911 |
| **Oil & Gas Equipment & Services–0.83%** | **Oil & Gas Equipment & Services–0.83%** | **Oil & Gas Equipment & Services–0.83%** |
| TechnipFMC PLC (United Kingdom) | 231779 | &nbsp;&nbsp; 7982469 |
| **Oil & Gas Exploration & Production–0.25%** | **Oil & Gas Exploration & Production–0.25%** | **Oil & Gas Exploration & Production–0.25%** |
| Coterra Energy, Inc. | 95330 | &nbsp;&nbsp; 2419475 |
| **Oil & Gas Storage & Transportation–1.83%** | **Oil & Gas Storage & Transportation–1.83%** | **Oil & Gas Storage & Transportation–1.83%** |
| Cheniere Energy, Inc. | 52362 | &nbsp;&nbsp; 12751194 |
| Targa Resources Corp. | 27219 | &nbsp;&nbsp; 4738284 |
|  |  | &nbsp;&nbsp; 17489478 |
| **Other Specialty Retail–1.41%** | **Other Specialty Retail–1.41%** | **Other Specialty Retail–1.41%** |
| Chewy, Inc., Class A<sup>(b)</sup>  | 315610 | &nbsp;&nbsp; 13451298 |
| **Real Estate Services–0.91%** | **Real Estate Services–0.91%** | **Real Estate Services–0.91%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 62064 | &nbsp;&nbsp; 8696408 |
| **Research & Consulting Services–1.58%** | **Research & Consulting Services–1.58%** | **Research & Consulting Services–1.58%** |
| Verisk Analytics, Inc. | 48681 | &nbsp;&nbsp; 15164132 |
| **Restaurants–5.17%** | **Restaurants–5.17%** | **Restaurants–5.17%** |
| Darden Restaurants, Inc. | 67174 | &nbsp;&nbsp; 14641917 |
| DoorDash, Inc., Class A<sup>(b)</sup>  | 59776 | &nbsp;&nbsp; 14735382 |
| Dutch Bros, Inc., Class A<sup>(b)(c)</sup>  | 123160 | &nbsp;&nbsp; 8420449 |
| Texas Roadhouse, Inc. | 62168 | &nbsp;&nbsp; 11650905 |
|  |  | &nbsp;&nbsp; 49448653 |
| **Semiconductors–4.37%** | **Semiconductors–4.37%** | **Semiconductors–4.37%** |
| Credo Technology Group Holding Ltd.<sup>(b)</sup>  | 50533 | &nbsp;&nbsp; 4678851 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 95701 | &nbsp;&nbsp; 13712996 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** |
| Microchip Technology, Inc. | Microchip Technology, Inc. | 155787 | &nbsp;&nbsp; $10962731 |
| Monolithic Power Systems, Inc.<sup>(c)</sup>  | Monolithic Power Systems, Inc.<sup>(c)</sup>  | 17000 | &nbsp;&nbsp; 12433460 |
|  |  |  | &nbsp;&nbsp; 41788038 |
| **Steel–1.31%** | **Steel–1.31%** | **Steel–1.31%** | **Steel–1.31%** |
| Carpenter Technology Corp. | Carpenter Technology Corp. | 45291 | &nbsp;&nbsp; 12517527 |
| **Systems Software–4.19%** | **Systems Software–4.19%** | **Systems Software–4.19%** | **Systems Software–4.19%** |
| Check Point Software Technologies Ltd. <br> (Israel)<sup>(b)</sup>  | Check Point Software Technologies Ltd. <br> (Israel)<sup>(b)</sup>  | 44949 | &nbsp;&nbsp; 9944966 |
| CyberArk Software Ltd.<sup>(b)</sup>  | CyberArk Software Ltd.<sup>(b)</sup>  | 47850 | &nbsp;&nbsp; 19469208 |
| Zscaler, Inc.<sup>(b)(c)</sup>  | Zscaler, Inc.<sup>(b)(c)</sup>  | 34119 | &nbsp;&nbsp; 10711319 |
|  |  |  | &nbsp;&nbsp; 40125493 |
| **Trading Companies & Distributors–1.31%** | **Trading Companies & Distributors–1.31%** | **Trading Companies & Distributors–1.31%** | **Trading Companies & Distributors–1.31%** |
| Fastenal Co.<sup>(c)</sup>  | Fastenal Co.<sup>(c)</sup>  | 297550 | &nbsp;&nbsp; 12497100 |
| **Transaction & Payment Processing Services–1.02%** | **Transaction & Payment Processing Services–1.02%** | **Transaction & Payment Processing Services–1.02%** | **Transaction & Payment Processing Services–1.02%** |
| Toast, Inc., Class A<sup>(b)</sup>  | Toast, Inc., Class A<sup>(b)</sup>  | 219317 | &nbsp;&nbsp; 9713550 |
| Total Common Stocks & Other Equity Interests <br> (Cost $677,693,195) | Total Common Stocks & Other Equity Interests <br> (Cost $677,693,195) | Total Common Stocks & Other Equity Interests <br> (Cost $677,693,195) | &nbsp;&nbsp; 942420097 |
| **Money Market Funds–2.11%** | **Money Market Funds–2.11%** | **Money Market Funds–2.11%** | **Money Market Funds–2.11%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 7160640 | &nbsp;&nbsp; 7160640 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 13022268 | &nbsp;&nbsp; 13022268 |
| Total Money Market Funds (Cost $20,182,908) | Total Money Market Funds (Cost $20,182,908) | Total Money Market Funds (Cost $20,182,908) | &nbsp;&nbsp; 20182908 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.60% <br> (Cost $697,876,103)<br>|  |  | &nbsp;&nbsp; 962603005 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–10.18%** | **Money Market Funds–10.18%** | **Money Market Funds–10.18%** | **Money Market Funds–10.18%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 27072388 | &nbsp;&nbsp; 27072388 |
| Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | 70273562 | &nbsp;&nbsp; 70294644 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $97,361,285) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $97,361,285) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $97,361,285) | &nbsp;&nbsp; 97367032 |
| TOTAL INVESTMENTS IN SECURITIES–110.78% <br> (Cost $795,237,388) | TOTAL INVESTMENTS IN SECURITIES–110.78% <br> (Cost $795,237,388) | TOTAL INVESTMENTS IN SECURITIES–110.78% <br> (Cost $795,237,388) | &nbsp;&nbsp; 1059970037 |
| OTHER ASSETS LESS LIABILITIES—(10.78)% | OTHER ASSETS LESS LIABILITIES—(10.78)% | OTHER ASSETS LESS LIABILITIES—(10.78)% | &nbsp;&nbsp; (103120714)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $956849323 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

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

**3**

**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 June 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $6213703 | &nbsp;&nbsp; $68956144 | &nbsp;&nbsp; $(68009207) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7160640 | &nbsp;&nbsp; $180794 |
| Invesco Treasury Portfolio, Institutional Class | 11263669 | &nbsp;&nbsp; 128061413 | &nbsp;&nbsp; (126302814) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 13022268 | &nbsp;&nbsp; 327333 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 13942461 | &nbsp;&nbsp; 238192304 | &nbsp;&nbsp; (225062377) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 27072388 | &nbsp;&nbsp; 416,026\* |
| Invesco Private Prime Fund | 36358462 | &nbsp;&nbsp; 481519604 | &nbsp;&nbsp; (447585360) | &nbsp;&nbsp; 5747 | &nbsp;&nbsp; (3809) | &nbsp;&nbsp; 70294644 | &nbsp;&nbsp; 1,117,657\* |
| Total | $67778295 | &nbsp;&nbsp; $916729465 | &nbsp;&nbsp; $(866959758) | &nbsp;&nbsp; $5747 | &nbsp;&nbsp; $(3809) | &nbsp;&nbsp; $117549940 | &nbsp;&nbsp; $2041810 |

---

\* 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 June 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**4**

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

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $677,693,195)\*<br>| &nbsp;&nbsp; $942420097 |
| Investments in affiliated money market funds, at value <br> (Cost $117,544,193)<br>| &nbsp;&nbsp; 117549940 |
| Cash | &nbsp;&nbsp; 500000 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 92654 |
| Dividends | &nbsp;&nbsp; 193967 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 150053 |
| Other assets | &nbsp;&nbsp; 334 |
| Total assets | &nbsp;&nbsp; 1060907045 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1121025 |
| Fund shares reacquired | &nbsp;&nbsp; 4971004 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 97361285 |
| Accrued fees to affiliates | &nbsp;&nbsp; 430470 |
| Accrued other operating expenses | &nbsp;&nbsp; 18778 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 155160 |
| Total liabilities | &nbsp;&nbsp; 104057722 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $956849323 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $594471856 |
| Distributable earnings | &nbsp;&nbsp; 362377467 |
|  | &nbsp;&nbsp; $956849323 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $796052884 |
| Series II | &nbsp;&nbsp; $160796439 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 9824958 |
| Series II | &nbsp;&nbsp; 2316605 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $81.02 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $69.41 |

---

\* At June 30, 2025, securities with an aggregate value of $95,561,585 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends | &nbsp;&nbsp; $1733589 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $57,725)<br>| &nbsp;&nbsp; 565852 |
| Total investment income | &nbsp;&nbsp; 2299441 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3042584 |
| Administrative services fees | &nbsp;&nbsp; 730126 |
| Custodian fees | &nbsp;&nbsp; 4473 |
| Distribution fees - Series II | &nbsp;&nbsp; 184892 |
| Transfer agent fees | &nbsp;&nbsp; 24879 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 12786 |
| Reports to shareholders | &nbsp;&nbsp; 4491 |
| Professional services fees | &nbsp;&nbsp; 20627 |
| Other | &nbsp;&nbsp; 6188 |
| Total expenses | &nbsp;&nbsp; 4031046 |
| Less: Fees waived | &nbsp;&nbsp; (13741)<br>|
| Net expenses | &nbsp;&nbsp; 4017305 |
| Net investment income (loss) | &nbsp;&nbsp; (1717864)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 25035400 |
| Affiliated investment securities | &nbsp;&nbsp; (3809)<br>|
|  | &nbsp;&nbsp; 25031591 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 10234180 |
| Affiliated investment securities | &nbsp;&nbsp; 5747 |
|  | &nbsp;&nbsp; 10239927 |
| Net realized and unrealized gain | &nbsp;&nbsp; 35271518 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $33553654 |

---

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

**5**

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

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(1717864)<br>| &nbsp;&nbsp; $(2140602)<br>|
| Net realized gain | &nbsp;&nbsp; 25031591 | &nbsp;&nbsp; 117724273 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 10239927 | &nbsp;&nbsp; 81869545 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 33553654 | &nbsp;&nbsp; 197453216 |
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (36482259)<br>| &nbsp;&nbsp; (57541895)<br>|
| Series II | &nbsp;&nbsp; (5892118)<br>| &nbsp;&nbsp; (17391584)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (42374377)<br>| &nbsp;&nbsp; (74933479)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (8820723)<br>| &nbsp;&nbsp; 122519737 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 965670046 | &nbsp;&nbsp; 843150309 |
| End of period | &nbsp;&nbsp; $956849323 | &nbsp;&nbsp; $965670046 |

---

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

**6**

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

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $78.03 | $(0.13)<br>| $3.12 | $2.99 | $— | $— | $— | $81.02 | 3.84<br> %<br>| &nbsp;&nbsp; $796053 | 0.86 %<sup>(d)</sup><br>| 0.86 %<sup>(d)</sup><br>| (0.35 )%<sup>(d)</sup><br>| 55<br> %<br>|
| Year ended 12/31/24 | 62.81 | (0.14)<br>| 15.36 | 15.22 |  |  |  | 78.03 | 24.23 | &nbsp;&nbsp; 804405 | 0.86 | 0.86 | (0.19)<br>| 97 |
| Year ended 12/31/23 | 55.51 | (0.07)<br>| 7.37 | 7.30 |  |  |  | 62.81 | 13.15 | &nbsp;&nbsp; 697742 | 0.87 | 0.87 | (0.12)<br>| 129 |
| Year ended 12/31/22 | 114.63 | (0.10)<br>| (35.03)<br>| (35.13)<br>|  | (23.99)<br>| (23.99)<br>| 55.51 | (30.98)<br>| &nbsp;&nbsp; 673217 | 0.84 | 0.86 | (0.12)<br>| 97 |
| Year ended 12/31/21 | 106.94 | (0.62)<br>| 21.29 | 20.67 |  | (12.98)<br>| (12.98)<br>| 114.63 | 19.09 | &nbsp;&nbsp; 1043224 | 0.80 | 0.83 | (0.54)<br>| 77 |
| Year ended 12/31/20 | 83.82 | (0.32)<br>| 30.78 | 30.46 | (0.04)<br>| (7.30)<br>| (7.34)<br>| 106.94 | 40.70 | &nbsp;&nbsp; 963414 | 0.80 | 0.86 | (0.37)<br>| 87 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 66.93 | (0.19)<br>| 2.67 | 2.48 |  |  |  | 69.41 | 3.71 | &nbsp;&nbsp; 160796 | 1.11 <br><sup>(d)</sup><br>| 1.11 <br><sup>(d)</sup><br>| (0.60 )<sup>(d)</sup><br>| 55 |
| Year ended 12/31/24 | 54.01 | (0.27)<br>| 13.19 | 12.92 |  |  |  | 66.93 | 23.92 | &nbsp;&nbsp; 161265 | 1.11 | 1.11 | (0.44)<br>| 97 |
| Year ended 12/31/23 | 47.85 | (0.19)<br>| 6.35 | 6.16 |  |  |  | 54.01 | 12.88 | &nbsp;&nbsp; 145409 | 1.12 | 1.12 | (0.37)<br>| 129 |
| Year ended 12/31/22 | 103.76 | (0.27)<br>| (31.65)<br>| (31.92)<br>|  | (23.99)<br>| (23.99)<br>| 47.85 | (31.14)<br>| &nbsp;&nbsp; 131031 | 1.09 | 1.11 | (0.37)<br>| 97 |
| Year ended 12/31/21 | 98.05 | (0.83)<br>| 19.52 | 18.69 |  | (12.98)<br>| (12.98)<br>| 103.76 | 18.79 | &nbsp;&nbsp; 208990 | 1.05 | 1.08 | (0.79)<br>| 77 |
| Year ended 12/31/20 | 77.70 | (0.50)<br>| 28.15 | 27.65 |  | (7.30)<br>| (7.30)<br>| 98.05 | 40.24 | &nbsp;&nbsp; 196217 | 1.05 | 1.11 | (0.62)<br>| 87 |

---

<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, 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>(d)</sup> Annualized.

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

**7**

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

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**8**

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

------

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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**9**

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

------

compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $5,609 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $700 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Over $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.68%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $13,741.

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

**10**

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

------

periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2025, Invesco was paid $64,274 for accounting and fund administrative services and was reimbursed $665,852 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the six months ended June 30, 2025, the Fund incurred $5,776 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $942420097 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $942420097 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 20182908 | &nbsp;&nbsp;&nbsp;&nbsp; 97367032 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117549940 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $962603005 | &nbsp;&nbsp;&nbsp;&nbsp; $97367032 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1059970037 |

---

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

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

**NOTE 5—Cash Balances**

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

**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**11**

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

------

**NOTE 7—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2025 was $494,386,893 and $537,821,761, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $266217210 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (3965838)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $262251372 |

---

Cost of investments for tax purposes is $797,718,665.

**NOTE 8—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 280603 | &nbsp;&nbsp;&nbsp; $20643563 | &nbsp;&nbsp;&nbsp; 920280 | &nbsp;&nbsp;&nbsp; $65922292 |
| Series II | &nbsp;&nbsp;&nbsp; 225708 | &nbsp;&nbsp;&nbsp; 14383055 | &nbsp;&nbsp;&nbsp; 247135 | &nbsp;&nbsp;&nbsp; 15428811 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (764990)<br>| &nbsp;&nbsp;&nbsp; (57125822)<br>| &nbsp;&nbsp;&nbsp; (1720312)<br>| &nbsp;&nbsp;&nbsp; (123464187)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (318693)<br>| &nbsp;&nbsp;&nbsp; (20275173)<br>| &nbsp;&nbsp;&nbsp; (529989)<br>| &nbsp;&nbsp;&nbsp; (32820395)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (577372)<br>| &nbsp;&nbsp;&nbsp; $(42374377)<br>| &nbsp;&nbsp;&nbsp; (1082886)<br>| &nbsp;&nbsp;&nbsp; $(74933479)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 49% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**12**

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

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Discovery Mid Cap Growth Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell Midcap® Growth Index (Index). The Board noted that performance of Series I shares of the Fund was in the first quintile of its performance universe for the one year period, the fourth quintile for the three year period and the third quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could

**13**

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

------

produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board requested and considered additional information from management regarding such relative total expenses, including the differentiated client base associated with variable insurance products. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory

fee rates before the application of advisory fee waivers/expense limitations of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related

**14**

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

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responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**15**

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

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**16**

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

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![](img5b02f5dd1.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. Diversified Dividend Fund**

------

---

| | |
|:---|:---|
| [2](#xx_a93dc8c2-f161-45db-9942-17ddc1144592_SOI-Continued-69_1) | Schedule of Investments |
| [5](#xx_a93dc8c2-f161-45db-9942-17ddc1144592_FS-Continued-69_1) | Financial Statements |
| [7](#xx_a93dc8c2-f161-45db-9942-17ddc1144592_FS-Continued-69_3) | Financial Highlights |
| [8](#xx_a93dc8c2-f161-45db-9942-17ddc1144592_NTF-Continued-69_1) | Notes to Financial Statements |
| [13](#xx_a93dc8c2-f161-45db-9942-17ddc1144592_AOC-Continued-69_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [16](#xx_a93dc8c2-f161-45db-9942-17ddc1144592_OIRSR-Continued-69_1) | Other Information Required in Form N-CSR (Items 8-11) |

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Invesco Distributors, Inc.

VIDDI-NCSRS

------

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

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.00%** | **Common Stocks & Other Equity Interests–99.00%** | **Common Stocks & Other Equity Interests–99.00%** |
| **Aerospace & Defense–3.02%** | **Aerospace & Defense–3.02%** | **Aerospace & Defense–3.02%** |
| Airbus S.E. (France) | 12815 | &nbsp;&nbsp; $2680907 |
| General Electric Co. | 14262 | &nbsp;&nbsp; 3670896 |
| Northrop Grumman Corp. | 14214 | &nbsp;&nbsp; 7106716 |
|  |  | &nbsp;&nbsp; 13458519 |
| **Agricultural & Farm Machinery–1.51%** | **Agricultural & Farm Machinery–1.51%** | **Agricultural & Farm Machinery–1.51%** |
| Deere & Co.<sup>(b)</sup>  | 13220 | &nbsp;&nbsp; 6722238 |
| **Apparel Retail–1.14%** | **Apparel Retail–1.14%** | **Apparel Retail–1.14%** |
| Ross Stores, Inc. | 20052 | &nbsp;&nbsp; 2558234 |
| TJX Cos., Inc. (The) | 20302 | &nbsp;&nbsp; 2507094 |
|  |  | &nbsp;&nbsp; 5065328 |
| **Application Software–0.81%** | **Application Software–0.81%** | **Application Software–0.81%** |
| Salesforce, Inc. | 13273 | &nbsp;&nbsp; 3619414 |
| **Asset Management & Custody Banks–1.52%** | **Asset Management & Custody Banks–1.52%** | **Asset Management & Custody Banks–1.52%** |
| BlackRock, Inc. | 6443 | &nbsp;&nbsp; 6760318 |
| **Biotechnology–1.03%** | **Biotechnology–1.03%** | **Biotechnology–1.03%** |
| AbbVie, Inc. | 24736 | &nbsp;&nbsp; 4591496 |
| **Building Products–1.56%** | **Building Products–1.56%** | **Building Products–1.56%** |
| Carlisle Cos., Inc.<sup>(b)</sup>  | 8117 | &nbsp;&nbsp; 3030888 |
| Johnson Controls International PLC | 37109 | &nbsp;&nbsp; 3919452 |
|  |  | &nbsp;&nbsp; 6950340 |
| **Cable & Satellite–0.89%** | **Cable & Satellite–0.89%** | **Cable & Satellite–0.89%** |
| Comcast Corp., Class A | 110947 | &nbsp;&nbsp; 3959698 |
| **Communications Equipment–2.22%** | **Communications Equipment–2.22%** | **Communications Equipment–2.22%** |
| Cisco Systems, Inc. | 142627 | &nbsp;&nbsp; 9895461 |
| **Construction Materials–1.27%** | **Construction Materials–1.27%** | **Construction Materials–1.27%** |
| CRH PLC | 61740 | &nbsp;&nbsp; 5667732 |
| **Consumer Finance–2.29%** | **Consumer Finance–2.29%** | **Consumer Finance–2.29%** |
| American Express Co. | 15003 | &nbsp;&nbsp; 4785657 |
| Capital One Financial Corp. | 25403 | &nbsp;&nbsp; 5404742 |
|  |  | &nbsp;&nbsp; 10190399 |
| **Consumer Staples Merchandise Retail–2.61%** | **Consumer Staples Merchandise Retail–2.61%** | **Consumer Staples Merchandise Retail–2.61%** |
| Walmart, Inc. | 119033 | &nbsp;&nbsp; 11639047 |
| **Diversified Banks–10.84%** | **Diversified Banks–10.84%** | **Diversified Banks–10.84%** |
| Bank of America Corp. | 237645 | &nbsp;&nbsp; 11245362 |
| Fifth Third Bancorp | 72608 | &nbsp;&nbsp; 2986367 |
| JPMorgan Chase & Co. | 62397 | &nbsp;&nbsp; 18089514 |
| PNC Financial Services Group, Inc. <br> (The) | 34049 | &nbsp;&nbsp; 6347415 |
| Wells Fargo & Co. | 119744 | &nbsp;&nbsp; 9593889 |
|  |  | &nbsp;&nbsp; 48262547 |
| **Electric Utilities–2.93%** | **Electric Utilities–2.93%** | **Electric Utilities–2.93%** |
| Entergy Corp. | 77824 | &nbsp;&nbsp; 6468731 |
| PPL Corp.<sup>(b)</sup>  | 193710 | &nbsp;&nbsp; 6564832 |
|  |  | &nbsp;&nbsp; 13033563 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Electrical Components & Equipment–4.20%** | **Electrical Components & Equipment–4.20%** | **Electrical Components & Equipment–4.20%** |
| Eaton Corp. PLC | 23926 | &nbsp;&nbsp; $8541342 |
| Emerson Electric Co.<sup>(b)</sup>  | 48524 | &nbsp;&nbsp; 6469705 |
| Hubbell, Inc.<sup>(b)</sup>  | 9002 | &nbsp;&nbsp; 3676507 |
|  |  | &nbsp;&nbsp; 18687554 |
| **Electronic Manufacturing Services–0.70%** | **Electronic Manufacturing Services–0.70%** | **Electronic Manufacturing Services–0.70%** |
| TE Connectivity PLC (Switzerland) | 18446 | &nbsp;&nbsp; 3111287 |
| **Food Distributors–1.48%** | **Food Distributors–1.48%** | **Food Distributors–1.48%** |
| Sysco Corp.<sup>(b)</sup>  | 86839 | &nbsp;&nbsp; 6577186 |
| **Health Care Distributors–1.05%** | **Health Care Distributors–1.05%** | **Health Care Distributors–1.05%** |
| Cencora, Inc. | 15602 | &nbsp;&nbsp; 4678260 |
| **Health Care Equipment–1.66%** | **Health Care Equipment–1.66%** | **Health Care Equipment–1.66%** |
| Medtronic PLC | 84757 | &nbsp;&nbsp; 7388268 |
| **Health Care Services–0.87%** | **Health Care Services–0.87%** | **Health Care Services–0.87%** |
| CVS Health Corp. | 56127 | &nbsp;&nbsp; 3871640 |
| **Health Care Supplies–0.54%** | **Health Care Supplies–0.54%** | **Health Care Supplies–0.54%** |
| Alcon AG<sup>(b)</sup>  | 27358 | &nbsp;&nbsp; 2415164 |
| **Home Improvement Retail–2.28%** | **Home Improvement Retail–2.28%** | **Home Improvement Retail–2.28%** |
| Lowe's Cos., Inc. | 45662 | &nbsp;&nbsp; 10131028 |
| **Hotels, Resorts & Cruise Lines–1.42%** | **Hotels, Resorts & Cruise Lines–1.42%** | **Hotels, Resorts & Cruise Lines–1.42%** |
| Marriott International, Inc., Class A | 23203 | &nbsp;&nbsp; 6339292 |
| **Household Products–2.73%** | **Household Products–2.73%** | **Household Products–2.73%** |
| Colgate-Palmolive Co. | 43495 | &nbsp;&nbsp; 3953696 |
| Procter & Gamble Co. (The) | 51614 | &nbsp;&nbsp; 8223142 |
|  |  | &nbsp;&nbsp; 12176838 |
| **Industrial Gases–0.78%** | **Industrial Gases–0.78%** | **Industrial Gases–0.78%** |
| Air Products and Chemicals, Inc.<sup>(b)</sup>  | 12240 | &nbsp;&nbsp; 3452414 |
| **Industrial Machinery & Supplies & Components–1.36%** | **Industrial Machinery & Supplies & Components–1.36%** | **Industrial Machinery & Supplies & Components–1.36%** |
| Parker-Hannifin Corp. | 8690 | &nbsp;&nbsp; 6069704 |
| **Industrial REITs–1.15%** | **Industrial REITs–1.15%** | **Industrial REITs–1.15%** |
| Prologis, Inc. | 48827 | &nbsp;&nbsp; 5132694 |
| **Integrated Oil & Gas–2.74%** | **Integrated Oil & Gas–2.74%** | **Integrated Oil & Gas–2.74%** |
| Chevron Corp. | 77886 | &nbsp;&nbsp; 11152497 |
| Suncor Energy, Inc. (Canada) | 27496 | &nbsp;&nbsp; 1029725 |
|  |  | &nbsp;&nbsp; 12182222 |
| **Integrated Telecommunication Services–1.65%** | **Integrated Telecommunication Services–1.65%** | **Integrated Telecommunication Services–1.65%** |
| AT&T, Inc.<sup>(b)</sup>  | 253637 | &nbsp;&nbsp; 7340255 |
| **Interactive Media & Services–1.25%** | **Interactive Media & Services–1.25%** | **Interactive Media & Services–1.25%** |
| Alphabet, Inc., Class A | 31486 | &nbsp;&nbsp; 5548778 |
| **Investment Banking & Brokerage–3.01%** | **Investment Banking & Brokerage–3.01%** | **Investment Banking & Brokerage–3.01%** |
| Charles Schwab Corp. (The) | 89427 | &nbsp;&nbsp; 8159319 |
| Morgan Stanley | 37188 | &nbsp;&nbsp; 5238302 |
|  |  | &nbsp;&nbsp; 13397621 |
| **Life Sciences Tools & Services–1.65%** | **Life Sciences Tools & Services–1.65%** | **Life Sciences Tools & Services–1.65%** |
| Danaher Corp. | 25799 | &nbsp;&nbsp; 5096335 |

---

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

**2**

**Invesco V.I. Diversified Dividend Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Life Sciences Tools & Services–(continued)** | **Life Sciences Tools & Services–(continued)** | **Life Sciences Tools & Services–(continued)** |
| Lonza Group AG (Switzerland) | 3147 | &nbsp;&nbsp; $2250619 |
|  |  | &nbsp;&nbsp; 7346954 |
| **Managed Health Care–0.73%** | **Managed Health Care–0.73%** | **Managed Health Care–0.73%** |
| UnitedHealth Group, Inc. | 10466 | &nbsp;&nbsp; 3265078 |
| **Movies & Entertainment–1.20%** | **Movies & Entertainment–1.20%** | **Movies & Entertainment–1.20%** |
| Walt Disney Co. (The) | 43090 | &nbsp;&nbsp; 5343591 |
| **Multi-line Insurance–1.89%** | **Multi-line Insurance–1.89%** | **Multi-line Insurance–1.89%** |
| American International Group, Inc. | 98278 | &nbsp;&nbsp; 8411614 |
| **Multi-Utilities–1.78%** | **Multi-Utilities–1.78%** | **Multi-Utilities–1.78%** |
| CMS Energy Corp. | 53153 | &nbsp;&nbsp; 3682440 |
| Public Service Enterprise Group, Inc. | 50678 | &nbsp;&nbsp; 4266074 |
|  |  | &nbsp;&nbsp; 7948514 |
| **Oil & Gas Exploration & Production–1.49%** | **Oil & Gas Exploration & Production–1.49%** | **Oil & Gas Exploration & Production–1.49%** |
| ConocoPhillips | 73783 | &nbsp;&nbsp; 6621286 |
| **Oil & Gas Refining & Marketing–1.02%** | **Oil & Gas Refining & Marketing–1.02%** | **Oil & Gas Refining & Marketing–1.02%** |
| Valero Energy Corp. | 33942 | &nbsp;&nbsp; 4562484 |
| **Oil & Gas Storage & Transportation–1.96%** | **Oil & Gas Storage & Transportation–1.96%** | **Oil & Gas Storage & Transportation–1.96%** |
| Cheniere Energy, Inc. | 11647 | &nbsp;&nbsp; 2836277 |
| Williams Cos., Inc. (The) | 93939 | &nbsp;&nbsp; 5900309 |
|  |  | &nbsp;&nbsp; 8736586 |
| **Paper & Plastic Packaging Products & Materials–0.65%** | **Paper & Plastic Packaging Products & Materials–0.65%** | **Paper & Plastic Packaging Products & Materials–0.65%** |
| Smurfit WestRock PLC | 67282 | &nbsp;&nbsp; 2903218 |
| **Personal Care Products–0.51%** | **Personal Care Products–0.51%** | **Personal Care Products–0.51%** |
| L'Oreal S.A. (France) | 5303 | &nbsp;&nbsp; 2271560 |
| **Pharmaceuticals–4.27%** | **Pharmaceuticals–4.27%** | **Pharmaceuticals–4.27%** |
| AstraZeneca PLC (United Kingdom) | 15183 | &nbsp;&nbsp; 2113005 |
| Bristol-Myers Squibb Co. | 74354 | &nbsp;&nbsp; 3441847 |
| Johnson & Johnson | 61803 | &nbsp;&nbsp; 9440408 |
| Merck & Co., Inc. | 26104 | &nbsp;&nbsp; 2066392 |
| Sanofi S.A., ADR | 40861 | &nbsp;&nbsp; 1973995 |
|  |  | &nbsp;&nbsp; 19035647 |
| **Property & Casualty Insurance–0.86%** | **Property & Casualty Insurance–0.86%** | **Property & Casualty Insurance–0.86%** |
| Hartford Insurance Group, Inc. (The) | 30204 | &nbsp;&nbsp; 3831981 |
| **Rail Transportation–1.91%** | **Rail Transportation–1.91%** | **Rail Transportation–1.91%** |
| Union Pacific Corp. | 36950 | &nbsp;&nbsp; 8501456 |
| **Restaurants–2.40%** | **Restaurants–2.40%** | **Restaurants–2.40%** |
| McDonald's Corp. | 27549 | &nbsp;&nbsp; 8048992 |
| Yum! Brands, Inc. | 17935 | &nbsp;&nbsp; 2657608 |
|  |  | &nbsp;&nbsp; 10706600 |
| **Semiconductor Materials & Equipment–0.99%** | **Semiconductor Materials & Equipment–0.99%** | **Semiconductor Materials & Equipment–0.99%** |
| ASML Holding N.V., New York Shares <br> (Netherlands) | 3038 | &nbsp;&nbsp; 2434623 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Semiconductor Materials & Equipment–(continued)** | **Semiconductor Materials & Equipment–(continued)** | **Semiconductor Materials & Equipment–(continued)** | **Semiconductor Materials & Equipment–(continued)** |
| Lam Research Corp. | Lam Research Corp. | 20198 | &nbsp;&nbsp; $1966073 |
|  |  |  | &nbsp;&nbsp; 4400696 |
| **Semiconductors–2.29%** | **Semiconductors–2.29%** | **Semiconductors–2.29%** | **Semiconductors–2.29%** |
| Broadcom, Inc. | Broadcom, Inc. | 17124 | &nbsp;&nbsp; 4720231 |
| Texas Instruments, Inc. | Texas Instruments, Inc. | 26376 | &nbsp;&nbsp; 5476185 |
|  |  |  | &nbsp;&nbsp; 10196416 |
| **Soft Drinks & Non-alcoholic Beverages–2.57%** | **Soft Drinks & Non-alcoholic Beverages–2.57%** | **Soft Drinks & Non-alcoholic Beverages–2.57%** | **Soft Drinks & Non-alcoholic Beverages–2.57%** |
| Coca-Cola Co. (The) | Coca-Cola Co. (The) | 95385 | &nbsp;&nbsp; 6748489 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | 142228 | &nbsp;&nbsp; 4702057 |
|  |  |  | &nbsp;&nbsp; 11450546 |
| **Systems Software–3.76%** | **Systems Software–3.76%** | **Systems Software–3.76%** | **Systems Software–3.76%** |
| Microsoft Corp. | Microsoft Corp. | 21702 | &nbsp;&nbsp; 10794792 |
| Oracle Corp. | Oracle Corp. | 27256 | &nbsp;&nbsp; 5958979 |
|  |  |  | &nbsp;&nbsp; 16753771 |
| **Telecom Tower REITs–0.99%** | **Telecom Tower REITs–0.99%** | **Telecom Tower REITs–0.99%** | **Telecom Tower REITs–0.99%** |
| American Tower Corp.<sup>(b)</sup>  | American Tower Corp.<sup>(b)</sup>  | 20030 | &nbsp;&nbsp; 4427031 |
| **Tobacco–2.43%** | **Tobacco–2.43%** | **Tobacco–2.43%** | **Tobacco–2.43%** |
| Philip Morris International, Inc. (Switzerland) | Philip Morris International, Inc. (Switzerland) | 59360 | &nbsp;&nbsp; 10811237 |
| **Transaction & Payment Processing Services–1.14%** | **Transaction & Payment Processing Services–1.14%** | **Transaction & Payment Processing Services–1.14%** | **Transaction & Payment Processing Services–1.14%** |
| Visa, Inc., Class A | Visa, Inc., Class A | 14352 | &nbsp;&nbsp; 5095678 |
| Total Common Stocks & Other Equity Interests <br> (Cost $337,337,196) | Total Common Stocks & Other Equity Interests <br> (Cost $337,337,196) | Total Common Stocks & Other Equity Interests <br> (Cost $337,337,196) | &nbsp;&nbsp; 440938249 |
| **Money Market Funds–0.93%** | **Money Market Funds–0.93%** | **Money Market Funds–0.93%** | **Money Market Funds–0.93%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup>  | 1445973 | &nbsp;&nbsp; 1445973 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(c)(d)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(c)(d)</sup>  | 2684706 | &nbsp;&nbsp; 2684706 |
| Total Money Market Funds (Cost $4,130,679) | Total Money Market Funds (Cost $4,130,679) | Total Money Market Funds (Cost $4,130,679) | &nbsp;&nbsp; 4130679 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.93% <br> (Cost $341,467,875)<br>|  |  | &nbsp;&nbsp; 445068928 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–6.05%** | **Money Market Funds–6.05%** | **Money Market Funds–6.05%** | **Money Market Funds–6.05%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(c)(d)(e)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(c)(d)(e)</sup>  | 7487177 | &nbsp;&nbsp; 7487177 |
| Invesco Private Prime Fund, 4.49%<sup>(c)(d)(e)</sup>  | Invesco Private Prime Fund, 4.49%<sup>(c)(d)(e)</sup>  | 19448694 | &nbsp;&nbsp; 19454529 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $26,939,854) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $26,939,854) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $26,939,854) | &nbsp;&nbsp; 26941706 |
| TOTAL INVESTMENTS IN SECURITIES–105.98% <br> (Cost $368,407,729) | TOTAL INVESTMENTS IN SECURITIES–105.98% <br> (Cost $368,407,729) | TOTAL INVESTMENTS IN SECURITIES–105.98% <br> (Cost $368,407,729) | &nbsp;&nbsp; 472010634 |
| OTHER ASSETS LESS LIABILITIES—(5.98)% | OTHER ASSETS LESS LIABILITIES—(5.98)% | OTHER ASSETS LESS LIABILITIES—(5.98)% | &nbsp;&nbsp; (26612674)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $445397960 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

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

**3**

**Invesco V.I. Diversified Dividend Fund**

------

Notes to Schedule of Investments:

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

<sup>(b)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $4256524 | &nbsp;&nbsp; $25808968 | &nbsp;&nbsp; $(28619519) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1445973 | &nbsp;&nbsp; $77301 |
| Invesco Treasury Portfolio, Institutional Class | 7904300 | &nbsp;&nbsp; 47930941 | &nbsp;&nbsp; (53150535) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2684706 | &nbsp;&nbsp; 142440 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 9181026 | &nbsp;&nbsp; 191772328 | &nbsp;&nbsp; (193466177) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 7487177 | &nbsp;&nbsp; 236,867\* |
| Invesco Private Prime Fund | 23868468 | &nbsp;&nbsp; 369033253 | &nbsp;&nbsp; (373446417) | &nbsp;&nbsp; 1852 | &nbsp;&nbsp; (2627) | &nbsp;&nbsp; 19454529 | &nbsp;&nbsp; 620,063\* |
| Total | $45210318 | &nbsp;&nbsp; $634545490 | &nbsp;&nbsp; $(648682648) | &nbsp;&nbsp; $1852 | &nbsp;&nbsp; $(2627) | &nbsp;&nbsp; $31072385 | &nbsp;&nbsp; $1076671 |

---

\* 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 June 30, 2025.

<sup>(e)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**4**

**Invesco V.I. Diversified Dividend Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $337,337,196)\*<br>| &nbsp;&nbsp; $440938249 |
| Investments in affiliated money market funds, at value <br> (Cost $31,070,533)<br>| &nbsp;&nbsp; 31072385 |
| Cash | &nbsp;&nbsp; 11529 |
| Foreign currencies, at value (Cost $216) | &nbsp;&nbsp; 187 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 135871 |
| Dividends | &nbsp;&nbsp; 682031 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 78195 |
| Other assets | &nbsp;&nbsp; 163 |
| Total assets | &nbsp;&nbsp; 472918610 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 225457 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 26939854 |
| Accrued fees to affiliates | &nbsp;&nbsp; 236254 |
| Accrued other operating expenses | &nbsp;&nbsp; 16927 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 102158 |
| Total liabilities | &nbsp;&nbsp; 27520650 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $445397960 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $281563548 |
| Distributable earnings | &nbsp;&nbsp; 163834412 |
|  | &nbsp;&nbsp; $445397960 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $210638862 |
| Series II | &nbsp;&nbsp; $234759098 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 7654001 |
| Series II | &nbsp;&nbsp; 8635992 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $27.52 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $27.18 |

---

\* At June 30, 2025, securities with an aggregate value of $26,514,681 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $46,970) | &nbsp;&nbsp; $4612651 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $23,778)<br>| &nbsp;&nbsp; 243519 |
| Total investment income | &nbsp;&nbsp; 4856170 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1068891 |
| Administrative services fees | &nbsp;&nbsp; 360577 |
| Custodian fees | &nbsp;&nbsp; 2974 |
| Distribution fees - Series II | &nbsp;&nbsp; 285590 |
| Transfer agent fees | &nbsp;&nbsp; 11354 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 11219 |
| Reports to shareholders | &nbsp;&nbsp; 4465 |
| Professional services fees | &nbsp;&nbsp; 20384 |
| Other | &nbsp;&nbsp; 2992 |
| Total expenses | &nbsp;&nbsp; 1768446 |
| Less: Fees waived | &nbsp;&nbsp; (5822)<br>|
| Net expenses | &nbsp;&nbsp; 1762624 |
| Net investment income | &nbsp;&nbsp; 3093546 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 18115990 |
| Affiliated investment securities | &nbsp;&nbsp; (2627)<br>|
| Foreign currencies | &nbsp;&nbsp; (4632)<br>|
|  | &nbsp;&nbsp; 18108731 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 4996342 |
| Affiliated investment securities | &nbsp;&nbsp; 1852 |
| Foreign currencies | &nbsp;&nbsp; 22891 |
|  | &nbsp;&nbsp; 5021085 |
| Net realized and unrealized gain | &nbsp;&nbsp; 23129816 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $26223362 |

---

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

**5**

**Invesco V.I. Diversified Dividend Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $3093546 | &nbsp;&nbsp; $6628091 |
| Net realized gain | &nbsp;&nbsp; 18108731 | &nbsp;&nbsp; 34100989 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 5021085 | &nbsp;&nbsp; 14112673 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 26223362 | &nbsp;&nbsp; 54841753 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (12514661)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (13059334)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (25573995)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (15019663)<br>| &nbsp;&nbsp; (16040435)<br>|
| Series II | &nbsp;&nbsp; (9678572)<br>| &nbsp;&nbsp; (7566093)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (24698235)<br>| &nbsp;&nbsp; (23606528)<br>|
| Net increase in net assets | &nbsp;&nbsp; 1525127 | &nbsp;&nbsp; 5661230 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 443872833 | &nbsp;&nbsp; 438211603 |
| End of period | &nbsp;&nbsp; $445397960 | &nbsp;&nbsp; $443872833 |

---

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

**6**

**Invesco V.I. Diversified Dividend Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $25.88 | $0.20 | $1.44 | $1.64 | $— | $— | $— | $27.52 | 6.34<br> %<br>| &nbsp;&nbsp; $210639 | 0.68 %<sup>(d)</sup><br>| 0.68 %<sup>(d)</sup><br>| 1.55 %<sup>(d)</sup><br>| 33<br> %<br>|
| Year ended 12/31/24 | 24.24 | 0.42 | 2.81 | 3.23 | (0.51)<br>| (1.08)<br>| (1.59)<br>| 25.88 | 13.22 | &nbsp;&nbsp; 212914 | 0.70 | 0.70 | 1.61 | 46 |
| Year ended 12/31/23 | 24.99 | 0.46 | 1.45 | 1.91 | (0.52)<br>| (2.14)<br>| (2.66)<br>| 24.24 | 9.05 | &nbsp;&nbsp; 214556 | 0.68 | 0.68 | 1.86 | 45 |
| Year ended 12/31/22 | 29.82 | 0.54 | (1.16)<br>| (0.62)<br>| (0.56)<br>| (3.65)<br>| (4.21)<br>| 24.99 | (1.68)<br>| &nbsp;&nbsp; 225216 | 0.67 | 0.67 | 1.91 | 40 |
| Year ended 12/31/21 | 25.72 | 0.52 | 4.32 | 4.84 | (0.63)<br>| (0.11)<br>| (0.74)<br>| 29.82 | 18.89 | &nbsp;&nbsp; 242810 | 0.68 | 0.68 | 1.81 | 45 |
| Year ended 12/31/20 | 27.23 | 0.58 | (0.67)<br>| (0.09)<br>| (0.77)<br>| (0.65)<br>| (1.42)<br>| 25.72 | 0.14 | &nbsp;&nbsp; 233073 | 0.70 | 0.70 | 2.41 | 9 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 25.60 | 0.17 | 1.41 | 1.58 |  |  |  | 27.18 | 6.17 | &nbsp;&nbsp; 234759 | 0.93 <br><sup>(d)</sup><br>| 0.93 <br><sup>(d)</sup><br>| 1.30 <br><sup>(d)</sup><br>| 33 |
| Year ended 12/31/24 | 23.99 | 0.35 | 2.78 | 3.13 | (0.44)<br>| (1.08)<br>| (1.52)<br>| 25.60 | 12.96 | &nbsp;&nbsp; 230958 | 0.95 | 0.95 | 1.36 | 46 |
| Year ended 12/31/23 | 24.75 | 0.40 | 1.43 | 1.83 | (0.45)<br>| (2.14)<br>| (2.59)<br>| 23.99 | 8.77 | &nbsp;&nbsp; 223655 | 0.93 | 0.93 | 1.61 | 45 |
| Year ended 12/31/22 | 29.57 | 0.46 | (1.15)<br>| (0.69)<br>| (0.48)<br>| (3.65)<br>| (4.13)<br>| 24.75 | (1.93)<br>| &nbsp;&nbsp; 229588 | 0.92 | 0.92 | 1.66 | 40 |
| Year ended 12/31/21 | 25.52 | 0.44 | 4.29 | 4.73 | (0.57)<br>| (0.11)<br>| (0.68)<br>| 29.57 | 18.59 | &nbsp;&nbsp; 245103 | 0.93 | 0.93 | 1.56 | 45 |
| Year ended 12/31/20 | 27.03 | 0.52 | (0.68)<br>| (0.16)<br>| (0.71)<br>| (0.64)<br>| (1.35)<br>| 25.52 | (0.13)<br>| &nbsp;&nbsp; 218234 | 0.95 | 0.95 | 2.16 | 9 |

---

<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> Annualized.

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

**7**

**Invesco V.I. Diversified Dividend Fund**

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

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

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**8**

**Invesco V.I. Diversified Dividend Fund**

------

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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**9**

**Invesco V.I. Diversified Dividend Fund**

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compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $2,535 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**M.** **Other Risks** - As a group, securities that pay high dividends may fall out of favor with investors and underperform companies that do not pay high dividends. Companies that pay dividends are not required to continue paying them. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future or an anticipated acceleration of dividends may not occur. Depending on market conditions, dividend paying that meet the Fund's investment criteria may not be widely available for purchase by the Fund, which may increase the volatility of the Fund's returns and limit its ability to produce current income while remaining fully diversified. High-dividend stocks may not experience high earnings growth or capital appreciation. The Fund's performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.545% |
| Next $750 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.420% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.395% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.370% |

---

For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.49%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the

**10**

**Invesco V.I. Diversified Dividend Fund**

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following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2025, the Adviser waived advisory fees of $5,822.

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 six months ended June 30, 2025, Invesco was paid $34,611 for accounting and fund administrative services and was reimbursed $325,966 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $431622158 | &nbsp;&nbsp;&nbsp;&nbsp; $9316091 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $440938249 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 4130679 | &nbsp;&nbsp;&nbsp;&nbsp; 26941706 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31072385 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $435752837 | &nbsp;&nbsp;&nbsp;&nbsp; $36257797 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $472010634 |

---

**NOTE 4—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 5—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**11**

**Invesco V.I. Diversified Dividend Fund**

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**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $141,527,395 and $154,397,858, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $109362142 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (6257596)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $103104546 |

---

Cost of investments for tax purposes is $368,906,088.

**NOTE 8—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 145790 | &nbsp;&nbsp;&nbsp; $3815171 | &nbsp;&nbsp;&nbsp; 388380 | &nbsp;&nbsp;&nbsp; $10068800 |
| Series II | &nbsp;&nbsp;&nbsp; 411204 | &nbsp;&nbsp;&nbsp; 10771079 | &nbsp;&nbsp;&nbsp; 491304 | &nbsp;&nbsp;&nbsp; 12624290 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 478206 | &nbsp;&nbsp;&nbsp; 12514661 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 504221 | &nbsp;&nbsp;&nbsp; 13059334 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (717843)<br>| &nbsp;&nbsp;&nbsp; (18834834)<br>| &nbsp;&nbsp;&nbsp; (1492673)<br>| &nbsp;&nbsp;&nbsp; (38623896)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (797616)<br>| &nbsp;&nbsp;&nbsp; (20449651)<br>| &nbsp;&nbsp;&nbsp; (1296164)<br>| &nbsp;&nbsp;&nbsp; (33249717)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (958465)<br>| &nbsp;&nbsp;&nbsp; $(24698235)<br>| &nbsp;&nbsp;&nbsp; (926726)<br>| &nbsp;&nbsp;&nbsp; $(23606528)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 56% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**12**

**Invesco V.I. Diversified Dividend Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Diversified Dividend Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 1000® Value Index (Index). The Board noted that performance of Series I shares of the Fund was in the third quintile of its performance universe for the one year period, the second quintile for the three year period and the fifth quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was reasonably comparable to the performance of the Index for the one year period, above the performance of the Index for the three year period and below the performance of the Index for the five year period. The Board considered that the Fund's defensive positioning relative to the peer group and stock selection (i.e., not holding certain

**13**

**Invesco V.I. Diversified Dividend Fund**

------

large cap stocks) detracted from the Fund's relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were each below the median contractual management fee and actual management rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board requested and considered additional information from management regarding such relative total expenses, including the differentiated client base associated with variable insurance products. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations) to the effective advisory

fee rates before the application of advisory fee waivers/expense limitations of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related

**14**

**Invesco V.I. Diversified Dividend Fund**

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responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**15**

**Invesco V.I. Diversified Dividend Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**16**

**Invesco V.I. Diversified Dividend Fund**

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![](imgf52169381.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

------

---

| | |
|:---|:---|
| [2](#xx_d4751f10-9e5c-4d60-b902-7537e6c96a76_SOI-Continued-70_1) | Schedule of Investments |
| [10](#xx_d4751f10-9e5c-4d60-b902-7537e6c96a76_FS-Continued-70_1) | Financial Statements |
| [12](#xx_d4751f10-9e5c-4d60-b902-7537e6c96a76_FS-Continued-70_3) | Financial Highlights |
| [13](#xx_d4751f10-9e5c-4d60-b902-7537e6c96a76_NTF-Continued-70_1) | Notes to Financial Statements |
| [19](#xx_d4751f10-9e5c-4d60-b902-7537e6c96a76_AOC-Continued-70_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [22](#xx_d4751f10-9e5c-4d60-b902-7537e6c96a76_OIRSR-Continued-70_1) | Other Information Required in Form N-CSR (Items 8-11) |

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Invesco Distributors, Inc.

MS-VIEWSP-NCSRS

------

**Schedule of Investments**<sup>(a)</sup> 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.61%** | **Common Stocks & Other Equity Interests–99.61%** | **Common Stocks & Other Equity Interests–99.61%** |
| **Advertising–0.39%** | **Advertising–0.39%** | **Advertising–0.39%** |
| Interpublic Group of Cos., Inc. (The) | 39970 | &nbsp;&nbsp; $978465 |
| Omnicom Group, Inc.<sup>(b)</sup>  | 12956 | &nbsp;&nbsp; 932055 |
|  |  | &nbsp;&nbsp; 1910520 |
| **Aerospace & Defense–2.45%** | **Aerospace & Defense–2.45%** | **Aerospace & Defense–2.45%** |
| Axon Enterprise, Inc.<sup>(c)</sup>  | 1220 | &nbsp;&nbsp; 1010087 |
| Boeing Co. (The)<sup>(c)</sup>  | 4438 | &nbsp;&nbsp; 929894 |
| General Dynamics Corp. | 3443 | &nbsp;&nbsp; 1004185 |
| General Electric Co. | 3868 | &nbsp;&nbsp; 995585 |
| Howmet Aerospace, Inc.<sup>(b)</sup>  | 5562 | &nbsp;&nbsp; 1035255 |
| Huntington Ingalls Industries, Inc. | 4199 | &nbsp;&nbsp; 1013891 |
| L3Harris Technologies, Inc. | 3850 | &nbsp;&nbsp; 965734 |
| Lockheed Martin Corp. | 2080 | &nbsp;&nbsp; 963331 |
| Northrop Grumman Corp. | 1944 | &nbsp;&nbsp; 971961 |
| RTX Corp. | 6697 | &nbsp;&nbsp; 977896 |
| Textron, Inc. | 12366 | &nbsp;&nbsp; 992866 |
| TransDigm Group, Inc. | 664 | &nbsp;&nbsp; 1009705 |
|  |  | &nbsp;&nbsp; 11870390 |
| **Agricultural & Farm Machinery–0.19%** | **Agricultural & Farm Machinery–0.19%** | **Agricultural & Farm Machinery–0.19%** |
| Deere & Co.<sup>(b)</sup>  | 1823 | &nbsp;&nbsp; 926977 |
| **Agricultural Products & Services–0.42%** | **Agricultural Products & Services–0.42%** | **Agricultural Products & Services–0.42%** |
| Archer-Daniels-Midland Co. | 19513 | &nbsp;&nbsp; 1029896 |
| Bunge Global S.A. | 12584 | &nbsp;&nbsp; 1010244 |
|  |  | &nbsp;&nbsp; 2040140 |
| **Air Freight & Logistics–0.79%** | **Air Freight & Logistics–0.79%** | **Air Freight & Logistics–0.79%** |
| C.H. Robinson Worldwide, Inc. | 10041 | &nbsp;&nbsp; 963434 |
| Expeditors International of <br> Washington, Inc. | 8298 | &nbsp;&nbsp; 948047 |
| FedEx Corp. | 4240 | &nbsp;&nbsp; 963794 |
| United Parcel Service, Inc., Class B<sup>(b)</sup>  | 9388 | &nbsp;&nbsp; 947625 |
|  |  | &nbsp;&nbsp; 3822900 |
| **Apparel Retail–0.38%** | **Apparel Retail–0.38%** | **Apparel Retail–0.38%** |
| Ross Stores, Inc. | 6963 | &nbsp;&nbsp; 888339 |
| TJX Cos., Inc. (The) | 7626 | &nbsp;&nbsp; 941735 |
|  |  | &nbsp;&nbsp; 1830074 |
| **Apparel, Accessories & Luxury Goods–0.60%** | **Apparel, Accessories & Luxury Goods–0.60%** | **Apparel, Accessories & Luxury Goods–0.60%** |
| lululemon athletica, inc.<sup>(c)</sup>  | 3764 | &nbsp;&nbsp; 894251 |
| Ralph Lauren Corp. | 3548 | &nbsp;&nbsp; 973145 |
| Tapestry, Inc. | 11617 | &nbsp;&nbsp; 1020089 |
|  |  | &nbsp;&nbsp; 2887485 |
| **Application Software–2.56%** | **Application Software–2.56%** | **Application Software–2.56%** |
| Adobe, Inc.<sup>(c)</sup>  | 2300 | &nbsp;&nbsp; 889824 |
| ANSYS, Inc.<sup>(c)</sup>  | 2741 | &nbsp;&nbsp; 962694 |
| Autodesk, Inc.<sup>(c)</sup>  | 3200 | &nbsp;&nbsp; 990624 |
| Cadence Design Systems, Inc.<sup>(c)</sup>  | 3091 | &nbsp;&nbsp; 952492 |
| Fair Isaac Corp.<sup>(c)</sup>  | 526 | &nbsp;&nbsp; 961507 |
| Intuit, Inc. | 1242 | &nbsp;&nbsp; 978237 |
| Palantir Technologies, Inc., Class A<sup>(b)(c)</sup>  | 6963 | &nbsp;&nbsp; 949196 |
| PTC, Inc.<sup>(b)(c)</sup>  | 5554 | &nbsp;&nbsp; 957176 |
| Roper Technologies, Inc. | 1667 | &nbsp;&nbsp; 944922 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Application Software–(continued)** | **Application Software–(continued)** | **Application Software–(continued)** |
| Salesforce, Inc. | 3571 | &nbsp;&nbsp; $973776 |
| Synopsys, Inc.<sup>(c)</sup>  | 1897 | &nbsp;&nbsp; 972554 |
| Tyler Technologies, Inc.<sup>(c)</sup>  | 1626 | &nbsp;&nbsp; 963958 |
| Workday, Inc., Class A<sup>(b)(c)</sup>  | 3778 | &nbsp;&nbsp; 906720 |
|  |  | &nbsp;&nbsp; 12403680 |
| **Asset Management & Custody Banks–2.08%** | **Asset Management & Custody Banks–2.08%** | **Asset Management & Custody Banks–2.08%** |
| Ameriprise Financial, Inc.<sup>(b)</sup>  | 1842 | &nbsp;&nbsp; 983131 |
| Bank of New York Mellon Corp. (The) | 10604 | &nbsp;&nbsp; 966130 |
| BlackRock, Inc. | 956 | &nbsp;&nbsp; 1003083 |
| Blackstone, Inc., Class A<sup>(b)</sup>  | 6717 | &nbsp;&nbsp; 1004729 |
| Franklin Resources, Inc.<sup>(b)</sup>  | 42133 | &nbsp;&nbsp; 1004872 |
| Invesco Ltd.<sup>(d)</sup>  | 63018 | &nbsp;&nbsp; 993794 |
| KKR & Co., Inc., Class A<sup>(b)</sup>  | 7537 | &nbsp;&nbsp; 1002647 |
| Northern Trust Corp. | 8758 | &nbsp;&nbsp; 1110427 |
| State Street Corp. | 9760 | &nbsp;&nbsp; 1037878 |
| T. Rowe Price Group, Inc.<sup>(b)</sup>  | 9986 | &nbsp;&nbsp; 963649 |
|  |  | &nbsp;&nbsp; 10070340 |
| **Automobile Manufacturers–0.58%** | **Automobile Manufacturers–0.58%** | **Automobile Manufacturers–0.58%** |
| Ford Motor Co. | 89088 | &nbsp;&nbsp; 966605 |
| General Motors Co. | 19043 | &nbsp;&nbsp; 937106 |
| Tesla, Inc.<sup>(c)</sup>  | 2909 | &nbsp;&nbsp; 924073 |
|  |  | &nbsp;&nbsp; 2827784 |
| **Automotive Parts & Equipment–0.19%** | **Automotive Parts & Equipment–0.19%** | **Automotive Parts & Equipment–0.19%** |
| Aptiv PLC (Jersey)<sup>(c)</sup>  | 13530 | &nbsp;&nbsp; 923017 |
| **Automotive Retail–0.59%** | **Automotive Retail–0.59%** | **Automotive Retail–0.59%** |
| AutoZone, Inc.<sup>(c)</sup>  | 260 | &nbsp;&nbsp; 965180 |
| CarMax, Inc.<sup>(b)(c)</sup>  | 14001 | &nbsp;&nbsp; 941007 |
| O'Reilly Automotive, Inc.<sup>(c)</sup>  | 10551 | &nbsp;&nbsp; 950962 |
|  |  | &nbsp;&nbsp; 2857149 |
| **Biotechnology–1.54%** | **Biotechnology–1.54%** | **Biotechnology–1.54%** |
| AbbVie, Inc. | 4959 | &nbsp;&nbsp; 920490 |
| Amgen, Inc. | 3254 | &nbsp;&nbsp; 908549 |
| Biogen, Inc.<sup>(c)</sup>  | 7137 | &nbsp;&nbsp; 896336 |
| Gilead Sciences, Inc. | 8689 | &nbsp;&nbsp; 963349 |
| Incyte Corp.<sup>(c)</sup>  | 13793 | &nbsp;&nbsp; 939303 |
| Moderna, Inc.<sup>(b)(c)</sup>  | 34223 | &nbsp;&nbsp; 944213 |
| Regeneron Pharmaceuticals, Inc. | 1831 | &nbsp;&nbsp; 961275 |
| Vertex Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 2099 | &nbsp;&nbsp; 934475 |
|  |  | &nbsp;&nbsp; 7467990 |
| **Brewers–0.18%** | **Brewers–0.18%** | **Brewers–0.18%** |
| Molson Coors Beverage Co., Class B<sup>(b)</sup>  | 18348 | &nbsp;&nbsp; 882355 |
| **Broadcasting–0.41%** | **Broadcasting–0.41%** | **Broadcasting–0.41%** |
| Fox Corp., Class A | 11101 | &nbsp;&nbsp; 622100 |
| Fox Corp., Class B | 6842 | &nbsp;&nbsp; 353253 |
| Paramount Global, Class B<sup>(b)</sup>  | 77588 | &nbsp;&nbsp; 1000885 |
|  |  | &nbsp;&nbsp; 1976238 |
| **Broadline Retail–0.39%** | **Broadline Retail–0.39%** | **Broadline Retail–0.39%** |
| Amazon.com, Inc.<sup>(c)</sup>  | 4454 | &nbsp;&nbsp; 977163 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Broadline Retail–(continued)** | **Broadline Retail–(continued)** | **Broadline Retail–(continued)** |
| eBay, Inc. | 12194 | &nbsp;&nbsp; $907965 |
|  |  | &nbsp;&nbsp; 1885128 |
| **Building Products–1.60%** | **Building Products–1.60%** | **Building Products–1.60%** |
| A.O. Smith Corp. | 14514 | &nbsp;&nbsp; 951683 |
| Allegion PLC | 6885 | &nbsp;&nbsp; 992266 |
| Builders FirstSource, Inc.<sup>(b)(c)</sup>  | 8304 | &nbsp;&nbsp; 968994 |
| Carrier Global Corp. | 13103 | &nbsp;&nbsp; 959009 |
| Johnson Controls International PLC | 9203 | &nbsp;&nbsp; 972021 |
| Lennox International, Inc.<sup>(b)</sup>  | 1724 | &nbsp;&nbsp; 988266 |
| Masco Corp. | 14871 | &nbsp;&nbsp; 957097 |
| Trane Technologies PLC | 2245 | &nbsp;&nbsp; 981985 |
|  |  | &nbsp;&nbsp; 7771321 |
| **Cable & Satellite–0.40%** | **Cable & Satellite–0.40%** | **Cable & Satellite–0.40%** |
| Charter Communications, Inc., Class A<sup>(c)</sup>  | 2375 | &nbsp;&nbsp; 970924 |
| Comcast Corp., Class A | 26995 | &nbsp;&nbsp; 963451 |
|  |  | &nbsp;&nbsp; 1934375 |
| **Cargo Ground Transportation–0.40%** | **Cargo Ground Transportation–0.40%** | **Cargo Ground Transportation–0.40%** |
| J.B. Hunt Transport Services, Inc. | 6740 | &nbsp;&nbsp; 967864 |
| Old Dominion Freight Line, Inc.<sup>(b)</sup>  | 5858 | &nbsp;&nbsp; 950753 |
|  |  | &nbsp;&nbsp; 1918617 |
| **Casinos & Gaming–0.82%** | **Casinos & Gaming–0.82%** | **Casinos & Gaming–0.82%** |
| Caesars Entertainment, Inc.<sup>(b)(c)</sup>  | 34039 | &nbsp;&nbsp; 966367 |
| Las Vegas Sands Corp. | 22698 | &nbsp;&nbsp; 987590 |
| MGM Resorts International<sup>(c)</sup>  | 28579 | &nbsp;&nbsp; 982832 |
| Wynn Resorts Ltd.<sup>(b)</sup>  | 10851 | &nbsp;&nbsp; 1016413 |
|  |  | &nbsp;&nbsp; 3953202 |
| **Commodity Chemicals–0.35%** | **Commodity Chemicals–0.35%** | **Commodity Chemicals–0.35%** |
| Dow, Inc. | 30954 | &nbsp;&nbsp; 819662 |
| LyondellBasell Industries N.V., Class A | 15538 | &nbsp;&nbsp; 899029 |
|  |  | &nbsp;&nbsp; 1718691 |
| **Communications Equipment–1.04%** | **Communications Equipment–1.04%** | **Communications Equipment–1.04%** |
| Arista Networks, Inc.<sup>(c)</sup>  | 10080 | &nbsp;&nbsp; 1031285 |
| Cisco Systems, Inc. | 14795 | &nbsp;&nbsp; 1026477 |
| F5, Inc.<sup>(c)</sup>  | 3242 | &nbsp;&nbsp; 954186 |
| Juniper Networks, Inc. | 26453 | &nbsp;&nbsp; 1056268 |
| Motorola Solutions, Inc.<sup>(b)</sup>  | 2322 | &nbsp;&nbsp; 976308 |
|  |  | &nbsp;&nbsp; 5044524 |
| **Computer & Electronics Retail–0.18%** | **Computer & Electronics Retail–0.18%** | **Computer & Electronics Retail–0.18%** |
| Best Buy Co., Inc. | 13072 | &nbsp;&nbsp; 877523 |
| **Construction & Engineering–0.21%** | **Construction & Engineering–0.21%** | **Construction & Engineering–0.21%** |
| Quanta Services, Inc.<sup>(b)</sup>  | 2669 | &nbsp;&nbsp; 1009096 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.81%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.81%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.81%** |
| Caterpillar, Inc. | 2615 | &nbsp;&nbsp; 1015169 |
| Cummins, Inc. | 2935 | &nbsp;&nbsp; 961212 |
| PACCAR, Inc. | 10116 | &nbsp;&nbsp; 961627 |
| Wabtec Corp. | 4653 | &nbsp;&nbsp; 974106 |
|  |  | &nbsp;&nbsp; 3912114 |
| **Construction Materials–0.39%** | **Construction Materials–0.39%** | **Construction Materials–0.39%** |
| Martin Marietta Materials, Inc. | 1740 | &nbsp;&nbsp; 955191 |
| Vulcan Materials Co.<sup>(b)</sup>  | 3637 | &nbsp;&nbsp; 948602 |
|  |  | &nbsp;&nbsp; 1903793 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Consumer Electronics–0.20%** | **Consumer Electronics–0.20%** | **Consumer Electronics–0.20%** |
| Garmin Ltd. | 4541 | &nbsp;&nbsp; $947798 |
| **Consumer Finance–0.63%** | **Consumer Finance–0.63%** | **Consumer Finance–0.63%** |
| American Express Co.<sup>(b)</sup>  | 3175 | &nbsp;&nbsp; 1012762 |
| Capital One Financial Corp. | 4736 | &nbsp;&nbsp; 1007631 |
| Synchrony Financial | 15369 | &nbsp;&nbsp; 1025727 |
|  |  | &nbsp;&nbsp; 3046120 |
| **Consumer Staples Merchandise Retail–1.00%** | **Consumer Staples Merchandise Retail–1.00%** | **Consumer Staples Merchandise Retail–1.00%** |
| Costco Wholesale Corp.<sup>(b)</sup>  | 953 | &nbsp;&nbsp; 943413 |
| Dollar General Corp.<sup>(b)</sup>  | 8521 | &nbsp;&nbsp; 974632 |
| Dollar Tree, Inc.<sup>(c)</sup>  | 10080 | &nbsp;&nbsp; 998323 |
| Target Corp.<sup>(b)</sup>  | 9680 | &nbsp;&nbsp; 954932 |
| Walmart, Inc. | 9913 | &nbsp;&nbsp; 969293 |
|  |  | &nbsp;&nbsp; 4840593 |
| **Copper–0.21%** | **Copper–0.21%** | **Copper–0.21%** |
| Freeport-McMoRan, Inc. | 23157 | &nbsp;&nbsp; 1003856 |
| **Data Center REITs–0.17%** | **Data Center REITs–0.17%** | **Data Center REITs–0.17%** |
| Equinix, Inc. | 1063 | &nbsp;&nbsp; 845585 |
| **Data Processing & Outsourced Services–0.20%** | **Data Processing & Outsourced Services–0.20%** | **Data Processing & Outsourced Services–0.20%** |
| Broadridge Financial Solutions, Inc. | 3938 | &nbsp;&nbsp; 957052 |
| **Distillers & Vintners–0.38%** | **Distillers & Vintners–0.38%** | **Distillers & Vintners–0.38%** |
| Brown-Forman Corp., Class B<sup>(b)</sup>  | 34534 | &nbsp;&nbsp; 929310 |
| Constellation Brands, Inc., Class A<sup>(b)</sup>  | 5618 | &nbsp;&nbsp; 913936 |
|  |  | &nbsp;&nbsp; 1843246 |
| **Distributors–0.57%** | **Distributors–0.57%** | **Distributors–0.57%** |
| Genuine Parts Co. | 7702 | &nbsp;&nbsp; 934329 |
| LKQ Corp. | 24116 | &nbsp;&nbsp; 892533 |
| Pool Corp. | 3166 | &nbsp;&nbsp; 922826 |
|  |  | &nbsp;&nbsp; 2749688 |
| **Diversified Banks–1.66%** | **Diversified Banks–1.66%** | **Diversified Banks–1.66%** |
| Bank of America Corp. | 21231 | &nbsp;&nbsp; 1004651 |
| Citigroup, Inc. | 12116 | &nbsp;&nbsp; 1031314 |
| Fifth Third Bancorp | 24264 | &nbsp;&nbsp; 997978 |
| JPMorgan Chase & Co. | 3542 | &nbsp;&nbsp; 1026861 |
| KeyCorp<sup>(b)</sup>  | 58514 | &nbsp;&nbsp; 1019314 |
| PNC Financial Services Group, Inc. (The)<sup>(b)</sup>  | 5343 | &nbsp;&nbsp; 996042 |
| U.S. Bancorp | 21486 | &nbsp;&nbsp; 972242 |
| Wells Fargo & Co. | 12674 | &nbsp;&nbsp; 1015441 |
|  |  | &nbsp;&nbsp; 8063843 |
| **Diversified Financial Services–0.20%** | **Diversified Financial Services–0.20%** | **Diversified Financial Services–0.20%** |
| Apollo Global Management, Inc. | 6880 | &nbsp;&nbsp; 976066 |
| **Diversified REITs–0.19%** | **Diversified REITs–0.19%** | **Diversified REITs–0.19%** |
| Digital Realty Trust, Inc. | 5401 | &nbsp;&nbsp; 941556 |
| **Diversified Support Services–0.39%** | **Diversified Support Services–0.39%** | **Diversified Support Services–0.39%** |
| Cintas Corp. | 4283 | &nbsp;&nbsp; 954552 |
| Copart, Inc.<sup>(c)</sup>  | 18805 | &nbsp;&nbsp; 922762 |
|  |  | &nbsp;&nbsp; 1877314 |
| **Drug Retail–0.20%** | **Drug Retail–0.20%** | **Drug Retail–0.20%** |
| Walgreens Boots Alliance, Inc. | 83746 | &nbsp;&nbsp; 961404 |
| **Electric Utilities–3.37%** | **Electric Utilities–3.37%** | **Electric Utilities–3.37%** |
| Alliant Energy Corp.<sup>(b)</sup>  | 15535 | &nbsp;&nbsp; 939401 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| American Electric Power Co., Inc.<sup>(b)</sup>  | 9316 | &nbsp;&nbsp; $966628 |
| Constellation Energy Corp. | 3250 | &nbsp;&nbsp; 1048970 |
| Duke Energy Corp. | 8162 | &nbsp;&nbsp; 963116 |
| Edison International | 19143 | &nbsp;&nbsp; 987779 |
| Entergy Corp. | 11560 | &nbsp;&nbsp; 960867 |
| Evergy, Inc.<sup>(b)</sup>  | 14067 | &nbsp;&nbsp; 969638 |
| Eversource Energy | 14488 | &nbsp;&nbsp; 921727 |
| Exelon Corp. | 22147 | &nbsp;&nbsp; 961623 |
| FirstEnergy Corp. | 23618 | &nbsp;&nbsp; 950861 |
| NextEra Energy, Inc. | 13009 | &nbsp;&nbsp; 903085 |
| NRG Energy, Inc. | 6371 | &nbsp;&nbsp; 1023055 |
| PG&E Corp. | 65996 | &nbsp;&nbsp; 919984 |
| Pinnacle West Capital Corp.<sup>(b)</sup>  | 10645 | &nbsp;&nbsp; 952408 |
| PPL Corp. | 28114 | &nbsp;&nbsp; 952783 |
| Southern Co. (The) | 10605 | &nbsp;&nbsp; 973857 |
| Xcel Energy, Inc. | 13915 | &nbsp;&nbsp; 947612 |
|  |  | &nbsp;&nbsp; 16343394 |
| **Electrical Components & Equipment–1.24%** | **Electrical Components & Equipment–1.24%** | **Electrical Components & Equipment–1.24%** |
| AMETEK, Inc. | 5250 | &nbsp;&nbsp; 950040 |
| Eaton Corp. PLC | 2916 | &nbsp;&nbsp; 1040983 |
| Emerson Electric Co. | 7508 | &nbsp;&nbsp; 1001041 |
| Generac Holdings, Inc.<sup>(b)(c)</sup>  | 7318 | &nbsp;&nbsp; 1048011 |
| Hubbell, Inc. | 2441 | &nbsp;&nbsp; 996929 |
| Rockwell Automation, Inc. | 2922 | &nbsp;&nbsp; 970601 |
|  |  | &nbsp;&nbsp; 6007605 |
| **Electronic Components–0.41%** | **Electronic Components–0.41%** | **Electronic Components–0.41%** |
| Amphenol Corp., Class A<sup>(b)</sup>  | 10204 | &nbsp;&nbsp; 1007645 |
| Corning, Inc. | 18824 | &nbsp;&nbsp; 989954 |
|  |  | &nbsp;&nbsp; 1997599 |
| **Electronic Equipment & Instruments–0.85%** | **Electronic Equipment & Instruments–0.85%** | **Electronic Equipment & Instruments–0.85%** |
| Keysight Technologies, Inc.<sup>(b)(c)</sup>  | 5844 | &nbsp;&nbsp; 957598 |
| Ralliant Corp. | 4440 | &nbsp;&nbsp; 215280 |
| Teledyne Technologies, Inc.<sup>(c)</sup>  | 1906 | &nbsp;&nbsp; 976463 |
| Trimble, Inc.<sup>(c)</sup>  | 13092 | &nbsp;&nbsp; 994730 |
| Zebra Technologies Corp., Class A<sup>(c)</sup>  | 3243 | &nbsp;&nbsp; 1000011 |
|  |  | &nbsp;&nbsp; 4144082 |
| **Electronic Manufacturing Services–0.44%** | **Electronic Manufacturing Services–0.44%** | **Electronic Manufacturing Services–0.44%** |
| Jabil, Inc.<sup>(b)</sup>  | 5322 | &nbsp;&nbsp; 1160728 |
| TE Connectivity PLC (Switzerland) | 5730 | &nbsp;&nbsp; 966479 |
|  |  | &nbsp;&nbsp; 2127207 |
| **Environmental & Facilities Services–0.78%** | **Environmental & Facilities Services–0.78%** | **Environmental & Facilities Services–0.78%** |
| Republic Services, Inc. | 3826 | &nbsp;&nbsp; 943530 |
| Rollins, Inc. | 16664 | &nbsp;&nbsp; 940183 |
| Veralto Corp. | 9670 | &nbsp;&nbsp; 976187 |
| Waste Management, Inc. | 4053 | &nbsp;&nbsp; 927407 |
|  |  | &nbsp;&nbsp; 3787307 |
| **Fertilizers & Agricultural Chemicals–0.60%** | **Fertilizers & Agricultural Chemicals–0.60%** | **Fertilizers & Agricultural Chemicals–0.60%** |
| CF Industries Holdings, Inc. | 9971 | &nbsp;&nbsp; 917332 |
| Corteva, Inc.<sup>(b)</sup>  | 13177 | &nbsp;&nbsp; 982082 |
| Mosaic Co. (The) | 27408 | &nbsp;&nbsp; 999844 |
|  |  | &nbsp;&nbsp; 2899258 |
| **Financial Exchanges & Data–2.09%** | **Financial Exchanges & Data–2.09%** | **Financial Exchanges & Data–2.09%** |
| Cboe Global Markets, Inc. | 4261 | &nbsp;&nbsp; 993708 |
| CME Group, Inc., Class A | 3522 | &nbsp;&nbsp; 970734 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** | **Financial Exchanges & Data–(continued)** |
| Coinbase Global, Inc., Class A<sup>(c)</sup>  | 3788 | &nbsp;&nbsp; $1327656 |
| FactSet Research Systems, Inc.<sup>(b)</sup>  | 2243 | &nbsp;&nbsp; 1003249 |
| Intercontinental Exchange, Inc. | 5350 | &nbsp;&nbsp; 981564 |
| MarketAxess Holdings, Inc. | 4220 | &nbsp;&nbsp; 942495 |
| Moody's Corp. | 1964 | &nbsp;&nbsp; 985123 |
| MSCI, Inc. | 1713 | &nbsp;&nbsp; 987955 |
| Nasdaq, Inc. | 10942 | &nbsp;&nbsp; 978434 |
| S&P Global, Inc. | 1848 | &nbsp;&nbsp; 974432 |
|  |  | &nbsp;&nbsp; 10145350 |
| **Food Distributors–0.20%** | **Food Distributors–0.20%** | **Food Distributors–0.20%** |
| Sysco Corp. | 12706 | &nbsp;&nbsp; 962352 |
| **Food Retail–0.22%** | **Food Retail–0.22%** | **Food Retail–0.22%** |
| Kroger Co. (The) | 14696 | &nbsp;&nbsp; 1054144 |
| **Footwear–0.41%** | **Footwear–0.41%** | **Footwear–0.41%** |
| Deckers Outdoor Corp.<sup>(c)</sup>  | 8799 | &nbsp;&nbsp; 906913 |
| NIKE, Inc., Class B | 15048 | &nbsp;&nbsp; 1069010 |
|  |  | &nbsp;&nbsp; 1975923 |
| **Gas Utilities–0.20%** | **Gas Utilities–0.20%** | **Gas Utilities–0.20%** |
| Atmos Energy Corp. | 6229 | &nbsp;&nbsp; 959951 |
| **Gold–0.21%** | **Gold–0.21%** | **Gold–0.21%** |
| Newmont Corp. | 17814 | &nbsp;&nbsp; 1037844 |
| **Health Care Distributors–0.82%** | **Health Care Distributors–0.82%** | **Health Care Distributors–0.82%** |
| Cardinal Health, Inc. | 6186 | &nbsp;&nbsp; 1039248 |
| Cencora, Inc. | 3313 | &nbsp;&nbsp; 993403 |
| Henry Schein, Inc.<sup>(b)(c)</sup>  | 13349 | &nbsp;&nbsp; 975144 |
| McKesson Corp. | 1323 | &nbsp;&nbsp; 969468 |
|  |  | &nbsp;&nbsp; 3977263 |
| **Health Care Equipment–3.19%** | **Health Care Equipment–3.19%** | **Health Care Equipment–3.19%** |
| Abbott Laboratories | 7020 | &nbsp;&nbsp; 954790 |
| Baxter International, Inc.<sup>(b)</sup>  | 30244 | &nbsp;&nbsp; 915788 |
| Becton, Dickinson and Co. | 5498 | &nbsp;&nbsp; 947031 |
| Boston Scientific Corp.<sup>(c)</sup>  | 9554 | &nbsp;&nbsp; 1026195 |
| DexCom, Inc.<sup>(b)(c)</sup>  | 11443 | &nbsp;&nbsp; 998859 |
| Edwards Lifesciences Corp.<sup>(c)</sup>  | 12584 | &nbsp;&nbsp; 984195 |
| GE HealthCare Technologies, Inc. | 12938 | &nbsp;&nbsp; 958318 |
| Hologic, Inc.<sup>(c)</sup>  | 14705 | &nbsp;&nbsp; 958178 |
| IDEXX Laboratories, Inc.<sup>(c)</sup>  | 1812 | &nbsp;&nbsp; 971848 |
| Insulet Corp.<sup>(c)</sup>  | 3142 | &nbsp;&nbsp; 987154 |
| Intuitive Surgical, Inc.<sup>(c)</sup>  | 1818 | &nbsp;&nbsp; 987919 |
| Medtronic PLC | 10784 | &nbsp;&nbsp; 940041 |
| ResMed, Inc.<sup>(b)</sup>  | 3778 | &nbsp;&nbsp; 974724 |
| STERIS PLC | 3945 | &nbsp;&nbsp; 947668 |
| Stryker Corp. | 2492 | &nbsp;&nbsp; 985910 |
| Zimmer Biomet Holdings, Inc.<sup>(b)</sup>  | 10077 | &nbsp;&nbsp; 919123 |
|  |  | &nbsp;&nbsp; 15457741 |
| **Health Care Facilities–0.41%** | **Health Care Facilities–0.41%** | **Health Care Facilities–0.41%** |
| HCA Healthcare, Inc.<sup>(b)</sup>  | 2584 | &nbsp;&nbsp; 989930 |
| Universal Health Services, Inc., Class B | 5512 | &nbsp;&nbsp; 998499 |
|  |  | &nbsp;&nbsp; 1988429 |
| **Health Care REITs–0.79%** | **Health Care REITs–0.79%** | **Health Care REITs–0.79%** |
| Alexandria Real Estate Equities, Inc.<sup>(b)</sup>  | 12976 | &nbsp;&nbsp; 942447 |
| Healthpeak Properties, Inc.<sup>(b)</sup>  | 54236 | &nbsp;&nbsp; 949672 |
| Ventas, Inc.<sup>(b)</sup>  | 14977 | &nbsp;&nbsp; 945798 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Health Care REITs–(continued)** | **Health Care REITs–(continued)** | **Health Care REITs–(continued)** |
| Welltower, Inc.<sup>(b)</sup>  | 6321 | &nbsp;&nbsp; $971727 |
|  |  | &nbsp;&nbsp; 3809644 |
| **Health Care Services–1.01%** | **Health Care Services–1.01%** | **Health Care Services–1.01%** |
| Cigna Group (The) | 3061 | &nbsp;&nbsp; 1011905 |
| CVS Health Corp. | 14450 | &nbsp;&nbsp; 996761 |
| DaVita, Inc.<sup>(b)(c)</sup>  | 6873 | &nbsp;&nbsp; 979059 |
| Labcorp Holdings, Inc. | 3653 | &nbsp;&nbsp; 958949 |
| Quest Diagnostics, Inc.<sup>(b)</sup>  | 5366 | &nbsp;&nbsp; 963895 |
|  |  | &nbsp;&nbsp; 4910569 |
| **Health Care Supplies–0.59%** | **Health Care Supplies–0.59%** | **Health Care Supplies–0.59%** |
| Align Technology, Inc.<sup>(c)</sup>  | 5120 | &nbsp;&nbsp; 969370 |
| Cooper Cos., Inc. (The)<sup>(c)</sup>  | 13297 | &nbsp;&nbsp; 946214 |
| Solventum Corp.<sup>(c)</sup>  | 12763 | &nbsp;&nbsp; 967946 |
|  |  | &nbsp;&nbsp; 2883530 |
| **Heavy Electrical Equipment–0.21%** | **Heavy Electrical Equipment–0.21%** | **Heavy Electrical Equipment–0.21%** |
| GE Vernova, Inc. | 1964 | &nbsp;&nbsp; 1039251 |
| **Home Furnishings–0.20%** | **Home Furnishings–0.20%** | **Home Furnishings–0.20%** |
| Mohawk Industries, Inc.<sup>(c)</sup>  | 9070 | &nbsp;&nbsp; 950899 |
| **Home Improvement Retail–0.40%** | **Home Improvement Retail–0.40%** | **Home Improvement Retail–0.40%** |
| Home Depot, Inc. (The) | 2635 | &nbsp;&nbsp; 966096 |
| Lowe's Cos., Inc. | 4286 | &nbsp;&nbsp; 950935 |
|  |  | &nbsp;&nbsp; 1917031 |
| **Homebuilding–0.79%** | **Homebuilding–0.79%** | **Homebuilding–0.79%** |
| D.R. Horton, Inc.<sup>(b)</sup>  | 7609 | &nbsp;&nbsp; 980952 |
| Lennar Corp., Class A | 8517 | &nbsp;&nbsp; 942066 |
| NVR, Inc.<sup>(c)</sup>  | 130 | &nbsp;&nbsp; 960136 |
| PulteGroup, Inc. | 9183 | &nbsp;&nbsp; 968439 |
|  |  | &nbsp;&nbsp; 3851593 |
| **Homefurnishing Retail–0.21%** | **Homefurnishing Retail–0.21%** | **Homefurnishing Retail–0.21%** |
| Williams-Sonoma, Inc. | 6104 | &nbsp;&nbsp; 997210 |
| **Hotel & Resort REITs–0.19%** | **Hotel & Resort REITs–0.19%** | **Hotel & Resort REITs–0.19%** |
| Host Hotels & Resorts, Inc. | 59466 | &nbsp;&nbsp; 913398 |
| **Hotels, Resorts & Cruise Lines–1.66%** | **Hotels, Resorts & Cruise Lines–1.66%** | **Hotels, Resorts & Cruise Lines–1.66%** |
| Airbnb, Inc., Class A<sup>(c)</sup>  | 6879 | &nbsp;&nbsp; 910367 |
| Booking Holdings, Inc. | 174 | &nbsp;&nbsp; 1007328 |
| Carnival Corp.<sup>(b)(c)</sup>  | 39785 | &nbsp;&nbsp; 1118754 |
| Expedia Group, Inc. | 5479 | &nbsp;&nbsp; 924198 |
| Hilton Worldwide Holdings, Inc. | 3746 | &nbsp;&nbsp; 997710 |
| Marriott International, Inc., Class A | 3569 | &nbsp;&nbsp; 975086 |
| Norwegian Cruise Line Holdings Ltd.<sup>(c)</sup>  | 49773 | &nbsp;&nbsp; 1009396 |
| Royal Caribbean Cruises Ltd.<sup>(b)</sup>  | 3544 | &nbsp;&nbsp; 1109768 |
|  |  | &nbsp;&nbsp; 8052607 |
| **Household Products–0.95%** | **Household Products–0.95%** | **Household Products–0.95%** |
| Church & Dwight Co., Inc.<sup>(b)</sup>  | 9583 | &nbsp;&nbsp; 921022 |
| Clorox Co. (The) | 7522 | &nbsp;&nbsp; 903166 |
| Colgate-Palmolive Co. | 10310 | &nbsp;&nbsp; 937179 |
| Kimberly-Clark Corp.<sup>(b)</sup>  | 7148 | &nbsp;&nbsp; 921520 |
| Procter & Gamble Co. (The) | 5858 | &nbsp;&nbsp; 933297 |
|  |  | &nbsp;&nbsp; 4616184 |
| **Human Resource & Employment Services–0.74%** | **Human Resource & Employment Services–0.74%** | **Human Resource & Employment Services–0.74%** |
| Automatic Data Processing, Inc.<sup>(b)</sup>  | 3040 | &nbsp;&nbsp; 937536 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Human Resource & Employment Services–(continued)** | **Human Resource & Employment Services–(continued)** | **Human Resource & Employment Services–(continued)** |
| Dayforce, Inc.<sup>(c)</sup>  | 15658 | &nbsp;&nbsp; $867296 |
| Paychex, Inc. | 6165 | &nbsp;&nbsp; 896761 |
| Paycom Software, Inc. | 3772 | &nbsp;&nbsp; 872841 |
|  |  | &nbsp;&nbsp; 3574434 |
| **Independent Power Producers & Energy Traders–0.41%** | **Independent Power Producers & Energy Traders–0.41%** | **Independent Power Producers & Energy Traders–0.41%** |
| AES Corp. (The) | 82724 | &nbsp;&nbsp; 870257 |
| Vistra Corp. | 5694 | &nbsp;&nbsp; 1103554 |
|  |  | &nbsp;&nbsp; 1973811 |
| **Industrial Conglomerates–0.40%** | **Industrial Conglomerates–0.40%** | **Industrial Conglomerates–0.40%** |
| 3M Co. | 6452 | &nbsp;&nbsp; 982253 |
| Honeywell International, Inc. | 4205 | &nbsp;&nbsp; 979260 |
|  |  | &nbsp;&nbsp; 1961513 |
| **Industrial Gases–0.39%** | **Industrial Gases–0.39%** | **Industrial Gases–0.39%** |
| Air Products and Chemicals, Inc.<sup>(b)</sup>  | 3365 | &nbsp;&nbsp; 949132 |
| Linde PLC | 2027 | &nbsp;&nbsp; 951028 |
|  |  | &nbsp;&nbsp; 1900160 |
| **Industrial Machinery & Supplies & Components–2.31%** | **Industrial Machinery & Supplies & Components–2.31%** | **Industrial Machinery & Supplies & Components–2.31%** |
| Dover Corp. | 5301 | &nbsp;&nbsp; 971302 |
| Fortive Corp. | 13319 | &nbsp;&nbsp; 694319 |
| IDEX Corp. | 5185 | &nbsp;&nbsp; 910330 |
| Illinois Tool Works, Inc.<sup>(b)</sup>  | 3851 | &nbsp;&nbsp; 952160 |
| Ingersoll Rand, Inc.<sup>(b)</sup>  | 11414 | &nbsp;&nbsp; 949417 |
| Nordson Corp.<sup>(b)</sup>  | 4331 | &nbsp;&nbsp; 928436 |
| Otis Worldwide Corp. | 9955 | &nbsp;&nbsp; 985744 |
| Parker-Hannifin Corp. | 1414 | &nbsp;&nbsp; 987637 |
| Pentair PLC | 9572 | &nbsp;&nbsp; 982662 |
| Snap-on, Inc. | 2961 | &nbsp;&nbsp; 921404 |
| Stanley Black & Decker, Inc. | 13939 | &nbsp;&nbsp; 944367 |
| Xylem, Inc.<sup>(b)</sup>  | 7477 | &nbsp;&nbsp; 967225 |
|  |  | &nbsp;&nbsp; 11195003 |
| **Industrial REITs–0.19%** | **Industrial REITs–0.19%** | **Industrial REITs–0.19%** |
| Prologis, Inc. | 8753 | &nbsp;&nbsp; 920115 |
| **Insurance Brokers–1.01%** | **Insurance Brokers–1.01%** | **Insurance Brokers–1.01%** |
| Aon PLC, Class A | 2717 | &nbsp;&nbsp; 969317 |
| Arthur J. Gallagher & Co. | 3035 | &nbsp;&nbsp; 971564 |
| Brown & Brown, Inc. | 9090 | &nbsp;&nbsp; 1007808 |
| Marsh & McLennan Cos., Inc. | 4371 | &nbsp;&nbsp; 955675 |
| Willis Towers Watson PLC | 3209 | &nbsp;&nbsp; 983559 |
|  |  | &nbsp;&nbsp; 4887923 |
| **Integrated Oil & Gas–0.57%** | **Integrated Oil & Gas–0.57%** | **Integrated Oil & Gas–0.57%** |
| Chevron Corp. | 6559 | &nbsp;&nbsp; 939183 |
| Exxon Mobil Corp.<sup>(b)</sup>  | 8688 | &nbsp;&nbsp; 936566 |
| Occidental Petroleum Corp.<sup>(b)</sup>  | 21179 | &nbsp;&nbsp; 889730 |
|  |  | &nbsp;&nbsp; 2765479 |
| **Integrated Telecommunication Services–0.39%** | **Integrated Telecommunication Services–0.39%** | **Integrated Telecommunication Services–0.39%** |
| AT&T, Inc. | 33510 | &nbsp;&nbsp; 969780 |
| Verizon Communications, Inc. | 21712 | &nbsp;&nbsp; 939478 |
|  |  | &nbsp;&nbsp; 1909258 |
| **Interactive Home Entertainment–0.41%** | **Interactive Home Entertainment–0.41%** | **Interactive Home Entertainment–0.41%** |
| Electronic Arts, Inc. | 6431 | &nbsp;&nbsp; 1027031 |
| Take-Two Interactive Software, Inc.<sup>(c)</sup>  | 4046 | &nbsp;&nbsp; 982571 |
|  |  | &nbsp;&nbsp; 2009602 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Interactive Media & Services–0.59%** | **Interactive Media & Services–0.59%** | **Interactive Media & Services–0.59%** |
| Alphabet, Inc., Class A | 2953 | &nbsp;&nbsp; $520407 |
| Alphabet, Inc., Class C | 2382 | &nbsp;&nbsp; 422543 |
| Match Group, Inc.<sup>(b)</sup>  | 30110 | &nbsp;&nbsp; 930098 |
| Meta Platforms, Inc., Class A | 1368 | &nbsp;&nbsp; 1009707 |
|  |  | &nbsp;&nbsp; 2882755 |
| **Internet Services & Infrastructure–0.60%** | **Internet Services & Infrastructure–0.60%** | **Internet Services & Infrastructure–0.60%** |
| Akamai Technologies, Inc.<sup>(c)</sup>  | 12146 | &nbsp;&nbsp; 968765 |
| GoDaddy, Inc., Class A<sup>(c)</sup>  | 5368 | &nbsp;&nbsp; 966562 |
| VeriSign, Inc. | 3394 | &nbsp;&nbsp; 980187 |
|  |  | &nbsp;&nbsp; 2915514 |
| **Investment Banking & Brokerage–0.84%** | **Investment Banking & Brokerage–0.84%** | **Investment Banking & Brokerage–0.84%** |
| Charles Schwab Corp. (The) | 10743 | &nbsp;&nbsp; 980191 |
| Goldman Sachs Group, Inc. (The) | 1522 | &nbsp;&nbsp; 1077196 |
| Morgan Stanley | 7205 | &nbsp;&nbsp; 1014896 |
| Raymond James Financial, Inc. | 6428 | &nbsp;&nbsp; 985862 |
|  |  | &nbsp;&nbsp; 4058145 |
| **IT Consulting & Other Services–0.97%** | **IT Consulting & Other Services–0.97%** | **IT Consulting & Other Services–0.97%** |
| Accenture PLC, Class A (Ireland) | 2975 | &nbsp;&nbsp; 889198 |
| Cognizant Technology Solutions Corp., <br> Class A | 11775 | &nbsp;&nbsp; 918803 |
| EPAM Systems, Inc.<sup>(c)</sup>  | 5378 | &nbsp;&nbsp; 950938 |
| Gartner, Inc.<sup>(c)</sup>  | 2297 | &nbsp;&nbsp; 928493 |
| International Business Machines Corp. | 3373 | &nbsp;&nbsp; 994293 |
|  |  | &nbsp;&nbsp; 4681725 |
| **Leisure Products–0.21%** | **Leisure Products–0.21%** | **Leisure Products–0.21%** |
| Hasbro, Inc.<sup>(b)</sup>  | 13755 | &nbsp;&nbsp; 1015394 |
| **Life & Health Insurance–1.01%** | **Life & Health Insurance–1.01%** | **Life & Health Insurance–1.01%** |
| Aflac, Inc. | 9370 | &nbsp;&nbsp; 988160 |
| Globe Life, Inc. | 7929 | &nbsp;&nbsp; 985495 |
| MetLife, Inc. | 12035 | &nbsp;&nbsp; 967855 |
| Principal Financial Group, Inc.<sup>(b)</sup>  | 12416 | &nbsp;&nbsp; 986203 |
| Prudential Financial, Inc. | 9078 | &nbsp;&nbsp; 975340 |
|  |  | &nbsp;&nbsp; 4903053 |
| **Life Sciences Tools & Services–1.94%** | **Life Sciences Tools & Services–1.94%** | **Life Sciences Tools & Services–1.94%** |
| Agilent Technologies, Inc. | 7932 | &nbsp;&nbsp; 936055 |
| Bio-Techne Corp. | 18426 | &nbsp;&nbsp; 948018 |
| Charles River Laboratories International, <br> Inc.<sup>(b)(c)</sup>  | 6285 | &nbsp;&nbsp; 953623 |
| Danaher Corp. | 4639 | &nbsp;&nbsp; 916388 |
| IQVIA Holdings, Inc.<sup>(c)</sup>  | 5979 | &nbsp;&nbsp; 942231 |
| Mettler-Toledo International, Inc.<sup>(c)</sup>  | 796 | &nbsp;&nbsp; 935077 |
| Revvity, Inc.<sup>(b)</sup>  | 9885 | &nbsp;&nbsp; 956077 |
| Thermo Fisher Scientific, Inc. | 2288 | &nbsp;&nbsp; 927692 |
| Waters Corp.<sup>(c)</sup>  | 2744 | &nbsp;&nbsp; 957766 |
| West Pharmaceutical Services, Inc.<sup>(b)</sup>  | 4239 | &nbsp;&nbsp; 927493 |
|  |  | &nbsp;&nbsp; 9400420 |
| **Managed Health Care–0.99%** | **Managed Health Care–0.99%** | **Managed Health Care–0.99%** |
| Centene Corp.<sup>(c)</sup>  | 17183 | &nbsp;&nbsp; 932693 |
| Elevance Health, Inc. | 2493 | &nbsp;&nbsp; 969678 |
| Humana, Inc. | 4098 | &nbsp;&nbsp; 1001879 |
| Molina Healthcare, Inc.<sup>(b)(c)</sup>  | 3223 | &nbsp;&nbsp; 960132 |
| UnitedHealth Group, Inc. | 3058 | &nbsp;&nbsp; 954004 |
|  |  | &nbsp;&nbsp; 4818386 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Metal, Glass & Plastic Containers–0.20%** | **Metal, Glass & Plastic Containers–0.20%** | **Metal, Glass & Plastic Containers–0.20%** |
| Ball Corp. | 17289 | &nbsp;&nbsp; $969740 |
| **Movies & Entertainment–1.05%** | **Movies & Entertainment–1.05%** | **Movies & Entertainment–1.05%** |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup>  | 6614 | &nbsp;&nbsp; 1000566 |
| Netflix, Inc.<sup>(c)</sup>  | 779 | &nbsp;&nbsp; 1043182 |
| TKO Group Holdings, Inc.<sup>(b)</sup>  | 5758 | &nbsp;&nbsp; 1047668 |
| Walt Disney Co. (The) | 7946 | &nbsp;&nbsp; 985384 |
| Warner Bros. Discovery, Inc.<sup>(c)</sup>  | 90359 | &nbsp;&nbsp; 1035514 |
|  |  | &nbsp;&nbsp; 5112314 |
| **Multi-Family Residential REITs–1.15%** | **Multi-Family Residential REITs–1.15%** | **Multi-Family Residential REITs–1.15%** |
| AvalonBay Communities, Inc. | 4598 | &nbsp;&nbsp; 935693 |
| Camden Property Trust | 8088 | &nbsp;&nbsp; 911437 |
| Equity Residential<sup>(b)</sup>  | 13710 | &nbsp;&nbsp; 925288 |
| Essex Property Trust, Inc.<sup>(b)</sup>  | 3318 | &nbsp;&nbsp; 940321 |
| Mid-America Apartment Communities, Inc. | 6316 | &nbsp;&nbsp; 934831 |
| UDR, Inc.<sup>(b)</sup>  | 22845 | &nbsp;&nbsp; 932761 |
|  |  | &nbsp;&nbsp; 5580331 |
| **Multi-line Insurance–0.20%** | **Multi-line Insurance–0.20%** | **Multi-line Insurance–0.20%** |
| American International Group, Inc. | 11252 | &nbsp;&nbsp; 963059 |
| **Multi-Sector Holdings–0.19%** | **Multi-Sector Holdings–0.19%** | **Multi-Sector Holdings–0.19%** |
| Berkshire Hathaway, Inc., Class B<sup>(c)</sup>  | 1946 | &nbsp;&nbsp; 945308 |
| **Multi-Utilities–1.97%** | **Multi-Utilities–1.97%** | **Multi-Utilities–1.97%** |
| Ameren Corp.<sup>(b)</sup>  | 9908 | &nbsp;&nbsp; 951564 |
| CenterPoint Energy, Inc.<sup>(b)</sup>  | 26358 | &nbsp;&nbsp; 968393 |
| CMS Energy Corp. | 13567 | &nbsp;&nbsp; 939922 |
| Consolidated Edison, Inc. | 9261 | &nbsp;&nbsp; 929341 |
| Dominion Energy, Inc.<sup>(b)</sup>  | 17090 | &nbsp;&nbsp; 965927 |
| DTE Energy Co. | 7036 | &nbsp;&nbsp; 931989 |
| NiSource, Inc.<sup>(b)</sup>  | 24067 | &nbsp;&nbsp; 970863 |
| Public Service Enterprise Group, Inc. | 11752 | &nbsp;&nbsp; 989283 |
| Sempra | 12499 | &nbsp;&nbsp; 947049 |
| WEC Energy Group, Inc.<sup>(b)</sup>  | 8995 | &nbsp;&nbsp; 937279 |
|  |  | &nbsp;&nbsp; 9531610 |
| **Office REITs–0.18%** | **Office REITs–0.18%** | **Office REITs–0.18%** |
| BXP, Inc.<sup>(b)</sup>  | 13013 | &nbsp;&nbsp; 877987 |
| **Oil & Gas Equipment & Services–0.56%** | **Oil & Gas Equipment & Services–0.56%** | **Oil & Gas Equipment & Services–0.56%** |
| Baker Hughes Co., Class A<sup>(b)</sup>  | 24332 | &nbsp;&nbsp; 932889 |
| Halliburton Co. | 42798 | &nbsp;&nbsp; 872223 |
| Schlumberger N.V. | 26609 | &nbsp;&nbsp; 899384 |
|  |  | &nbsp;&nbsp; 2704496 |
| **Oil & Gas Exploration & Production–1.92%** | **Oil & Gas Exploration & Production–1.92%** | **Oil & Gas Exploration & Production–1.92%** |
| APA Corp.<sup>(b)</sup>  | 48428 | &nbsp;&nbsp; 885748 |
| ConocoPhillips | 10173 | &nbsp;&nbsp; 912925 |
| Coterra Energy, Inc. | 36838 | &nbsp;&nbsp; 934948 |
| Devon Energy Corp.<sup>(b)</sup>  | 27551 | &nbsp;&nbsp; 876397 |
| Diamondback Energy, Inc. | 6377 | &nbsp;&nbsp; 876200 |
| EOG Resources, Inc. | 7919 | &nbsp;&nbsp; 947192 |
| EQT Corp.<sup>(b)</sup>  | 17596 | &nbsp;&nbsp; 1026199 |
| Expand Energy Corp. | 8462 | &nbsp;&nbsp; 989546 |
| Hess Corp. | 6755 | &nbsp;&nbsp; 935838 |
| Texas Pacific Land Corp.<sup>(b)</sup>  | 863 | &nbsp;&nbsp; 911665 |
|  |  | &nbsp;&nbsp; 9296658 |
| **Oil & Gas Refining & Marketing–0.59%** | **Oil & Gas Refining & Marketing–0.59%** | **Oil & Gas Refining & Marketing–0.59%** |
| Marathon Petroleum Corp. | 5768 | &nbsp;&nbsp; 958122 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Oil & Gas Refining & Marketing–(continued)** | **Oil & Gas Refining & Marketing–(continued)** | **Oil & Gas Refining & Marketing–(continued)** |
| Phillips 66 Co.<sup>(b)</sup>  | 7852 | &nbsp;&nbsp; $936744 |
| Valero Energy Corp.<sup>(b)</sup>  | 7084 | &nbsp;&nbsp; 952231 |
|  |  | &nbsp;&nbsp; 2847097 |
| **Oil & Gas Storage & Transportation–0.81%** | **Oil & Gas Storage & Transportation–0.81%** | **Oil & Gas Storage & Transportation–0.81%** |
| Kinder Morgan, Inc. | 34509 | &nbsp;&nbsp; 1014565 |
| ONEOK, Inc. | 11456 | &nbsp;&nbsp; 935153 |
| Targa Resources Corp. | 5594 | &nbsp;&nbsp; 973804 |
| Williams Cos., Inc. (The) | 15982 | &nbsp;&nbsp; 1003829 |
|  |  | &nbsp;&nbsp; 3927351 |
| **Other Specialized REITs–0.40%** | **Other Specialized REITs–0.40%** | **Other Specialized REITs–0.40%** |
| Iron Mountain, Inc. | 9405 | &nbsp;&nbsp; 964671 |
| VICI Properties, Inc.<sup>(b)</sup>  | 29239 | &nbsp;&nbsp; 953191 |
|  |  | &nbsp;&nbsp; 1917862 |
| **Other Specialty Retail–0.40%** | **Other Specialty Retail–0.40%** | **Other Specialty Retail–0.40%** |
| Tractor Supply Co.<sup>(b)</sup>  | 18509 | &nbsp;&nbsp; 976720 |
| Ulta Beauty, Inc.<sup>(c)</sup>  | 2078 | &nbsp;&nbsp; 972130 |
|  |  | &nbsp;&nbsp; 1948850 |
| **Packaged Foods & Meats–2.29%** | **Packaged Foods & Meats–2.29%** | **Packaged Foods & Meats–2.29%** |
| Conagra Brands, Inc. | 42453 | &nbsp;&nbsp; 869013 |
| General Mills, Inc.<sup>(b)</sup>  | 17512 | &nbsp;&nbsp; 907297 |
| Hershey Co. (The)<sup>(b)</sup>  | 5651 | &nbsp;&nbsp; 937783 |
| Hormel Foods Corp.<sup>(b)</sup>  | 30704 | &nbsp;&nbsp; 928796 |
| J.M. Smucker Co. (The) | 9906 | &nbsp;&nbsp; 972769 |
| Kellanova | 11637 | &nbsp;&nbsp; 925491 |
| Kraft Heinz Co. (The) | 35945 | &nbsp;&nbsp; 928100 |
| Lamb Weston Holdings, Inc.<sup>(b)</sup>  | 17028 | &nbsp;&nbsp; 882902 |
| McCormick & Co., Inc.<sup>(b)</sup>  | 12557 | &nbsp;&nbsp; 952072 |
| Mondelez International, Inc., Class A | 14185 | &nbsp;&nbsp; 956636 |
| The Campbell's Company<sup>(b)</sup>  | 28433 | &nbsp;&nbsp; 871471 |
| Tyson Foods, Inc., Class A | 17151 | &nbsp;&nbsp; 959427 |
|  |  | &nbsp;&nbsp; 11091757 |
| **Paper & Plastic Packaging Products & Materials–0.97%** | **Paper & Plastic Packaging Products & Materials–0.97%** | **Paper & Plastic Packaging Products & Materials–0.97%** |
| Amcor PLC | 103677 | &nbsp;&nbsp; 952791 |
| Avery Dennison Corp.<sup>(b)</sup>  | 5355 | &nbsp;&nbsp; 939642 |
| International Paper Co.<sup>(b)</sup>  | 20172 | &nbsp;&nbsp; 944655 |
| Packaging Corp. of America | 4915 | &nbsp;&nbsp; 926232 |
| Smurfit WestRock PLC | 21887 | &nbsp;&nbsp; 944424 |
|  |  | &nbsp;&nbsp; 4707744 |
| **Passenger Airlines–0.58%** | **Passenger Airlines–0.58%** | **Passenger Airlines–0.58%** |
| Delta Air Lines, Inc. | 19314 | &nbsp;&nbsp; 949863 |
| Southwest Airlines Co.<sup>(b)</sup>  | 28357 | &nbsp;&nbsp; 919901 |
| United Airlines Holdings, Inc.<sup>(c)</sup>  | 12078 | &nbsp;&nbsp; 961771 |
|  |  | &nbsp;&nbsp; 2831535 |
| **Passenger Ground Transportation–0.21%** | **Passenger Ground Transportation–0.21%** | **Passenger Ground Transportation–0.21%** |
| Uber Technologies, Inc.<sup>(c)</sup>  | 10969 | &nbsp;&nbsp; 1023408 |
| **Personal Care Products–0.41%** | **Personal Care Products–0.41%** | **Personal Care Products–0.41%** |
| Estee Lauder Cos., Inc. (The), Class A | 13594 | &nbsp;&nbsp; 1098395 |
| Kenvue, Inc. | 43463 | &nbsp;&nbsp; 909681 |
|  |  | &nbsp;&nbsp; 2008076 |
| **Pharmaceuticals–1.33%** | **Pharmaceuticals–1.33%** | **Pharmaceuticals–1.33%** |
| Bristol-Myers Squibb Co. | 18933 | &nbsp;&nbsp; 876409 |
| Eli Lilly and Co. | 1174 | &nbsp;&nbsp; 915168 |
| Johnson & Johnson | 6117 | &nbsp;&nbsp; 934372 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** |
| Merck & Co., Inc. | 11824 | &nbsp;&nbsp; $935988 |
| Pfizer, Inc. | 38794 | &nbsp;&nbsp; 940367 |
| Viatris, Inc. | 105755 | &nbsp;&nbsp; 944392 |
| Zoetis, Inc. | 5710 | &nbsp;&nbsp; 890474 |
|  |  | &nbsp;&nbsp; 6437170 |
| **Property & Casualty Insurance–2.19%** | **Property & Casualty Insurance–2.19%** | **Property & Casualty Insurance–2.19%** |
| Allstate Corp. (The) | 4841 | &nbsp;&nbsp; 974542 |
| Arch Capital Group Ltd. | 10624 | &nbsp;&nbsp; 967315 |
| Assurant, Inc. | 4832 | &nbsp;&nbsp; 954272 |
| Chubb Ltd. | 3325 | &nbsp;&nbsp; 963319 |
| Cincinnati Financial Corp. | 6461 | &nbsp;&nbsp; 962172 |
| Erie Indemnity Co., Class A<sup>(b)</sup>  | 2662 | &nbsp;&nbsp; 923155 |
| Hartford Insurance Group, Inc. (The) | 7636 | &nbsp;&nbsp; 968779 |
| Loews Corp. | 10725 | &nbsp;&nbsp; 983053 |
| Progressive Corp. (The) | 3608 | &nbsp;&nbsp; 962831 |
| Travelers Cos., Inc. (The) | 3635 | &nbsp;&nbsp; 972508 |
| W.R. Berkley Corp.<sup>(b)</sup>  | 13119 | &nbsp;&nbsp; 963853 |
|  |  | &nbsp;&nbsp; 10595799 |
| **Publishing–0.21%** | **Publishing–0.21%** | **Publishing–0.21%** |
| News Corp., Class A | 25471 | &nbsp;&nbsp; 756998 |
| News Corp., Class B | 7526 | &nbsp;&nbsp; 258217 |
|  |  | &nbsp;&nbsp; 1015215 |
| **Rail Transportation–0.60%** | **Rail Transportation–0.60%** | **Rail Transportation–0.60%** |
| CSX Corp. | 29384 | &nbsp;&nbsp; 958800 |
| Norfolk Southern Corp. | 3779 | &nbsp;&nbsp; 967311 |
| Union Pacific Corp. | 4207 | &nbsp;&nbsp; 967946 |
|  |  | &nbsp;&nbsp; 2894057 |
| **Real Estate Services–0.40%** | **Real Estate Services–0.40%** | **Real Estate Services–0.40%** |
| CBRE Group, Inc., Class A<sup>(c)</sup>  | 7096 | &nbsp;&nbsp; 994292 |
| CoStar Group, Inc.<sup>(c)</sup>  | 11611 | &nbsp;&nbsp; 933524 |
|  |  | &nbsp;&nbsp; 1927816 |
| **Regional Banks–1.04%** | **Regional Banks–1.04%** | **Regional Banks–1.04%** |
| Citizens Financial Group, Inc. | 22939 | &nbsp;&nbsp; 1026520 |
| Huntington Bancshares, Inc. | 59023 | &nbsp;&nbsp; 989225 |
| M&T Bank Corp. | 5146 | &nbsp;&nbsp; 998273 |
| Regions Financial Corp. | 42606 | &nbsp;&nbsp; 1002093 |
| Truist Financial Corp. | 23589 | &nbsp;&nbsp; 1014091 |
|  |  | &nbsp;&nbsp; 5030202 |
| **Reinsurance–0.20%** | **Reinsurance–0.20%** | **Reinsurance–0.20%** |
| Everest Group Ltd. | 2832 | &nbsp;&nbsp; 962455 |
| **Research & Consulting Services–0.80%** | **Research & Consulting Services–0.80%** | **Research & Consulting Services–0.80%** |
| Equifax, Inc. | 3498 | &nbsp;&nbsp; 907276 |
| Jacobs Solutions, Inc. | 7474 | &nbsp;&nbsp; 982457 |
| Leidos Holdings, Inc. | 6508 | &nbsp;&nbsp; 1026702 |
| Verisk Analytics, Inc. | 3049 | &nbsp;&nbsp; 949764 |
|  |  | &nbsp;&nbsp; 3866199 |
| **Restaurants–1.41%** | **Restaurants–1.41%** | **Restaurants–1.41%** |
| Chipotle Mexican Grill, Inc.<sup>(c)</sup>  | 18337 | &nbsp;&nbsp; 1029623 |
| Darden Restaurants, Inc. | 4363 | &nbsp;&nbsp; 951003 |
| Domino's Pizza, Inc.<sup>(b)</sup>  | 2125 | &nbsp;&nbsp; 957525 |
| DoorDash, Inc., Class A<sup>(c)</sup>  | 4360 | &nbsp;&nbsp; 1074784 |
| McDonald's Corp. | 3148 | &nbsp;&nbsp; 919751 |
| Starbucks Corp.<sup>(b)</sup>  | 9956 | &nbsp;&nbsp; 912268 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Restaurants–(continued)** | **Restaurants–(continued)** | **Restaurants–(continued)** |
| Yum! Brands, Inc. | 6622 | &nbsp;&nbsp; $981248 |
|  |  | &nbsp;&nbsp; 6826202 |
| **Retail REITs–0.98%** | **Retail REITs–0.98%** | **Retail REITs–0.98%** |
| Federal Realty Investment Trust | 9845 | &nbsp;&nbsp; 935176 |
| Kimco Realty Corp. | 45244 | &nbsp;&nbsp; 951029 |
| Realty Income Corp.<sup>(b)</sup>  | 16442 | &nbsp;&nbsp; 947224 |
| Regency Centers Corp.<sup>(b)</sup>  | 13374 | &nbsp;&nbsp; 952630 |
| Simon Property Group, Inc. | 5947 | &nbsp;&nbsp; 956040 |
|  |  | &nbsp;&nbsp; 4742099 |
| **Self-Storage REITs–0.38%** | **Self-Storage REITs–0.38%** | **Self-Storage REITs–0.38%** |
| Extra Space Storage, Inc. | 6320 | &nbsp;&nbsp; 931821 |
| Public Storage | 3164 | &nbsp;&nbsp; 928381 |
|  |  | &nbsp;&nbsp; 1860202 |
| **Semiconductor Materials & Equipment–0.99%** | **Semiconductor Materials & Equipment–0.99%** | **Semiconductor Materials & Equipment–0.99%** |
| Applied Materials, Inc.<sup>(b)</sup>  | 5496 | &nbsp;&nbsp; 1006153 |
| Enphase Energy, Inc.<sup>(c)</sup>  | 20973 | &nbsp;&nbsp; 831579 |
| KLA Corp. | 1089 | &nbsp;&nbsp; 975461 |
| Lam Research Corp. | 10442 | &nbsp;&nbsp; 1016424 |
| Teradyne, Inc. | 10942 | &nbsp;&nbsp; 983905 |
|  |  | &nbsp;&nbsp; 4813522 |
| **Semiconductors–2.87%** | **Semiconductors–2.87%** | **Semiconductors–2.87%** |
| Advanced Micro Devices, Inc.<sup>(b)(c)</sup>  | 7840 | &nbsp;&nbsp; 1112496 |
| Analog Devices, Inc. | 4084 | &nbsp;&nbsp; 972074 |
| Broadcom, Inc. | 3755 | &nbsp;&nbsp; 1035066 |
| First Solar, Inc.<sup>(b)(c)</sup>  | 5658 | &nbsp;&nbsp; 936625 |
| Intel Corp. | 45922 | &nbsp;&nbsp; 1028653 |
| Microchip Technology, Inc. | 13645 | &nbsp;&nbsp; 960199 |
| Micron Technology, Inc. | 8185 | &nbsp;&nbsp; 1008801 |
| Monolithic Power Systems, Inc. | 1317 | &nbsp;&nbsp; 963227 |
| NVIDIA Corp. | 6649 | &nbsp;&nbsp; 1050476 |
| NXP Semiconductors N.V. (Netherlands) | 4368 | &nbsp;&nbsp; 954364 |
| ON Semiconductor Corp.<sup>(b)(c)</sup>  | 18341 | &nbsp;&nbsp; 961252 |
| QUALCOMM, Inc. | 5955 | &nbsp;&nbsp; 948393 |
| Skyworks Solutions, Inc. | 13041 | &nbsp;&nbsp; 971815 |
| Texas Instruments, Inc. | 4756 | &nbsp;&nbsp; 987441 |
|  |  | &nbsp;&nbsp; 13890882 |
| **Single-Family Residential REITs–0.19%** | **Single-Family Residential REITs–0.19%** | **Single-Family Residential REITs–0.19%** |
| Invitation Homes, Inc. | 28502 | &nbsp;&nbsp; 934866 |
| **Soft Drinks & Non-alcoholic Beverages–0.78%** | **Soft Drinks & Non-alcoholic Beverages–0.78%** | **Soft Drinks & Non-alcoholic Beverages–0.78%** |
| Coca-Cola Co. (The) | 13177 | &nbsp;&nbsp; 932273 |
| Keurig Dr Pepper, Inc. | 28901 | &nbsp;&nbsp; 955467 |
| Monster Beverage Corp.<sup>(c)</sup>  | 15173 | &nbsp;&nbsp; 950437 |
| PepsiCo, Inc. | 7311 | &nbsp;&nbsp; 965344 |
|  |  | &nbsp;&nbsp; 3803521 |
| **Specialty Chemicals–1.33%** | **Specialty Chemicals–1.33%** | **Specialty Chemicals–1.33%** |
| Albemarle Corp.<sup>(b)</sup>  | 14592 | &nbsp;&nbsp; 914481 |
| DuPont de Nemours, Inc. | 13684 | &nbsp;&nbsp; 938586 |
| Eastman Chemical Co. | 11865 | &nbsp;&nbsp; 885841 |
| Ecolab, Inc. | 3544 | &nbsp;&nbsp; 954895 |
| International Flavors & Fragrances, Inc.<sup>(b)</sup>  | 12124 | &nbsp;&nbsp; 891720 |
| PPG Industries, Inc. | 8403 | &nbsp;&nbsp; 955841 |
| Sherwin-Williams Co. (The) | 2659 | &nbsp;&nbsp; 912994 |
|  |  | &nbsp;&nbsp; 6454358 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Steel–0.41%** | **Steel–0.41%** | **Steel–0.41%** |
| Nucor Corp.<sup>(b)</sup>  | 8108 | &nbsp;&nbsp; $1050310 |
| Steel Dynamics, Inc. | 7304 | &nbsp;&nbsp; 934985 |
|  |  | &nbsp;&nbsp; 1985295 |
| **Systems Software–1.46%** | **Systems Software–1.46%** | **Systems Software–1.46%** |
| CrowdStrike Holdings, Inc., Class A<sup>(c)</sup>  | 1991 | &nbsp;&nbsp; 1014036 |
| Fortinet, Inc.<sup>(c)</sup>  | 9309 | &nbsp;&nbsp; 984148 |
| Gen Digital, Inc. | 32258 | &nbsp;&nbsp; 948385 |
| Microsoft Corp. | 2009 | &nbsp;&nbsp; 999297 |
| Oracle Corp. | 5384 | &nbsp;&nbsp; 1177104 |
| Palo Alto Networks, Inc.<sup>(b)(c)</sup>  | 4885 | &nbsp;&nbsp; 999666 |
| ServiceNow, Inc.<sup>(c)</sup>  | 946 | &nbsp;&nbsp; 972564 |
|  |  | &nbsp;&nbsp; 7095200 |
| **Technology Distributors–0.20%** | **Technology Distributors–0.20%** | **Technology Distributors–0.20%** |
| CDW Corp.<sup>(b)</sup>  | 5404 | &nbsp;&nbsp; 965100 |
| **Technology Hardware, Storage & Peripherals–1.71%** | **Technology Hardware, Storage & Peripherals–1.71%** | **Technology Hardware, Storage & Peripherals–1.71%** |
| Apple, Inc.<sup>(e)</sup>  | 4778 | &nbsp;&nbsp; 980302 |
| Dell Technologies, Inc., Class C | 8537 | &nbsp;&nbsp; 1046636 |
| Hewlett Packard Enterprise Co. | 52123 | &nbsp;&nbsp; 1065915 |
| HP, Inc. | 38263 | &nbsp;&nbsp; 935913 |
| NetApp, Inc. | 9253 | &nbsp;&nbsp; 985907 |
| Seagate Technology Holdings PLC | 7508 | &nbsp;&nbsp; 1083630 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup>  | 21978 | &nbsp;&nbsp; 1077142 |
| Western Digital Corp.<sup>(b)</sup>  | 17059 | &nbsp;&nbsp; 1091606 |
|  |  | &nbsp;&nbsp; 8267051 |
| **Telecom Tower REITs–0.61%** | **Telecom Tower REITs–0.61%** | **Telecom Tower REITs–0.61%** |
| American Tower Corp.<sup>(b)</sup>  | 4430 | &nbsp;&nbsp; 979119 |
| Crown Castle, Inc. | 9551 | &nbsp;&nbsp; 981174 |
| SBA Communications Corp., Class A | 4225 | &nbsp;&nbsp; 992199 |
|  |  | &nbsp;&nbsp; 2952492 |
| **Timber REITs–0.18%** | **Timber REITs–0.18%** | **Timber REITs–0.18%** |
| Weyerhaeuser Co. | 34710 | &nbsp;&nbsp; 891700 |
| **Tobacco–0.39%** | **Tobacco–0.39%** | **Tobacco–0.39%** |
| Altria Group, Inc. | 15852 | &nbsp;&nbsp; 929403 |
| Philip Morris International, Inc. (Switzerland) | 5179 | &nbsp;&nbsp; 943251 |
|  |  | &nbsp;&nbsp; 1872654 |
| **Trading Companies & Distributors–0.59%** | **Trading Companies & Distributors–0.59%** | **Trading Companies & Distributors–0.59%** |
| Fastenal Co. | 22267 | &nbsp;&nbsp; 935214 |
| United Rentals, Inc.<sup>(b)</sup>  | 1319 | &nbsp;&nbsp; 993735 |
| W.W. Grainger, Inc. | 880 | &nbsp;&nbsp; 915411 |
|  |  | &nbsp;&nbsp; 2844360 |
| **Transaction & Payment Processing Services–1.54%** | **Transaction & Payment Processing Services–1.54%** | **Transaction & Payment Processing Services–1.54%** |
| Corpay, Inc.<sup>(c)</sup>  | 2723 | &nbsp;&nbsp; 903546 |
| Fidelity National Information Services, Inc. | 11716 | &nbsp;&nbsp; 953800 |
| Fiserv, Inc.<sup>(c)</sup>  | 5650 | &nbsp;&nbsp; 974116 |
| Global Payments, Inc. | 11926 | &nbsp;&nbsp; 954557 |
| Jack Henry & Associates, Inc.<sup>(b)</sup>  | 5282 | &nbsp;&nbsp; 951658 |
| Mastercard, Inc., Class A | 1608 | &nbsp;&nbsp; 903600 |
| PayPal Holdings, Inc.<sup>(c)</sup>  | 12729 | &nbsp;&nbsp; 946019 |
| Visa, Inc., Class A<sup>(b)</sup>  | 2544 | &nbsp;&nbsp; 903247 |
|  |  | &nbsp;&nbsp; 7490543 |
| **Water Utilities–0.19%** | **Water Utilities–0.19%** | **Water Utilities–0.19%** |
| American Water Works Co., Inc. | 6754 | &nbsp;&nbsp; 939549 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Wireless Telecommunication Services–0.20%** | **Wireless Telecommunication Services–0.20%** | **Wireless Telecommunication Services–0.20%** | **Wireless Telecommunication Services–0.20%** |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 4112 | &nbsp;&nbsp; $979725 |
| Total Common Stocks & Other Equity Interests <br> (Cost $256,120,704) | Total Common Stocks & Other Equity Interests <br> (Cost $256,120,704) | Total Common Stocks & Other Equity Interests <br> (Cost $256,120,704) | &nbsp;&nbsp; 482883016 |
| **Money Market Funds–0.37%** | **Money Market Funds–0.37%** | **Money Market Funds–0.37%** | **Money Market Funds–0.37%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(f)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(f)</sup>  | 619393 | &nbsp;&nbsp; 619393 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(f)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(f)</sup>  | 1150284 | &nbsp;&nbsp; 1150284 |
| Total Money Market Funds (Cost $1,769,677) | Total Money Market Funds (Cost $1,769,677) | Total Money Market Funds (Cost $1,769,677) | &nbsp;&nbsp; 1769677 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.98% <br> (Cost $257,890,381)<br>|  |  | &nbsp;&nbsp; 484652693 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–18.72%** | **Money Market Funds–18.72%** | **Money Market Funds–18.72%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(f)(g)</sup>  | 25220674 | &nbsp;&nbsp; $25220674 |
| Invesco Private Prime Fund, 4.49%<sup>(d)(f)(g)</sup>  | 65517577 | &nbsp;&nbsp; 65537233 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $90,752,583) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $90,752,583) | &nbsp;&nbsp; 90757907 |
| TOTAL INVESTMENTS IN SECURITIES–118.70% <br> (Cost $348,642,964) | TOTAL INVESTMENTS IN SECURITIES–118.70% <br> (Cost $348,642,964) | &nbsp;&nbsp; 575410600 |
| OTHER ASSETS LESS LIABILITIES—(18.70)% | OTHER ASSETS LESS LIABILITIES—(18.70)% | &nbsp;&nbsp; (90643886)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $484766714 |

---

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 June 30, 2025.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| Invesco Ltd. | $948377 | &nbsp;&nbsp; $159140 | &nbsp;&nbsp; $(28892) | &nbsp;&nbsp; $(81965) | &nbsp;&nbsp; $(2866) | &nbsp;&nbsp; $993794 | &nbsp;&nbsp; $23524 |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| 1109483 | &nbsp;&nbsp; 9392173 | &nbsp;&nbsp; (9882263) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 619393 | &nbsp;&nbsp; 21459 |
| Invesco Treasury Portfolio, Institutional Class | 2060428 | &nbsp;&nbsp; 17442607 | &nbsp;&nbsp; (18352751) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1150284 | &nbsp;&nbsp; 39548 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 37318246 | &nbsp;&nbsp; 169525855 | &nbsp;&nbsp; (181623427) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 25220674 | &nbsp;&nbsp; 812,841\* |
| Invesco Private Prime Fund | 97157933 | &nbsp;&nbsp; 371791347 | &nbsp;&nbsp; (403407068) | &nbsp;&nbsp; 5324 | &nbsp;&nbsp; (10303) | &nbsp;&nbsp; 65537233 | &nbsp;&nbsp; 2,168,881\* |
| Total | $138594467 | &nbsp;&nbsp; $568311122 | &nbsp;&nbsp; $(613294401) | &nbsp;&nbsp; $(76641) | &nbsp;&nbsp; $(13169) | &nbsp;&nbsp; $93521378 | &nbsp;&nbsp; $3066253 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(e)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1K.

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 2025.

<sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| E-Mini S&P 500 Equal Weight | &nbsp;&nbsp;&nbsp; 15 | September-2025 | &nbsp;&nbsp;&nbsp; $2225400 | &nbsp;&nbsp;&nbsp; $44974 | &nbsp;&nbsp;&nbsp; $44974 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $255,312,039)\*<br>| &nbsp;&nbsp; $481889222 |
| Investments in affiliates, at value <br>(Cost $93,330,925)<br>| &nbsp;&nbsp; 93521378 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 10231 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 46322 |
| Dividends | &nbsp;&nbsp; 537362 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 64022 |
| Other assets | &nbsp;&nbsp; 1501 |
| Total assets | &nbsp;&nbsp; 576070038 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 153496 |
| Amount due custodian | &nbsp;&nbsp; 1111 |
| Due to broker | &nbsp;&nbsp; 5070 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 90752583 |
| Accrued fees to affiliates | &nbsp;&nbsp; 275729 |
| Accrued other operating expenses | &nbsp;&nbsp; 44977 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 70358 |
| Total liabilities | &nbsp;&nbsp; 91303324 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $484766714 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $202569303 |
| Distributable earnings | &nbsp;&nbsp; 282197411 |
|  | &nbsp;&nbsp; $484766714 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $57674464 |
| Series II | &nbsp;&nbsp; $427092250 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 1939132 |
| Series II | &nbsp;&nbsp; 15002493 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $29.74 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $28.47 |

---

\* At June 30, 2025, securities with an aggregate value of $89,261,917 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $1,342) | &nbsp;&nbsp; $4412062 |
| Dividends from affiliates (includes net securities lending <br> income of $77,938)<br>| &nbsp;&nbsp; 162469 |
| Total investment income | &nbsp;&nbsp; 4574531 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 281003 |
| Administrative services fees | &nbsp;&nbsp; 388250 |
| Custodian fees | &nbsp;&nbsp; 9390 |
| Distribution fees - Series II | &nbsp;&nbsp; 514810 |
| Transfer agent fees | &nbsp;&nbsp; 12445 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 12788 |
| Licensing fees | &nbsp;&nbsp; 46390 |
| Reports to shareholders | &nbsp;&nbsp; 4457 |
| Professional services fees | &nbsp;&nbsp; 20549 |
| Other | &nbsp;&nbsp; 3244 |
| Total expenses | &nbsp;&nbsp; 1293326 |
| Less: Fees waived | &nbsp;&nbsp; (1695)<br>|
| Net expenses | &nbsp;&nbsp; 1291631 |
| Net investment income | &nbsp;&nbsp; 3282900 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 14308254 |
| Affiliated investment securities | &nbsp;&nbsp; (13169)<br>|
| Futures contracts | &nbsp;&nbsp; (20576)<br>|
|  | &nbsp;&nbsp; 14274509 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 4058146 |
| Affiliated investment securities | &nbsp;&nbsp; (76641)<br>|
| Futures contracts | &nbsp;&nbsp; 140010 |
|  | &nbsp;&nbsp; 4121515 |
| Net realized and unrealized gain | &nbsp;&nbsp; 18396024 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $21678924 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**10**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $3282900 | &nbsp;&nbsp; $6706257 |
| Net realized gain | &nbsp;&nbsp; 14274509 | &nbsp;&nbsp; 37633488 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 4121515 | &nbsp;&nbsp; 13523328 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 21678924 | &nbsp;&nbsp; 57863073 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (2372585)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (16822803)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (19195388)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (3887697)<br>| &nbsp;&nbsp; (5984100)<br>|
| Series II | &nbsp;&nbsp; (13950532)<br>| &nbsp;&nbsp; (23878464)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (17838229)<br>| &nbsp;&nbsp; (29862564)<br>|
| Net increase in net assets | &nbsp;&nbsp; 3840695 | &nbsp;&nbsp; 8805121 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 480926019 | &nbsp;&nbsp; 472120898 |
| End of period | &nbsp;&nbsp; $484766714 | &nbsp;&nbsp; $480926019 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**11**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

------

**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $28.41 | $0.23 | $1.10 | $1.33 | $— | $— | $— | $29.74 | 4.68<br> %<br>| &nbsp;&nbsp; $57674 | 0.33 %<sup>(d)</sup><br>| 0.33 %<sup>(d)</sup><br>| 1.62 %<sup>(d)</sup><br>| 11<br> %<br>|
| Year ended 12/31/24 | 26.22 | 0.44 | 2.91 | 3.35 | (0.46)<br>| (0.70)<br>| (1.16)<br>| 28.41 | 12.71 | &nbsp;&nbsp; 58996 | 0.34 | 0.34 | 1.58 | 26 |
| Year ended 12/31/23 | 25.47 | 0.46 | 2.63 | 3.09 | (0.37)<br>| (1.97)<br>| (2.34)<br>| 26.22 | 13.71 | &nbsp;&nbsp; 59792 | 0.34 | 0.34 | 1.76 | 20 |
| Year ended 12/31/22 | 30.96 | 0.42 | (4.13)<br>| (3.71)<br>| (0.28)<br>| (1.50)<br>| (1.78)<br>| 25.47 | (11.81)<br>| &nbsp;&nbsp; 59253 | 0.32 | 0.32 | 1.56 | 32 |
| Year ended 12/31/21 | 24.24 | 0.31 | 6.75 | 7.06 | (0.34)<br>|  | (0.34)<br>| 30.96 | 29.17 | &nbsp;&nbsp; 36788 | 0.35 | 0.35 | 1.10 | 23 |
| Year ended 12/31/20 | 22.14 | 0.41 | 2.33 | 2.74 | (0.31)<br>| (0.33)<br>| (0.64)<br>| 24.24 | 12.74 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 30438 | 0.33 | 0.33 | 2.00 | 34 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 27.23 | 0.19 | 1.05 | 1.24 |  |  |  | 28.47 | 4.55 | &nbsp;&nbsp; 427092 | 0.58 <br><sup>(d)</sup><br>| 0.58 <br><sup>(d)</sup><br>| 1.37 <br><sup>(d)</sup><br>| 11 |
| Year ended 12/31/24 | 25.18 | 0.36 | 2.79 | 3.15 | (0.40)<br>| (0.70)<br>| (1.10)<br>| 27.23 | 12.42 | &nbsp;&nbsp; 421930 | 0.59 | 0.59 | 1.33 | 26 |
| Year ended 12/31/23 | 24.54 | 0.38 | 2.54 | 2.92 | (0.31)<br>| (1.97)<br>| (2.28)<br>| 25.18 | 13.48 | &nbsp;&nbsp; 412329 | 0.59 | 0.59 | 1.51 | 20 |
| Year ended 12/31/22 | 29.92 | 0.35 | (4.01)<br>| (3.66)<br>| (0.22)<br>| (1.50)<br>| (1.72)<br>| 24.54 | (12.06)<br>| &nbsp;&nbsp; 387689 | 0.57 | 0.57 | 1.31 | 32 |
| Year ended 12/31/21 | 23.45 | 0.24 | 6.52 | 6.76 | (0.29)<br>|  | (0.29)<br>| 29.92 | 28.88 | &nbsp;&nbsp; 394782 | 0.60 | 0.60 | 0.85 | 23 |
| Year ended 12/31/20 | 21.46 | 0.35 | 2.24 | 2.59 | (0.27)<br>| (0.33)<br>| (0.60)<br>| 23.45 | 12.41 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 293602 | 0.58 | 0.58 | 1.75 | 34 |

---

<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> Annualized.

<sup>(e)</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.

**12**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. Equally-Weighted S&P 500 Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is to achieve a high level of total return on its assets through a combination of capital appreciation and current income.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**13**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

------

unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower

**14**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

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to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliates* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $8,219 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliates* on the Statement of Operations.

**K.** **Futures Contracts** — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

**L.** **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.

**M.** **Collateral** —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.120% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.100% |

---

For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.12%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $1,695.

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 six months ended June 30, 2025, Invesco was paid $37,230 for accounting and fund administrative services and was reimbursed $351,020 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase

**15**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

------

and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the six months ended June 30, 2025, the Fund incurred $2,594 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $482883016 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $482883016 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 1769677 | &nbsp;&nbsp;&nbsp;&nbsp; 90757907 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92527584 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 484652693 | &nbsp;&nbsp;&nbsp;&nbsp; 90757907 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 575410600 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 44974 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44974 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $484697667 | &nbsp;&nbsp;&nbsp;&nbsp; $90757907 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $575455574 |

---

\* Unrealized appreciation.

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of June 30, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $44974 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (44974)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

**Effect of Derivative Investments for the six months ended June 30, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(20576)<br>|

---

**16**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

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---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on**<br> **Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Equity**<br> **Risk**<br>|
| Change in Net Unrealized Appreciation: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $140010 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $119434 |

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $3538510 |

---

**NOTE 5—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 6—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 7—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $51,049,737 and $64,058,314, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $230284006 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (9518343)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $220765663 |

---

Cost of investments for tax purposes is $354,689,911.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 28913 | &nbsp;&nbsp;&nbsp; $820636 | &nbsp;&nbsp;&nbsp; 325349 | &nbsp;&nbsp;&nbsp; $8764176 |
| Series II | &nbsp;&nbsp;&nbsp; 466948 | &nbsp;&nbsp;&nbsp; 12337146 | &nbsp;&nbsp;&nbsp; 804046 | &nbsp;&nbsp;&nbsp; 21487172 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 82003 | &nbsp;&nbsp;&nbsp; 2372178 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 606441 | &nbsp;&nbsp;&nbsp; 16822583 |

---

**17**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **June 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **June 30, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (166361)<br>| &nbsp;&nbsp;&nbsp; $(4708333)<br>| &nbsp;&nbsp;&nbsp; (611355)<br>| &nbsp;&nbsp;&nbsp; $(17120454)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (961379)<br>| &nbsp;&nbsp;&nbsp; (26287678)<br>| &nbsp;&nbsp;&nbsp; (2292019)<br>| &nbsp;&nbsp;&nbsp; (62188219)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (631879)<br>| &nbsp;&nbsp;&nbsp; $(17838229)<br>| &nbsp;&nbsp;&nbsp; (1085535)<br>| &nbsp;&nbsp;&nbsp; $(29862564)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 79% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**18**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Equally-Weighted S&P 500 Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Capital Management LLC currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the S&P 500® Equal Weight Index (Index). The Board noted that performance of Series I shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was reasonably comparable to the performance of the Index for the one, three and five year periods. The Board considered that the Fund seeks to track the investment results of the Index, and that the Fund's performance will typically lag the Index due to the fees associated with the Fund. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between the Fund's investment objective, principal investment

**19**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

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strategies and/or investment restrictions and those of the funds in its performance universe, and specifically that the Fund's peer group includes funds that are actively managed or may track a different index than the Fund. The Board noted that the Fund is passively managed and discussed reasons for differences in the Fund's performance versus its peers. The Board considered that because the Fund seeks to track an equally weighted index, the Fund is tilted towards smaller positions in large- and mega-cap stocks, which resulted in certain momentum stocks being underrepresented in the Fund's portfolio relative to peers that are actively managed or track a different index than the Fund, such as a market capitalization-weighted index. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were each below the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the

scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed exchange-traded funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco

Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board

**20**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

------

also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**21**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**22**

**Invesco V.I. Equally-Weighted S&P 500 Fund**

------

![](img6d08326f1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. Equity and Income Fund**

------

---

| | |
|:---|:---|
| [2](#xx_46d88d11-5c55-41d5-9aa0-58b6a8805662_SOI-Continued-71_1) | Schedule of Investments |
| [24](#xx_46d88d11-5c55-41d5-9aa0-58b6a8805662_FS-Continued-71_1) | Financial Statements |
| [26](#xx_46d88d11-5c55-41d5-9aa0-58b6a8805662_FS-Continued-71_3) | Financial Highlights |
| [27](#xx_46d88d11-5c55-41d5-9aa0-58b6a8805662_NTF-Continued-71_1) | Notes to Financial Statements |
| [34](#xx_46d88d11-5c55-41d5-9aa0-58b6a8805662_AOC-Continued-71_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [37](#xx_46d88d11-5c55-41d5-9aa0-58b6a8805662_OIRSR-Continued-71_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VK-VIEQI-NCSRS

------

**Schedule of Investments**<sup>(a)</sup> 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Common Stocks & Other Equity Interests–61.58%** | **Common Stocks & Other Equity Interests–61.58%** | **Common Stocks & Other Equity Interests–61.58%** |
| **Aerospace & Defense–1.36%** | **Aerospace & Defense–1.36%** | **Aerospace & Defense–1.36%** |
| RTX Corp. | 82123 | &nbsp;&nbsp; $11991601 |
| Textron, Inc. | 84315 | &nbsp;&nbsp; 6769651 |
|  |  | &nbsp;&nbsp; 18761252 |
| **Air Freight & Logistics–0.70%** | **Air Freight & Logistics–0.70%** | **Air Freight & Logistics–0.70%** |
| FedEx Corp. | 42712 | &nbsp;&nbsp; 9708865 |
| **Application Software–0.69%** | **Application Software–0.69%** | **Application Software–0.69%** |
| Salesforce, Inc. | 35001 | &nbsp;&nbsp; 9544423 |
| **Asset Management & Custody Banks–0.83%** | **Asset Management & Custody Banks–0.83%** | **Asset Management & Custody Banks–0.83%** |
| KKR & Co., Inc., Class A | 85872 | &nbsp;&nbsp; 11423552 |
| **Automobile Manufacturers–0.48%** | **Automobile Manufacturers–0.48%** | **Automobile Manufacturers–0.48%** |
| General Motors Co. | 135081 | &nbsp;&nbsp; 6647336 |
| **Broadline Retail–1.89%** | **Broadline Retail–1.89%** | **Broadline Retail–1.89%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 119041 | &nbsp;&nbsp; 26116405 |
| **Building Products–1.13%** | **Building Products–1.13%** | **Building Products–1.13%** |
| Johnson Controls International PLC | 147411 | &nbsp;&nbsp; 15569550 |
| **Communications Equipment–0.86%** | **Communications Equipment–0.86%** | **Communications Equipment–0.86%** |
| Cisco Systems, Inc. | 171355 | &nbsp;&nbsp; 11888610 |
| **Diversified Banks–5.42%** | **Diversified Banks–5.42%** | **Diversified Banks–5.42%** |
| Bank of America Corp. | 636467 | &nbsp;&nbsp; 30117619 |
| PNC Financial Services Group, Inc. <br> (The) | 66805 | &nbsp;&nbsp; 12453788 |
| Wells Fargo & Co. | 403845 | &nbsp;&nbsp; 32356061 |
|  |  | &nbsp;&nbsp; 74927468 |
| **Electric Utilities–2.06%** | **Electric Utilities–2.06%** | **Electric Utilities–2.06%** |
| American Electric Power Co., Inc.<sup>(c)</sup>  | 84189 | &nbsp;&nbsp; 8735451 |
| FirstEnergy Corp. | 160179 | &nbsp;&nbsp; 6448806 |
| PPL Corp. | 393493 | &nbsp;&nbsp; 13335478 |
|  |  | &nbsp;&nbsp; 28519735 |
| **Electrical Components & Equipment–1.66%** | **Electrical Components & Equipment–1.66%** | **Electrical Components & Equipment–1.66%** |
| Emerson Electric Co. | 110855 | &nbsp;&nbsp; 14780297 |
| Vertiv Holdings Co., Class A | 63696 | &nbsp;&nbsp; 8179203 |
|  |  | &nbsp;&nbsp; 22959500 |
| **Electronic Components–0.72%** | **Electronic Components–0.72%** | **Electronic Components–0.72%** |
| Coherent Corp.<sup>(b)</sup>  | 111381 | &nbsp;&nbsp; 9936299 |
| **Electronic Equipment & Instruments–0.91%** | **Electronic Equipment & Instruments–0.91%** | **Electronic Equipment & Instruments–0.91%** |
| Ralliant Corp. | 92719 | &nbsp;&nbsp; 4495960 |
| Zebra Technologies Corp., Class A<sup>(b)</sup>  | 26193 | &nbsp;&nbsp; 8076874 |
|  |  | &nbsp;&nbsp; 12572834 |
| **Fertilizers & Agricultural Chemicals–0.67%** | **Fertilizers & Agricultural Chemicals–0.67%** | **Fertilizers & Agricultural Chemicals–0.67%** |
| Corteva, Inc. | 123349 | &nbsp;&nbsp; 9193201 |
| **Food Distributors–2.23%** | **Food Distributors–2.23%** | **Food Distributors–2.23%** |
| Sysco Corp. | 210157 | &nbsp;&nbsp; 15917291 |
| US Foods Holding Corp.<sup>(b)</sup>  | 192720 | &nbsp;&nbsp; 14841367 |
|  |  | &nbsp;&nbsp; 30758658 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Footwear–0.79%** | **Footwear–0.79%** | **Footwear–0.79%** |
| NIKE, Inc., Class B | 153488 | &nbsp;&nbsp; $10903787 |
| **Health Care Equipment–1.44%** | **Health Care Equipment–1.44%** | **Health Care Equipment–1.44%** |
| GE HealthCare Technologies, Inc. | 70178 | &nbsp;&nbsp; 5198084 |
| Medtronic PLC | 168141 | &nbsp;&nbsp; 14656851 |
|  |  | &nbsp;&nbsp; 19854935 |
| **Health Care Services–0.93%** | **Health Care Services–0.93%** | **Health Care Services–0.93%** |
| CVS Health Corp. | 187103 | &nbsp;&nbsp; 12906365 |
| **Household Products–0.78%** | **Household Products–0.78%** | **Household Products–0.78%** |
| Procter & Gamble Co. (The) | 67540 | &nbsp;&nbsp; 10760473 |
| **Industrial Machinery & Supplies & Components–2.03%** | **Industrial Machinery & Supplies & Components–2.03%** | **Industrial Machinery & Supplies & Components–2.03%** |
| Fortive Corp. | 192034 | &nbsp;&nbsp; 10010732 |
| Parker-Hannifin Corp. | 25895 | &nbsp;&nbsp; 18086881 |
|  |  | &nbsp;&nbsp; 28097613 |
| **Insurance Brokers–1.11%** | **Insurance Brokers–1.11%** | **Insurance Brokers–1.11%** |
| Willis Towers Watson PLC | 50028 | &nbsp;&nbsp; 15333582 |
| **Integrated Oil & Gas–3.24%** | **Integrated Oil & Gas–3.24%** | **Integrated Oil & Gas–3.24%** |
| Chevron Corp. | 89082 | &nbsp;&nbsp; 12755652 |
| Exxon Mobil Corp. | 122518 | &nbsp;&nbsp; 13207440 |
| Shell PLC (United Kingdom) | 325846 | &nbsp;&nbsp; 11368610 |
| Suncor Energy, Inc. (Canada) | 198604 | &nbsp;&nbsp; 7439537 |
|  |  | &nbsp;&nbsp; 44771239 |
| **Interactive Media & Services–1.80%** | **Interactive Media & Services–1.80%** | **Interactive Media & Services–1.80%** |
| Alphabet, Inc., Class A | 78285 | &nbsp;&nbsp; 13796165 |
| Meta Platforms, Inc., Class A | 14975 | &nbsp;&nbsp; 11052898 |
|  |  | &nbsp;&nbsp; 24849063 |
| **Investment Banking & Brokerage–2.14%** | **Investment Banking & Brokerage–2.14%** | **Investment Banking & Brokerage–2.14%** |
| Charles Schwab Corp. (The) | 195094 | &nbsp;&nbsp; 17800377 |
| Goldman Sachs Group, Inc. (The) | 16710 | &nbsp;&nbsp; 11826502 |
|  |  | &nbsp;&nbsp; 29626879 |
| **IT Consulting & Other Services–0.58%** | **IT Consulting & Other Services–0.58%** | **IT Consulting & Other Services–0.58%** |
| Cognizant Technology Solutions Corp., <br> Class A | 102688 | &nbsp;&nbsp; 8012745 |
| **Managed Health Care–2.18%** | **Managed Health Care–2.18%** | **Managed Health Care–2.18%** |
| Centene Corp.<sup>(b)</sup>  | 160916 | &nbsp;&nbsp; 8734521 |
| Elevance Health, Inc. | 16315 | &nbsp;&nbsp; 6345882 |
| Humana, Inc. | 22895 | &nbsp;&nbsp; 5597370 |
| UnitedHealth Group, Inc. | 30125 | &nbsp;&nbsp; 9398096 |
|  |  | &nbsp;&nbsp; 30075869 |
| **Movies & Entertainment–1.29%** | **Movies & Entertainment–1.29%** | **Movies & Entertainment–1.29%** |
| Walt Disney Co. (The) | 144204 | &nbsp;&nbsp; 17882738 |
| **Multi-line Insurance–0.85%** | **Multi-line Insurance–0.85%** | **Multi-line Insurance–0.85%** |
| American International Group, Inc. | 137883 | &nbsp;&nbsp; 11801406 |
| **Oil & Gas Exploration & Production–1.47%** | **Oil & Gas Exploration & Production–1.47%** | **Oil & Gas Exploration & Production–1.47%** |
| ConocoPhillips | 135126 | &nbsp;&nbsp; 12126207 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco V.I. Equity and Income Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Oil & Gas Exploration & Production–(continued)** | **Oil & Gas Exploration & Production–(continued)** | **Oil & Gas Exploration & Production–(continued)** |
| EQT Corp. | 139505 | &nbsp;&nbsp; $8135932 |
|  |  | &nbsp;&nbsp; 20262139 |
| **Pharmaceuticals–3.43%** | **Pharmaceuticals–3.43%** | **Pharmaceuticals–3.43%** |
| Bristol-Myers Squibb Co. | 167598 | &nbsp;&nbsp; 7758111 |
| Johnson & Johnson | 103410 | &nbsp;&nbsp; 15795878 |
| Merck & Co., Inc. | 83862 | &nbsp;&nbsp; 6638516 |
| Pfizer, Inc. | 222638 | &nbsp;&nbsp; 5396745 |
| Sanofi S.A. | 122222 | &nbsp;&nbsp; 11832771 |
|  |  | &nbsp;&nbsp; 47422021 |
| **Property & Casualty Insurance–0.49%** | **Property & Casualty Insurance–0.49%** | **Property & Casualty Insurance–0.49%** |
| Allstate Corp. (The) | 33917 | &nbsp;&nbsp; 6827831 |
| **Rail Transportation–0.74%** | **Rail Transportation–0.74%** | **Rail Transportation–0.74%** |
| Norfolk Southern Corp. | 40130 | &nbsp;&nbsp; 10272076 |
| **Real Estate Services–0.96%** | **Real Estate Services–0.96%** | **Real Estate Services–0.96%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 94598 | &nbsp;&nbsp; 13255072 |
| **Regional Banks–1.09%** | **Regional Banks–1.09%** | **Regional Banks–1.09%** |
| Citizens Financial Group, Inc. | 336045 | &nbsp;&nbsp; 15038014 |
| **Restaurants–0.81%** | **Restaurants–0.81%** | **Restaurants–0.81%** |
| Starbucks Corp. | 121554 | &nbsp;&nbsp; 11137993 |
| **Semiconductor Materials & Equipment–0.67%** | **Semiconductor Materials & Equipment–0.67%** | **Semiconductor Materials & Equipment–0.67%** |
| Lam Research Corp. | 95697 | &nbsp;&nbsp; 9315146 |
| **Semiconductors–2.97%** | **Semiconductors–2.97%** | **Semiconductors–2.97%** |
| Microchip Technology, Inc. | 284319 | &nbsp;&nbsp; 20007528 |
| NVIDIA Corp. | 76147 | &nbsp;&nbsp; 12030464 |
| NXP Semiconductors N.V. (Netherlands) | 41526 | &nbsp;&nbsp; 9073016 |
|  |  | &nbsp;&nbsp; 41111008 |
| **Specialty Chemicals–0.93%** | **Specialty Chemicals–0.93%** | **Specialty Chemicals–0.93%** |
| DuPont de Nemours, Inc. | 83484 | &nbsp;&nbsp; 5726168 |
| PPG Industries, Inc.<sup>(c)</sup>  | 62139 | &nbsp;&nbsp; 7068311 |
|  |  | &nbsp;&nbsp; 12794479 |
| **Systems Software–2.50%** | **Systems Software–2.50%** | **Systems Software–2.50%** |
| Microsoft Corp. | 46400 | &nbsp;&nbsp; 23079824 |
| Oracle Corp. | 52475 | &nbsp;&nbsp; 11472609 |
|  |  | &nbsp;&nbsp; 34552433 |
| **Tobacco–1.44%** | **Tobacco–1.44%** | **Tobacco–1.44%** |
| Philip Morris International, Inc. <br> (Switzerland) | 109058 | &nbsp;&nbsp; 19862734 |
| **Trading Companies & Distributors–0.86%** | **Trading Companies & Distributors–0.86%** | **Trading Companies & Distributors–0.86%** |
| Ferguson Enterprises, Inc. | 54768 | &nbsp;&nbsp; 11925732 |
| **Transaction & Payment Processing Services–1.78%** | **Transaction & Payment Processing Services–1.78%** | **Transaction & Payment Processing Services–1.78%** |
| Fidelity National Information Services, <br> Inc. | 152314 | &nbsp;&nbsp; 12399883 |
| Fiserv, Inc.<sup>(b)</sup>  | 70747 | &nbsp;&nbsp; 12197490 |
|  |  | &nbsp;&nbsp; 24597373 |
| **Wireless Telecommunication Services–0.67%** | **Wireless Telecommunication Services–0.67%** | **Wireless Telecommunication Services–0.67%** |
| T-Mobile US, Inc. | 38835 | &nbsp;&nbsp; 9252827 |
| Total Common Stocks & Other Equity Interests <br> (Cost $579,551,190) | Total Common Stocks & Other Equity Interests <br> (Cost $579,551,190) | &nbsp;&nbsp; 851031260 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–24.05%** | **U.S. Dollar Denominated Bonds & Notes–24.05%** | **U.S. Dollar Denominated Bonds & Notes–24.05%** | **U.S. Dollar Denominated Bonds & Notes–24.05%** |
| **Advertising–0.04%** | **Advertising–0.04%** | **Advertising–0.04%** | **Advertising–0.04%** |
| Omnicom Group, Inc./Omnicom <br> Capital, Inc., 3.60%, <br> 04/15/2026<br>|  | $550000 | &nbsp;&nbsp; $545968 |
| **Aerospace & Defense–0.38%** | **Aerospace & Defense–0.38%** | **Aerospace & Defense–0.38%** | **Aerospace & Defense–0.38%** |
| BAE Systems Holdings, Inc. (United <br> Kingdom), 3.85%, <br> 12/15/2025<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2990 |
| BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), |  |  |
| 5.00%, 03/26/2027<sup>(c)(d)</sup> <br>|  | 311000 | &nbsp;&nbsp; 314716 |
| 5.13%, 03/26/2029<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205070 |
| 5.30%, 03/26/2034<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204562 |
| 5.50%, 03/26/2054<sup>(c)(d)</sup> <br>|  | 298000 | &nbsp;&nbsp; 294466 |
| Boeing Co. (The), 5.81%, <br> 05/01/2050<br>|  | 635000 | &nbsp;&nbsp; 609551 |
| L3Harris Technologies, Inc., | L3Harris Technologies, Inc., |  |  |
| 5.40%, 07/31/2033 |  | 3000 | &nbsp;&nbsp; 3083 |
| 5.60%, 07/31/2053 |  | 3000 | &nbsp;&nbsp; 2939 |
| Lockheed Martin Corp., | Lockheed Martin Corp., |  |  |
| 3.55%, 01/15/2026<sup>(c)</sup> <br>|  | 1355000 | &nbsp;&nbsp; 1350784 |
| 4.50%, 02/15/2029 |  | 64000 | &nbsp;&nbsp; 64639 |
| 4.75%, 02/15/2034 |  | 11000 | &nbsp;&nbsp; 10941 |
| 4.80%, 08/15/2034 |  | 97000 | &nbsp;&nbsp; 96740 |
| 4.15%, 06/15/2053 |  | 643000 | &nbsp;&nbsp; 510757 |
| 5.90%, 11/15/2063 |  | 3000 | &nbsp;&nbsp; 3102 |
| 5.20%, 02/15/2064 |  | 525000 | &nbsp;&nbsp; 485344 |
| Northrop Grumman Corp., 4.95%, <br> 03/15/2053<br>|  | 3000 | &nbsp;&nbsp; 2699 |
| RTX Corp., | RTX Corp., |  |  |
| 5.00%, 02/27/2026 |  | 3000 | &nbsp;&nbsp; 3009 |
| 5.75%, 01/15/2029 |  | 28000 | &nbsp;&nbsp; 29339 |
| 6.00%, 03/15/2031 |  | 15000 | &nbsp;&nbsp; 16123 |
| 5.15%, 02/27/2033 |  | 18000 | &nbsp;&nbsp; 18408 |
| 6.10%, 03/15/2034 |  | 37000 | &nbsp;&nbsp; 40019 |
| 4.45%, 11/16/2038 |  | 308000 | &nbsp;&nbsp; 284029 |
| 6.40%, 03/15/2054 |  | 580000 | &nbsp;&nbsp; 636299 |
|  |  |  | &nbsp;&nbsp; 5189609 |
| **Agricultural & Farm Machinery–0.03%** | **Agricultural & Farm Machinery–0.03%** | **Agricultural & Farm Machinery–0.03%** | **Agricultural & Farm Machinery–0.03%** |
| AGCO Corp., | AGCO Corp., |  |  |
| 5.45%, 03/21/2027 |  | 26000 | &nbsp;&nbsp; 26331 |
| 5.80%, 03/21/2034 |  | 66000 | &nbsp;&nbsp; 67027 |
| CNH Industrial Capital LLC, 5.45%, <br> 10/14/2025<br>|  | 3000 | &nbsp;&nbsp; 3010 |
| Imperial Brands Finance PLC (United <br> Kingdom), 6.38%, <br> 07/01/2055<sup>(d)</sup> <br>|  | 340000 | &nbsp;&nbsp; 344996 |
| John Deere Capital Corp., 4.70%, <br> 06/10/2030<br>|  | 25000 | &nbsp;&nbsp; 25431 |
|  |  |  | &nbsp;&nbsp; 466795 |
| **Agricultural Products & Services–0.02%** | **Agricultural Products & Services–0.02%** | **Agricultural Products & Services–0.02%** | **Agricultural Products & Services–0.02%** |
| Cargill, Inc., | Cargill, Inc., |  |  |
| 4.88%, 10/10/2025<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3001 |
| 4.75%, 04/24/2033<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2995 |
| Ingredion, Inc., 6.63%, <br> 04/15/2037<br>|  | 232000 | &nbsp;&nbsp; 256252 |
|  |  |  | &nbsp;&nbsp; 262248 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Air Freight & Logistics–0.01%** | **Air Freight & Logistics–0.01%** | **Air Freight & Logistics–0.01%** | **Air Freight & Logistics–0.01%** |
| United Parcel Service, Inc., 3.40%, <br> 11/15/2046<br>|  | $240000 | &nbsp;&nbsp; $174023 |
| **Alternative Carriers–0.21%** | **Alternative Carriers–0.21%** | **Alternative Carriers–0.21%** | **Alternative Carriers–0.21%** |
| Match Group Financeco 2, Inc., <br> Conv., 0.88%, 06/15/2026<sup>(d)</sup> <br>|  | 1583000 | &nbsp;&nbsp; 1533136 |
| Match Group Financeco 3, Inc., <br> Conv., 2.00%, 01/15/2030<sup>(d)</sup> <br>|  | 1560000 | &nbsp;&nbsp; 1396200 |
|  |  |  | &nbsp;&nbsp; 2929336 |
| **Apparel Retail–0.20%** | **Apparel Retail–0.20%** | **Apparel Retail–0.20%** | **Apparel Retail–0.20%** |
| Ross Stores, Inc., 0.88%, <br> 04/15/2026<br>|  | 2890000 | &nbsp;&nbsp; 2808656 |
| **Application Software–1.24%** | **Application Software–1.24%** | **Application Software–1.24%** | **Application Software–1.24%** |
| BILL Holdings, Inc., Conv., 0.00%, <br> 04/01/2030<sup>(d)(e)</sup> <br>|  | 3823000 | &nbsp;&nbsp; 3235214 |
| Box, Inc., Conv., 1.50%, <br> 09/15/2029<sup>(d)</sup> <br>|  | 2734000 | &nbsp;&nbsp; 2822855 |
| Dropbox, Inc., Conv., 0.00%, <br> 03/01/2026<sup>(e)</sup> <br>|  | 5636000 | &nbsp;&nbsp; 5599366 |
| Envestnet, Inc., Conv., 2.63%, <br> 12/01/2027<br>|  | 2597000 | &nbsp;&nbsp; 2782685 |
| Intuit, Inc., | Intuit, Inc., |  |  |
| 5.20%, 09/15/2033 |  | 31000 | &nbsp;&nbsp; 32131 |
| 5.50%, 09/15/2053 |  | 21000 | &nbsp;&nbsp; 20867 |
| Salesforce, Inc., 2.70%, <br> 07/15/2041<br>|  | 1413000 | &nbsp;&nbsp; 1017134 |
| Synopsys, Inc., | Synopsys, Inc., |  |  |
| 4.55%, 04/01/2027 |  | 619000 | &nbsp;&nbsp; 622367 |
| 5.70%, 04/01/2055 |  | 497000 | &nbsp;&nbsp; 494498 |
| Workday, Inc., | Workday, Inc., |  |  |
| 3.50%, 04/01/2027 |  | 528000 | &nbsp;&nbsp; 521413 |
| 3.70%, 04/01/2029 |  | 3000 | &nbsp;&nbsp; 2931 |
|  |  |  | &nbsp;&nbsp; 17151461 |
| **Asset Management & Custody Banks–0.31%** | **Asset Management & Custody Banks–0.31%** | **Asset Management & Custody Banks–0.31%** | **Asset Management & Custody Banks–0.31%** |
| Ameriprise Financial, Inc., | Ameriprise Financial, Inc., |  |  |
| 5.70%, 12/15/2028 |  | 52000 | &nbsp;&nbsp; 54512 |
| 4.50%, 05/13/2032 |  | 3000 | &nbsp;&nbsp; 2978 |
| 5.15%, 05/15/2033 |  | 20000 | &nbsp;&nbsp; 20545 |
| Ares Capital Corp., 5.88%, <br> 03/01/2029<br>|  | 49000 | &nbsp;&nbsp; 49980 |
| Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), |  |  |
| 4.41%, 07/24/2026<sup>(f)</sup> <br>|  | 5000 | &nbsp;&nbsp; 4998 |
| 4.54%, 02/01/2029<sup>(f)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9071 |
| 4.98%, 03/14/2030<sup>(f)</sup> <br>|  | 35000 | &nbsp;&nbsp; 35843 |
| 5.83%, 10/25/2033<sup>(f)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5305 |
| 4.71%, 02/01/2034<sup>(f)</sup> <br>|  | 5000 | &nbsp;&nbsp; 4947 |
| 5.19%, 03/14/2035<sup>(f)</sup> <br>|  | 26000 | &nbsp;&nbsp; 26338 |
| 5.32%, 06/06/2036<sup>(f)</sup> <br>|  | 498000 | &nbsp;&nbsp; 508562 |
| Series J, 4.97%, 04/26/2034<sup>(f)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12042 |
| Series I, 3.75%<sup>(f)(g)</sup> <br>|  | 5000 | &nbsp;&nbsp; 4896 |
| BlackRock, Inc., 4.75%, <br> 05/25/2033<sup>(c)</sup> <br>|  | 1362000 | &nbsp;&nbsp; 1377326 |
| Blackstone Secured Lending Fund, <br> 2.13%, 02/15/2027<br>|  | 89000 | &nbsp;&nbsp; 85041 |
| KKR Group Finance Co. III LLC, <br> 5.13%, 06/01/2044<sup>(d)</sup> <br>|  | 372000 | &nbsp;&nbsp; 339387 |
| KKR Group Finance Co. XII LLC, <br> 4.85%, 05/17/2032<sup>(d)</sup> <br>|  | 1364000 | &nbsp;&nbsp; 1358103 |
| Northern Trust Corp., 6.13%, <br> 11/02/2032<br>|  | 3000 | &nbsp;&nbsp; 3240 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** | **Asset Management & Custody Banks–(continued)** |
| State Street Corp., | State Street Corp., |  |  |
| 4.99%, 03/18/2027 |  | $200000 | &nbsp;&nbsp; $202967 |
| 5.68%, 11/21/2029<sup>(f)</sup> <br>|  | 86000 | &nbsp;&nbsp; 89956 |
| 4.82%, 01/26/2034<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2990 |
| 6.12%, 11/21/2034<sup>(f)</sup> <br>|  | 47000 | &nbsp;&nbsp; 50244 |
|  |  |  | &nbsp;&nbsp; 4249271 |
| **Automobile Manufacturers–0.52%** | **Automobile Manufacturers–0.52%** | **Automobile Manufacturers–0.52%** | **Automobile Manufacturers–0.52%** |
| American Honda Finance Corp., | American Honda Finance Corp., |  |  |
| 4.95%, 01/09/2026 |  | 207000 | &nbsp;&nbsp; 207480 |
| 4.70%, 01/12/2028 |  | 7000 | &nbsp;&nbsp; 7069 |
| 4.60%, 04/17/2030 |  | 3000 | &nbsp;&nbsp; 3004 |
| 4.90%, 01/10/2034 |  | 43000 | &nbsp;&nbsp; 42576 |
| Daimler Truck Finance North <br> America LLC (Germany), 5.15%, <br> 01/16/2026<sup>(d)</sup> <br>|  | 150000 | &nbsp;&nbsp; 150468 |
| Ford Motor Credit Co. LLC, 6.80%, <br> 11/07/2028<br>|  | 200000 | &nbsp;&nbsp; 207273 |
| General Motors Co., 6.60%, <br> 04/01/2036<br>|  | 377000 | &nbsp;&nbsp; 399562 |
| Honda Motor Co. Ltd. (Japan), <br> 2.97%, 03/10/2032<sup>(c)</sup> <br>|  | 1138000 | &nbsp;&nbsp; 1021877 |
| Hyundai Capital America, | Hyundai Capital America, |  |  |
| 5.50%, 03/30/2026<sup>(d)</sup> <br>|  | 11000 | &nbsp;&nbsp; 11070 |
| 5.65%, 06/26/2026<sup>(d)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19195 |
| 5.25%, 01/08/2027<sup>(d)</sup> <br>|  | 116000 | &nbsp;&nbsp; 117113 |
| 5.30%, 03/19/2027<sup>(d)</sup> <br>|  | 182000 | &nbsp;&nbsp; 184062 |
| 5.60%, 03/30/2028<sup>(d)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16389 |
| 5.35%, 03/19/2029<sup>(d)</sup> <br>|  | 37000 | &nbsp;&nbsp; 37716 |
| 5.80%, 04/01/2030<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3116 |
| Mercedes-Benz Finance North <br> America LLC (Germany), | Mercedes-Benz Finance North <br> America LLC (Germany), |  |  |
| 4.90%, 01/09/2026<sup>(d)</sup> <br>|  | 523000 | &nbsp;&nbsp; 524121 |
| 4.80%, 01/11/2027<sup>(c)(d)</sup> <br>|  | 493000 | &nbsp;&nbsp; 495763 |
| 5.10%, 08/03/2028<sup>(d)</sup> <br>|  | 217000 | &nbsp;&nbsp; 221028 |
| 4.85%, 01/11/2029<sup>(d)</sup> <br>|  | 119000 | &nbsp;&nbsp; 120027 |
| PACCAR Financial Corp., | PACCAR Financial Corp., |  |  |
| 4.95%, 10/03/2025 |  | 6000 | &nbsp;&nbsp; 6006 |
| 4.60%, 01/10/2028 |  | 7000 | &nbsp;&nbsp; 7094 |
| Toyota Motor Credit Corp., | Toyota Motor Credit Corp., |  |  |
| 4.55%, 08/07/2026 |  | 2020000 | &nbsp;&nbsp; 2027546 |
| 4.63%, 01/12/2028 |  | 3000 | &nbsp;&nbsp; 3037 |
| Volkswagen Group of America <br> Finance LLC (Germany), | Volkswagen Group of America <br> Finance LLC (Germany), |  |  |
| 5.40%, 03/20/2026<sup>(d)</sup> <br>|  | 549000 | &nbsp;&nbsp; 551648 |
| 5.30%, 03/22/2027<sup>(c)(d)</sup> <br>|  | 354000 | &nbsp;&nbsp; 357336 |
| 5.25%, 03/22/2029<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202415 |
| 5.60%, 03/22/2034<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200955 |
|  |  |  | &nbsp;&nbsp; 7144946 |
| **Automotive Parts & Equipment–0.01%** | **Automotive Parts & Equipment–0.01%** | **Automotive Parts & Equipment–0.01%** | **Automotive Parts & Equipment–0.01%** |
| ERAC USA Finance LLC, | ERAC USA Finance LLC, |  |  |
| 4.60%, 05/01/2028<sup>(d)</sup> <br>|  | 14000 | &nbsp;&nbsp; 14167 |
| 5.00%, 02/15/2029<sup>(d)</sup> <br>|  | 53000 | &nbsp;&nbsp; 54275 |
| 4.90%, 05/01/2033<sup>(d)</sup> <br>|  | 18000 | &nbsp;&nbsp; 18009 |
|  |  |  | &nbsp;&nbsp; 86451 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automotive Retail–0.00%** | **Automotive Retail–0.00%** | **Automotive Retail–0.00%** | **Automotive Retail–0.00%** |
| AutoZone, Inc., | AutoZone, Inc., |  |  |
| 5.05%, 07/15/2026 |  | $17000 | &nbsp;&nbsp; $17112 |
| 5.20%, 08/01/2033 |  | 15000 | &nbsp;&nbsp; 15208 |
|  |  |  | &nbsp;&nbsp; 32320 |
| **Biotechnology–1.34%** | **Biotechnology–1.34%** | **Biotechnology–1.34%** | **Biotechnology–1.34%** |
| AbbVie, Inc., | AbbVie, Inc., |  |  |
| 4.80%, 03/15/2027 |  | 338000 | &nbsp;&nbsp; 341400 |
| 4.80%, 03/15/2029 |  | 101000 | &nbsp;&nbsp; 103005 |
| 5.05%, 03/15/2034 |  | 123000 | &nbsp;&nbsp; 125281 |
| 4.50%, 05/14/2035 |  | 694000 | &nbsp;&nbsp; 670821 |
| 4.05%, 11/21/2039 |  | 300000 | &nbsp;&nbsp; 263090 |
| 5.35%, 03/15/2044 |  | 48000 | &nbsp;&nbsp; 47084 |
| 4.85%, 06/15/2044 |  | 264000 | &nbsp;&nbsp; 243260 |
| 5.40%, 03/15/2054 |  | 124000 | &nbsp;&nbsp; 120659 |
| 5.50%, 03/15/2064 |  | 97000 | &nbsp;&nbsp; 94144 |
| Alnylam Pharmaceuticals, Inc., <br> Conv., 1.00%, 09/15/2027<br>|  | 3985000 | &nbsp;&nbsp; 5186478 |
| Amgen, Inc., | Amgen, Inc., |  |  |
| 5.15%, 03/02/2028 |  | 15000 | &nbsp;&nbsp; 15331 |
| 5.25%, 03/02/2030 |  | 3000 | &nbsp;&nbsp; 3092 |
| BridgeBio Pharma, Inc., Conv., <br> 1.75%, 03/01/2031<sup>(d)</sup> <br>|  | 2369252 | &nbsp;&nbsp; 2768471 |
| Gilead Sciences, Inc., | Gilead Sciences, Inc., |  |  |
| 3.65%, 03/01/2026 |  | 2615000 | &nbsp;&nbsp; 2602420 |
| 5.25%, 10/15/2033 |  | 30000 | &nbsp;&nbsp; 31046 |
| 5.55%, 10/15/2053 |  | 11000 | &nbsp;&nbsp; 10866 |
| Jazz Investments I Ltd., | Jazz Investments I Ltd., |  |  |
| Conv., <br>2.00%, 06/15/2026<br>|  | 3385000 | &nbsp;&nbsp; 3429851 |
| 3.13%, 09/15/2030<sup>(d)</sup> <br>|  | 2370000 | &nbsp;&nbsp; 2524050 |
|  |  |  | &nbsp;&nbsp; 18580349 |
| **Brewers–0.16%** | **Brewers–0.16%** | **Brewers–0.16%** | **Brewers–0.16%** |
| Anheuser-Busch Cos. <br> LLC/Anheuser-Busch InBev <br> Worldwide, Inc. (Belgium), <br> 4.70%, 02/01/2036<br>|  | 959000 | &nbsp;&nbsp; 936164 |
| Anheuser-Busch InBev Worldwide, <br> Inc. (Belgium), 8.20%, <br> 01/15/2039<br>|  | 3000 | &nbsp;&nbsp; 3828 |
| Heineken N.V. (Netherlands), <br> 3.50%, 01/29/2028<sup>(d)</sup> <br>|  | 945000 | &nbsp;&nbsp; 930824 |
| Molson Coors Beverage Co., 4.20%, <br> 07/15/2046<br>|  | 377000 | &nbsp;&nbsp; 301034 |
|  |  |  | &nbsp;&nbsp; 2171850 |
| **Broadline Retail–0.02%** | **Broadline Retail–0.02%** | **Broadline Retail–0.02%** | **Broadline Retail–0.02%** |
| Amazon.com, Inc., | Amazon.com, Inc., |  |  |
| 4.80%, 12/05/2034 |  | 9000 | &nbsp;&nbsp; 9190 |
| 2.88%, 05/12/2041 |  | 406000 | &nbsp;&nbsp; 303192 |
|  |  |  | &nbsp;&nbsp; 312382 |
| **Building Products–0.00%** | **Building Products–0.00%** | **Building Products–0.00%** | **Building Products–0.00%** |
| Carrier Global Corp., 5.90%, <br> 03/15/2034<br>|  | 10000 | &nbsp;&nbsp; 10653 |
| Johnson Controls International <br> PLC/Tyco Fire & Security Finance <br> S.C.A., 2.00%, 09/16/2031<br>|  | 3000 | &nbsp;&nbsp; 2573 |
|  |  |  | &nbsp;&nbsp; 13226 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Cable & Satellite–1.03%** | **Cable & Satellite–1.03%** | **Cable & Satellite–1.03%** | **Cable & Satellite–1.03%** |
| Cable One, Inc., | Cable One, Inc., |  |  |
| Conv., <br>0.00%, 03/15/2026<sup>(e)</sup> <br>|  | $5466000 | &nbsp;&nbsp; $5185048 |
| 1.13%, 03/15/2028 |  | 2850000 | &nbsp;&nbsp; 2180258 |
| Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital <br> Corp., | Charter Communications <br> Operating LLC/Charter <br> Communications Operating Capital <br> Corp., |  |  |
| 4.91%, 07/23/2025 |  | 128000 | &nbsp;&nbsp; 127993 |
| 6.15%, 11/10/2026 |  | 132000 | &nbsp;&nbsp; 134564 |
| 6.65%, 02/01/2034 |  | 53000 | &nbsp;&nbsp; 56775 |
| Comcast Corp., | Comcast Corp., |  |  |
| 3.15%, 03/01/2026 |  | 1101000 | &nbsp;&nbsp; 1092410 |
| 4.15%, 10/15/2028 |  | 935000 | &nbsp;&nbsp; 933431 |
| 5.50%, 11/15/2032 |  | 3000 | &nbsp;&nbsp; 3152 |
| 3.90%, 03/01/2038 |  | 756000 | &nbsp;&nbsp; 657963 |
| 2.89%, 11/01/2051 |  | 352000 | &nbsp;&nbsp; 214415 |
| 2.94%, 11/01/2056 |  | 265000 | &nbsp;&nbsp; 155733 |
| 2.65%, 08/15/2062 |  | 3000 | &nbsp;&nbsp; 1570 |
| Cox Communications, Inc., | Cox Communications, Inc., |  |  |
| 5.70%, 06/15/2033<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3038 |
| 2.95%, 10/01/2050<sup>(d)</sup> <br>|  | 202000 | &nbsp;&nbsp; 115132 |
| 5.80%, 12/15/2053<sup>(d)</sup> <br>|  | 58000 | &nbsp;&nbsp; 52799 |
| Liberty Broadband Corp., Conv., <br> 3.13%, 04/06/2026<sup>(d)(h)</sup> <br>|  | 3270000 | &nbsp;&nbsp; 3293203 |
|  |  |  | &nbsp;&nbsp; 14207484 |
| **Cargo Ground Transportation–0.01%** | **Cargo Ground Transportation–0.01%** | **Cargo Ground Transportation–0.01%** | **Cargo Ground Transportation–0.01%** |
| Penske Truck Leasing Co. L.P./PTL <br> Finance Corp., | Penske Truck Leasing Co. L.P./PTL <br> Finance Corp., |  |  |
| 5.75%, 05/24/2026<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3026 |
| 5.35%, 01/12/2027<sup>(d)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9105 |
| 5.70%, 02/01/2028<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3086 |
| 5.55%, 05/01/2028<sup>(d)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12330 |
| 6.05%, 08/01/2028<sup>(d)</sup> <br>|  | 20000 | &nbsp;&nbsp; 20843 |
| Ryder System, Inc., 6.60%, <br> 12/01/2033<br>|  | 26000 | &nbsp;&nbsp; 28593 |
|  |  |  | &nbsp;&nbsp; 76983 |
| **Commercial & Residential Mortgage Finance–0.12%** | **Commercial & Residential Mortgage Finance–0.12%** | **Commercial & Residential Mortgage Finance–0.12%** | **Commercial & Residential Mortgage Finance–0.12%** |
| Aviation Capital Group LLC, | Aviation Capital Group LLC, |  |  |
| 4.88%, 10/01/2025<sup>(d)</sup> <br>|  | 709000 | &nbsp;&nbsp; 708689 |
| 4.75%, 04/14/2027<sup>(d)</sup> <br>|  | 383000 | &nbsp;&nbsp; 383536 |
| 6.25%, 04/15/2028<sup>(d)</sup> <br>|  | 10000 | &nbsp;&nbsp; 10423 |
| 6.75%, 10/25/2028<sup>(d)</sup> <br>|  | 43000 | &nbsp;&nbsp; 45725 |
| Nationwide Building Society (United <br> Kingdom), | Nationwide Building Society (United <br> Kingdom), |  |  |
| 6.56%, 10/18/2027<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205099 |
| 3.96%, 07/18/2030<sup>(d)(f)</sup> <br>|  | 150000 | &nbsp;&nbsp; 146396 |
| Radian Group, Inc., 6.20%, <br> 05/15/2029<br>|  | 91000 | &nbsp;&nbsp; 94600 |
|  |  |  | &nbsp;&nbsp; 1594468 |
| **Commodity Chemicals–0.03%** | **Commodity Chemicals–0.03%** | **Commodity Chemicals–0.03%** | **Commodity Chemicals–0.03%** |
| LYB Finance Co. B.V. (Netherlands), <br> 8.10%, 03/15/2027<sup>(d)</sup> <br>|  | 339000 | &nbsp;&nbsp; 358001 |
| **Communications Equipment–0.08%** | **Communications Equipment–0.08%** | **Communications Equipment–0.08%** | **Communications Equipment–0.08%** |
| Cisco Systems, Inc., | Cisco Systems, Inc., |  |  |
| 4.55%, 02/24/2028 |  | 757000 | &nbsp;&nbsp; 767221 |
| 5.30%, 02/26/2054 |  | 353000 | &nbsp;&nbsp; 342621 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Communications Equipment–(continued)** | **Communications Equipment–(continued)** | **Communications Equipment–(continued)** | **Communications Equipment–(continued)** |
| Motorola Solutions, Inc., 4.60%, <br> 02/23/2028<br>|  | $3000 | &nbsp;&nbsp; $3023 |
|  |  |  | &nbsp;&nbsp; 1112865 |
| **Computer & Electronics Retail–0.13%** | **Computer & Electronics Retail–0.13%** | **Computer & Electronics Retail–0.13%** | **Computer & Electronics Retail–0.13%** |
| Dell International LLC/EMC Corp., | Dell International LLC/EMC Corp., |  |  |
| 6.02%, 06/15/2026 |  | 791000 | &nbsp;&nbsp; 798611 |
| 5.30%, 04/01/2032 |  | 990000 | &nbsp;&nbsp; 1012249 |
| 8.35%, 07/15/2046 |  | 2000 | &nbsp;&nbsp; 2553 |
| Leidos, Inc., | Leidos, Inc., |  |  |
| 2.30%, 02/15/2031 |  | 3000 | &nbsp;&nbsp; 2626 |
| 5.75%, 03/15/2033 |  | 3000 | &nbsp;&nbsp; 3128 |
|  |  |  | &nbsp;&nbsp; 1819167 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.10%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.10%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.10%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.10%** |
| Cummins, Inc., 5.15%, <br> 02/20/2034<br>|  | 43000 | &nbsp;&nbsp; 43882 |
| Komatsu Finance America, Inc., <br> 5.50%, 10/06/2027<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204961 |
| Westinghouse Air Brake Technologies <br> Corp., 5.50%, 05/29/2035<br>|  | 1061000 | &nbsp;&nbsp; 1076859 |
|  |  |  | &nbsp;&nbsp; 1325702 |
| **Consumer Finance–0.16%** | **Consumer Finance–0.16%** | **Consumer Finance–0.16%** | **Consumer Finance–0.16%** |
| American Express Co., 4.73%, <br> 04/25/2029<sup>(c)(f)</sup> <br>|  | 593000 | &nbsp;&nbsp; 599859 |
| Capital One Financial Corp., | Capital One Financial Corp., |  |  |
| 7.15%, 10/29/2027<sup>(f)</sup> <br>|  | 31000 | &nbsp;&nbsp; 32039 |
| 6.31%, 06/08/2029<sup>(f)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16798 |
| 7.62%, 10/30/2031<sup>(f)</sup> <br>|  | 26000 | &nbsp;&nbsp; 29383 |
| 6.38%, 06/08/2034<sup>(f)</sup> <br>|  | 13000 | &nbsp;&nbsp; 13845 |
| 6.18%, 01/30/2036<sup>(c)(f)</sup> <br>|  | 424000 | &nbsp;&nbsp; 431844 |
| General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |  |  |
| 6.05%, 10/10/2025 |  | 5000 | &nbsp;&nbsp; 5017 |
| 5.25%, 03/01/2026 |  | 480000 | &nbsp;&nbsp; 480920 |
| 5.40%, 04/06/2026 |  | 4000 | &nbsp;&nbsp; 4019 |
| Synchrony Financial, 3.95%, <br> 12/01/2027<br>|  | 556000 | &nbsp;&nbsp; 547010 |
|  |  |  | &nbsp;&nbsp; 2160734 |
| **Consumer Staples Merchandise Retail–0.00%** | **Consumer Staples Merchandise Retail–0.00%** | **Consumer Staples Merchandise Retail–0.00%** | **Consumer Staples Merchandise Retail–0.00%** |
| Dollar General Corp., 5.50%, <br> 11/01/2052<br>|  | 3000 | &nbsp;&nbsp; 2788 |
| Target Corp., | Target Corp., |  |  |
| 4.50%, 09/15/2032 |  | 3000 | &nbsp;&nbsp; 2984 |
| 4.80%, 01/15/2053 |  | 3000 | &nbsp;&nbsp; 2646 |
| Walmart, Inc., 4.50%, 04/15/2053 |  | 21000 | &nbsp;&nbsp; 18408 |
|  |  |  | &nbsp;&nbsp; 26826 |
| **Data Processing & Outsourced Services–0.31%** | **Data Processing & Outsourced Services–0.31%** | **Data Processing & Outsourced Services–0.31%** | **Data Processing & Outsourced Services–0.31%** |
| CSG Systems International, Inc., <br> Conv., 3.88%, 09/15/2028<br>|  | 3780000 | &nbsp;&nbsp; 4277070 |
| **Distillers & Vintners–0.08%** | **Distillers & Vintners–0.08%** | **Distillers & Vintners–0.08%** | **Distillers & Vintners–0.08%** |
| Brown-Forman Corp., 4.75%, <br> 04/15/2033<br>|  | 4000 | &nbsp;&nbsp; 4005 |
| Constellation Brands, Inc., | Constellation Brands, Inc., |  |  |
| 4.40%, 11/15/2025 |  | 1040000 | &nbsp;&nbsp; 1038773 |
| 4.90%, 05/01/2033 |  | 3000 | &nbsp;&nbsp; 2974 |
|  |  |  | &nbsp;&nbsp; 1045752 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Distributors–0.00%** | **Distributors–0.00%** | **Distributors–0.00%** | **Distributors–0.00%** |
| Genuine Parts Co., | Genuine Parts Co., |  |  |
| 6.50%, 11/01/2028 |  | $23000 | &nbsp;&nbsp; $24440 |
| 6.88%, 11/01/2033 |  | 37000 | &nbsp;&nbsp; 41147 |
|  |  |  | &nbsp;&nbsp; 65587 |
| **Diversified Banks–1.87%** | **Diversified Banks–1.87%** | **Diversified Banks–1.87%** | **Diversified Banks–1.87%** |
| Australia and New Zealand Banking <br> Group Ltd. (Australia), | Australia and New Zealand Banking <br> Group Ltd. (Australia), |  |  |
| 5.09%, 12/08/2025 |  | 250000 | &nbsp;&nbsp; 250620 |
| 5.00%, 03/18/2026 |  | 551000 | &nbsp;&nbsp; 553954 |
| 6.75%<sup>(c)(d)(f)(g)</sup> <br>|  | 425000 | &nbsp;&nbsp; 430611 |
| Banco Santander S.A. (Spain), | Banco Santander S.A. (Spain), |  |  |
| 6.53%, 11/07/2027<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205334 |
| 5.55%, 03/14/2028<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203278 |
| 5.54%, 03/14/2030<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206286 |
| Bank of America Corp., | Bank of America Corp., |  |  |
| 3.25%, 10/21/2027 |  | 525000 | &nbsp;&nbsp; 515099 |
| 4.95%, 07/22/2028<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3035 |
| 5.20%, 04/25/2029<sup>(f)</sup> <br>|  | 24000 | &nbsp;&nbsp; 24531 |
| 4.27%, 07/23/2029<sup>(f)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1994 |
| 5.82%, 09/15/2029<sup>(f)</sup> <br>|  | 44000 | &nbsp;&nbsp; 45843 |
| 2.57%, 10/20/2032<sup>(f)</sup> <br>|  | 874000 | &nbsp;&nbsp; 770537 |
| 4.57%, 04/27/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2953 |
| 5.02%, 07/22/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3036 |
| 5.29%, 04/25/2034<sup>(f)</sup> <br>|  | 23000 | &nbsp;&nbsp; 23469 |
| 5.47%, 01/23/2035<sup>(f)</sup> <br>|  | 37000 | &nbsp;&nbsp; 38026 |
| 2.48%, 09/21/2036<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2543 |
| 7.75%, 05/14/2038 |  | 115000 | &nbsp;&nbsp; 137363 |
| Bank of America N.A., 5.53%, <br> 08/18/2026<br>|  | 458000 | &nbsp;&nbsp; 464605 |
| Bank of Montreal (Canada), 5.30%, <br> 06/05/2026<br>|  | 10000 | &nbsp;&nbsp; 10088 |
| Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), |  |  |
| 8.63%, 10/27/2082<sup>(f)</sup> <br>|  | 246000 | &nbsp;&nbsp; 261675 |
| 8.00%, 01/27/2084<sup>(f)</sup> <br>|  | 286000 | &nbsp;&nbsp; 304007 |
| Barclays PLC (United Kingdom), <br> 6.69%, 09/13/2034<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 218421 |
| BPCE S.A. (France), | BPCE S.A. (France), |  |  |
| 5.20%, 01/18/2027<sup>(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 253656 |
| 5.72%, 01/18/2030<sup>(d)(f)</sup> <br>|  | 253000 | &nbsp;&nbsp; 260550 |
| 6.51%, 01/18/2035<sup>(d)(f)</sup> <br>|  | 250000 | &nbsp;&nbsp; 259649 |
| Citigroup, Inc., | Citigroup, Inc., |  |  |
| 5.61%, 09/29/2026<sup>(f)</sup> <br>|  | 10000 | &nbsp;&nbsp; 10023 |
| 3.67%, 07/24/2028<sup>(f)</sup> <br>|  | 511000 | &nbsp;&nbsp; 503115 |
| 4.08%, 04/23/2029<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3961 |
| 5.17%, 02/13/2030<sup>(f)</sup> <br>|  | 61000 | &nbsp;&nbsp; 62248 |
| 4.95%, 05/07/2031<sup>(c)(f)</sup> <br>|  | 969000 | &nbsp;&nbsp; 980309 |
| 6.17%, 05/25/2034<sup>(f)</sup> <br>|  | 27000 | &nbsp;&nbsp; 28275 |
| 5.83%, 02/13/2035<sup>(f)</sup> <br>|  | 170000 | &nbsp;&nbsp; 173531 |
| 6.68%, 09/13/2043 |  | 741000 | &nbsp;&nbsp; 809021 |
| 5.30%, 05/06/2044 |  | 228000 | &nbsp;&nbsp; 213067 |
| 4.75%, 05/18/2046 |  | 356000 | &nbsp;&nbsp; 304134 |
| Series BB, 7.20%<sup>(f)(g)</sup> <br>|  | 215000 | &nbsp;&nbsp; 222220 |
| Comerica, Inc., 5.98%, <br> 01/30/2030<sup>(f)</sup> <br>|  | 31000 | &nbsp;&nbsp; 31760 |
| Commonwealth Bank of Australia <br> (Australia), 3.31%, <br> 03/11/2041<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 148496 |
| Credit Agricole S.A. (France), | Credit Agricole S.A. (France), |  |  |
| 5.34%, 01/10/2030<sup>(d)(f)</sup> <br>|  | 267000 | &nbsp;&nbsp; 273199 |
| 6.25%, 01/10/2035<sup>(d)(f)</sup> <br>|  | 250000 | &nbsp;&nbsp; 260073 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Danske Bank A/S (Denmark), 1.55%, <br> 09/10/2027<sup>(d)(f)</sup> <br>|  | $200000 | &nbsp;&nbsp; $193251 |
| Discover Bank, 4.65%, <br> 09/13/2028<br>|  | 122000 | &nbsp;&nbsp; 122663 |
| Federation des caisses Desjardins du <br> Quebec (Canada), 4.55%, <br> 08/23/2027<sup>(d)</sup> <br>|  | 280000 | &nbsp;&nbsp; 281630 |
| Fifth Third Bancorp, | Fifth Third Bancorp, |  |  |
| 1.71%, 11/01/2027<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2897 |
| 6.34%, 07/27/2029<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3160 |
| 4.77%, 07/28/2030<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4026 |
| 5.63%, 01/29/2032<sup>(f)</sup> <br>|  | 11000 | &nbsp;&nbsp; 11451 |
| HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |  |  |
| 4.04%, 03/13/2028<sup>(f)</sup> <br>|  | 135000 | &nbsp;&nbsp; 133935 |
| 5.21%, 08/11/2028<sup>(f)</sup> <br>|  | 205000 | &nbsp;&nbsp; 207936 |
| 4.58%, 06/19/2029<sup>(f)</sup> <br>|  | 183000 | &nbsp;&nbsp; 183293 |
| 6.33%, 03/09/2044<sup>(f)</sup> <br>|  | 256000 | &nbsp;&nbsp; 274982 |
| 4.60%<sup>(f)(g)</sup> <br>|  | 225000 | &nbsp;&nbsp; 205549 |
| ING Groep N.V. (Netherlands), | ING Groep N.V. (Netherlands), |  |  |
| 5.34%, 03/19/2030<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205136 |
| 5.55%, 03/19/2035<sup>(f)</sup> <br>|  | 234000 | &nbsp;&nbsp; 239702 |
| JPMorgan Chase & Co., | JPMorgan Chase & Co., |  |  |
| 3.20%, 06/15/2026 |  | 394000 | &nbsp;&nbsp; 390305 |
| 5.04%, 01/23/2028<sup>(f)</sup> <br>|  | 59000 | &nbsp;&nbsp; 59578 |
| 3.78%, 02/01/2028<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2975 |
| 3.54%, 05/01/2028<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2957 |
| 4.85%, 07/25/2028<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 4042 |
| 3.51%, 01/23/2029<sup>(f)</sup> <br>|  | 1058000 | &nbsp;&nbsp; 1036512 |
| 5.30%, 07/24/2029<sup>(f)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25673 |
| 6.09%, 10/23/2029<sup>(f)</sup> <br>|  | 38000 | &nbsp;&nbsp; 39947 |
| 5.01%, 01/23/2030<sup>(f)</sup> <br>|  | 21000 | &nbsp;&nbsp; 21391 |
| 4.59%, 04/26/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2970 |
| 5.72%, 09/14/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3128 |
| 6.25%, 10/23/2034<sup>(f)</sup> <br>|  | 57000 | &nbsp;&nbsp; 61973 |
| 5.34%, 01/23/2035<sup>(f)</sup> <br>|  | 18000 | &nbsp;&nbsp; 18432 |
| 4.26%, 02/22/2048<sup>(f)</sup> <br>|  | 489000 | &nbsp;&nbsp; 412339 |
| 3.90%, 01/23/2049<sup>(f)</sup> <br>|  | 1058000 | &nbsp;&nbsp; 836238 |
| Series NN, 6.88%<sup>(f)(g)</sup> <br>|  | 122000 | &nbsp;&nbsp; 129078 |
| JPMorgan Chase Bank N.A., 5.11%, <br> 12/08/2026<br>|  | 345000 | &nbsp;&nbsp; 349475 |
| Manufacturers & Traders Trust Co., | Manufacturers & Traders Trust Co., |  |  |
| 5.40%, 11/21/2025 |  | 359000 | &nbsp;&nbsp; 359723 |
| 4.70%, 01/27/2028 |  | 189000 | &nbsp;&nbsp; 190708 |
| Mitsubishi UFJ Financial Group, Inc. <br> (Japan), 5.02%, 07/20/2028<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202632 |
| Morgan Stanley Bank N.A., | Morgan Stanley Bank N.A., |  |  |
| 5.88%, 10/30/2026 |  | 250000 | &nbsp;&nbsp; 255330 |
| 4.95%, 01/14/2028<sup>(f)</sup> <br>|  | 399000 | &nbsp;&nbsp; 402341 |
| National Securities Clearing Corp., <br> 5.10%, 11/21/2027<sup>(d)</sup> <br>|  | 250000 | &nbsp;&nbsp; 256094 |
| PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |  |  |
| 6.62%, 10/20/2027<sup>(f)</sup> <br>|  | 52000 | &nbsp;&nbsp; 53471 |
| 3.45%, 04/23/2029 |  | 689000 | &nbsp;&nbsp; 670081 |
| 5.58%, 06/12/2029<sup>(f)</sup> <br>|  | 26000 | &nbsp;&nbsp; 26931 |
| 4.63%, 06/06/2033<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3884 |
| 6.04%, 10/28/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3191 |
| 5.07%, 01/24/2034<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3016 |
| 6.88%, 10/20/2034<sup>(f)</sup> <br>|  | 447000 | &nbsp;&nbsp; 499877 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** | **Diversified Banks–(continued)** |
| Royal Bank of Canada (Canada), | Royal Bank of Canada (Canada), |  |  |
| 4.88%, 01/19/2027 |  | $40000 | &nbsp;&nbsp; $40404 |
| 4.95%, 02/01/2029 |  | 14000 | &nbsp;&nbsp; 14326 |
| 5.00%, 02/01/2033 |  | 3000 | &nbsp;&nbsp; 3048 |
| Santander UK Group Holdings PLC <br> (United Kingdom), 6.83%, <br> 11/21/2026<sup>(f)</sup> <br>|  | 221000 | &nbsp;&nbsp; 222826 |
| Societe Generale S.A. (France), | Societe Generale S.A. (France), |  |  |
| 6.07%, 01/19/2035<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206098 |
| 7.13%, 01/19/2055<sup>(d)(f)</sup> <br>|  | 212000 | &nbsp;&nbsp; 216055 |
| Standard Chartered PLC (United <br> Kingdom), | Standard Chartered PLC (United <br> Kingdom), |  |  |
| 2.68%, 06/29/2032<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 176335 |
| 6.30%, 07/06/2034<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 213114 |
| Sumitomo Mitsui Financial Group, <br> Inc. (Japan), 6.60%<sup>(f)(g)</sup> <br>|  | 234000 | &nbsp;&nbsp; 235112 |
| Sumitomo Mitsui Trust Bank Ltd. <br> (Japan), | Sumitomo Mitsui Trust Bank Ltd. <br> (Japan), |  |  |
| 5.65%, 09/14/2026<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203138 |
| 5.20%, 03/07/2027<sup>(d)</sup> <br>|  | 226000 | &nbsp;&nbsp; 229499 |
| 5.55%, 09/14/2028<sup>(d)</sup> <br>|  | 203000 | &nbsp;&nbsp; 210687 |
| 5.20%, 03/07/2029<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205047 |
| 5.35%, 03/07/2034<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204337 |
| Synovus Bank, 5.63%, <br> 02/15/2028<br>|  | 250000 | &nbsp;&nbsp; 252767 |
| Toronto-Dominion Bank (The) <br> (Canada), 8.13%, 10/31/2082<sup>(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 209381 |
| U.S. Bancorp, | U.S. Bancorp, |  |  |
| Series W, 3.10%, 04/27/2026 |  | 2101000 | &nbsp;&nbsp; 2080191 |
| 4.55%, 07/22/2028<sup>(f)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5012 |
| 5.78%, 06/12/2029<sup>(f)</sup> <br>|  | 21000 | &nbsp;&nbsp; 21810 |
| 5.38%, 01/23/2030<sup>(f)</sup> <br>|  | 45000 | &nbsp;&nbsp; 46341 |
| 4.97%, 07/22/2033<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3952 |
| 5.84%, 06/12/2034<sup>(f)</sup> <br>|  | 21000 | &nbsp;&nbsp; 22066 |
| 5.68%, 01/23/2035<sup>(f)</sup> <br>|  | 29000 | &nbsp;&nbsp; 30118 |
| UBS AG (Switzerland), 5.65%, <br> 09/11/2028<br>|  | 200000 | &nbsp;&nbsp; 208323 |
| Wells Fargo & Co., | Wells Fargo & Co., |  |  |
| 3.55%, 09/29/2025 |  | 626000 | &nbsp;&nbsp; 624272 |
| 4.10%, 06/03/2026 |  | 505000 | &nbsp;&nbsp; 503073 |
| 3.58%, 05/22/2028<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3940 |
| 5.57%, 07/25/2029<sup>(f)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19621 |
| 6.30%, 10/23/2029<sup>(f)</sup> <br>|  | 27000 | &nbsp;&nbsp; 28541 |
| 5.20%, 01/23/2030<sup>(f)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25613 |
| 5.39%, 04/24/2034<sup>(f)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8189 |
| 5.56%, 07/25/2034<sup>(f)</sup> <br>|  | 46000 | &nbsp;&nbsp; 47491 |
| 6.49%, 10/23/2034<sup>(f)</sup> <br>|  | 69000 | &nbsp;&nbsp; 75447 |
| 5.50%, 01/23/2035<sup>(f)</sup> <br>|  | 38000 | &nbsp;&nbsp; 38985 |
| 4.65%, 11/04/2044 |  | 540000 | &nbsp;&nbsp; 462620 |
| 4.61%, 04/25/2053<sup>(f)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3411 |
| 7.63%<sup>(f)(g)</sup> <br>|  | 21000 | &nbsp;&nbsp; 22608 |
| Wells Fargo Bank N.A., | Wells Fargo Bank N.A., |  |  |
| 5.55%, 08/01/2025 |  | 506000 | &nbsp;&nbsp; 506000 |
| 4.81%, 01/15/2026 |  | 250000 | &nbsp;&nbsp; 250432 |
| Westpac Banking Corp. (Australia), <br> 6.82%, 11/17/2033<br>|  | 88000 | &nbsp;&nbsp; 96815 |
|  |  |  | &nbsp;&nbsp; 25845543 |
| **Diversified Capital Markets–0.15%** | **Diversified Capital Markets–0.15%** | **Diversified Capital Markets–0.15%** | **Diversified Capital Markets–0.15%** |
| Apollo Debt Solutions BDC, 6.90%, <br> 04/13/2029<br>|  | 20000 | &nbsp;&nbsp; 20886 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Capital Markets–(continued)** | **Diversified Capital Markets–(continued)** | **Diversified Capital Markets–(continued)** | **Diversified Capital Markets–(continued)** |
| Sixth Street Lending Partners, <br> 6.13%, 07/15/2030<sup>(d)</sup> <br>|  | $153000 | &nbsp;&nbsp; $155875 |
| UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |  |  |
| 4.55%, 04/17/2026 |  | 154000 | &nbsp;&nbsp; 154049 |
| 4.75%, 05/12/2028<sup>(d)(f)</sup> <br>|  | 205000 | &nbsp;&nbsp; 206268 |
| 5.43%, 02/08/2030<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205448 |
| 6.30%, 09/22/2034<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 214868 |
| 5.70%, 02/08/2035<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207819 |
| 4.38%<sup>(d)(f)(g)</sup> <br>|  | 200000 | &nbsp;&nbsp; 177266 |
| 7.75%<sup>(d)(f)(g)</sup> <br>|  | 229000 | &nbsp;&nbsp; 241655 |
| 9.25%<sup>(d)(f)(g)</sup> <br>|  | 201000 | &nbsp;&nbsp; 232941 |
| 9.25%<sup>(d)(f)(g)</sup> <br>|  | 200000 | &nbsp;&nbsp; 218795 |
|  |  |  | &nbsp;&nbsp; 2035870 |
| **Diversified Financial Services–0.05%** | **Diversified Financial Services–0.05%** | **Diversified Financial Services–0.05%** | **Diversified Financial Services–0.05%** |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland), <br> 3.85%, 10/29/2041<br>|  | 410000 | &nbsp;&nbsp; 328098 |
| Apollo Global Management, Inc., <br> 6.38%, 11/15/2033<br>|  | 43000 | &nbsp;&nbsp; 47029 |
| Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |  |  |
| 6.38%, 05/04/2028<sup>(d)</sup> <br>|  | 22000 | &nbsp;&nbsp; 22951 |
| 5.75%, 03/01/2029<sup>(d)</sup> <br>|  | 114000 | &nbsp;&nbsp; 117155 |
| Corebridge Financial, Inc., | Corebridge Financial, Inc., |  |  |
| 6.05%, 09/15/2033 |  | 26000 | &nbsp;&nbsp; 27384 |
| 5.75%, 01/15/2034 |  | 55000 | &nbsp;&nbsp; 57177 |
| Macquarie Airfinance Holdings Ltd. <br> (United Kingdom), | Macquarie Airfinance Holdings Ltd. <br> (United Kingdom), |  |  |
| 6.40%, 03/26/2029<sup>(d)</sup> <br>|  | 47000 | &nbsp;&nbsp; 49102 |
| 6.50%, 03/26/2031<sup>(d)</sup> <br>|  | 56000 | &nbsp;&nbsp; 59309 |
|  |  |  | &nbsp;&nbsp; 708205 |
| **Diversified Metals & Mining–0.07%** | **Diversified Metals & Mining–0.07%** | **Diversified Metals & Mining–0.07%** | **Diversified Metals & Mining–0.07%** |
| BHP Billiton Finance (USA) Ltd. <br> (Australia), | BHP Billiton Finance (USA) Ltd. <br> (Australia), |  |  |
| 5.10%, 09/08/2028 |  | 39000 | &nbsp;&nbsp; 40016 |
| 5.25%, 09/08/2030 |  | 26000 | &nbsp;&nbsp; 26959 |
| 5.25%, 09/08/2033 |  | 45000 | &nbsp;&nbsp; 46101 |
| 5.50%, 09/08/2053 |  | 15000 | &nbsp;&nbsp; 14854 |
| Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |  |  |
| 5.37%, 04/04/2029<sup>(d)</sup> <br>|  | 84000 | &nbsp;&nbsp; 86155 |
| 5.63%, 04/04/2034<sup>(d)</sup> <br>|  | 153000 | &nbsp;&nbsp; 156020 |
| 5.89%, 04/04/2054<sup>(d)</sup> <br>|  | 61000 | &nbsp;&nbsp; 59843 |
| Rio Tinto Finance (USA) Ltd. <br> (Australia), 7.13%, 07/15/2028<br>|  | 182000 | &nbsp;&nbsp; 197324 |
| Rio Tinto Finance (USA) PLC <br> (Australia), 5.75%, 03/14/2055<br>|  | 377000 | &nbsp;&nbsp; 377846 |
|  |  |  | &nbsp;&nbsp; 1005118 |
| **Diversified REITs–0.14%** | **Diversified REITs–0.14%** | **Diversified REITs–0.14%** | **Diversified REITs–0.14%** |
| Brixmor Operating Partnership L.P., <br> 5.50%, 02/15/2034<br>|  | 948000 | &nbsp;&nbsp; 960850 |
| CubeSmart L.P., | CubeSmart L.P., |  |  |
| 2.25%, 12/15/2028 |  | 3000 | &nbsp;&nbsp; 2797 |
| 2.50%, 02/15/2032<sup>(c)</sup> <br>|  | 1066000 | &nbsp;&nbsp; 918555 |
| VICI Properties L.P., | VICI Properties L.P., |  |  |
| 5.75%, 04/01/2034 |  | 30000 | &nbsp;&nbsp; 30686 |
| 6.13%, 04/01/2054 |  | 32000 | &nbsp;&nbsp; 31494 |
|  |  |  | &nbsp;&nbsp; 1944382 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Support Services–0.00%** | **Diversified Support Services–0.00%** | **Diversified Support Services–0.00%** | **Diversified Support Services–0.00%** |
| Element Fleet Management Corp. <br> (Canada), 6.32%, <br> 12/04/2028<sup>(d)</sup> <br>|  | $37000 | &nbsp;&nbsp; $39040 |
| **Drug Retail–0.02%** | **Drug Retail–0.02%** | **Drug Retail–0.02%** | **Drug Retail–0.02%** |
| CVS Pass-Through Trust, 6.04%, <br> 12/10/2028<br>|  | 279117 | &nbsp;&nbsp; 283112 |
| **Electric Utilities–1.51%** | **Electric Utilities–1.51%** | **Electric Utilities–1.51%** | **Electric Utilities–1.51%** |
| AEP Texas, Inc., 3.95%, <br> 06/01/2028<sup>(d)</sup> <br>|  | 172000 | &nbsp;&nbsp; 170043 |
| Alabama Power Co., 5.85%, <br> 11/15/2033<br>|  | 9000 | &nbsp;&nbsp; 9605 |
| American Electric Power Co., Inc., | American Electric Power Co., Inc., |  |  |
| 5.75%, 11/01/2027 |  | 4000 | &nbsp;&nbsp; 4128 |
| 5.20%, 01/15/2029 |  | 37000 | &nbsp;&nbsp; 37959 |
| Connecticut Light and Power Co. <br> (The), 5.25%, 01/15/2053<br>|  | 3000 | &nbsp;&nbsp; 2809 |
| Consolidated Edison Co. of New York, <br> Inc., | Consolidated Edison Co. of New York, <br> Inc., |  |  |
| 5.50%, 03/15/2034 |  | 21000 | &nbsp;&nbsp; 21853 |
| 5.90%, 11/15/2053 |  | 26000 | &nbsp;&nbsp; 26564 |
| Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |  |  |
| 6.13%, 01/15/2034 |  | 9000 | &nbsp;&nbsp; 9699 |
| 6.50%, 10/01/2053 |  | 279000 | &nbsp;&nbsp; 299795 |
| 5.75%, 03/15/2054 |  | 88000 | &nbsp;&nbsp; 86311 |
| Dominion Energy South Carolina, <br> Inc., 6.25%, 10/15/2053<br>|  | 11000 | &nbsp;&nbsp; 11899 |
| Duke Energy Carolinas LLC, 5.35%, <br> 01/15/2053<br>|  | 3000 | &nbsp;&nbsp; 2883 |
| Duke Energy Corp., | Duke Energy Corp., |  |  |
| 5.00%, 12/08/2025 |  | 3000 | &nbsp;&nbsp; 3007 |
| 4.85%, 01/05/2029 |  | 39000 | &nbsp;&nbsp; 39632 |
| 5.00%, 08/15/2052 |  | 3000 | &nbsp;&nbsp; 2634 |
| 3.25%, 01/15/2082<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2886 |
| Duke Energy Indiana LLC, 5.40%, <br> 04/01/2053<br>|  | 5000 | &nbsp;&nbsp; 4770 |
| Electricite de France S.A. (France), <br> 4.88%, 01/22/2044<sup>(d)</sup> <br>|  | 846000 | &nbsp;&nbsp; 727774 |
| Enel Finance America LLC (Italy), <br> 2.88%, 07/12/2041<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 136399 |
| Enel Finance International N.V. <br> (Italy), 7.05%, 10/14/2025<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201190 |
| Evergy Metro, Inc., 4.95%, <br> 04/15/2033<br>|  | 3000 | &nbsp;&nbsp; 2998 |
| Eversource Energy, | Eversource Energy, |  |  |
| 5.00%, 01/01/2027 |  | 76000 | &nbsp;&nbsp; 76711 |
| 5.50%, 01/01/2034 |  | 37000 | &nbsp;&nbsp; 37700 |
| Exelon Corp., | Exelon Corp., |  |  |
| 5.15%, 03/15/2029 |  | 48000 | &nbsp;&nbsp; 49266 |
| 5.45%, 03/15/2034 |  | 46000 | &nbsp;&nbsp; 47228 |
| 5.60%, 03/15/2053 |  | 47000 | &nbsp;&nbsp; 45219 |
| FirstEnergy Corp., Conv., 3.88%, <br> 01/15/2031<sup>(d)</sup> <br>|  | 5666000 | &nbsp;&nbsp; 5745324 |
| FirstEnergy Pennsylvania Electric <br> Co., 5.20%, 04/01/2028<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3061 |
| Florida Power & Light Co., 4.80%, <br> 05/15/2033<br>|  | 3000 | &nbsp;&nbsp; 3010 |
| Georgia Power Co., | Georgia Power Co., |  |  |
| 4.65%, 05/16/2028 |  | 3000 | &nbsp;&nbsp; 3042 |
| 4.95%, 05/17/2033 |  | 3000 | &nbsp;&nbsp; 3024 |
| Series B, 3.70%, 01/30/2050 |  | 350000 | &nbsp;&nbsp; 261414 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| MidAmerican Energy Co., | MidAmerican Energy Co., |  |  |
| 5.35%, 01/15/2034 |  | $3000 | &nbsp;&nbsp; $3111 |
| 5.85%, 09/15/2054 |  | 12000 | &nbsp;&nbsp; 12366 |
| 5.30%, 02/01/2055 |  | 43000 | &nbsp;&nbsp; 40964 |
| National Rural Utilities Cooperative <br> Finance Corp., | National Rural Utilities Cooperative <br> Finance Corp., |  |  |
| 4.80%, 02/05/2027 |  | 274000 | &nbsp;&nbsp; 276559 |
| 4.85%, 02/07/2029 |  | 74000 | &nbsp;&nbsp; 75362 |
| 5.00%, 02/07/2031 |  | 69000 | &nbsp;&nbsp; 70765 |
| 2.75%, 04/15/2032<sup>(c)</sup> <br>|  | 1227000 | &nbsp;&nbsp; 1095747 |
| 5.80%, 01/15/2033 |  | 3000 | &nbsp;&nbsp; 3190 |
| 7.13%, 09/15/2053<sup>(f)</sup> <br>|  | 235000 | &nbsp;&nbsp; 246295 |
| NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |  |  |
| 5.75%, 09/01/2025 |  | 1450000 | &nbsp;&nbsp; 1452188 |
| 4.95%, 01/29/2026 |  | 265000 | &nbsp;&nbsp; 265726 |
| 3.55%, 05/01/2027 |  | 530000 | &nbsp;&nbsp; 522875 |
| 4.63%, 07/15/2027 |  | 3000 | &nbsp;&nbsp; 3020 |
| 4.90%, 03/15/2029 |  | 119000 | &nbsp;&nbsp; 120946 |
| 5.25%, 03/15/2034 |  | 128000 | &nbsp;&nbsp; 129285 |
| 5.55%, 03/15/2054 |  | 119000 | &nbsp;&nbsp; 114602 |
| Niagara Mohawk Power Corp., | Niagara Mohawk Power Corp., |  |  |
| 5.29%, 01/17/2034<sup>(d)</sup> <br>|  | 37000 | &nbsp;&nbsp; 36904 |
| 5.66%, 01/17/2054<sup>(d)</sup> <br>|  | 17000 | &nbsp;&nbsp; 16365 |
| Oklahoma Gas and Electric Co., <br> 5.60%, 04/01/2053<br>|  | 3000 | &nbsp;&nbsp; 2929 |
| Oncor Electric Delivery Co. LLC, <br> 5.65%, 11/15/2033<br>|  | 37000 | &nbsp;&nbsp; 38903 |
| PacifiCorp, | PacifiCorp, |  |  |
| 5.10%, 02/15/2029 |  | 39000 | &nbsp;&nbsp; 39779 |
| 5.30%, 02/15/2031 |  | 35000 | &nbsp;&nbsp; 36068 |
| 5.45%, 02/15/2034 |  | 49000 | &nbsp;&nbsp; 49721 |
| 5.80%, 01/15/2055 |  | 36000 | &nbsp;&nbsp; 34490 |
| PECO Energy Co., 4.90%, <br> 06/15/2033<br>|  | 11000 | &nbsp;&nbsp; 11176 |
| PPL Capital Funding, Inc., Conv., <br> 2.88%, 03/15/2028<br>|  | 6449000 | &nbsp;&nbsp; 6981383 |
| PPL Electric Utilities Corp., 6.25%, <br> 05/15/2039<br>|  | 46000 | &nbsp;&nbsp; 50894 |
| Public Service Co. of Colorado, <br> 5.25%, 04/01/2053<br>|  | 3000 | &nbsp;&nbsp; 2761 |
| Public Service Co. of New Hampshire, <br> 5.35%, 10/01/2033<br>|  | 9000 | &nbsp;&nbsp; 9329 |
| Public Service Electric and Gas Co., <br> 5.13%, 03/15/2053<br>|  | 3000 | &nbsp;&nbsp; 2827 |
| San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |  |  |
| 5.35%, 04/01/2053 |  | 21000 | &nbsp;&nbsp; 19636 |
| 5.55%, 04/15/2054 |  | 104000 | &nbsp;&nbsp; 100266 |
| Sierra Pacific Power Co., 5.90%, <br> 03/15/2054<br>|  | 5000 | &nbsp;&nbsp; 5019 |
| Southern Co. (The), 5.70%, <br> 10/15/2032<br>|  | 3000 | &nbsp;&nbsp; 3154 |
| Southwestern Electric Power Co., <br> 5.30%, 04/01/2033<br>|  | 3000 | &nbsp;&nbsp; 3030 |
| Union Electric Co., 5.20%, <br> 04/01/2034<br>|  | 168000 | &nbsp;&nbsp; 170901 |
| Virginia Electric & Power Co., | Virginia Electric & Power Co., |  |  |
| 5.00%, 04/01/2033 |  | 3000 | &nbsp;&nbsp; 3033 |
| 5.35%, 01/15/2054 |  | 28000 | &nbsp;&nbsp; 26339 |
| Vistra Operations Co. LLC, 6.95%, <br> 10/15/2033<sup>(d)</sup> <br>|  | 23000 | &nbsp;&nbsp; 25276 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Xcel Energy, Inc., | Xcel Energy, Inc., |  |  |
| 4.60%, 06/01/2032 |  | $3000 | &nbsp;&nbsp; $2936 |
| 3.50%, 12/01/2049 |  | 964000 | &nbsp;&nbsp; 661183 |
|  |  |  | &nbsp;&nbsp; 20847140 |
| **Electrical Components & Equipment–0.05%** | **Electrical Components & Equipment–0.05%** | **Electrical Components & Equipment–0.05%** | **Electrical Components & Equipment–0.05%** |
| Molex Electronic Technologies LLC, <br> 4.75%, 04/30/2028<sup>(d)</sup> <br>|  | 465000 | &nbsp;&nbsp; 468004 |
| Regal Rexnord Corp., 6.30%, <br> 02/15/2030<br>|  | 3000 | &nbsp;&nbsp; 3144 |
| Rockwell Automation, Inc., 1.75%, <br> 08/15/2031<br>|  | 307000 | &nbsp;&nbsp; 263976 |
|  |  |  | &nbsp;&nbsp; 735124 |
| **Environmental & Facilities Services–0.01%** | **Environmental & Facilities Services–0.01%** | **Environmental & Facilities Services–0.01%** | **Environmental & Facilities Services–0.01%** |
| Republic Services, Inc., | Republic Services, Inc., |  |  |
| 4.88%, 04/01/2029 |  | 40000 | &nbsp;&nbsp; 40875 |
| 5.00%, 12/15/2033 |  | 36000 | &nbsp;&nbsp; 36742 |
| 5.00%, 04/01/2034 |  | 3000 | &nbsp;&nbsp; 3046 |
| Veralto Corp., | Veralto Corp., |  |  |
| 5.50%, 09/18/2026 |  | 48000 | &nbsp;&nbsp; 48585 |
| 5.35%, 09/18/2028 |  | 37000 | &nbsp;&nbsp; 38154 |
|  |  |  | &nbsp;&nbsp; 167402 |
| **Financial Exchanges & Data–0.01%** | **Financial Exchanges & Data–0.01%** | **Financial Exchanges & Data–0.01%** | **Financial Exchanges & Data–0.01%** |
| Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., |  |  |
| 4.60%, 03/15/2033 |  | 3000 | &nbsp;&nbsp; 2985 |
| 4.95%, 06/15/2052 |  | 3000 | &nbsp;&nbsp; 2715 |
| 5.20%, 06/15/2062 |  | 3000 | &nbsp;&nbsp; 2758 |
| Nasdaq, Inc., | Nasdaq, Inc., |  |  |
| 5.35%, 06/28/2028 |  | 3000 | &nbsp;&nbsp; 3090 |
| 5.55%, 02/15/2034 |  | 4000 | &nbsp;&nbsp; 4169 |
| 5.95%, 08/15/2053 |  | 169000 | &nbsp;&nbsp; 172553 |
| 6.10%, 06/28/2063 |  | 3000 | &nbsp;&nbsp; 3063 |
| S&P Global, Inc., | S&P Global, Inc., |  |  |
| 2.90%, 03/01/2032 |  | 3000 | &nbsp;&nbsp; 2728 |
| 3.90%, 03/01/2062 |  | 3000 | &nbsp;&nbsp; 2238 |
|  |  |  | &nbsp;&nbsp; 196299 |
| **Food Distributors–0.11%** | **Food Distributors–0.11%** | **Food Distributors–0.11%** | **Food Distributors–0.11%** |
| Sysco Corp., 3.75%, 10/01/2025 |  | 1500000 | &nbsp;&nbsp; 1496891 |
| **Food Retail–0.00%** | **Food Retail–0.00%** | **Food Retail–0.00%** | **Food Retail–0.00%** |
| Alimentation Couche-Tard, Inc. <br> (Canada), 5.27%, <br> 02/12/2034<sup>(d)</sup> <br>|  | 64000 | &nbsp;&nbsp; 64113 |
| **Gas Utilities–0.00%** | **Gas Utilities–0.00%** | **Gas Utilities–0.00%** | **Gas Utilities–0.00%** |
| Atmos Energy Corp., | Atmos Energy Corp., |  |  |
| 5.90%, 11/15/2033 |  | 12000 | &nbsp;&nbsp; 12890 |
| 6.20%, 11/15/2053 |  | 7000 | &nbsp;&nbsp; 7580 |
| Piedmont Natural Gas Co., Inc., <br> 5.40%, 06/15/2033<br>|  | 11000 | &nbsp;&nbsp; 11342 |
| Southwest Gas Corp., 5.45%, <br> 03/23/2028<br>|  | 3000 | &nbsp;&nbsp; 3071 |
|  |  |  | &nbsp;&nbsp; 34883 |
| **Health Care Distributors–0.01%** | **Health Care Distributors–0.01%** | **Health Care Distributors–0.01%** | **Health Care Distributors–0.01%** |
| Cardinal Health, Inc., 5.45%, <br> 02/15/2034<br>|  | 37000 | &nbsp;&nbsp; 38091 |
| Cencora, Inc., 5.13%, 02/15/2034 |  | 39000 | &nbsp;&nbsp; 39331 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Distributors–(continued)** | **Health Care Distributors–(continued)** | **Health Care Distributors–(continued)** | **Health Care Distributors–(continued)** |
| McKesson Corp., 5.10%, <br> 07/15/2033<br>|  | $3000 | &nbsp;&nbsp; $3071 |
|  |  |  | &nbsp;&nbsp; 80493 |
| **Health Care Equipment–0.41%** | **Health Care Equipment–0.41%** | **Health Care Equipment–0.41%** | **Health Care Equipment–0.41%** |
| Alcon Finance Corp., 5.38%, <br> 12/06/2032<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 206570 |
| Becton, Dickinson and Co., 4.88%, <br> 05/15/2044<br>|  | 428000 | &nbsp;&nbsp; 377404 |
| Integra LifeSciences Holdings Corp., <br> Conv., 0.50%, 08/15/2025<br>|  | 4712000 | &nbsp;&nbsp; 4670770 |
| Medtronic, Inc., 4.38%, <br> 03/15/2035<br>|  | 249000 | &nbsp;&nbsp; 240968 |
| Smith & Nephew PLC (United Kingdom), | Smith & Nephew PLC (United Kingdom), |  |  |
| 5.15%, 03/20/2027 |  | 52000 | &nbsp;&nbsp; 52642 |
| 5.40%, 03/20/2034 |  | 133000 | &nbsp;&nbsp; 134963 |
|  |  |  | &nbsp;&nbsp; 5683317 |
| **Health Care Facilities–0.00%** | **Health Care Facilities–0.00%** | **Health Care Facilities–0.00%** | **Health Care Facilities–0.00%** |
| UPMC, | UPMC, |  |  |
| 5.04%, 05/15/2033 |  | 17000 | &nbsp;&nbsp; 17089 |
| 5.38%, 05/15/2043 |  | 8000 | &nbsp;&nbsp; 7633 |
|  |  |  | &nbsp;&nbsp; 24722 |
| **Health Care REITs–0.01%** | **Health Care REITs–0.01%** | **Health Care REITs–0.01%** | **Health Care REITs–0.01%** |
| Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |  |  |
| 2.95%, 03/15/2034 |  | 3000 | &nbsp;&nbsp; 2530 |
| 5.25%, 05/15/2036 |  | 25000 | &nbsp;&nbsp; 24549 |
| 5.63%, 05/15/2054 |  | 118000 | &nbsp;&nbsp; 110112 |
| Healthcare Realty Holdings L.P., | Healthcare Realty Holdings L.P., |  |  |
| 3.50%, 08/01/2026 |  | 3000 | &nbsp;&nbsp; 2963 |
| 2.00%, 03/15/2031 |  | 3000 | &nbsp;&nbsp; 2570 |
|  |  |  | &nbsp;&nbsp; 142724 |
| **Health Care Services–0.18%** | **Health Care Services–0.18%** | **Health Care Services–0.18%** | **Health Care Services–0.18%** |
| Cigna Group (The), 4.80%, <br> 08/15/2038<br>|  | 307000 | &nbsp;&nbsp; 288803 |
| CommonSpirit Health, | CommonSpirit Health, |  |  |
| 5.32%, 12/01/2034 |  | 129000 | &nbsp;&nbsp; 129380 |
| 5.55%, 12/01/2054 |  | 41000 | &nbsp;&nbsp; 38627 |
| CVS Health Corp., | CVS Health Corp., |  |  |
| 5.00%, 01/30/2029 |  | 10000 | &nbsp;&nbsp; 10155 |
| 5.25%, 01/30/2031 |  | 3000 | &nbsp;&nbsp; 3069 |
| 5.30%, 06/01/2033 |  | 12000 | &nbsp;&nbsp; 12107 |
| 6.00%, 06/01/2063 |  | 3000 | &nbsp;&nbsp; 2870 |
| Fresenius Medical Care US Finance <br> III, Inc. (Germany), 1.88%, <br> 12/01/2026<sup>(d)</sup> <br>|  | 150000 | &nbsp;&nbsp; 144268 |
| HCA, Inc., 5.90%, 06/01/2053 |  | 16000 | &nbsp;&nbsp; 15460 |
| Laboratory Corp. of America <br> Holdings, 1.55%, 06/01/2026<br>|  | 1145000 | &nbsp;&nbsp; 1115383 |
| NXP B.V./NXP Funding LLC <br> (Netherlands), 5.35%, <br> 03/01/2026<br>|  | 676000 | &nbsp;&nbsp; 679306 |
| Piedmont Healthcare, Inc., 2.86%, <br> 01/01/2052<br>|  | 18000 | &nbsp;&nbsp; 11027 |
| Providence St. Joseph Health <br> Obligated Group, Series 21-A, <br> 2.70%, 10/01/2051<br>|  | 21000 | &nbsp;&nbsp; 11732 |
| Quest Diagnostics, Inc., 6.40%, <br> 11/30/2033<br>|  | 21000 | &nbsp;&nbsp; 23021 |
|  |  |  | &nbsp;&nbsp; 2485208 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care Supplies–0.58%** | **Health Care Supplies–0.58%** | **Health Care Supplies–0.58%** | **Health Care Supplies–0.58%** |
| Haemonetics Corp., Conv., 2.50%, <br> 06/01/2029<br>|  | $5621000 | &nbsp;&nbsp; $5605580 |
| Medtronic Global Holdings S.C.A., <br> 4.50%, 03/30/2033<br>|  | 6000 | &nbsp;&nbsp; 5941 |
| Merit Medical Systems, Inc., Conv., <br> 3.00%, 02/01/2029<sup>(d)</sup> <br>|  | 1444000 | &nbsp;&nbsp; 1808281 |
| Solventum Corp., | Solventum Corp., |  |  |
| 5.45%, 02/25/2027 |  | 100000 | &nbsp;&nbsp; 101673 |
| 5.40%, 03/01/2029 |  | 193000 | &nbsp;&nbsp; 198796 |
| 5.60%, 03/23/2034 |  | 265000 | &nbsp;&nbsp; 272838 |
|  |  |  | &nbsp;&nbsp; 7993109 |
| **Highways & Railtracks–0.04%** | **Highways & Railtracks–0.04%** | **Highways & Railtracks–0.04%** | **Highways & Railtracks–0.04%** |
| Burlington Northern Santa Fe LLC, <br> 5.80%, 03/15/2056<br>|  | 474000 | &nbsp;&nbsp; 488215 |
| **Home Improvement Retail–0.03%** | **Home Improvement Retail–0.03%** | **Home Improvement Retail–0.03%** | **Home Improvement Retail–0.03%** |
| Home Depot, Inc. (The), 4.90%, <br> 04/15/2029<br>|  | 41000 | &nbsp;&nbsp; 42084 |
| Lowe's Cos., Inc., | Lowe's Cos., Inc., |  |  |
| 3.35%, 04/01/2027 |  | 3000 | &nbsp;&nbsp; 2957 |
| 5.00%, 04/15/2033 |  | 3000 | &nbsp;&nbsp; 3034 |
| 4.25%, 04/01/2052 |  | 497000 | &nbsp;&nbsp; 389393 |
| 5.85%, 04/01/2063 |  | 21000 | &nbsp;&nbsp; 20524 |
|  |  |  | &nbsp;&nbsp; 457992 |
| **Hotels, Resorts & Cruise Lines–0.53%** | **Hotels, Resorts & Cruise Lines–0.53%** | **Hotels, Resorts & Cruise Lines–0.53%** | **Hotels, Resorts & Cruise Lines–0.53%** |
| Airbnb, Inc., Conv., 0.00%, <br> 03/15/2026<sup>(e)</sup> <br>|  | 7552000 | &nbsp;&nbsp; 7298982 |
| Marriott International, Inc., | Marriott International, Inc., |  |  |
| 4.88%, 05/15/2029 |  | 25000 | &nbsp;&nbsp; 25362 |
| 5.30%, 05/15/2034 |  | 41000 | &nbsp;&nbsp; 41518 |
|  |  |  | &nbsp;&nbsp; 7365862 |
| **Human Resource & Employment Services–0.05%** | **Human Resource & Employment Services–0.05%** | **Human Resource & Employment Services–0.05%** | **Human Resource & Employment Services–0.05%** |
| Paychex, Inc., 5.35%, 04/15/2032 |  | 639000 | &nbsp;&nbsp; 656438 |
| **Industrial Conglomerates–0.13%** | **Industrial Conglomerates–0.13%** | **Industrial Conglomerates–0.13%** | **Industrial Conglomerates–0.13%** |
| Honeywell International, Inc., | Honeywell International, Inc., |  |  |
| 4.88%, 09/01/2029 |  | 116000 | &nbsp;&nbsp; 118853 |
| 4.95%, 09/01/2031 |  | 131000 | &nbsp;&nbsp; 134633 |
| 4.50%, 01/15/2034 |  | 1463000 | &nbsp;&nbsp; 1433815 |
| 5.00%, 03/01/2035 |  | 89000 | &nbsp;&nbsp; 89612 |
|  |  |  | &nbsp;&nbsp; 1776913 |
| **Industrial Gases–0.11%** | **Industrial Gases–0.11%** | **Industrial Gases–0.11%** | **Industrial Gases–0.11%** |
| Air Products and Chemicals, Inc., <br> 4.30%, 06/11/2028<br>|  | 1531000 | &nbsp;&nbsp; 1539195 |
| **Industrial Machinery & Supplies & Components–0.27%** | **Industrial Machinery & Supplies & Components–0.27%** | **Industrial Machinery & Supplies & Components–0.27%** | **Industrial Machinery & Supplies & Components–0.27%** |
| Caterpillar Financial Services Corp., <br> 5.15%, 08/11/2025<br>|  | 73000 | &nbsp;&nbsp; 73053 |
| Ingersoll Rand, Inc., | Ingersoll Rand, Inc., |  |  |
| 5.40%, 08/14/2028 |  | 3000 | &nbsp;&nbsp; 3093 |
| 5.70%, 08/14/2033 |  | 19000 | &nbsp;&nbsp; 19908 |
| JBT Marel Corp., Conv., 0.25%, <br> 05/15/2026<br>|  | 3668000 | &nbsp;&nbsp; 3657363 |
| Nordson Corp., | Nordson Corp., |  |  |
| 5.60%, 09/15/2028 |  | 3000 | &nbsp;&nbsp; 3095 |
| 5.80%, 09/15/2033 |  | 12000 | &nbsp;&nbsp; 12682 |
| nVent Finance S.a.r.l. (United <br> Kingdom), 5.65%, 05/15/2033<br>|  | 12000 | &nbsp;&nbsp; 12230 |
|  |  |  | &nbsp;&nbsp; 3781424 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**10**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Industrial REITs–0.00%** | **Industrial REITs–0.00%** | **Industrial REITs–0.00%** | **Industrial REITs–0.00%** |
| LXP Industrial Trust, | LXP Industrial Trust, |  |  |
| 6.75%, 11/15/2028 |  | $19000 | &nbsp;&nbsp; $20133 |
| 2.38%, 10/01/2031 |  | 3000 | &nbsp;&nbsp; 2535 |
|  |  |  | &nbsp;&nbsp; 22668 |
| **Insurance Brokers–0.01%** | **Insurance Brokers–0.01%** | **Insurance Brokers–0.01%** | **Insurance Brokers–0.01%** |
| Arthur J. Gallagher & Co., 6.75%, <br> 02/15/2054<br>|  | 21000 | &nbsp;&nbsp; 23288 |
| Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., |  |  |
| 5.40%, 09/15/2033 |  | 24000 | &nbsp;&nbsp; 24908 |
| 5.45%, 03/15/2053 |  | 3000 | &nbsp;&nbsp; 2920 |
| 5.70%, 09/15/2053 |  | 22000 | &nbsp;&nbsp; 22118 |
|  |  |  | &nbsp;&nbsp; 73234 |
| **Integrated Oil & Gas–0.20%** | **Integrated Oil & Gas–0.20%** | **Integrated Oil & Gas–0.20%** | **Integrated Oil & Gas–0.20%** |
| BP Capital Markets America, Inc., <br> 2.94%, 06/04/2051<br>|  | 991000 | &nbsp;&nbsp; 622688 |
| Chevron Corp., 2.95%, <br> 05/16/2026<br>|  | 952000 | &nbsp;&nbsp; 941375 |
| Exxon Mobil Corp., 3.04%, <br> 03/01/2026<br>|  | 1098000 | &nbsp;&nbsp; 1089780 |
| Gray Oak Pipeline LLC, 2.60%, <br> 10/15/2025<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3974 |
| Occidental Petroleum Corp., | Occidental Petroleum Corp., |  |  |
| 6.45%, 09/15/2036 |  | 51000 | &nbsp;&nbsp; 52215 |
| 4.63%, 06/15/2045 |  | 11000 | &nbsp;&nbsp; 8269 |
|  |  |  | &nbsp;&nbsp; 2718301 |
| **Integrated Telecommunication Services–0.26%** | **Integrated Telecommunication Services–0.26%** | **Integrated Telecommunication Services–0.26%** | **Integrated Telecommunication Services–0.26%** |
| AT&T, Inc., | AT&T, Inc., |  |  |
| 4.30%, 02/15/2030 |  | 318000 | &nbsp;&nbsp; 317069 |
| 2.55%, 12/01/2033 |  | 3000 | &nbsp;&nbsp; 2512 |
| 5.40%, 02/15/2034 |  | 15000 | &nbsp;&nbsp; 15434 |
| 3.55%, 09/15/2055 |  | 157000 | &nbsp;&nbsp; 106020 |
| 6.05%, 08/15/2056 |  | 643000 | &nbsp;&nbsp; 656653 |
| 3.80%, 12/01/2057 |  | 255000 | &nbsp;&nbsp; 178594 |
| Telefonica Emisiones S.A. (Spain), <br> 5.21%, 03/08/2047<br>|  | 700000 | &nbsp;&nbsp; 619803 |
| Verizon Communications, Inc., | Verizon Communications, Inc., |  |  |
| 2.36%, 03/15/2032 |  | 3000 | &nbsp;&nbsp; 2587 |
| 4.78%, 02/15/2035 |  | 1274000 | &nbsp;&nbsp; 1241720 |
| 3.40%, 03/22/2041 |  | 561000 | &nbsp;&nbsp; 432965 |
|  |  |  | &nbsp;&nbsp; 3573357 |
| **Interactive Home Entertainment–0.12%** | **Interactive Home Entertainment–0.12%** | **Interactive Home Entertainment–0.12%** | **Interactive Home Entertainment–0.12%** |
| Electronic Arts, Inc., | Electronic Arts, Inc., |  |  |
| 4.80%, 03/01/2026<sup>(c)</sup> <br>|  | 1290000 | &nbsp;&nbsp; 1290977 |
| 1.85%, 02/15/2031 |  | 3000 | &nbsp;&nbsp; 2607 |
| Take-Two Interactive Software, Inc., <br> 3.70%, 04/14/2027<br>|  | 357000 | &nbsp;&nbsp; 353628 |
|  |  |  | &nbsp;&nbsp; 1647212 |
| **Interactive Media & Services–0.26%** | **Interactive Media & Services–0.26%** | **Interactive Media & Services–0.26%** | **Interactive Media & Services–0.26%** |
| Alphabet, Inc., 5.25%, <br> 05/15/2055<br>|  | 213000 | &nbsp;&nbsp; 209933 |
| Meta Platforms, Inc., | Meta Platforms, Inc., |  |  |
| 4.65%, 08/15/2062 |  | 3000 | &nbsp;&nbsp; 2531 |
| 5.75%, 05/15/2063 |  | 16000 | &nbsp;&nbsp; 16188 |
| Snap, Inc., Conv., 0.50%, <br> 05/01/2030<br>|  | 3966000 | &nbsp;&nbsp; 3382998 |
|  |  |  | &nbsp;&nbsp; 3611650 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Internet Services & Infrastructure–0.25%** | **Internet Services & Infrastructure–0.25%** | **Internet Services & Infrastructure–0.25%** | **Internet Services & Infrastructure–0.25%** |
| Shopify, Inc. (Canada), Conv., <br> 0.13%, 11/01/2025<br>|  | $3435000 | &nbsp;&nbsp; $3484807 |
| **Investment Banking & Brokerage–1.97%** | **Investment Banking & Brokerage–1.97%** | **Investment Banking & Brokerage–1.97%** | **Investment Banking & Brokerage–1.97%** |
| Blackstone Private Credit Fund, <br> 6.25%, 01/25/2031<br>|  | 32000 | &nbsp;&nbsp; 32932 |
| Blue Owl Technology Finance Corp., <br> 6.75%, 04/04/2029<br>|  | 327000 | &nbsp;&nbsp; 333632 |
| Brookfield Finance, Inc. (Canada), <br> 5.97%, 03/04/2054<br>|  | 47000 | &nbsp;&nbsp; 46949 |
| Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |  |  |
| 5.64%, 05/19/2029<sup>(f)</sup> <br>|  | 16000 | &nbsp;&nbsp; 16589 |
| 5.85%, 05/19/2034<sup>(f)</sup> <br>|  | 16000 | &nbsp;&nbsp; 17003 |
| 6.14%, 08/24/2034<sup>(f)</sup> <br>|  | 45000 | &nbsp;&nbsp; 48707 |
| Series K, 5.00%<sup>(f)(g)</sup> <br>|  | 7000 | &nbsp;&nbsp; 6993 |
| Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |  |  |
| 4.25%, 10/21/2025 |  | 529000 | &nbsp;&nbsp; 528389 |
| 5.19% (SOFR + 0.79%), <br> 12/09/2026<sup>(i)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19031 |
| 5.21% (SOFR + 0.81%), <br> 03/09/2027<sup>(i)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12020 |
| 5.27% (SOFR + 0.92%), <br> 10/21/2027<sup>(i)</sup> <br>|  | 15000 | &nbsp;&nbsp; 15035 |
| 5.02%, 10/23/2035<sup>(f)</sup> <br>|  | 624000 | &nbsp;&nbsp; 616717 |
| 2.91%, 07/21/2042<sup>(f)</sup> <br>|  | 323000 | &nbsp;&nbsp; 231446 |
| Series W, 7.50%<sup>(f)(g)</sup> <br>|  | 437000 | &nbsp;&nbsp; 465136 |
| GS Finance Corp., | GS Finance Corp., |  |  |
| Series 0003, Conv., <br>0.50%, 04/11/2028<sup>(d)</sup> <br>|  | 5859000 | &nbsp;&nbsp; 8030280 |
| 1.00%, 07/30/2029<sup>(d)</sup> <br>|  | 5873000 | &nbsp;&nbsp; 7044345 |
| 0.00%, 03/03/2032<sup>(e)</sup> <br>|  | 7584000 | &nbsp;&nbsp; 8258037 |
| Morgan Stanley, | Morgan Stanley, |  |  |
| 4.00%, 07/23/2025 |  | 654000 | &nbsp;&nbsp; 653394 |
| 5.12%, 02/01/2029<sup>(f)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5088 |
| 4.99%, 04/12/2029<sup>(f)</sup> <br>|  | 590000 | &nbsp;&nbsp; 598662 |
| 5.16%, 04/20/2029<sup>(f)</sup> <br>|  | 28000 | &nbsp;&nbsp; 28554 |
| 5.45%, 07/20/2029<sup>(f)</sup> <br>|  | 12000 | &nbsp;&nbsp; 12343 |
| 6.41%, 11/01/2029<sup>(f)</sup> <br>|  | 34000 | &nbsp;&nbsp; 36019 |
| 5.17%, 01/16/2030<sup>(f)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25529 |
| 5.25%, 04/21/2034<sup>(f)</sup> <br>|  | 29000 | &nbsp;&nbsp; 29511 |
| 5.42%, 07/21/2034<sup>(f)</sup> <br>|  | 21000 | &nbsp;&nbsp; 21520 |
| 5.47%, 01/18/2035<sup>(f)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25586 |
| 5.95%, 01/19/2038<sup>(f)</sup> <br>|  | 5000 | &nbsp;&nbsp; 5146 |
| 5.94%, 02/07/2039<sup>(f)</sup> <br>|  | 105000 | &nbsp;&nbsp; 107822 |
|  |  |  | &nbsp;&nbsp; 27272415 |
| **IT Consulting & Other Services–0.14%** | **IT Consulting & Other Services–0.14%** | **IT Consulting & Other Services–0.14%** | **IT Consulting & Other Services–0.14%** |
| International Business Machines <br> Corp., 3.30%, 05/15/2026<br>|  | 1970000 | &nbsp;&nbsp; 1952020 |
| **Leisure Products–0.00%** | **Leisure Products–0.00%** | **Leisure Products–0.00%** | **Leisure Products–0.00%** |
| Brunswick Corp., 5.85%, <br> 03/18/2029<br>|  | 58000 | &nbsp;&nbsp; 59775 |
| **Life & Health Insurance–0.66%** | **Life & Health Insurance–0.66%** | **Life & Health Insurance–0.66%** | **Life & Health Insurance–0.66%** |
| American National Group, Inc., <br> 5.00%, 06/15/2027<sup>(c)</sup> <br>|  | 857000 | &nbsp;&nbsp; 860806 |
| Athene Global Funding, | Athene Global Funding, |  |  |
| 5.52%, 03/25/2027<sup>(d)</sup> <br>|  | 175000 | &nbsp;&nbsp; 177990 |
| 5.58%, 01/09/2029<sup>(d)</sup> <br>|  | 82000 | &nbsp;&nbsp; 84324 |
| Athene Holding Ltd., 6.25%, <br> 04/01/2054<br>|  | 79000 | &nbsp;&nbsp; 78053 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**11**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** | **Life & Health Insurance–(continued)** |
| Brighthouse Financial, Inc., 3.85%, <br> 12/22/2051<br>|  | $1296000 | &nbsp;&nbsp; $835760 |
| Corebridge Global Funding, | Corebridge Global Funding, |  |  |
| 5.72% (SOFR + 1.30%), <br> 09/25/2026<sup>(d)(i)</sup> <br>|  | 223000 | &nbsp;&nbsp; 224558 |
| 5.90%, 09/19/2028<sup>(d)</sup> <br>|  | 23000 | &nbsp;&nbsp; 24053 |
| 5.20%, 01/12/2029<sup>(d)</sup> <br>|  | 64000 | &nbsp;&nbsp; 65585 |
| Delaware Life Global Funding, <br> Series 21-1, 2.66%, <br> 06/29/2026<sup>(d)</sup> <br>|  | 2184000 | &nbsp;&nbsp; 2134890 |
| F&G Annuities & Life, Inc., 7.40%, <br> 01/13/2028<br>|  | 10000 | &nbsp;&nbsp; 10479 |
| GA Global Funding Trust, 5.50%, <br> 01/08/2029<sup>(d)</sup> <br>|  | 1378000 | &nbsp;&nbsp; 1412950 |
| MAG Mutual Holding Co., 4.75%, <br> 04/30/2041<sup>(d)(j)</sup> <br>|  | 509000 | &nbsp;&nbsp; 459118 |
| Manulife Financial Corp. (Canada), <br> 4.06%, 02/24/2032<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2967 |
| MetLife, Inc., | MetLife, Inc., |  |  |
| 5.00%, 07/15/2052 |  | 3000 | &nbsp;&nbsp; 2722 |
| 5.25%, 01/15/2054 |  | 11000 | &nbsp;&nbsp; 10370 |
| Nationwide Financial Services, Inc., <br> 5.30%, 11/18/2044<sup>(d)</sup> <br>|  | 440000 | &nbsp;&nbsp; 407401 |
| New York Life Global Funding, <br> 4.55%, 01/28/2033<sup>(d)</sup> <br>|  | 10000 | &nbsp;&nbsp; 9790 |
| Northwestern Mutual Global Funding, | Northwestern Mutual Global Funding, |  |  |
| 5.07%, 03/25/2027<sup>(d)</sup> <br>|  | 164000 | &nbsp;&nbsp; 166650 |
| 4.35%, 09/15/2027<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3013 |
| 4.71%, 01/10/2029<sup>(d)</sup> <br>|  | 169000 | &nbsp;&nbsp; 171025 |
| Pacific Life Global Funding II, | Pacific Life Global Funding II, |  |  |
| 5.02% (SOFR + 0.62%), <br> 06/04/2026<sup>(d)(i)</sup> <br>|  | 9000 | &nbsp;&nbsp; 9032 |
| 5.41% (SOFR + 1.05%), <br> 07/28/2026<sup>(d)(i)</sup> <br>|  | 138000 | &nbsp;&nbsp; 139133 |
| 5.50%, 08/28/2026<sup>(d)</sup> <br>|  | 1219000 | &nbsp;&nbsp; 1237404 |
| 4.90%, 01/11/2029<sup>(d)</sup> <br>|  | 169000 | &nbsp;&nbsp; 172025 |
| Principal Life Global Funding II, | Principal Life Global Funding II, |  |  |
| 5.00%, 01/16/2027<sup>(d)</sup> <br>|  | 46000 | &nbsp;&nbsp; 46523 |
| 5.10%, 01/25/2029<sup>(d)</sup> <br>|  | 211000 | &nbsp;&nbsp; 215849 |
| Prudential Financial, Inc., 3.91%, <br> 12/07/2047<br>|  | 141000 | &nbsp;&nbsp; 110288 |
| Reliance Standard Life Global <br> Funding II, 2.75%, <br> 01/21/2027<sup>(d)</sup> <br>|  | 4000 | &nbsp;&nbsp; 3866 |
|  |  |  | &nbsp;&nbsp; 9076624 |
| **Managed Health Care–0.04%** | **Managed Health Care–0.04%** | **Managed Health Care–0.04%** | **Managed Health Care–0.04%** |
| Humana, Inc., 5.75%, 12/01/2028 |  | 20000 | &nbsp;&nbsp; 20821 |
| UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |  |  |
| 5.15%, 10/15/2025 |  | 4000 | &nbsp;&nbsp; 4007 |
| 5.25%, 02/15/2028 |  | 3000 | &nbsp;&nbsp; 3080 |
| 5.30%, 02/15/2030 |  | 3000 | &nbsp;&nbsp; 3108 |
| 5.35%, 02/15/2033 |  | 3000 | &nbsp;&nbsp; 3092 |
| 4.50%, 04/15/2033 |  | 3000 | &nbsp;&nbsp; 2925 |
| 3.50%, 08/15/2039 |  | 559000 | &nbsp;&nbsp; 451395 |
| 5.05%, 04/15/2053 |  | 3000 | &nbsp;&nbsp; 2680 |
| 5.20%, 04/15/2063 |  | 3000 | &nbsp;&nbsp; 2676 |
|  |  |  | &nbsp;&nbsp; 493784 |
| **Marine Transportation–0.00%** | **Marine Transportation–0.00%** | **Marine Transportation–0.00%** | **Marine Transportation–0.00%** |
| A.P. Moller - Maersk A/S (Denmark), <br> 5.88%, 09/14/2033<sup>(d)</sup> <br>|  | 19000 | &nbsp;&nbsp; 20040 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Metal, Glass & Plastic Containers–0.02%** | **Metal, Glass & Plastic Containers–0.02%** | **Metal, Glass & Plastic Containers–0.02%** | **Metal, Glass & Plastic Containers–0.02%** |
| Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), | Smurfit Kappa Treasury Unlimited Co. <br> (Ireland), |  |  |
| 5.20%, 01/15/2030 |  | $100000 | &nbsp;&nbsp; $102057 |
| 5.44%, 04/03/2034 |  | 102000 | &nbsp;&nbsp; 103436 |
| 5.78%, 04/03/2054 |  | 100000 | &nbsp;&nbsp; 98949 |
|  |  |  | &nbsp;&nbsp; 304442 |
| **Movies & Entertainment–0.25%** | **Movies & Entertainment–0.25%** | **Movies & Entertainment–0.25%** | **Movies & Entertainment–0.25%** |
| Liberty Media Corp.-Liberty Formula <br> One, Conv., 2.25%, <br> 08/15/2027<br>|  | 1938000 | &nbsp;&nbsp; 2580447 |
| TWDC Enterprises 18 Corp., 3.00%, <br> 02/13/2026<br>|  | 367000 | &nbsp;&nbsp; 364240 |
| WarnerMedia Holdings, Inc., | WarnerMedia Holdings, Inc., |  |  |
| 5.05%, 03/15/2042<sup>(c)</sup> <br>|  | 683000 | &nbsp;&nbsp; 405975 |
| 5.14%, 03/15/2052 |  | 146000 | &nbsp;&nbsp; 90155 |
|  |  |  | &nbsp;&nbsp; 3440817 |
| **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** | **Multi-Family Residential REITs–0.01%** |
| AvalonBay Communities, Inc., <br> 5.30%, 12/07/2033<br>|  | 38000 | &nbsp;&nbsp; 39137 |
| Essex Portfolio L.P., 5.50%, <br> 04/01/2034<br>|  | 58000 | &nbsp;&nbsp; 59279 |
|  |  |  | &nbsp;&nbsp; 98416 |
| **Multi-line Insurance–0.19%** | **Multi-line Insurance–0.19%** | **Multi-line Insurance–0.19%** | **Multi-line Insurance–0.19%** |
| Aon Corp./Aon Global Holdings PLC, <br> 5.35%, 02/28/2033<br>|  | 3000 | &nbsp;&nbsp; 3090 |
| Liberty Mutual Group, Inc., 3.95%, <br> 05/15/2060<sup>(d)</sup> <br>|  | 887000 | &nbsp;&nbsp; 597423 |
| Metropolitan Life Global Funding I, <br> 5.15%, 03/28/2033<sup>(d)</sup> <br>|  | 196000 | &nbsp;&nbsp; 199016 |
| Metropolitan Life Insurance Co., <br> 7.80%, 11/01/2025<sup>(d)</sup> <br>|  | 1800000 | &nbsp;&nbsp; 1816944 |
|  |  |  | &nbsp;&nbsp; 2616473 |
| **Multi-Utilities–0.12%** | **Multi-Utilities–0.12%** | **Multi-Utilities–0.12%** | **Multi-Utilities–0.12%** |
| Algonquin Power & Utilities Corp. <br> (Canada), 5.37%, 06/15/2026<br>|  | 74000 | &nbsp;&nbsp; 74411 |
| Ameren Illinois Co., 4.95%, <br> 06/01/2033<br>|  | 4000 | &nbsp;&nbsp; 4057 |
| Black Hills Corp., 6.15%, <br> 05/15/2034<br>|  | 31000 | &nbsp;&nbsp; 32549 |
| Dominion Energy, Inc., 5.38%, <br> 11/15/2032<br>|  | 5000 | &nbsp;&nbsp; 5127 |
| DTE Electric Co., 5.20%, <br> 03/01/2034<br>|  | 39000 | &nbsp;&nbsp; 39912 |
| NiSource, Inc., | NiSource, Inc., |  |  |
| 5.25%, 03/30/2028 |  | 4000 | &nbsp;&nbsp; 4096 |
| 5.40%, 06/30/2033 |  | 3000 | &nbsp;&nbsp; 3070 |
| 5.35%, 04/01/2034 |  | 89000 | &nbsp;&nbsp; 90539 |
| 4.38%, 05/15/2047 |  | 571000 | &nbsp;&nbsp; 470019 |
| 5.85%, 04/01/2055 |  | 290000 | &nbsp;&nbsp; 287261 |
| Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., |  |  |
| 5.88%, 10/15/2028 |  | 44000 | &nbsp;&nbsp; 46070 |
| 6.13%, 10/15/2033 |  | 25000 | &nbsp;&nbsp; 26573 |
| Sempra, | Sempra, |  |  |
| 3.80%, 02/01/2038 |  | 559000 | &nbsp;&nbsp; 463037 |
| 6.88%, 10/01/2054<sup>(f)</sup> <br>|  | 131000 | &nbsp;&nbsp; 132433 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**12**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** |
| WEC Energy Group, Inc., | WEC Energy Group, Inc., |  |  |
| 5.00%, 09/27/2025 |  | $7000 | &nbsp;&nbsp; $7000 |
| 5.15%, 10/01/2027 |  | 6000 | &nbsp;&nbsp; 6115 |
| 4.75%, 01/15/2028 |  | 5000 | &nbsp;&nbsp; 5053 |
| 1.80%, 10/15/2030 |  | 2000 | &nbsp;&nbsp; 1752 |
|  |  |  | &nbsp;&nbsp; 1699074 |
| **Office REITs–0.00%** | **Office REITs–0.00%** | **Office REITs–0.00%** | **Office REITs–0.00%** |
| Piedmont Operating Partnership <br> L.P., 9.25%, 07/20/2028<sup>(c)</sup> <br>|  | 26000 | &nbsp;&nbsp; 28971 |
| **Oil & Gas Drilling–0.00%** | **Oil & Gas Drilling–0.00%** | **Oil & Gas Drilling–0.00%** | **Oil & Gas Drilling–0.00%** |
| Patterson-UTI Energy, Inc., 7.15%, <br> 10/01/2033<br>|  | 13000 | &nbsp;&nbsp; 13320 |
| **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** | **Oil & Gas Equipment & Services–0.00%** |
| Northern Natural Gas Co., 5.63%, <br> 02/01/2054<sup>(d)</sup> <br>|  | 23000 | &nbsp;&nbsp; 22194 |
| **Oil & Gas Exploration & Production–0.26%** | **Oil & Gas Exploration & Production–0.26%** | **Oil & Gas Exploration & Production–0.26%** | **Oil & Gas Exploration & Production–0.26%** |
| Cameron LNG LLC, 3.70%, <br> 01/15/2039<sup>(d)</sup> <br>|  | 622000 | &nbsp;&nbsp; 532230 |
| Canadian Natural Resources Ltd. <br> (Canada), 2.05%, 07/15/2025<br>|  | 3000 | &nbsp;&nbsp; 2997 |
| ConocoPhillips Co., | ConocoPhillips Co., |  |  |
| 4.15%, 11/15/2034 |  | 230000 | &nbsp;&nbsp; 214301 |
| 5.70%, 09/15/2063 |  | 9000 | &nbsp;&nbsp; 8619 |
| Diamondback Energy, Inc., 5.75%, <br> 04/18/2054<br>|  | 488000 | &nbsp;&nbsp; 453452 |
| EOG Resources, Inc., 4.40%, <br> 07/15/2028<br>|  | 250000 | &nbsp;&nbsp; 251494 |
| Northern Oil and Gas, Inc., Conv., <br> 3.63%, 04/15/2029<br>|  | 2005000 | &nbsp;&nbsp; 2097731 |
| Pioneer Natural Resources Co., <br> 5.10%, 03/29/2026<br>|  | 3000 | &nbsp;&nbsp; 3015 |
|  |  |  | &nbsp;&nbsp; 3563839 |
| **Oil & Gas Refining & Marketing–0.03%** | **Oil & Gas Refining & Marketing–0.03%** | **Oil & Gas Refining & Marketing–0.03%** | **Oil & Gas Refining & Marketing–0.03%** |
| Phillips 66 Co., 5.30%, <br> 06/30/2033<br>|  | 11000 | &nbsp;&nbsp; 11118 |
| Valero Energy Corp., 4.00%, <br> 06/01/2052<sup>(c)</sup> <br>|  | 531000 | &nbsp;&nbsp; 377079 |
|  |  |  | &nbsp;&nbsp; 388197 |
| **Oil & Gas Storage & Transportation–0.63%** | **Oil & Gas Storage & Transportation–0.63%** | **Oil & Gas Storage & Transportation–0.63%** | **Oil & Gas Storage & Transportation–0.63%** |
| Cheniere Energy Partners L.P., <br> 5.95%, 06/30/2033<br>|  | 12000 | &nbsp;&nbsp; 12531 |
| Columbia Pipelines Holding Co. LLC, <br> 6.06%, 08/15/2026<sup>(d)</sup> <br>|  | 8000 | &nbsp;&nbsp; 8100 |
| Enbridge, Inc. (Canada), 5.70%, <br> 03/08/2033<br>|  | 11000 | &nbsp;&nbsp; 11410 |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| 6.05%, 12/01/2026 |  | 44000 | &nbsp;&nbsp; 44940 |
| 5.20%, 04/01/2030 |  | 209000 | &nbsp;&nbsp; 213743 |
| 6.40%, 12/01/2030 |  | 448000 | &nbsp;&nbsp; 482987 |
| 5.75%, 02/15/2033 |  | 3000 | &nbsp;&nbsp; 3115 |
| 6.55%, 12/01/2033 |  | 7000 | &nbsp;&nbsp; 7599 |
| 5.55%, 05/15/2034 |  | 36000 | &nbsp;&nbsp; 36465 |
| 4.90%, 03/15/2035 |  | 344000 | &nbsp;&nbsp; 329214 |
| 5.30%, 04/01/2044 |  | 587000 | &nbsp;&nbsp; 526353 |
| 5.00%, 05/15/2050 |  | 724000 | &nbsp;&nbsp; 605746 |
| 5.95%, 05/15/2054 |  | 28000 | &nbsp;&nbsp; 26660 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** | **Oil & Gas Storage & Transportation–(continued)** |
| Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |  |  |
| 4.60%, 01/15/2031 |  | $496000 | &nbsp;&nbsp; $499925 |
| 6.45%, 09/01/2040 |  | 23000 | &nbsp;&nbsp; 25241 |
| 4.25%, 02/15/2048 |  | 696000 | &nbsp;&nbsp; 564544 |
| GreenSaif Pipelines Bidco S.a.r.l. <br> (Saudi Arabia), 6.51%, <br> 02/23/2042<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207413 |
| Kinder Morgan, Inc., | Kinder Morgan, Inc., |  |  |
| 5.15%, 06/01/2030 |  | 172000 | &nbsp;&nbsp; 175686 |
| 4.80%, 02/01/2033 |  | 3000 | &nbsp;&nbsp; 2953 |
| 5.20%, 06/01/2033 |  | 9000 | &nbsp;&nbsp; 9047 |
| 5.30%, 12/01/2034 |  | 407000 | &nbsp;&nbsp; 406622 |
| MPLX L.P., | MPLX L.P., |  |  |
| 1.75%, 03/01/2026 |  | 990000 | &nbsp;&nbsp; 971039 |
| 5.00%, 03/01/2033 |  | 3000 | &nbsp;&nbsp; 2960 |
| 4.50%, 04/15/2038 |  | 810000 | &nbsp;&nbsp; 717020 |
| 4.95%, 03/14/2052 |  | 3000 | &nbsp;&nbsp; 2486 |
| ONEOK, Inc., | ONEOK, Inc., |  |  |
| 5.65%, 11/01/2028 |  | 3000 | &nbsp;&nbsp; 3109 |
| 5.80%, 11/01/2030 |  | 23000 | &nbsp;&nbsp; 24089 |
| 6.10%, 11/15/2032 |  | 3000 | &nbsp;&nbsp; 3174 |
| 6.05%, 09/01/2033 |  | 23000 | &nbsp;&nbsp; 24144 |
| 6.63%, 09/01/2053 |  | 34000 | &nbsp;&nbsp; 35366 |
| Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |  |  |
| 3.88%, 11/15/2025 |  | 1360000 | &nbsp;&nbsp; 1354662 |
| 5.75%, 09/15/2033 |  | 9000 | &nbsp;&nbsp; 9452 |
| Spectra Energy Partners L.P., <br> 4.50%, 03/15/2045<br>|  | 488000 | &nbsp;&nbsp; 401347 |
| Targa Resources Corp., 5.20%, <br> 07/01/2027<br>|  | 3000 | &nbsp;&nbsp; 3042 |
| Texas Eastern Transmission L.P., <br> 7.00%, 07/15/2032<br>|  | 169000 | &nbsp;&nbsp; 187143 |
| Western Midstream Operating L.P., <br> 6.15%, 04/01/2033<br>|  | 8000 | &nbsp;&nbsp; 8330 |
| Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |  |  |
| 5.40%, 03/02/2026 |  | 658000 | &nbsp;&nbsp; 661845 |
| 5.30%, 08/15/2028 |  | 40000 | &nbsp;&nbsp; 41099 |
| 5.65%, 03/15/2033 |  | 11000 | &nbsp;&nbsp; 11437 |
|  |  |  | &nbsp;&nbsp; 8662038 |
| **Other Specialized REITs–0.11%** | **Other Specialized REITs–0.11%** | **Other Specialized REITs–0.11%** | **Other Specialized REITs–0.11%** |
| EPR Properties, 4.75%, <br> 12/15/2026<br>|  | 1556000 | &nbsp;&nbsp; 1554303 |
| **Other Specialty Retail–0.00%** | **Other Specialty Retail–0.00%** | **Other Specialty Retail–0.00%** | **Other Specialty Retail–0.00%** |
| Tractor Supply Co., 5.25%, <br> 05/15/2033<br>|  | 4000 | &nbsp;&nbsp; 4085 |
| **Packaged Foods & Meats–0.15%** | **Packaged Foods & Meats–0.15%** | **Packaged Foods & Meats–0.15%** | **Packaged Foods & Meats–0.15%** |
| Conagra Brands, Inc., 4.60%, <br> 11/01/2025<br>|  | 3000 | &nbsp;&nbsp; 2997 |
| General Mills, Inc., 2.25%, <br> 10/14/2031<br>|  | 3000 | &nbsp;&nbsp; 2618 |
| J.M. Smucker Co. (The), 6.20%, <br> 11/15/2033<br>|  | 15000 | &nbsp;&nbsp; 16107 |
| Mars, Inc., | Mars, Inc., |  |  |
| 4.45%, 03/01/2027<sup>(c)(d)</sup> <br>|  | 596000 | &nbsp;&nbsp; 598322 |
| 4.55%, 04/20/2028<sup>(d)</sup> <br>|  | 21000 | &nbsp;&nbsp; 21212 |
| 5.20%, 03/01/2035<sup>(d)</sup> <br>|  | 593000 | &nbsp;&nbsp; 600401 |
| 5.65%, 05/01/2045<sup>(d)</sup> <br>|  | 325000 | &nbsp;&nbsp; 325976 |
| 5.70%, 05/01/2055<sup>(d)</sup> <br>|  | 217000 | &nbsp;&nbsp; 216625 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**13**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Packaged Foods & Meats–(continued)** | **Packaged Foods & Meats–(continued)** | **Packaged Foods & Meats–(continued)** | **Packaged Foods & Meats–(continued)** |
| McCormick & Co., Inc., 4.95%, <br> 04/15/2033<br>|  | $3000 | &nbsp;&nbsp; $3031 |
| Mead Johnson Nutrition Co. (United <br> Kingdom), 4.13%, 11/15/2025<br>|  | 63000 | &nbsp;&nbsp; 62957 |
| The Campbell's Company, | The Campbell's Company, |  |  |
| 5.30%, 03/20/2026 |  | 35000 | &nbsp;&nbsp; 35172 |
| 5.20%, 03/19/2027 |  | 48000 | &nbsp;&nbsp; 48696 |
| 5.20%, 03/21/2029 |  | 54000 | &nbsp;&nbsp; 55314 |
| 5.40%, 03/21/2034 |  | 72000 | &nbsp;&nbsp; 73169 |
|  |  |  | &nbsp;&nbsp; 2062597 |
| **Paper & Plastic Packaging Products & Materials–0.02%** | **Paper & Plastic Packaging Products & Materials–0.02%** | **Paper & Plastic Packaging Products & Materials–0.02%** | **Paper & Plastic Packaging Products & Materials–0.02%** |
| International Paper Co., 6.00%, <br> 11/15/2041<br>|  | 223000 | &nbsp;&nbsp; 226552 |
| **Passenger Airlines–0.15%** | **Passenger Airlines–0.15%** | **Passenger Airlines–0.15%** | **Passenger Airlines–0.15%** |
| American Airlines Pass-Through Trust, | American Airlines Pass-Through Trust, |  |  |
| Series 2014-1, Class A, 3.70%, <br> 04/01/2028<br>|  | 200368 | &nbsp;&nbsp; 196900 |
| Series 2021-1, Class B, 3.95%, <br> 07/11/2030<br>|  | 31000 | &nbsp;&nbsp; 29275 |
| Series 2021-1, Class A, 2.88%, <br> 07/11/2034<br>|  | 2598 | &nbsp;&nbsp; 2294 |
| AS Mileage Plan IP Ltd., | AS Mileage Plan IP Ltd., |  |  |
| 5.02%, 10/20/2029<sup>(d)</sup> <br>|  | 247000 | &nbsp;&nbsp; 244567 |
| 5.31%, 10/20/2031<sup>(d)</sup> <br>|  | 283000 | &nbsp;&nbsp; 278594 |
| British Airways Pass-Through Trust <br> (United Kingdom), Series 2021-1, <br> Class A, 2.90%, 03/15/2035<sup>(d)</sup> <br>|  | 9975 | &nbsp;&nbsp; 9008 |
| Delta Air Lines, Inc., 4.95%, <br> 07/10/2028<br>|  | 649000 | &nbsp;&nbsp; 653129 |
| Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |
| 4.50%, 10/20/2025<sup>(d)</sup> <br>|  | 2176 | &nbsp;&nbsp; 2171 |
| 4.75%, 10/20/2028<sup>(d)</sup> <br>|  | 10309 | &nbsp;&nbsp; 10338 |
| United Airlines Pass-Through Trust, | United Airlines Pass-Through Trust, |  |  |
| Series 2014-2, Class A, 3.75%, <br> 09/03/2026<br>|  | 248826 | &nbsp;&nbsp; 244788 |
| Series 2020-1, Class A, 5.88%, <br> 10/15/2027<br>|  | 1988 | &nbsp;&nbsp; 2030 |
| Series 2018-1, Class AA, 3.50%, <br> 03/01/2030<br>|  | 348308 | &nbsp;&nbsp; 328778 |
|  |  |  | &nbsp;&nbsp; 2001872 |
| **Personal Care Products–0.05%** | **Personal Care Products–0.05%** | **Personal Care Products–0.05%** | **Personal Care Products–0.05%** |
| Kenvue, Inc., | Kenvue, Inc., |  |  |
| 5.05%, 03/22/2028 |  | 3000 | &nbsp;&nbsp; 3073 |
| 5.00%, 03/22/2030 |  | 11000 | &nbsp;&nbsp; 11337 |
| 4.90%, 03/22/2033 |  | 15000 | &nbsp;&nbsp; 15229 |
| 5.10%, 03/22/2043 |  | 3000 | &nbsp;&nbsp; 2909 |
| 5.05%, 03/22/2053<sup>(c)</sup> <br>|  | 714000 | &nbsp;&nbsp; 664722 |
| 5.20%, 03/22/2063 |  | 3000 | &nbsp;&nbsp; 2779 |
|  |  |  | &nbsp;&nbsp; 700049 |
| **Pharmaceuticals–0.60%** | **Pharmaceuticals–0.60%** | **Pharmaceuticals–0.60%** | **Pharmaceuticals–0.60%** |
| AstraZeneca Finance LLC (United <br> Kingdom), | AstraZeneca Finance LLC (United <br> Kingdom), |  |  |
| 4.80%, 02/26/2027 |  | 207000 | &nbsp;&nbsp; 209361 |
| 4.85%, 02/26/2029 |  | 53000 | &nbsp;&nbsp; 54213 |
| 4.90%, 02/26/2031 |  | 96000 | &nbsp;&nbsp; 98681 |
| Bayer US Finance II LLC (Germany), <br> 4.38%, 12/15/2028<sup>(d)</sup> <br>|  | 985000 | &nbsp;&nbsp; 976069 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** |
| Bayer US Finance LLC (Germany), | Bayer US Finance LLC (Germany), |  |  |
| 6.25%, 01/21/2029<sup>(d)</sup> <br>|  | $200000 | &nbsp;&nbsp; $210062 |
| 6.38%, 11/21/2030<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 212606 |
| 6.50%, 11/21/2033<sup>(d)</sup> <br>|  | 200000 | &nbsp;&nbsp; 214535 |
| 6.88%, 11/21/2053<sup>(d)</sup> <br>|  | 274000 | &nbsp;&nbsp; 291181 |
| Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |  |  |
| 4.95%, 02/20/2026 |  | 87000 | &nbsp;&nbsp; 87294 |
| 4.90%, 02/22/2027 |  | 26000 | &nbsp;&nbsp; 26343 |
| 4.90%, 02/22/2029 |  | 28000 | &nbsp;&nbsp; 28676 |
| 5.75%, 02/01/2031 |  | 37000 | &nbsp;&nbsp; 39431 |
| 5.90%, 11/15/2033 |  | 22000 | &nbsp;&nbsp; 23594 |
| 4.13%, 06/15/2039 |  | 621000 | &nbsp;&nbsp; 552971 |
| 6.25%, 11/15/2053 |  | 562000 | &nbsp;&nbsp; 602705 |
| 6.40%, 11/15/2063 |  | 21000 | &nbsp;&nbsp; 22767 |
| Eli Lilly and Co., | Eli Lilly and Co., |  |  |
| 4.50%, 02/09/2027 |  | 236000 | &nbsp;&nbsp; 238024 |
| 4.70%, 02/27/2033 |  | 6000 | &nbsp;&nbsp; 6049 |
| 4.70%, 02/09/2034 |  | 170000 | &nbsp;&nbsp; 169961 |
| 4.88%, 02/27/2053 |  | 6000 | &nbsp;&nbsp; 5502 |
| 5.00%, 02/09/2054 |  | 53000 | &nbsp;&nbsp; 49568 |
| 4.95%, 02/27/2063 |  | 3000 | &nbsp;&nbsp; 2728 |
| 5.10%, 02/09/2064 |  | 63000 | &nbsp;&nbsp; 58581 |
| GlaxoSmithKline Capital, Inc. (United <br> Kingdom), 6.38%, 05/15/2038<br>|  | 64000 | &nbsp;&nbsp; 71117 |
| Haleon US Capital LLC, 4.00%, <br> 03/24/2052<br>|  | 315000 | &nbsp;&nbsp; 243732 |
| Merck & Co., Inc., | Merck & Co., Inc., |  |  |
| 4.90%, 05/17/2044 |  | 24000 | &nbsp;&nbsp; 22459 |
| 5.00%, 05/17/2053 |  | 3000 | &nbsp;&nbsp; 2760 |
| 5.15%, 05/17/2063 |  | 3000 | &nbsp;&nbsp; 2767 |
| Pfizer Investment Enterprises Pte. Ltd., | Pfizer Investment Enterprises Pte. Ltd., |  |  |
| 4.45%, 05/19/2026 |  | 840000 | &nbsp;&nbsp; 841093 |
| 4.75%, 05/19/2033 |  | 17000 | &nbsp;&nbsp; 16956 |
| Takeda Pharmaceutical Co. Ltd. <br> (Japan), 5.00%, 11/26/2028<br>|  | 160000 | &nbsp;&nbsp; 163056 |
| Zoetis, Inc., | Zoetis, Inc., |  |  |
| 5.40%, 11/14/2025 |  | 2420000 | &nbsp;&nbsp; 2425319 |
| 4.70%, 02/01/2043 |  | 333000 | &nbsp;&nbsp; 304448 |
|  |  |  | &nbsp;&nbsp; 8274609 |
| **Property & Casualty Insurance–0.12%** | **Property & Casualty Insurance–0.12%** | **Property & Casualty Insurance–0.12%** | **Property & Casualty Insurance–0.12%** |
| Allstate Corp. (The), 3.28%, <br> 12/15/2026<sup>(c)</sup> <br>|  | 302000 | &nbsp;&nbsp; 297964 |
| Fairfax Financial Holdings Ltd. <br> (Canada), 6.35%, 03/22/2054<br>|  | 86000 | &nbsp;&nbsp; 87199 |
| Markel Group, Inc., | Markel Group, Inc., |  |  |
| 5.00%, 03/30/2043 |  | 351000 | &nbsp;&nbsp; 315145 |
| 5.00%, 05/20/2049 |  | 497000 | &nbsp;&nbsp; 437114 |
| Travelers Cos., Inc. (The), | Travelers Cos., Inc. (The), |  |  |
| 4.60%, 08/01/2043 |  | 605000 | &nbsp;&nbsp; 539655 |
| 5.45%, 05/25/2053 |  | 3000 | &nbsp;&nbsp; 2938 |
|  |  |  | &nbsp;&nbsp; 1680015 |
| **Rail Transportation–0.19%** | **Rail Transportation–0.19%** | **Rail Transportation–0.19%** | **Rail Transportation–0.19%** |
| Canadian Pacific Railway Co. <br> (Canada), 3.00%, 12/02/2041<br>|  | 399000 | &nbsp;&nbsp; 290385 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**14**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Rail Transportation–(continued)** | **Rail Transportation–(continued)** | **Rail Transportation–(continued)** | **Rail Transportation–(continued)** |
| Norfolk Southern Corp., | Norfolk Southern Corp., |  |  |
| 5.05%, 08/01/2030 |  | $11000 | &nbsp;&nbsp; $11371 |
| 5.55%, 03/15/2034 |  | 22000 | &nbsp;&nbsp; 23015 |
| 3.40%, 11/01/2049 |  | 461000 | &nbsp;&nbsp; 324849 |
| 5.35%, 08/01/2054<sup>(c)</sup> <br>|  | 485000 | &nbsp;&nbsp; 463651 |
| 5.95%, 03/15/2064 |  | 26000 | &nbsp;&nbsp; 26786 |
| Union Pacific Corp., | Union Pacific Corp., |  |  |
| 2.15%, 02/05/2027 |  | 4000 | &nbsp;&nbsp; 3886 |
| 4.50%, 01/20/2033 |  | 5000 | &nbsp;&nbsp; 4973 |
| 3.20%, 05/20/2041 |  | 1018000 | &nbsp;&nbsp; 778444 |
| 4.15%, 01/15/2045 |  | 426000 | &nbsp;&nbsp; 344781 |
| 3.84%, 03/20/2060 |  | 519000 | &nbsp;&nbsp; 374030 |
| 5.15%, 01/20/2063 |  | 7000 | &nbsp;&nbsp; 6388 |
|  |  |  | &nbsp;&nbsp; 2652559 |
| **Real Estate Development–0.00%** | **Real Estate Development–0.00%** | **Real Estate Development–0.00%** | **Real Estate Development–0.00%** |
| Essential Properties L.P., 2.95%, <br> 07/15/2031<br>|  | 3000 | &nbsp;&nbsp; 2670 |
| **Regional Banks–0.03%** | **Regional Banks–0.03%** | **Regional Banks–0.03%** | **Regional Banks–0.03%** |
| Citizens Financial Group, Inc., | Citizens Financial Group, Inc., |  |  |
| 3.25%, 04/30/2030 |  | 3000 | &nbsp;&nbsp; 2807 |
| 2.64%, 09/30/2032 |  | 3000 | &nbsp;&nbsp; 2529 |
| 6.65%, 04/25/2035<sup>(f)</sup> <br>|  | 295000 | &nbsp;&nbsp; 318140 |
| 5.64%, 05/21/2037<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2962 |
| M&T Bank Corp., 5.05%, <br> 01/27/2034<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2962 |
| Truist Financial Corp., | Truist Financial Corp., |  |  |
| 6.05%, 06/08/2027<sup>(f)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19259 |
| 4.87%, 01/26/2029<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3035 |
| 7.16%, 10/30/2029<sup>(f)</sup> <br>|  | 23000 | &nbsp;&nbsp; 24883 |
| 5.44%, 01/24/2030<sup>(f)</sup> <br>|  | 26000 | &nbsp;&nbsp; 26785 |
| 4.92%, 07/28/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2929 |
| 6.12%, 10/28/2033<sup>(f)</sup> <br>|  | 3000 | &nbsp;&nbsp; 3190 |
| 5.87%, 06/08/2034<sup>(f)</sup> <br>|  | 15000 | &nbsp;&nbsp; 15676 |
|  |  |  | &nbsp;&nbsp; 425157 |
| **Reinsurance–0.08%** | **Reinsurance–0.08%** | **Reinsurance–0.08%** | **Reinsurance–0.08%** |
| Berkshire Hathaway Finance Corp., <br> 2.85%, 10/15/2050<br>|  | 3000 | &nbsp;&nbsp; 1938 |
| Global Atlantic (Fin) Co., 6.75%, <br> 03/15/2054<sup>(d)</sup> <br>|  | 398000 | &nbsp;&nbsp; 408187 |
| PartnerRe Finance B LLC, 3.70%, <br> 07/02/2029<br>|  | 500000 | &nbsp;&nbsp; 484801 |
| Swiss Re Subordinated Finance PLC <br> (United Kingdom), 5.70%, <br> 04/05/2035<sup>(d)(f)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202162 |
|  |  |  | &nbsp;&nbsp; 1097088 |
| **Renewable Electricity–0.04%** | **Renewable Electricity–0.04%** | **Renewable Electricity–0.04%** | **Renewable Electricity–0.04%** |
| NSTAR Electric Co., 4.55%, <br> 06/01/2052<br>|  | 3000 | &nbsp;&nbsp; 2498 |
| Oglethorpe Power Corp., 4.55%, <br> 06/01/2044<br>|  | 679000 | &nbsp;&nbsp; 562101 |
|  |  |  | &nbsp;&nbsp; 564599 |
| **Restaurants–0.06%** | **Restaurants–0.06%** | **Restaurants–0.06%** | **Restaurants–0.06%** |
| McDonald's Corp., | McDonald's Corp., |  |  |
| 4.80%, 08/14/2028 |  | 59000 | &nbsp;&nbsp; 60130 |
| 4.95%, 08/14/2033 |  | 43000 | &nbsp;&nbsp; 43828 |
| 5.15%, 09/09/2052 |  | 5000 | &nbsp;&nbsp; 4584 |
| 5.45%, 08/14/2053 |  | 14000 | &nbsp;&nbsp; 13462 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Restaurants–(continued)** | **Restaurants–(continued)** | **Restaurants–(continued)** | **Restaurants–(continued)** |
| Starbucks Corp., 3.55%, <br> 08/15/2029<br>|  | $705000 | &nbsp;&nbsp; $686148 |
|  |  |  | &nbsp;&nbsp; 808152 |
| **Retail REITs–0.48%** | **Retail REITs–0.48%** | **Retail REITs–0.48%** | **Retail REITs–0.48%** |
| Agree L.P., 2.00%, 06/15/2028 |  | 3000 | &nbsp;&nbsp; 2813 |
| Federal Realty OP L.P., Conv., <br> 3.25%, 01/15/2029<sup>(d)</sup> <br>|  | 4235000 | &nbsp;&nbsp; 4218060 |
| Kimco Realty OP LLC, 3.20%, <br> 04/01/2032<br>|  | 1500000 | &nbsp;&nbsp; 1368586 |
| Kite Realty Group L.P., 5.50%, <br> 03/01/2034<br>|  | 15000 | &nbsp;&nbsp; 15300 |
| NNN REIT, Inc., | NNN REIT, Inc., |  |  |
| 5.60%, 10/15/2033 |  | 6000 | &nbsp;&nbsp; 6206 |
| 3.50%, 04/15/2051 |  | 3000 | &nbsp;&nbsp; 2061 |
| Realty Income Corp., | Realty Income Corp., |  |  |
| 3.20%, 01/15/2027 |  | 3000 | &nbsp;&nbsp; 2950 |
| 5.63%, 10/13/2032 |  | 3000 | &nbsp;&nbsp; 3141 |
| Regency Centers L.P., | Regency Centers L.P., |  |  |
| 2.95%, 09/15/2029 |  | 753000 | &nbsp;&nbsp; 712999 |
| 5.25%, 01/15/2034 |  | 26000 | &nbsp;&nbsp; 26394 |
| 4.65%, 03/15/2049 |  | 256000 | &nbsp;&nbsp; 222397 |
|  |  |  | &nbsp;&nbsp; 6580907 |
| **Self-Storage REITs–0.08%** | **Self-Storage REITs–0.08%** | **Self-Storage REITs–0.08%** | **Self-Storage REITs–0.08%** |
| Extra Space Storage L.P., | Extra Space Storage L.P., |  |  |
| 3.50%, 07/01/2026 |  | 404000 | &nbsp;&nbsp; 400014 |
| 5.70%, 04/01/2028 |  | 371000 | &nbsp;&nbsp; 383304 |
| 5.40%, 02/01/2034 |  | 55000 | &nbsp;&nbsp; 55891 |
| Prologis L.P., | Prologis L.P., |  |  |
| 4.88%, 06/15/2028 |  | 13000 | &nbsp;&nbsp; 13267 |
| 4.63%, 01/15/2033 |  | 3000 | &nbsp;&nbsp; 2987 |
| 4.75%, 06/15/2033 |  | 21000 | &nbsp;&nbsp; 20951 |
| 5.13%, 01/15/2034 |  | 11000 | &nbsp;&nbsp; 11141 |
| 5.00%, 03/15/2034 |  | 129000 | &nbsp;&nbsp; 129397 |
| 5.25%, 06/15/2053 |  | 25000 | &nbsp;&nbsp; 23505 |
| 5.25%, 03/15/2054 |  | 36000 | &nbsp;&nbsp; 33827 |
| Public Storage Operating Co., | Public Storage Operating Co., |  |  |
| 5.13%, 01/15/2029 |  | 4000 | &nbsp;&nbsp; 4129 |
| 5.10%, 08/01/2033 |  | 23000 | &nbsp;&nbsp; 23614 |
| 5.35%, 08/01/2053 |  | 13000 | &nbsp;&nbsp; 12490 |
|  |  |  | &nbsp;&nbsp; 1114517 |
| **Semiconductor Materials & Equipment–0.54%** | **Semiconductor Materials & Equipment–0.54%** | **Semiconductor Materials & Equipment–0.54%** | **Semiconductor Materials & Equipment–0.54%** |
| MKS, Inc., Conv., 1.25%, <br> 06/01/2030<br>|  | 7515000 | &nbsp;&nbsp; 7443607 |
| **Semiconductors–1.08%** | **Semiconductors–1.08%** | **Semiconductors–1.08%** | **Semiconductors–1.08%** |
| Broadcom, Inc., 3.47%, <br> 04/15/2034<sup>(d)</sup> <br>|  | 640000 | &nbsp;&nbsp; 571946 |
| Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |  |  |
| 5.88%, 01/25/2034<sup>(d)</sup> <br>|  | 272000 | &nbsp;&nbsp; 276658 |
| 6.20%, 01/25/2037<sup>(d)</sup> <br>|  | 918000 | &nbsp;&nbsp; 956700 |
| Marvell Technology, Inc., 2.45%, <br> 04/15/2028<br>|  | 1210000 | &nbsp;&nbsp; 1150103 |
| Microchip Technology, Inc., Conv., <br> 0.75%, 06/01/2027<sup>(h)</sup> <br>|  | 10998000 | &nbsp;&nbsp; 10855026 |
| Micron Technology, Inc., | Micron Technology, Inc., |  |  |
| 4.66%, 02/15/2030<sup>(c)</sup> <br>|  | 680000 | &nbsp;&nbsp; 678737 |
| 5.30%, 01/15/2031 |  | 34000 | &nbsp;&nbsp; 34828 |
| 5.65%, 11/01/2032 |  | 269000 | &nbsp;&nbsp; 279709 |
| 3.37%, 11/01/2041 |  | 179000 | &nbsp;&nbsp; 131474 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**15**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** |
| Skyworks Solutions, Inc., | Skyworks Solutions, Inc., |  |  |
| 1.80%, 06/01/2026 |  | $2000 | &nbsp;&nbsp; $1946 |
| 3.00%, 06/01/2031 |  | 3000 | &nbsp;&nbsp; 2645 |
|  |  |  | &nbsp;&nbsp; 14939772 |
| **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** | **Single-Family Residential REITs–0.00%** |
| Sun Communities Operating L.P., <br> 2.70%, 07/15/2031<br>|  | 3000 | &nbsp;&nbsp; 2660 |
| **Specialized Finance–0.08%** | **Specialized Finance–0.08%** | **Specialized Finance–0.08%** | **Specialized Finance–0.08%** |
| Blackstone Holdings Finance Co. LLC, <br> 1.60%, 03/30/2031<sup>(d)</sup> <br>|  | 3000 | &nbsp;&nbsp; 2564 |
| State Street Bank and Trust Co., <br> 4.59%, 11/25/2026<sup>(c)</sup> <br>|  | 1120000 | &nbsp;&nbsp; 1128525 |
|  |  |  | &nbsp;&nbsp; 1131089 |
| **Specialty Chemicals–0.12%** | **Specialty Chemicals–0.12%** | **Specialty Chemicals–0.12%** | **Specialty Chemicals–0.12%** |
| DuPont de Nemours, Inc., 4.49%, <br> 11/15/2025<br>|  | 1525000 | &nbsp;&nbsp; 1522860 |
| Sherwin-Williams Co. (The), 4.50%, <br> 06/01/2047<br>|  | 159000 | &nbsp;&nbsp; 133176 |
|  |  |  | &nbsp;&nbsp; 1656036 |
| **Systems Software–0.18%** | **Systems Software–0.18%** | **Systems Software–0.18%** | **Systems Software–0.18%** |
| Microsoft Corp., | Microsoft Corp., |  |  |
| 3.13%, 11/03/2025 |  | 870000 | &nbsp;&nbsp; 866298 |
| 3.50%, 02/12/2035<sup>(c)</sup> <br>|  | 404000 | &nbsp;&nbsp; 377683 |
| Oracle Corp., | Oracle Corp., |  |  |
| 6.25%, 11/09/2032 |  | 9000 | &nbsp;&nbsp; 9743 |
| 4.90%, 02/06/2033 |  | 11000 | &nbsp;&nbsp; 11033 |
| 3.60%, 04/01/2040 |  | 965000 | &nbsp;&nbsp; 772911 |
| 6.90%, 11/09/2052 |  | 4000 | &nbsp;&nbsp; 4453 |
| 6.00%, 08/03/2055 |  | 410000 | &nbsp;&nbsp; 409652 |
| VMware LLC, 3.90%, 08/21/2027 |  | 2000 | &nbsp;&nbsp; 1983 |
|  |  |  | &nbsp;&nbsp; 2453756 |
| **Technology Distributors–0.05%** | **Technology Distributors–0.05%** | **Technology Distributors–0.05%** | **Technology Distributors–0.05%** |
| Avnet, Inc., 4.63%, 04/15/2026 |  | 671000 | &nbsp;&nbsp; 670172 |
| **Technology Hardware, Storage & Peripherals–0.19%** | **Technology Hardware, Storage & Peripherals–0.19%** | **Technology Hardware, Storage & Peripherals–0.19%** | **Technology Hardware, Storage & Peripherals–0.19%** |
| Apple, Inc., | Apple, Inc., |  |  |
| 3.35%, 02/09/2027 |  | 315000 | &nbsp;&nbsp; 311895 |
| 4.20%, 05/12/2030 |  | 1510000 | &nbsp;&nbsp; 1517174 |
| Hewlett Packard Enterprise Co., <br> 4.90%, 10/15/2025<br>|  | 795000 | &nbsp;&nbsp; 795040 |
|  |  |  | &nbsp;&nbsp; 2624109 |
| **Telecom Tower REITs–0.15%** | **Telecom Tower REITs–0.15%** | **Telecom Tower REITs–0.15%** | **Telecom Tower REITs–0.15%** |
| American Tower Corp., 1.60%, <br> 04/15/2026<br>|  | 852000 | &nbsp;&nbsp; 833274 |
| Crown Castle, Inc., | Crown Castle, Inc., |  |  |
| 2.50%, 07/15/2031 |  | 1413000 | &nbsp;&nbsp; 1233757 |
| 4.75%, 05/15/2047 |  | 46000 | &nbsp;&nbsp; 39417 |
|  |  |  | &nbsp;&nbsp; 2106448 |
| **Tobacco–0.24%** | **Tobacco–0.24%** | **Tobacco–0.24%** | **Tobacco–0.24%** |
| Altria Group, Inc., 5.80%, <br> 02/14/2039<br>|  | 1124000 | &nbsp;&nbsp; 1139556 |
| B.A.T. Capital Corp. (United Kingdom), | B.A.T. Capital Corp. (United Kingdom), |  |  |
| 5.83%, 02/20/2031 |  | 69000 | &nbsp;&nbsp; 72636 |
| 6.00%, 02/20/2034 |  | 18000 | &nbsp;&nbsp; 18983 |
| 7.08%, 08/02/2043 |  | 3000 | &nbsp;&nbsp; 3307 |
| 7.08%, 08/02/2053 |  | 3000 | &nbsp;&nbsp; 3344 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Tobacco–(continued)** | **Tobacco–(continued)** | **Tobacco–(continued)** | **Tobacco–(continued)** |
| B.A.T. International Finance PLC <br> (United Kingdom), 1.67%, <br> 03/25/2026<br>|  | $1235000 | &nbsp;&nbsp; $1209592 |
| Philip Morris International, Inc., | Philip Morris International, Inc., |  |  |
| 4.75%, 02/12/2027 |  | 172000 | &nbsp;&nbsp; 173606 |
| 5.13%, 11/17/2027 |  | 3000 | &nbsp;&nbsp; 3061 |
| 4.88%, 02/15/2028 |  | 32000 | &nbsp;&nbsp; 32551 |
| 5.25%, 09/07/2028 |  | 35000 | &nbsp;&nbsp; 36013 |
| 4.88%, 02/13/2029 |  | 144000 | &nbsp;&nbsp; 146589 |
| 5.13%, 02/13/2031 |  | 35000 | &nbsp;&nbsp; 36062 |
| 5.63%, 09/07/2033 |  | 26000 | &nbsp;&nbsp; 27256 |
| 5.25%, 02/13/2034 |  | 69000 | &nbsp;&nbsp; 70413 |
| 4.88%, 11/15/2043 |  | 300000 | &nbsp;&nbsp; 275290 |
|  |  |  | &nbsp;&nbsp; 3248259 |
| **Transaction & Payment Processing Services–0.65%** | **Transaction & Payment Processing Services–0.65%** | **Transaction & Payment Processing Services–0.65%** | **Transaction & Payment Processing Services–0.65%** |
| Fidelity National Information <br> Services, Inc., 1.15%, <br> 03/01/2026<br>|  | 1450000 | &nbsp;&nbsp; 1418812 |
| Fiserv, Inc., | Fiserv, Inc., |  |  |
| 5.38%, 08/21/2028 |  | 48000 | &nbsp;&nbsp; 49371 |
| 5.63%, 08/21/2033 |  | 25000 | &nbsp;&nbsp; 26006 |
| 5.45%, 03/15/2034 |  | 144000 | &nbsp;&nbsp; 147580 |
| Global Payments, Inc., Conv., <br> 1.50%, 03/01/2031<br>|  | 8191000 | &nbsp;&nbsp; 7355518 |
| Mastercard, Inc., 4.85%, <br> 03/09/2033<br>|  | 20000 | &nbsp;&nbsp; 20390 |
|  |  |  | &nbsp;&nbsp; 9017677 |
| **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. <br> (Mexico), 4.38%, 07/16/2042<br>|  | 600000 | &nbsp;&nbsp; 505897 |
| Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), |  |  |
| 4.50%, 03/15/2043 |  | 533000 | &nbsp;&nbsp; 451697 |
| 4.30%, 02/15/2048<sup>(c)</sup> <br>|  | 1394000 | &nbsp;&nbsp; 1118780 |
| T-Mobile USA, Inc., | T-Mobile USA, Inc., |  |  |
| 2.70%, 03/15/2032 |  | 1074000 | &nbsp;&nbsp; 946904 |
| 3.40%, 10/15/2052 |  | 750000 | &nbsp;&nbsp; 501459 |
| 5.65%, 01/15/2053 |  | 9000 | &nbsp;&nbsp; 8714 |
| 6.00%, 06/15/2054 |  | 301000 | &nbsp;&nbsp; 306635 |
| 5.88%, 11/15/2055 |  | 496000 | &nbsp;&nbsp; 496144 |
|  |  |  | &nbsp;&nbsp; 4336230 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $335,612,099) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $335,612,099) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $335,612,099) | &nbsp;&nbsp; 332291478 |
| **U.S. Treasury Securities–7.26%** | **U.S. Treasury Securities–7.26%** | **U.S. Treasury Securities–7.26%** | **U.S. Treasury Securities–7.26%** |
| **U.S. Treasury Bills–0.00%** | **U.S. Treasury Bills–0.00%** | **U.S. Treasury Bills–0.00%** | **U.S. Treasury Bills–0.00%** |
| 4.10% - 4.11%, <br> 05/14/2026<sup>(k)(l)</sup> <br>|  | 35000 | &nbsp;&nbsp; 33820 |
| **U.S. Treasury Bonds–1.29%** | **U.S. Treasury Bonds–1.29%** | **U.S. Treasury Bonds–1.29%** | **U.S. Treasury Bonds–1.29%** |
| 4.50%, 02/15/2036 |  | 2636800 | &nbsp;&nbsp; 2706325 |
| 4.50%, 08/15/2039 |  | 36400 | &nbsp;&nbsp; 36275 |
| 4.38%, 05/15/2040 |  | 72800 | &nbsp;&nbsp; 71176 |
| 5.00%, 05/15/2045 |  | 13368500 | &nbsp;&nbsp; 13735090 |
| 4.63%, 02/15/2055 |  | 1275500 | &nbsp;&nbsp; 1242018 |
|  |  |  | &nbsp;&nbsp; 17790884 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**16**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Notes–5.97%** | **U.S. Treasury Notes–5.97%** | **U.S. Treasury Notes–5.97%** | **U.S. Treasury Notes–5.97%** |
| 4.63%, 02/28/2026 |  | $55000 | &nbsp;&nbsp; $55157 |
| 3.75%, 06/30/2027 |  | 28457600 | &nbsp;&nbsp; 28476497 |
| 3.88%, 06/15/2028 |  | 20898500 | &nbsp;&nbsp; 21010340 |
| 3.88%, 06/30/2030 |  | 7432000 | &nbsp;&nbsp; 7460741 |
| 4.25%, 02/28/2031 |  | 28000 | &nbsp;&nbsp; 28547 |
| 4.00%, 06/30/2032 |  | 20322100 | &nbsp;&nbsp; 20339564 |
| 4.25%, 05/15/2035 |  | 5078900 | &nbsp;&nbsp; 5087232 |
|  |  |  | &nbsp;&nbsp; 82458078 |
| Total U.S. Treasury Securities <br> (Cost $100,339,774) | Total U.S. Treasury Securities <br> (Cost $100,339,774) | Total U.S. Treasury Securities <br> (Cost $100,339,774) | &nbsp;&nbsp; 100282782 |
| **Asset-Backed Securities–1.00%** | **Asset-Backed Securities–1.00%** | **Asset-Backed Securities–1.00%** | **Asset-Backed Securities–1.00%** |
| AGL CLO 29 Ltd., Series 2024-29A, <br> Class A1, 5.84% (3 mo. Term <br> SOFR + 1.57%), <br> 04/21/2037<sup>(d)(i)</sup> <br>|  | 533000 | &nbsp;&nbsp; 534610 |
| Alternative Loan Trust, <br> Series 2005-29CB, Class A4, <br> 5.00%, 07/25/2035<br>|  | 63218 | &nbsp;&nbsp; 34750 |
| AMSR Trust, Series 2021-SFR3, <br> Class B, 1.73%, 10/17/2038<sup>(d)</sup> <br>|  | 235000 | &nbsp;&nbsp; 225423 |
| Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |  |  |
| Series 2020-1, Class A1, 2.16%, <br> 12/25/2059<sup>(d)(m)</sup> <br>|  | 12981 | &nbsp;&nbsp; 12626 |
| Series 2020-3, Class A1, 1.69%, <br> 04/25/2065<sup>(d)(m)</sup> <br>|  | 57830 | &nbsp;&nbsp; 54622 |
| Series 2021-3, Class A1, 1.07%, <br> 05/25/2066<sup>(d)(m)</sup> <br>|  | 39972 | &nbsp;&nbsp; 34111 |
| Series 2021-7, Class A1, 1.98%, <br> 10/25/2066<sup>(d)(m)</sup> <br>|  | 102468 | &nbsp;&nbsp; 88479 |
| Series 2022-1, Class A1, 2.88%, <br> 12/25/2066<sup>(d)</sup> <br>|  | 186216 | &nbsp;&nbsp; 172942 |
| Series 2023-6, Class A1, 6.50%, <br> 12/25/2067<sup>(d)</sup> <br>|  | 69051 | &nbsp;&nbsp; 69583 |
| Series 2024-2, Class A1, 5.99%, <br> 01/25/2069<sup>(d)</sup> <br>|  | 259677 | &nbsp;&nbsp; 261025 |
| Avis Budget Rental Car Funding (AESOP) <br> LLC, | Avis Budget Rental Car Funding (AESOP) <br> LLC, |  |  |
| Series 2022-1A, Class A, 3.83%, <br> 08/21/2028<sup>(d)</sup> <br>|  | 415000 | &nbsp;&nbsp; 410879 |
| Series 2023-1A, Class A, 5.25%, <br> 04/20/2029<sup>(d)</sup> <br>|  | 100000 | &nbsp;&nbsp; 102059 |
| Series 2023-4A, Class A, 5.49%, <br> 06/20/2029<sup>(d)</sup> <br>|  | 291000 | &nbsp;&nbsp; 299185 |
| Banc of America Funding Trust, | Banc of America Funding Trust, |  |  |
| Series 2007-1, Class 1A3, <br> 6.00%, 01/25/2037<br>|  | 15049 | &nbsp;&nbsp; 13038 |
| Series 2007-C, Class 1A4, <br> 4.38%, 05/20/2036<sup>(m)</sup> <br>|  | 3782 | &nbsp;&nbsp; 3308 |
| Banc of America Mortgage Trust, <br> Series 2004-E, Class 2A6, <br> 5.75%, 06/25/2034<sup>(m)</sup> <br>|  | 10114 | &nbsp;&nbsp; 9705 |
| Bank, Series 2019-BNK16, Class XA, <br> IO, 1.09%, 02/15/2052<sup>(n)</sup> <br>|  | 1417818 | &nbsp;&nbsp; 37218 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Bayview MSR Opportunity Master Fund <br> Trust, | Bayview MSR Opportunity Master Fund <br> Trust, |  |  |
| Series 2021-4, Class A3, 3.00%, <br> 10/25/2051<sup>(d)(m)</sup> <br>|  | $165025 | &nbsp;&nbsp; $140190 |
| Series 2021-4, Class A4, 2.50%, <br> 10/25/2051<sup>(d)(m)</sup> <br>|  | 165025 | &nbsp;&nbsp; 134528 |
| Series 2021-4, Class A8, 2.50%, <br> 10/25/2051<sup>(d)(m)</sup> <br>|  | 145367 | &nbsp;&nbsp; 129842 |
| Series 2021-5, Class A1, 3.00%, <br> 11/25/2051<sup>(d)(m)</sup> <br>|  | 171789 | &nbsp;&nbsp; 146451 |
| Series 2021-5, Class A2, 2.50%, <br> 11/25/2051<sup>(d)(m)</sup> <br>|  | 209618 | &nbsp;&nbsp; 171149 |
| Bear Stearns Adjustable Rate Mortgage <br> Trust, | Bear Stearns Adjustable Rate Mortgage <br> Trust, |  |  |
| Series 2005-9, Class A1, 0.76% <br> (1 yr. U.S. Treasury Yield Curve <br> Rate + 2.30%), 10/25/2035<sup>(i)</sup> <br>|  | 65487 | &nbsp;&nbsp; 62113 |
| Series 2006-1, Class A1, 0.65% <br> (1 yr. U.S. Treasury Yield Curve <br> Rate + 2.25%), 02/25/2036<sup>(i)</sup> <br>|  | 23444 | &nbsp;&nbsp; 22363 |
| Benchmark Mortgage Trust, <br> Series 2018-B1, Class XA, IO, <br> 0.67%, 01/15/2051<sup>(n)</sup> <br>|  | 1381311 | &nbsp;&nbsp; 14949 |
| BRAVO Residential Funding Trust, <br> Series 2021-NQM2, Class A1, <br> 0.97%, 03/25/2060<sup>(d)(m)</sup> <br>|  | 20008 | &nbsp;&nbsp; 19421 |
| BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |  |  |
| Series 2021-ACNT, Class A, <br> 5.28% (1 mo. Term SOFR + <br> 0.96%), 11/15/2038<sup>(d)(i)</sup> <br>|  | 94303 | &nbsp;&nbsp; 94304 |
| Series 2021-VOLT, Class A, <br> 5.13% (1 mo. Term SOFR + <br> 0.81%), 09/15/2036<sup>(d)(i)</sup> <br>|  | 203454 | &nbsp;&nbsp; 202882 |
| Series 2021-VOLT, Class B, <br> 5.38% (1 mo. Term SOFR + <br> 1.06%), 09/15/2036<sup>(d)(i)</sup> <br>|  | 184077 | &nbsp;&nbsp; 183405 |
| BX Trust, | BX Trust, |  |  |
| Series 2022-LBA6, Class A, <br> 5.31% (1 mo. Term SOFR + <br> 1.00%), 01/15/2039<sup>(d)(i)</sup> <br>|  | 185000 | &nbsp;&nbsp; 184997 |
| Series 2022-LBA6, Class B, <br> 5.61% (1 mo. Term SOFR + <br> 1.30%), 01/15/2039<sup>(d)(i)</sup> <br>|  | 110000 | &nbsp;&nbsp; 109951 |
| Series 2022-LBA6, Class C, <br> 5.91% (1 mo. Term SOFR + <br> 1.60%), 01/15/2039<sup>(d)(i)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100003 |
| CD Mortgage Trust, Series 2017-<br> CD6, Class XA, IO, 1.03%, <br> 11/13/2050<sup>(n)</sup> <br>|  | 656390 | &nbsp;&nbsp; 9718 |
| Chase Home Lending Mortgage Trust, <br> Series 2019-ATR1, Class A15, <br> 4.00%, 04/25/2049<sup>(d)(m)</sup> <br>|  | 2974 | &nbsp;&nbsp; 2840 |
| Chase Mortgage Finance Trust, <br> Series 2005-A2, Class 1A3, <br> 4.92%, 01/25/2036<sup>(m)</sup> <br>|  | 28442 | &nbsp;&nbsp; 26523 |
| Citigroup Commercial Mortgage <br> Trust, Series 2017-C4, Class XA, <br> IO, 1.12%, 10/12/2050<sup>(n)</sup> <br>|  | 1763488 | &nbsp;&nbsp; 33002 |
| Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |  |  |
| Series 2006-AR1, Class 1A1, <br> 6.56% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.40%), <br> 10/25/2035<sup>(i)</sup> <br>|  | 52647 | &nbsp;&nbsp; 50547 |
| Series 2021-INV3, Class A3, <br> 2.50%, 05/25/2051<sup>(d)(m)</sup> <br>|  | 165403 | &nbsp;&nbsp; 135002 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**17**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, |  |  |
| Series 2022-1, Class A1, 2.28%, <br> 12/27/2066<sup>(d)(m)</sup> <br>|  | $103728 | &nbsp;&nbsp; $93586 |
| Series 2022-2, Class A1, 2.99%, <br> 02/25/2067<sup>(d)</sup> <br>|  | 108299 | &nbsp;&nbsp; 103037 |
| Series 2022-3, Class A1, 3.90%, <br> 02/25/2067<sup>(d)(m)</sup> <br>|  | 180923 | &nbsp;&nbsp; 177063 |
| Countrywide Home Loans Mortgage <br> Pass-Through Trust, | Countrywide Home Loans Mortgage <br> Pass-Through Trust, |  |  |
| Series 2005-26, Class 1A8, <br> 5.50%, 11/25/2035<br>|  | 21325 | &nbsp;&nbsp; 12808 |
| Series 2006-6, Class A3, 6.00%, <br> 04/25/2036<br>|  | 16140 | &nbsp;&nbsp; 7830 |
| Credit Suisse Mortgage Capital Trust, | Credit Suisse Mortgage Capital Trust, |  |  |
| Series 2021-NQM1, Class A1, <br> 0.81%, 05/25/2065<sup>(d)(m)</sup> <br>|  | 23473 | &nbsp;&nbsp; 21338 |
| Series 2021-NQM2, Class A1, <br> 1.18%, 02/25/2066<sup>(d)(m)</sup> <br>|  | 34265 | &nbsp;&nbsp; 30755 |
| Series 2022-ATH1, Class A1A, <br> 2.87%, 01/25/2067<sup>(d)(m)</sup> <br>|  | 118785 | &nbsp;&nbsp; 114826 |
| Series 2022-ATH1, Class A1B, <br> 3.35%, 01/25/2067<sup>(d)(m)</sup> <br>|  | 100000 | &nbsp;&nbsp; 91517 |
| Series 2022-ATH2, Class A1, <br> 4.55%, 05/25/2067<sup>(d)(m)</sup> <br>|  | 186017 | &nbsp;&nbsp; 185473 |
| Cross Mortgage Trust, <br> Series 2024-H2, Class A1, <br> 6.09%, 04/25/2069<sup>(d)</sup> <br>|  | 120556 | &nbsp;&nbsp; 121486 |
| CSAIL Commercial Mortgage Trust, <br> Series 2020-C19, Class A3, <br> 2.56%, 03/15/2053<br>|  | 571000 | &nbsp;&nbsp; 514268 |
| CSMC Mortgage-Backed Trust, <br> Series 2006-6, Class 1A4, <br> 6.00%, 07/25/2036<br>|  | 78782 | &nbsp;&nbsp; 36355 |
| DLLST LLC, Series 2024-1A, <br> Class A3, 5.05%, <br> 08/20/2027<sup>(d)</sup> <br>|  | 180000 | &nbsp;&nbsp; 180764 |
| Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, |  |  |
| Series 2020-1, Class A1, 2.01%, <br> 05/25/2065<sup>(d)(m)</sup> <br>|  | 1960 | &nbsp;&nbsp; 1945 |
| Series 2021-1, Class A1, 0.80%, <br> 02/25/2066<sup>(d)(m)</sup> <br>|  | 24582 | &nbsp;&nbsp; 21109 |
| Series 2022-1, Class A1, 2.21%, <br> 01/25/2067<sup>(d)(m)</sup> <br>|  | 100428 | &nbsp;&nbsp; 87227 |
| Series 2022-3, Class A1, 5.00%, <br> 08/25/2067<sup>(d)</sup> <br>|  | 185162 | &nbsp;&nbsp; 184576 |
| Empower CLO Ltd., Series 2024-1A, <br> Class A1, 5.88% (3 mo. Term <br> SOFR + 1.60%), <br> 04/25/2037<sup>(d)(i)</sup> <br>|  | 250000 | &nbsp;&nbsp; 250815 |
| Extended Stay America Trust, <br> Series 2021-ESH, Class B, 5.81% <br> (1 mo. Term SOFR + 1.49%), <br> 07/15/2038<sup>(d)(i)</sup> <br>|  | 90061 | &nbsp;&nbsp; 90154 |
| First Horizon Alternative Mortgage <br> Securities Trust, Series 2005-<br> FA8, Class 1A6, 5.08% (1 mo. <br> Term SOFR + 0.76%), <br> 11/25/2035<sup>(i)</sup> <br>|  | 33363 | &nbsp;&nbsp; 13235 |
| Flagstar Mortgage Trust, | Flagstar Mortgage Trust, |  |  |
| Series 2021-11IN, Class A6, <br> 3.70%, 11/25/2051<sup>(d)(m)</sup> <br>|  | 246235 | &nbsp;&nbsp; 220397 |
| Series 2021-8INV, Class A6, <br> 2.50%, 09/25/2051<sup>(d)(m)</sup> <br>|  | 63802 | &nbsp;&nbsp; 57278 |
| Frontier Issuer LLC, Series 2023-1, <br> Class A2, 6.60%, <br> 08/20/2053<sup>(d)</sup> <br>|  | 266934 | &nbsp;&nbsp; 271308 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| GS Mortgage Securities Trust, <br> Series 2020-GC47, Class A5, <br> 2.38%, 05/12/2053<br>|  | $225000 | &nbsp;&nbsp; $203035 |
| GS Mortgage-Backed Securities <br> Trust, Series 2021-INV1, <br> Class A6, 2.50%, <br> 12/25/2051<sup>(d)(m)</sup> <br>|  | 134935 | &nbsp;&nbsp; 120344 |
| GSR Mortgage Loan Trust, <br> Series 2005-AR4, Class 6A1, <br> 5.02%, 07/25/2035<sup>(m)</sup> <br>|  | 1440 | &nbsp;&nbsp; 1358 |
| Hertz Vehicle Financing III L.P., <br> Series 2021-2A, Class A, 1.68%, <br> 12/27/2027<sup>(d)</sup> <br>|  | 113000 | &nbsp;&nbsp; 108722 |
| HPEFS Equipment Trust, <br> Series 2023-2A, Class A2, <br> 6.04%, 01/21/2031<sup>(d)</sup> <br>|  | 6541 | &nbsp;&nbsp; 6546 |
| JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |  |  |
| Series 2007-A1, Class 5A1, <br> 5.04%, 07/25/2035<sup>(m)</sup> <br>|  | 10921 | &nbsp;&nbsp; 11093 |
| Series 2021-LTV2, Class A1, <br> 2.52%, 05/25/2052<sup>(d)(m)</sup> <br>|  | 181657 | &nbsp;&nbsp; 156815 |
| Series 2024-VIS1, Class A1, <br> 5.99%, 07/25/2064<sup>(d)(m)</sup> <br>|  | 175266 | &nbsp;&nbsp; 176465 |
| JPMBB Commercial Mortgage Securities <br> Trust, | JPMBB Commercial Mortgage Securities <br> Trust, |  |  |
| Series 2014-C24, Class B, <br> 4.12%, 11/15/2047<sup>(m)</sup> <br>|  | 270000 | &nbsp;&nbsp; 249588 |
| Series 2014-C25, Class AS, <br> 4.07%, 11/15/2047<br>|  | 105000 | &nbsp;&nbsp; 101518 |
| Series 2015-C27, Class XA, IO, <br> 0.87%, 02/15/2048<sup>(n)</sup> <br>|  | 267700 | &nbsp;&nbsp; 6 |
| Life Mortgage Trust, Series 2021-<br> BMR, Class C, 5.53% (1 mo. Term <br> SOFR + 1.21%), <br> 03/15/2038<sup>(d)(i)</sup> <br>|  | 11214 | &nbsp;&nbsp; 11155 |
| Madison Park Funding XLVIII Ltd., <br> Series 2021-48A, Class A, <br> 5.68% (3 mo. Term SOFR + <br> 1.41%), 04/19/2033<sup>(d)(i)</sup> <br>|  | 561126 | &nbsp;&nbsp; 562632 |
| Madison Park Funding XXXIII Ltd., <br> Series 2019-33A, Class AR, <br> 5.55% (3 mo. Term SOFR + <br> 1.29%), 10/15/2032<sup>(d)(i)</sup> <br>|  | 249774 | &nbsp;&nbsp; 250080 |
| MASTR Adjustable Rate Mortgages <br> Trust, Series 2004-13, <br> Class 2A2, 6.83%, <br> 04/21/2034<sup>(m)</sup> <br>|  | 5882 | &nbsp;&nbsp; 5870 |
| Mello Mortgage Capital Acceptance <br> Trust, | Mello Mortgage Capital Acceptance <br> Trust, |  |  |
| Series 2021-INV2, Class A4, <br> 2.50%, 08/25/2051<sup>(d)(m)</sup> <br>|  | 102971 | &nbsp;&nbsp; 91449 |
| Series 2021-INV3, Class A4, <br> 2.50%, 10/25/2051<sup>(d)(m)</sup> <br>|  | 103240 | &nbsp;&nbsp; 92214 |
| MFA Trust, Series 2021-INV2, <br> Class A1, 1.91%, <br> 11/25/2056<sup>(d)(m)</sup> <br>|  | 118067 | &nbsp;&nbsp; 105858 |
| MHP Commercial Mortgage Trust, | MHP Commercial Mortgage Trust, |  |  |
| Series 2021-STOR, Class A, <br> 5.13% (1 mo. Term SOFR + <br> 0.81%), 07/15/2038<sup>(d)(i)</sup> <br>|  | 105000 | &nbsp;&nbsp; 105023 |
| Series 2021-STOR, Class B, <br> 5.33% (1 mo. Term SOFR + <br> 1.01%), 07/15/2038<sup>(d)(i)</sup> <br>|  | 105000 | &nbsp;&nbsp; 105027 |
| Morgan Stanley Capital I Trust, <br> Series 2017-HR2, Class XA, IO, <br> 0.99%, 12/15/2050<sup>(n)</sup> <br>|  | 604644 | &nbsp;&nbsp; 10514 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**18**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Morgan Stanley Re-REMIC Trust, <br> Series 2012-R3, Class 1B, <br> 6.00%, 11/26/2036<sup>(d)(m)</sup> <br>|  | $98394 | &nbsp;&nbsp; $87168 |
| Neuberger Berman Loan Advisers <br> CLO 40 Ltd., Series 2021-40A, <br> Class A, 5.58% (3 mo. Term SOFR <br> + 1.32%), 04/16/2033<sup>(d)(i)</sup> <br>|  | 233995 | &nbsp;&nbsp; 234278 |
| New Residential Mortgage Loan <br> Trust, Series 2022-NQM2, <br> Class A1, 3.08%, <br> 03/27/2062<sup>(d)(m)</sup> <br>|  | 122412 | &nbsp;&nbsp; 115475 |
| OBX Trust, | OBX Trust, |  |  |
| Series 2021-NQM4, Class A1, <br> 1.96%, 10/25/2061<sup>(d)(m)</sup> <br>|  | 157366 | &nbsp;&nbsp; 133715 |
| Series 2022-NQM1, Class A1, <br> 2.31%, 11/25/2061<sup>(d)(m)</sup> <br>|  | 129454 | &nbsp;&nbsp; 116059 |
| Series 2022-NQM2, Class A1B, <br> 3.38%, 01/25/2062<sup>(d)</sup> <br>|  | 110000 | &nbsp;&nbsp; 99007 |
| Series 2022-NQM8, Class A1, <br> 6.10%, 09/25/2062<sup>(d)</sup> <br>|  | 257136 | &nbsp;&nbsp; 256621 |
| Oceanview Mortgage Trust, <br> Series 2021-3, Class A5, 2.50%, <br> 07/25/2051<sup>(d)(m)</sup> <br>|  | 117009 | &nbsp;&nbsp; 105028 |
| PRKCM Trust, Series 2023-AFC4, <br> Class A1, 7.23%, 11/25/2058<sup>(d)</sup> <br>|  | 224070 | &nbsp;&nbsp; 227594 |
| Progress Residential Trust, | Progress Residential Trust, |  |  |
| Series 2021-SFR10, Class A, <br> 2.39%, 12/17/2040<sup>(d)</sup> <br>|  | 97289 | &nbsp;&nbsp; 91600 |
| Series 2022-SFR5, Class A, <br> 4.45%, 06/17/2039<sup>(d)</sup> <br>|  | 199584 | &nbsp;&nbsp; 199441 |
| Residential Accredit Loans, Inc. <br> Trust, Series 2006-QS13, <br> Class 1A8, 6.00%, 09/25/2036<br>|  | 2653 | &nbsp;&nbsp; 2100 |
| Residential Mortgage Loan Trust, <br> Series 2020-1, Class A1, 2.38%, <br> 01/26/2060<sup>(d)(m)</sup> <br>|  | 3724 | &nbsp;&nbsp; 3689 |
| RUN Trust, Series 2022-NQM1, <br> Class A1, 4.00%, <br> 03/25/2067<sup>(d)</sup> <br>|  | 110546 | &nbsp;&nbsp; 108404 |
| SG Residential Mortgage Trust, | SG Residential Mortgage Trust, |  |  |
| Series 2022-1, Class A1, 3.17%, <br> 03/27/2062<sup>(d)(m)</sup> <br>|  | 231094 | &nbsp;&nbsp; 214116 |
| Series 2022-1, Class A2, 3.58%, <br> 03/27/2062<sup>(d)(m)</sup> <br>|  | 101847 | &nbsp;&nbsp; 92430 |
| Sonic Capital LLC, | Sonic Capital LLC, |  |  |
| Series 2021-1A, Class A2I, <br> 2.19%, 08/20/2051<sup>(d)</sup> <br>|  | 96250 | &nbsp;&nbsp; 88017 |
| Series 2021-1A, Class A2II, <br> 2.64%, 08/20/2051<sup>(d)</sup> <br>|  | 96250 | &nbsp;&nbsp; 81946 |
| STAR Trust, Series 2021-1, <br> Class A1, 1.22%, <br> 05/25/2065<sup>(d)(m)</sup> <br>|  | 58988 | &nbsp;&nbsp; 55294 |
| Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |  |  |
| Series 2020-1, Class A1, 2.28%, <br> 02/25/2050<sup>(d)(m)</sup> <br>|  | 4720 | &nbsp;&nbsp; 4514 |
| Series 2021-6, Class A1, 1.92%, <br> 11/25/2066<sup>(d)(m)</sup> <br>|  | 179989 | &nbsp;&nbsp; 159714 |
| Series 2022-1, Class A1, 2.45%, <br> 12/25/2066<sup>(d)(m)</sup> <br>|  | 131726 | &nbsp;&nbsp; 119529 |
| Textainer Marine Containers VII Ltd., <br> Series 2021-2A, Class A, 2.23%, <br> 04/20/2046<sup>(d)</sup> <br>|  | 126666 | &nbsp;&nbsp; 118293 |
| Tricon American Homes Trust, <br> Series 2020-SFR2, Class A, <br> 1.48%, 11/17/2039<sup>(d)</sup> <br>|  | 221597 | &nbsp;&nbsp; 207823 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| UBS Commercial Mortgage Trust, <br> Series 2017-C5, Class XA, IO, <br> 1.28%, 11/15/2050<sup>(n)</sup> <br>|  | $1009573 | &nbsp;&nbsp; $17123 |
| Verus Securitization Trust, | Verus Securitization Trust, |  |  |
| Series 2020-1, Class A1, 3.42%, <br> 01/25/2060<sup>(d)</sup> <br>|  | 19862 | &nbsp;&nbsp; 19503 |
| Series 2020-1, Class A2, 3.64%, <br> 01/25/2060<sup>(d)</sup> <br>|  | 27829 | &nbsp;&nbsp; 27351 |
| Series 2021-1, Class A1B, <br> 0.82%, 01/25/2066<sup>(d)(m)</sup> <br>|  | 29643 | &nbsp;&nbsp; 26476 |
| Series 2021-7, Class A1, 1.83%, <br> 10/25/2066<sup>(d)</sup> <br>|  | 151093 | &nbsp;&nbsp; 136024 |
| Series 2021-R1, Class A1, <br> 0.82%, 10/25/2063<sup>(d)(m)</sup> <br>|  | 27496 | &nbsp;&nbsp; 26585 |
| Series 2022-1, Class A1, 2.72%, <br> 01/25/2067<sup>(d)</sup> <br>|  | 105182 | &nbsp;&nbsp; 98522 |
| Series 2022-3, Class A1, 4.13%, <br> 02/25/2067<sup>(d)</sup> <br>|  | 138971 | &nbsp;&nbsp; 133108 |
| Series 2022-7, Class A1, 5.15%, <br> 07/25/2067<sup>(d)</sup> <br>|  | 71684 | &nbsp;&nbsp; 72212 |
| Series 2022-INV2, Class A1, <br> 6.79%, 10/25/2067<sup>(d)</sup> <br>|  | 85117 | &nbsp;&nbsp; 85144 |
| Visio Trust, Series 2020-1R, <br> Class A1, 1.31%, 11/25/2055<sup>(d)</sup> <br>|  | 21595 | &nbsp;&nbsp; 20722 |
| WaMu Mortgage Pass-Through Ctfs. <br> Trust, | WaMu Mortgage Pass-Through Ctfs. <br> Trust, |  |  |
| Series 2003-AR10, Class A7, <br> 6.50%, 10/25/2033<sup>(m)</sup> <br>|  | 16294 | &nbsp;&nbsp; 15751 |
| Series 2005-AR14, Class 1A4, <br> 4.92%, 12/25/2035<sup>(m)</sup> <br>|  | 21327 | &nbsp;&nbsp; 20178 |
| Series 2005-AR16, Class 1A1, <br> 4.69%, 12/25/2035<sup>(m)</sup> <br>|  | 20458 | &nbsp;&nbsp; 18872 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, <br> Class XA, IO, 0.98%, <br> 12/15/2050<sup>(n)</sup> <br>|  | 935501 | &nbsp;&nbsp; 15863 |
| WF Card Issuance Trust, <br> Series 2024-A1, Class A, 4.94%, <br> 02/15/2029<br>|  | 421000 | &nbsp;&nbsp; 426677 |
| WFRBS Commercial Mortgage Trust, <br> Series 2013-C14, Class AS, <br> 3.49%, 06/15/2046<br>|  | 21814 | &nbsp;&nbsp; 21249 |
| Total Asset-Backed Securities <br> (Cost $14,774,640) | Total Asset-Backed Securities <br> (Cost $14,774,640) | Total Asset-Backed Securities <br> (Cost $14,774,640) | &nbsp;&nbsp; 13805420 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–0.54%** | **Preferred Stocks–0.54%** | **Preferred Stocks–0.54%** | **Preferred Stocks–0.54%** |
| **Asset Management & Custody Banks–0.18%** | **Asset Management & Custody Banks–0.18%** | **Asset Management & Custody Banks–0.18%** | **Asset Management & Custody Banks–0.18%** |
| AMG Capital Trust II, 5.15%, Conv. Pfd. | AMG Capital Trust II, 5.15%, Conv. Pfd. | 44432 | &nbsp;&nbsp; 2555951 |
| **Diversified Financial Services–0.02%** | **Diversified Financial Services–0.02%** | **Diversified Financial Services–0.02%** | **Diversified Financial Services–0.02%** |
| Apollo Global Management, Inc., 7.63%, <br> Pfd.<sup>(f)</sup>  | Apollo Global Management, Inc., 7.63%, <br> Pfd.<sup>(f)</sup>  | 11550 | &nbsp;&nbsp; 300646 |
| **Oil & Gas Storage & Transportation–0.34%** | **Oil & Gas Storage & Transportation–0.34%** | **Oil & Gas Storage & Transportation–0.34%** | **Oil & Gas Storage & Transportation–0.34%** |
| El Paso Energy Capital Trust I, 4.75%, <br> Conv. Pfd. | El Paso Energy Capital Trust I, 4.75%, <br> Conv. Pfd. | 95499 | &nbsp;&nbsp; 4661306 |
| Total Preferred Stocks (Cost $5,976,676) | Total Preferred Stocks (Cost $5,976,676) | Total Preferred Stocks (Cost $5,976,676) | &nbsp;&nbsp; 7517903 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**19**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.15%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.15%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.15%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–0.15%** |
| **Collateralized Mortgage Obligations–0.03%** | **Collateralized Mortgage Obligations–0.03%** | **Collateralized Mortgage Obligations–0.03%** | **Collateralized Mortgage Obligations–0.03%** |
| Fannie Mae Interest STRIPS, | Fannie Mae Interest STRIPS, |  |  |
| IO, <br>6.50%, 02/25/2032 to <br> 02/25/2033<sup>(n)(o)</sup> <br>|  | $53810 | &nbsp;&nbsp; $6493 |
| 7.00%, 04/25/2032<sup>(o)</sup> <br>|  | 1908 | &nbsp;&nbsp; 271 |
| 6.00%, 06/25/2033 to <br> 09/25/2035<sup>(n)(o)</sup> <br>|  | 47464 | &nbsp;&nbsp; 6870 |
| 5.50%, 09/25/2033 to <br> 06/25/2035<sup>(o)</sup> <br>|  | 96363 | &nbsp;&nbsp; 12880 |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| IO, <br>3.00%, 11/25/2027<sup>(o)</sup> <br>|  | 14159 | &nbsp;&nbsp; 262 |
| 2.68% (7.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/25/2030<sup>(i)(o)</sup> <br>|  | 10453 | &nbsp;&nbsp; 569 |
| 3.48% (7.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/25/2031<sup>(i)(o)</sup> <br>|  | 19714 | &nbsp;&nbsp; 1729 |
| 3.53% (7.95% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/25/2032<sup>(i)(o)</sup> <br>|  | 4418 | &nbsp;&nbsp; 394 |
| 3.68% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2032<sup>(i)(o)</sup> <br>|  | 5354 | &nbsp;&nbsp; 560 |
| 3.58% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032 to <br> 12/25/2032<sup>(i)(o)</sup> <br>|  | 62042 | &nbsp;&nbsp; 6638 |
| 3.68% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/18/2032<sup>(i)(o)</sup> <br>|  | 4232 | &nbsp;&nbsp; 252 |
| 3.83% (8.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/25/2033 to <br> 05/25/2033<sup>(i)(o)</sup> <br>|  | 28933 | &nbsp;&nbsp; 4230 |
| 3.13% (7.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2033<sup>(i)(o)</sup> <br>|  | 3986 | &nbsp;&nbsp; 454 |
| 1.63% (6.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035 to <br> 07/25/2038<sup>(i)(o)</sup> <br>|  | 15984 | &nbsp;&nbsp; 929 |
| 2.33% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035<sup>(i)(o)</sup> <br>|  | 1722 | &nbsp;&nbsp; 90 |
| 2.18% (6.60% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/25/2035<sup>(i)(o)</sup> <br>|  | 101275 | &nbsp;&nbsp; 6242 |
| 2.28% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/25/2035<sup>(i)(o)</sup> <br>|  | 39090 | &nbsp;&nbsp; 3288 |
| 3.50%, 08/25/2035<sup>(o)</sup> <br>|  | 135344 | &nbsp;&nbsp; 14022 |
| 1.68% (6.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2035<sup>(i)(o)</sup> <br>|  | 12872 | &nbsp;&nbsp; 1188 |
| 2.12% (6.54% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/25/2037<sup>(i)(o)</sup> <br>|  | 22628 | &nbsp;&nbsp; 1809 |
| 4.00%, 04/25/2041 to <br> 08/25/2047<sup>(o)</sup> <br>|  | 59855 | &nbsp;&nbsp; 7697 |
| 2.13% (6.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2041<sup>(i)(o)</sup> <br>|  | 24861 | &nbsp;&nbsp; 2041 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| 1.73% (6.15% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/25/2042<sup>(i)(o)</sup> <br>|  | $99332 | &nbsp;&nbsp; $11581 |
| 5.50%, 07/25/2046<sup>(o)</sup> <br>|  | 38166 | &nbsp;&nbsp; 5069 |
| 1.48% (5.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 09/25/2047<sup>(i)(o)</sup> <br>|  | 270083 | &nbsp;&nbsp; 27400 |
| 6.00%, 11/25/2028 |  | 5186 | &nbsp;&nbsp; 5262 |
| 5.50%, 04/25/2035 |  | 57400 | &nbsp;&nbsp; 59159 |
| 4.67% (30 Day Average SOFR + <br> 0.36%), 08/25/2035<sup>(i)</sup> <br>|  | 5267 | &nbsp;&nbsp; 5220 |
| 8.36% (24.57% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 03/25/2036<sup>(i)</sup> <br>|  | 15512 | &nbsp;&nbsp; 18372 |
| 7.99% (24.20% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 06/25/2036<sup>(i)</sup> <br>|  | 1459 | &nbsp;&nbsp; 1705 |
| 7.99% (24.20% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 06/25/2036<sup>(i)</sup> <br>|  | 7661 | &nbsp;&nbsp; 8570 |
| 5.36% (30 Day Average SOFR + <br> 1.05%), 06/25/2037<sup>(i)</sup> <br>|  | 7946 | &nbsp;&nbsp; 8012 |
| 4.00%, 03/25/2041 |  | 5088 | &nbsp;&nbsp; 4874 |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| Series K734, Class X1, IO, <br>0.79%, 02/25/2026<sup>(n)</sup> <br>|  | 1679722 | &nbsp;&nbsp; 3315 |
| Series K735, Class X1, IO, <br>1.10%, 05/25/2026<sup>(n)</sup> <br>|  | 1926759 | &nbsp;&nbsp; 11185 |
| Series K093, Class X1, IO, <br>1.08%, 05/25/2029<sup>(n)</sup> <br>|  | 1519627 | &nbsp;&nbsp; 46302 |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| IO, <br>3.23% (7.65% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/15/2026 to <br> 03/15/2029<sup>(i)(o)</sup> <br>|  | 6461 | &nbsp;&nbsp; 212 |
| 3.00%, 06/15/2027 to <br> 12/15/2027<sup>(o)</sup> <br>|  | 47434 | &nbsp;&nbsp; 918 |
| 2.50%, 05/15/2028<sup>(o)</sup> <br>|  | 13736 | &nbsp;&nbsp; 305 |
| 2.28% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2035<sup>(i)(o)</sup> <br>|  | 81407 | &nbsp;&nbsp; 5047 |
| 2.33% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/15/2035<sup>(i)(o)</sup> <br>|  | 4269 | &nbsp;&nbsp; 257 |
| 2.30% (6.72% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2035<sup>(i)(o)</sup> <br>|  | 23087 | &nbsp;&nbsp; 1426 |
| 2.58% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2037<sup>(i)(o)</sup> <br>|  | 5252 | &nbsp;&nbsp; 557 |
| 1.58% (6.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/15/2038<sup>(i)(o)</sup> <br>|  | 3164 | &nbsp;&nbsp; 279 |
| 1.65% (6.07% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2038<sup>(i)(o)</sup> <br>|  | 17939 | &nbsp;&nbsp; 1521 |
| 1.83% (6.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2039<sup>(i)(o)</sup> <br>|  | 7757 | &nbsp;&nbsp; 700 |
| 1.68% (6.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2044<sup>(i)(o)</sup> <br>|  | 36604 | &nbsp;&nbsp; 3652 |
| 4.00%, 03/15/2045<sup>(o)</sup> <br>|  | 995 | &nbsp;&nbsp; 1 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**20**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| 6.50%, 03/15/2032 to <br> 06/15/2032<br>|  | $25261 | &nbsp;&nbsp; $26350 |
| 3.50%, 05/15/2032 |  | 5327 | &nbsp;&nbsp; 5226 |
| 8.55% (24.75% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 08/15/2035<sup>(i)</sup> <br>|  | 3013 | &nbsp;&nbsp; 3371 |
| 4.82% (30 Day Average SOFR + <br> 0.51%), 09/15/2035<sup>(i)</sup> <br>|  | 15298 | &nbsp;&nbsp; 15180 |
| Freddie Mac STRIPS, | Freddie Mac STRIPS, |  |  |
| IO, <br>7.00%, 04/01/2027<sup>(o)</sup> <br>|  | 3444 | &nbsp;&nbsp; 138 |
| 3.00%, 12/15/2027<sup>(o)</sup> <br>|  | 17393 | &nbsp;&nbsp; 395 |
| 3.15%, 12/15/2027<sup>(n)</sup> <br>|  | 5098 | &nbsp;&nbsp; 135 |
| 6.50%, 02/01/2028<sup>(o)</sup> <br>|  | 1244 | &nbsp;&nbsp; 70 |
| 6.00%, 12/15/2032<sup>(o)</sup> <br>|  | 7504 | &nbsp;&nbsp; 839 |
| PO, <br>0.00%, 06/01/2026<sup>(e)</sup> <br>|  | 353 | &nbsp;&nbsp; 345 |
|  |  |  | &nbsp;&nbsp; 361858 |
| **Federal Home Loan Mortgage Corp. (FHLMC)–0.09%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.09%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.09%** | **Federal Home Loan Mortgage Corp. (FHLMC)–0.09%** |
| 6.50%, 07/01/2028 to <br> 04/01/2034<br>|  | 4506 | &nbsp;&nbsp; 4664 |
| 6.75%, 03/15/2031 |  | 682000 | &nbsp;&nbsp; 780692 |
| 7.00%, 10/01/2031 to <br> 10/01/2037<br>|  | 14305 | &nbsp;&nbsp; 15106 |
| 5.00%, 12/01/2034 |  | 273 | &nbsp;&nbsp; 273 |
| 5.50%, 02/01/2037 to <br> 06/01/2053<br>|  | 385755 | &nbsp;&nbsp; 389772 |
|  |  |  | &nbsp;&nbsp; 1190507 |
| **Federal National Mortgage Association (FNMA)–0.03%** | **Federal National Mortgage Association (FNMA)–0.03%** | **Federal National Mortgage Association (FNMA)–0.03%** | **Federal National Mortgage Association (FNMA)–0.03%** |
| 7.50%, 01/01/2033 |  | 8116 | &nbsp;&nbsp; 8334 |
| 6.00%, 03/01/2037 |  | 24973 | &nbsp;&nbsp; 26192 |
| 4.00%, 05/01/2052 |  | 482323 | &nbsp;&nbsp; 452518 |
|  |  |  | &nbsp;&nbsp; 487044 |
| **Government National Mortgage Association (GNMA)–0.00%** | **Government National Mortgage Association (GNMA)–0.00%** | **Government National Mortgage Association (GNMA)–0.00%** | **Government National Mortgage Association (GNMA)–0.00%** |
| IO, <br>2.12% (6.55% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2037<sup>(i)(o)</sup> <br>|  | 69101 | &nbsp;&nbsp; 3893 |
| 2.22% (6.65% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2041<sup>(i)(o)</sup> <br>|  | 28725 | &nbsp;&nbsp; 1919 |
| 4.50%, 09/16/2047<sup>(o)</sup> <br>|  | 105698 | &nbsp;&nbsp; 14764 |
| 1.77% (6.20% - (1 mo. Term <br> SOFR + 0.11%)), <br> 10/16/2047<sup>(i)(o)</sup> <br>|  | 99275 | &nbsp;&nbsp; 12639 |
|  |  |  | &nbsp;&nbsp; 33215 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $2,699,806) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $2,699,806) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $2,699,806) | &nbsp;&nbsp; 2072624 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Agency Credit Risk Transfer Notes–0.01%** | **Agency Credit Risk Transfer Notes–0.01%** | **Agency Credit Risk Transfer Notes–0.01%** | **Agency Credit Risk Transfer Notes–0.01%** |
| Fannie Mae Connecticut Avenue <br> Securities, Series 2023-R02, <br> Class 1M1, 6.61% (30 Day <br> Average SOFR + 2.30%), <br> 01/25/2043<sup>(d)(i)</sup> <br>|  | $56051 | &nbsp;&nbsp; $57234 |
| Freddie Mac, | Freddie Mac, |  |  |
| Series 2022-DNA6, Class M1, <br> STACR<sup>®</sup>, 6.46% (30 Day Average <br> SOFR + 2.15%), <br> 09/25/2042<sup>(d)(i)</sup> <br>|  | 31906 | &nbsp;&nbsp; 32154 |
| Series 2023-DNA1, Class M1, <br> STACR<sup>®</sup>, 6.41% (30 Day Average <br> SOFR + 2.10%), <br> 03/25/2043<sup>(d)(i)</sup> <br>|  | 42135 | &nbsp;&nbsp; 42774 |
| Total Agency Credit Risk Transfer Notes <br> (Cost $130,092) | Total Agency Credit Risk Transfer Notes <br> (Cost $130,092) | Total Agency Credit Risk Transfer Notes <br> (Cost $130,092) | &nbsp;&nbsp; 132162 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–4.89%** | **Money Market Funds–4.89%** | **Money Market Funds–4.89%** | **Money Market Funds–4.89%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(p)(q)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(p)(q)</sup>  | 23660900 | &nbsp;&nbsp; 23660900 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(p)(q)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(p)(q)</sup>  | 43942260 | &nbsp;&nbsp; 43942260 |
| Total Money Market Funds (Cost $67,603,160) | Total Money Market Funds (Cost $67,603,160) | Total Money Market Funds (Cost $67,603,160) | &nbsp;&nbsp; 67603160 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-99.48% <br> (Cost $1,106,687,437)<br>|  |  | &nbsp;&nbsp; 1374736789 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–1.42%** | **Money Market Funds–1.42%** | **Money Market Funds–1.42%** | **Money Market Funds–1.42%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(p)(q)(r)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(p)(q)(r)</sup>  | 5467576 | &nbsp;&nbsp; 5467576 |
| Invesco Private Prime Fund, <br> 4.49%<sup>(p)(q)(r)</sup>  | Invesco Private Prime Fund, <br> 4.49%<sup>(p)(q)(r)</sup>  | 14153313 | &nbsp;&nbsp; 14157559 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $19,623,824) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $19,623,824) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $19,623,824) | &nbsp;&nbsp; 19625135 |
| TOTAL INVESTMENTS IN SECURITIES–100.90% <br> (Cost $1,126,311,261) | TOTAL INVESTMENTS IN SECURITIES–100.90% <br> (Cost $1,126,311,261) | TOTAL INVESTMENTS IN SECURITIES–100.90% <br> (Cost $1,126,311,261) | &nbsp;&nbsp; 1394361924 |
| OTHER ASSETS LESS LIABILITIES—(0.90)% | OTHER ASSETS LESS LIABILITIES—(0.90)% | OTHER ASSETS LESS LIABILITIES—(0.90)% | &nbsp;&nbsp; (12439413)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1381922511 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**21**

**Invesco V.I. Equity and Income Fund**

------

Investment Abbreviations:

---

| | |
|:---|:---|
| Conv. | – Convertible |
| Ctfs. | – Certificates |
| IO | – Interest Only |
| Pfd. | – Preferred |
| PO | – Principal Only |
| REIT | – Real Estate Investment Trust |
| REMICs | – Real Estate Mortgage Investment Conduits |
| SOFR | – Secured Overnight Financing Rate |
| STACR<sup>®</sup> | – Structured Agency Credit Risk |
| STRIPS | – Separately Traded Registered Interest and Principal Security |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(d)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2025 was $92,251,041, which represented 6.68% of the Fund's Net Assets. 

<sup>(e)</sup> Zero coupon bond issued at a discount.

<sup>(f)</sup> Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

<sup>(g)</sup> Perpetual bond with no specified maturity date.

<sup>(h)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(i)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2025.

<sup>(j)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(k)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1M.

<sup>(l)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(m)</sup> Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2025. 

<sup>(n)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2025. 

<sup>(o)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

<sup>(p)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $22398474 | &nbsp;&nbsp; $67030096 | &nbsp;&nbsp; $(65767670) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $23660900 | &nbsp;&nbsp; $426041 |
| Invesco Treasury Portfolio, Institutional Class | 41597754 | &nbsp;&nbsp; 124484465 | &nbsp;&nbsp; (122139959) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 43942260 | &nbsp;&nbsp; 785824 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 4850356 | &nbsp;&nbsp; 150822276 | &nbsp;&nbsp; (150205056) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5467576 | &nbsp;&nbsp; 227,466\* |
| Invesco Private Prime Fund | 20683684 | &nbsp;&nbsp; 298711599 | &nbsp;&nbsp; (305237186) | &nbsp;&nbsp; 1311 | &nbsp;&nbsp; (1849) | &nbsp;&nbsp; 14157559 | &nbsp;&nbsp; 619,898\* |
| Total | $89530268 | &nbsp;&nbsp; $641048436 | &nbsp;&nbsp; $(643349871) | &nbsp;&nbsp; $1311 | &nbsp;&nbsp; $(1849) | &nbsp;&nbsp; $87228295 | &nbsp;&nbsp; $2059229 |

---

\* 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 June 30, 2025.

<sup>(r)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Short Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 7 | September-2025 | &nbsp;&nbsp;&nbsp; $(763000)<br>| &nbsp;&nbsp;&nbsp; $(8433)<br>| &nbsp;&nbsp;&nbsp; $(8433)<br>|
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 4 | September-2025 | &nbsp;&nbsp;&nbsp; (476500)<br>| &nbsp;&nbsp;&nbsp; (21756)<br>| &nbsp;&nbsp;&nbsp; (21756)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $(30189)<br>| &nbsp;&nbsp;&nbsp; $(30189)<br>|

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**22**

**Invesco V.I. Equity and Income Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 07/09/2025 | State Street Bank & Trust Co. | CAD | 628582 | USD | 463327 | &nbsp;&nbsp;&nbsp; $1563 |
| 07/09/2025 | State Street Bank & Trust Co. | USD | 424790 | CAD | 582406 | &nbsp;&nbsp;&nbsp; 3052 |
| 07/09/2025 | State Street Bank & Trust Co. | USD | 1170896 | EUR | 1018798 | &nbsp;&nbsp;&nbsp; 29749 |
| 07/09/2025 | State Street Bank & Trust Co. | USD | 379143 | GBP | 277377 | &nbsp;&nbsp;&nbsp; 1611 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 35975 |
| **Currency Risk** |  |  |  |  |  |  |
| 07/09/2025 | Bank of New York Mellon (The) | CAD | 7018950 | USD | 5131041 | &nbsp;&nbsp;&nbsp; (25160)<br>|
| 07/09/2025 | Bank of New York Mellon (The) | EUR | 8102511 | USD | 9292397 | &nbsp;&nbsp;&nbsp; (256352)<br>|
| 07/09/2025 | State Street Bank & Trust Co. | CAD | 644681 | USD | 471647 | &nbsp;&nbsp;&nbsp; (1945)<br>|
| 07/09/2025 | State Street Bank & Trust Co. | EUR | 535607 | USD | 612982 | &nbsp;&nbsp;&nbsp; (18226)<br>|
| 07/09/2025 | State Street Bank & Trust Co. | GBP | 6593494 | USD | 8932152 | &nbsp;&nbsp;&nbsp; (118688)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (420371)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $(384396)<br>|

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CAD | – Canadian Dollar |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| USD | – U.S. Dollar |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**23**

**Invesco V.I. Equity and Income Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,039,084,277)\*<br>| &nbsp;&nbsp; $1307133629 |
| Investments in affiliated money market funds, at value <br> (Cost $87,226,984)<br>| &nbsp;&nbsp; 87228295 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 35975 |
| Cash | &nbsp;&nbsp; 1035078 |
| Foreign currencies, at value (Cost $180,389) | &nbsp;&nbsp; 183385 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 61729298 |
| Fund shares sold | &nbsp;&nbsp; 773484 |
| Dividends | &nbsp;&nbsp; 1177942 |
| Interest | &nbsp;&nbsp; 2923947 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 224552 |
| Other assets | &nbsp;&nbsp; 522 |
| Total assets | &nbsp;&nbsp; 1462446107 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 6286 |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 420371 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 58380179 |
| Fund shares reacquired | &nbsp;&nbsp; 1101616 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 19623824 |
| Accrued fees to affiliates | &nbsp;&nbsp; 745254 |
| Accrued other operating expenses | &nbsp;&nbsp; 12955 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 233111 |
| Total liabilities | &nbsp;&nbsp; 80523596 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1381922511 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $979080468 |
| Distributable earnings | &nbsp;&nbsp; 402842043 |
|  | &nbsp;&nbsp; $1381922511 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $171546584 |
| Series II | &nbsp;&nbsp; $1210375927 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 9345572 |
| Series II | &nbsp;&nbsp; 66542101 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $18.36 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $18.19 |

---

\* At June 30, 2025, security with a value of $19,224,381 was on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $8164023 |
| Dividends (net of foreign withholding taxes of $36,307) | &nbsp;&nbsp; 8663080 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $21,470)<br>| &nbsp;&nbsp; 1233335 |
| Total investment income | &nbsp;&nbsp; 18060438 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 2513033 |
| Administrative services fees | &nbsp;&nbsp; 1103186 |
| Custodian fees | &nbsp;&nbsp; 9895 |
| Distribution fees - Series II | &nbsp;&nbsp; 1452501 |
| Transfer agent fees | &nbsp;&nbsp; 34902 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 14508 |
| Reports to shareholders | &nbsp;&nbsp; 4568 |
| Professional services fees | &nbsp;&nbsp; 27730 |
| Other | &nbsp;&nbsp; (15505)<br>|
| Total expenses | &nbsp;&nbsp; 5144818 |
| Less: Fees waived | &nbsp;&nbsp; (32976)<br>|
| Net expenses | &nbsp;&nbsp; 5111842 |
| Net investment income | &nbsp;&nbsp; 12948596 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 39510235 |
| Affiliated investment securities | &nbsp;&nbsp; (1849)<br>|
| Foreign currencies | &nbsp;&nbsp; 20826 |
| Forward foreign currency contracts | &nbsp;&nbsp; (1445307)<br>|
| Futures contracts | &nbsp;&nbsp; (5405)<br>|
|  | &nbsp;&nbsp; 38078500 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 12250580 |
| Affiliated investment securities | &nbsp;&nbsp; 1311 |
| Foreign currencies | &nbsp;&nbsp; 3533 |
| Forward foreign currency contracts | &nbsp;&nbsp; (811717)<br>|
| Futures contracts | &nbsp;&nbsp; (34360)<br>|
|  | &nbsp;&nbsp; 11409347 |
| Net realized and unrealized gain | &nbsp;&nbsp; 49487847 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $62436443 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**24**

**Invesco V.I. Equity and Income Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $12948596 | &nbsp;&nbsp; $25359006 |
| Net realized gain | &nbsp;&nbsp; 38078500 | &nbsp;&nbsp; 80585895 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 11409347 | &nbsp;&nbsp; 40113370 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 62436443 | &nbsp;&nbsp; 146058271 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (9726966)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (65305957)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (75032923)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (9253921)<br>| &nbsp;&nbsp; 97561376 |
| Series II | &nbsp;&nbsp; (38220045)<br>| &nbsp;&nbsp; 39373206 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (47473966)<br>| &nbsp;&nbsp; 136934582 |
| Net increase in net assets | &nbsp;&nbsp; 14962477 | &nbsp;&nbsp; 207959930 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1366960034 | &nbsp;&nbsp; 1159000104 |
| End of period | &nbsp;&nbsp; $1381922511 | &nbsp;&nbsp; $1366960034 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**25**

**Invesco V.I. Equity and Income Fund**

------

**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $17.46 | $0.19 | $0.71 | $0.90 | $— | $— | $— | $18.36 | 5.16<br> %<br>| &nbsp;&nbsp; $171547 | 0.56 %<sup>(d)</sup><br>| 0.56 %<sup>(d)</sup><br>| 2.16 %<sup>(d)</sup><br>| 59<br> %<br>|
| Year ended 12/31/24 | 16.48 | 0.38 | 1.62 | 2.00 | (0.32)<br>| (0.70)<br>| (1.02)<br>| 17.46 | 12.12 | &nbsp;&nbsp; 172407 | 0.57 | 0.57 | 2.15 | 131 |
| Year ended 12/31/23 | 16.14 | 0.35 | 1.22 | 1.57 | (0.34)<br>| (0.89)<br>| (1.23)<br>| 16.48 | 10.56 | &nbsp;&nbsp; 69223 | 0.56 | 0.56 | 2.16 | 148 |
| Year ended 12/31/22 | 20.69 | 0.33 | (1.94)<br>| (1.61)<br>| (0.34)<br>| (2.60)<br>| (2.94)<br>| 16.14 | (7.51)<br>| &nbsp;&nbsp; 71423 | 0.56 | 0.56 | 1.77 | 146 |
| Year ended 12/31/21 | 17.93 | 0.25 | 3.09 | 3.34 | (0.38)<br>| (0.20)<br>| (0.58)<br>| 20.69 | 18.65 | &nbsp;&nbsp; 79349 | 0.55 | 0.55 | 1.24 | 144 |
| Year ended 12/31/20 | 17.52 | 0.30 | 1.30 | 1.60 | (0.42)<br>| (0.77)<br>| (1.19)<br>| 17.93 | 9.95 | &nbsp;&nbsp; 43099 | 0.56 | 0.57 | 1.84 | 96 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 17.33 | 0.17 | 0.69 | 0.86 |  |  |  | 18.19 | 4.96 | &nbsp;&nbsp; 1210376 | 0.81 <br><sup>(d)</sup><br>| 0.81 <br><sup>(d)</sup><br>| 1.91 <br><sup>(d)</sup><br>| 59 |
| Year ended 12/31/24 | 16.36 | 0.33 | 1.63 | 1.96 | (0.29)<br>| (0.70)<br>| (0.99)<br>| 17.33 | 11.91 | &nbsp;&nbsp; 1194554 | 0.82 | 0.82 | 1.90 | 131 |
| Year ended 12/31/23 | 16.03 | 0.31 | 1.20 | 1.51 | (0.29)<br>| (0.89)<br>| (1.18)<br>| 16.36 | 10.24 | &nbsp;&nbsp; 1089778 | 0.81 | 0.81 | 1.91 | 148 |
| Year ended 12/31/22 | 20.55 | 0.28 | (1.92)<br>| (1.64)<br>| (0.28)<br>| (2.60)<br>| (2.88)<br>| 16.03 | (7.71)<br>| &nbsp;&nbsp; 1026339 | 0.81 | 0.81 | 1.52 | 146 |
| Year ended 12/31/21 | 17.82 | 0.20 | 3.07 | 3.27 | (0.34)<br>| (0.20)<br>| (0.54)<br>| 20.55 | 18.35 | &nbsp;&nbsp; 1283805 | 0.80 | 0.80 | 0.99 | 144 |
| Year ended 12/31/20 | 17.42 | 0.26 | 1.28 | 1.54 | (0.37)<br>| (0.77)<br>| (1.14)<br>| 17.82 | 9.65 | &nbsp;&nbsp; 1224382 | 0.81 | 0.82 | 1.59 | 96 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2024, the portfolio turnover calculation excludes the value of securities purchased of $162,992,332 and sold of $58,503,043 in the effort to realign the Fund's portfolio holdings after the reorganization of Invesco V.I. Conservative Balanced Fund into the Fund. 

<sup>(d)</sup> Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**26**

**Invesco V.I. Equity and Income Fund**

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. Equity and Income Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objectives are both capital appreciation and current income.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**27**

**Invesco V.I. Equity and Income Fund**

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**28**

**Invesco V.I. Equity and Income Fund**

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compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $1,204 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**K.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**L.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**M.** **Futures Contracts** — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

**N.** **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. This practice does not apply to securities pledged as collateral for securities lending transactions.

**P.** **Other Risks** - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

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**Invesco V.I. Equity and Income Fund**

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**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $150 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $100 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $100 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Over $350 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |

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For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.38%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $32,976.

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 six months ended June 30, 2025, Invesco was paid $106,177 for accounting and fund administrative services and was reimbursed $997,009 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the six months ended June 30, 2025, the Fund incurred $28,165 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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**Invesco V.I. Equity and Income Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $827829879 | &nbsp;&nbsp;&nbsp;&nbsp; $23201381 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $851031260 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 331832360 | &nbsp;&nbsp;&nbsp;&nbsp; 459118 | &nbsp;&nbsp;&nbsp;&nbsp; 332291478 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100282782 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100282782 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13805420 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13805420 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 4961952 | &nbsp;&nbsp;&nbsp;&nbsp; 2555951 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7517903 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2072624 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2072624 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 132162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 132162 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 67603160 | &nbsp;&nbsp;&nbsp;&nbsp; 19625135 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 87228295 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 900394991 | &nbsp;&nbsp;&nbsp;&nbsp; 493507815 | &nbsp;&nbsp;&nbsp;&nbsp; 459118 | &nbsp;&nbsp;&nbsp;&nbsp; 1394361924 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35975 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35975 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (30189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (30189)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (420371)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (420371)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (30189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (420371)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (450560)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (30189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (384396)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (414585)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $900364802 | &nbsp;&nbsp;&nbsp;&nbsp; $493123419 | &nbsp;&nbsp;&nbsp;&nbsp; $459118 | &nbsp;&nbsp;&nbsp;&nbsp; $1393947339 |

---

\* 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 June 30, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $35975 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $35975 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(30189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(30189)<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; (420371)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (420371)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (420371)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (450560)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30189 | &nbsp;&nbsp;&nbsp;&nbsp; 30189 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(420371)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(420371)<br>|

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Bank of New York Mellon (The) | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $(281512)<br>| &nbsp;&nbsp;&nbsp; $(281512)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(281512)<br>|
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 35975 | &nbsp;&nbsp;&nbsp; (138859)<br>| &nbsp;&nbsp;&nbsp; (102884)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (102884)<br>|
| Total | &nbsp;&nbsp;&nbsp; $35975 | &nbsp;&nbsp;&nbsp; $(420371)<br>| &nbsp;&nbsp;&nbsp; $(384396)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(384396)<br>|

---

**31**

**Invesco V.I. Equity and Income Fund**

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**Effect of Derivative Investments for the six months ended June 30, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(1445307)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(1445307)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (5405)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5405)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; (811717)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (811717)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (34360)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34360)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(2257024)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(39765)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2296789)<br>|

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $65220970 | &nbsp;&nbsp;&nbsp;&nbsp; $931535 |

---

**NOTE 5—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 6—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 7—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $201,671,554 and $235,997,682, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $287174195 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (33072542)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $254101653 |

---

Cost of investments for tax purposes is $1,139,845,686.

**32**

**Invesco V.I. Equity and Income Fund**

------

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 384226 | &nbsp;&nbsp;&nbsp; $6816331 | &nbsp;&nbsp;&nbsp; 347231 | &nbsp;&nbsp;&nbsp; $6119880 |
| Series II | &nbsp;&nbsp;&nbsp; 5306254 | &nbsp;&nbsp;&nbsp; 93064882 | &nbsp;&nbsp;&nbsp; 4338454 | &nbsp;&nbsp;&nbsp; 75427297 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 555192 | &nbsp;&nbsp;&nbsp; 9726966 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3755374 | &nbsp;&nbsp;&nbsp; 65305957 |
| **Issued in connection with acquisitions:**<sup>(b)</sup> <br>|  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6222261 | &nbsp;&nbsp;&nbsp; 107096401 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5012878 | &nbsp;&nbsp;&nbsp; 85597463 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (911549)<br>| &nbsp;&nbsp;&nbsp; (16070252)<br>| &nbsp;&nbsp;&nbsp; (1452950)<br>| &nbsp;&nbsp;&nbsp; (25381871)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (7710023)<br>| &nbsp;&nbsp;&nbsp; (131284927)<br>| &nbsp;&nbsp;&nbsp; (10774230)<br>| &nbsp;&nbsp;&nbsp; (186957511)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (2931092)<br>| &nbsp;&nbsp;&nbsp; $(47473966)<br>| &nbsp;&nbsp;&nbsp; 8004210 | &nbsp;&nbsp;&nbsp; $136934582 |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 55% of the outstanding shares of the <br> Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of <br> interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these <br> entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services <br> such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any <br>portion of the shares owned of record by these entities are also owned beneficially. |
| <sup>(b)</sup> | After the close of business on April 26, 2024, the Fund acquired all the net assets of Invesco V.I. Conservative Balanced Fund (the "Target Fund") pursuant to a <br> plan of reorganization approved by the Board of Trustees of the Fund on September 20, 2023 and by the shareholders of the Target Fund on January 18, <br> 2024.The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser's product line. The acquisition was accomplished by a <br> tax-free exchange of 11,235,138 shares of the Fund for 12,654,705 shares outstanding of the Target Fund as of the close of business on April 26, 2024. <br> Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of <br> the Fund on the close of business, April 26, 2024. The Target Fund's net assets as of the close of business on April 26, 2024 of $192,693,864, including <br> $24,397,837 of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition <br> were$1,162,768,272 and $1,355,462,136 immediately after the acquisition.<br>|
|  | The pro forma results of operations for the year ended December 31, 2024 assuming the reorganization had been completed on January 1, 2024, the <br> beginning of the annual reporting period are as follows:<br>|

---

---

| | |
|:---|:---|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $26819083 |
| Net realized/unrealized gains | &nbsp;&nbsp;&nbsp;&nbsp; 123920038 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; $150739121 |

---

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund's Statement of Operations since April 27, 2024.

**33**

**Invesco V.I. Equity and Income Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Equity and Income Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC(collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 1000® Value Index (Index). The Board noted that performance of Series I shares of the Fund was in the second quintile of its performance universe for the one year period and the first quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one and three year periods and reasonably comparable to the performance of the Index for the five year period. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed

**34**

**Invesco V.I. Equity and Income Fund**

------

more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were each below the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board requested and received additional information regarding the Fund's actual and contractual management fees and the levels of the Fund's breakpoints in light of current asset levels. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee

waivers/expense limitations of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund's breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The

Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities

**35**

**Invesco V.I. Equity and Income Fund**

------

lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**36**

**Invesco V.I. Equity and Income Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**37**

**Invesco V.I. Equity and Income Fund**

------

![](imgc369ebf61.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. EQV International Equity Fund**

------

---

| | |
|:---|:---|
| [2](#xx_f36485ec-95b0-455e-96c7-70a67104623a_SOI-Continued-78_1) | Schedule of Investments |
| [4](#xx_f36485ec-95b0-455e-96c7-70a67104623a_FS-Continued-78_1) | Financial Statements |
| [6](#xx_f36485ec-95b0-455e-96c7-70a67104623a_FS-Continued-78_3) | Financial Highlights |
| [7](#xx_f36485ec-95b0-455e-96c7-70a67104623a_NTF-Continued-78_1) | Notes to Financial Statements |
| [13](#xx_f36485ec-95b0-455e-96c7-70a67104623a_AOC-Continued-78_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [16](#xx_f36485ec-95b0-455e-96c7-70a67104623a_OIRSR-Continued-78_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VIIGR-NCSRS

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–95.28%** | **Common Stocks & Other Equity Interests–95.28%** | **Common Stocks & Other Equity Interests–95.28%** |
| **Australia–2.12%** | **Australia–2.12%** | **Australia–2.12%** |
| Aristocrat Leisure Ltd. | 363798 | &nbsp;&nbsp; $15586841 |
| Brambles Ltd. | 621057 | &nbsp;&nbsp; 9591478 |
|  |  | &nbsp;&nbsp; 25178319 |
| **Belgium–0.72%** | **Belgium–0.72%** | **Belgium–0.72%** |
| Anheuser-Busch InBev S.A./N.V. | 123966 | &nbsp;&nbsp; 8528910 |
| **Brazil–2.02%** | **Brazil–2.02%** | **Brazil–2.02%** |
| MercadoLibre, Inc.<sup>(a)</sup>  | 3734 | &nbsp;&nbsp; 9759294 |
| TOTVS S.A. | 1832300 | &nbsp;&nbsp; 14235222 |
|  |  | &nbsp;&nbsp; 23994516 |
| **Canada–7.03%** | **Canada–7.03%** | **Canada–7.03%** |
| Alimentation Couche-Tard, Inc. | 164062 | &nbsp;&nbsp; 8155210 |
| Canadian Pacific Kansas City Ltd. | 222578 | &nbsp;&nbsp; 17682018 |
| Celestica, Inc.<sup>(a)</sup>  | 39073 | &nbsp;&nbsp; 6104771 |
| CGI, Inc., Class A | 154147 | &nbsp;&nbsp; 16188406 |
| RB Global, Inc. | 236361 | &nbsp;&nbsp; 25110590 |
| Royal Bank of Canada | 77469 | &nbsp;&nbsp; 10209922 |
|  |  | &nbsp;&nbsp; 83450917 |
| **China–4.52%** | **China–4.52%** | **China–4.52%** |
| Airtac International Group | 497000 | &nbsp;&nbsp; 14797216 |
| Meituan, B Shares<sup>(a)(b)</sup>  | 417000 | &nbsp;&nbsp; 6707877 |
| Shenzhen Inovance Technology Co. <br> Ltd., A Shares | 1506000 | &nbsp;&nbsp; 13578193 |
| Trip.com Group Ltd. | 197200 | &nbsp;&nbsp; 11548916 |
| Wuliangye Yibin Co. Ltd., A Shares | 421841 | &nbsp;&nbsp; 7003178 |
|  |  | &nbsp;&nbsp; 53635380 |
| **Denmark–1.25%** | **Denmark–1.25%** | **Denmark–1.25%** |
| Novo Nordisk A/S, Class B | 214684 | &nbsp;&nbsp; 14876315 |
| **France–10.51%** | **France–10.51%** | **France–10.51%** |
| Air Liquide S.A. | 88859 | &nbsp;&nbsp; 18322820 |
| Arkema S.A. | 71705 | &nbsp;&nbsp; 5294953 |
| BNP Paribas S.A. | 64138 | &nbsp;&nbsp; 5753288 |
| Capgemini SE | 35173 | &nbsp;&nbsp; 6022899 |
| Edenred SE | 257131 | &nbsp;&nbsp; 7986621 |
| Legrand S.A. | 126062 | &nbsp;&nbsp; 16895909 |
| LVMH Moet Hennessy Louis Vuitton SE | 21635 | &nbsp;&nbsp; 11323329 |
| Publicis Groupe S.A. | 134596 | &nbsp;&nbsp; 15201919 |
| Schneider Electric SE | 69527 | &nbsp;&nbsp; 18666952 |
| STMicroelectronics N.V. | 210294 | &nbsp;&nbsp; 6448033 |
| TotalEnergies SE | 209451 | &nbsp;&nbsp; 12802206 |
|  |  | &nbsp;&nbsp; 124718929 |
| **Germany–4.39%** | **Germany–4.39%** | **Germany–4.39%** |
| Allianz SE | 43392 | &nbsp;&nbsp; 17609923 |
| Deutsche Boerse AG | 43369 | &nbsp;&nbsp; 14168200 |
| Deutsche Telekom AG | 371206 | &nbsp;&nbsp; 13587475 |
| Heidelberg Materials AG | 28691 | &nbsp;&nbsp; 6756637 |
|  |  | &nbsp;&nbsp; 52122235 |
| **Hong Kong–3.10%** | **Hong Kong–3.10%** | **Hong Kong–3.10%** |
| AIA Group Ltd. | 1768400 | &nbsp;&nbsp; 16018944 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Hong Kong–(continued)** | **Hong Kong–(continued)** | **Hong Kong–(continued)** |
| Techtronic Industries Co. Ltd. | 1875500 | &nbsp;&nbsp; $20694211 |
|  |  | &nbsp;&nbsp; 36713155 |
| **India–4.43%** | **India–4.43%** | **India–4.43%** |
| HDFC Bank Ltd., ADR | 345824 | &nbsp;&nbsp; 26514326 |
| Reliance Industries Ltd. | 1026155 | &nbsp;&nbsp; 17961011 |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup>  | 377769 | &nbsp;&nbsp; 8098068 |
|  |  | &nbsp;&nbsp; 52573405 |
| **Ireland–1.41%** | **Ireland–1.41%** | **Ireland–1.41%** |
| Kingspan Group PLC | 195819 | &nbsp;&nbsp; 16685614 |
| **Israel–0.75%** | **Israel–0.75%** | **Israel–0.75%** |
| Teva Pharmaceutical Industries Ltd., <br> ADR<sup>(a)</sup>  | 526969 | &nbsp;&nbsp; 8832000 |
| **Italy–1.95%** | **Italy–1.95%** | **Italy–1.95%** |
| FinecoBank Banca Fineco S.p.A. | 1044705 | &nbsp;&nbsp; 23175265 |
| **Japan–12.35%** | **Japan–12.35%** | **Japan–12.35%** |
| Asahi Group Holdings Ltd. | 1020800 | &nbsp;&nbsp; 13645173 |
| FANUC Corp. | 230300 | &nbsp;&nbsp; 6252017 |
| Hoya Corp. | 141300 | &nbsp;&nbsp; 16781083 |
| Keyence Corp. | 57000 | &nbsp;&nbsp; 22790197 |
| M3, Inc. | 630500 | &nbsp;&nbsp; 8660990 |
| Recruit Holdings Co. Ltd. | 199400 | &nbsp;&nbsp; 11726035 |
| Shimano, Inc. | 107900 | &nbsp;&nbsp; 15643389 |
| SMC Corp. | 27400 | &nbsp;&nbsp; 9819121 |
| Sony Group Corp. | 858900 | &nbsp;&nbsp; 22331662 |
| Tokyo Electron Ltd. | 98400 | &nbsp;&nbsp; 18844520 |
|  |  | &nbsp;&nbsp; 146494187 |
| **Mexico–1.19%** | **Mexico–1.19%** | **Mexico–1.19%** |
| Wal-Mart de Mexico S.A.B. de C.V., <br> Series V | 4271836 | &nbsp;&nbsp; 14148771 |
| **Netherlands–4.26%** | **Netherlands–4.26%** | **Netherlands–4.26%** |
| ASM International N.V. | 17247 | &nbsp;&nbsp; 11063568 |
| ASML Holding N.V. | 16329 | &nbsp;&nbsp; 13085031 |
| Heineken N.V. | 131049 | &nbsp;&nbsp; 11433085 |
| Wolters Kluwer N.V. | 89753 | &nbsp;&nbsp; 15010129 |
|  |  | &nbsp;&nbsp; 50591813 |
| **Singapore–1.24%** | **Singapore–1.24%** | **Singapore–1.24%** |
| United Overseas Bank Ltd. | 520566 | &nbsp;&nbsp; 14733945 |
| **South Korea–1.93%** | **South Korea–1.93%** | **South Korea–1.93%** |
| KB Financial Group, Inc. | 183872 | &nbsp;&nbsp; 15109916 |
| Samsung Electronics Co. Ltd. | 175070 | &nbsp;&nbsp; 7741876 |
|  |  | &nbsp;&nbsp; 22851792 |
| **Spain–0.58%** | **Spain–0.58%** | **Spain–0.58%** |
| Bankinter S.A.<sup>(c)</sup>  | 526904 | &nbsp;&nbsp; 6878454 |
| **Sweden–4.08%** | **Sweden–4.08%** | **Sweden–4.08%** |
| Investor AB, Class B<sup>(c)</sup>  | 1280082 | &nbsp;&nbsp; 37933158 |
| Svenska Handelsbanken AB, Class A | 781737 | &nbsp;&nbsp; 10465333 |
|  |  | &nbsp;&nbsp; 48398491 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco V.I. EQV International Equity Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Switzerland–3.09%** | **Switzerland–3.09%** | **Switzerland–3.09%** |
| Cie Financiere Richemont S.A. | 80445 | &nbsp;&nbsp; $15222829 |
| Nestle S.A. | 112278 | &nbsp;&nbsp; 11163391 |
| Roche Holding AG | 31294 | &nbsp;&nbsp; 10214977 |
|  |  | &nbsp;&nbsp; 36601197 |
| **Taiwan–4.87%** | **Taiwan–4.87%** | **Taiwan–4.87%** |
| MediaTek, Inc. | 328000 | &nbsp;&nbsp; 14054360 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR | 192932 | &nbsp;&nbsp; 43697169 |
|  |  | &nbsp;&nbsp; 57751529 |
| **Thailand–0.79%** | **Thailand–0.79%** | **Thailand–0.79%** |
| Bangkok Dusit Medical Services PCL, <br> Foreign Shares | 14550200 | &nbsp;&nbsp; 9311325 |
| **United Kingdom–11.80%** | **United Kingdom–11.80%** | **United Kingdom–11.80%** |
| Ashtead Group PLC | 146666 | &nbsp;&nbsp; 9405103 |
| AstraZeneca PLC | 75103 | &nbsp;&nbsp; 10452020 |
| BAE Systems PLC | 805489 | &nbsp;&nbsp; 20904742 |
| Barclays PLC | 3582763 | &nbsp;&nbsp; 16555108 |
| Flutter Entertainment PLC<sup>(a)</sup>  | 41777 | &nbsp;&nbsp; 11938195 |
| Haleon PLC | 3449712 | &nbsp;&nbsp; 17730229 |
| London Stock Exchange Group PLC | 89208 | &nbsp;&nbsp; 13046414 |
| RELX PLC | 479097 | &nbsp;&nbsp; 25965940 |
| Shell PLC | 401865 | &nbsp;&nbsp; 14020876 |
|  |  | &nbsp;&nbsp; 140018627 |
| **United States–4.90%** | **United States–4.90%** | **United States–4.90%** |
| Broadcom, Inc. | 56249 | &nbsp;&nbsp; 15505037 |
| CRH PLC | 131688 | &nbsp;&nbsp; 12088958 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| ICON PLC<sup>(a)</sup>  | ICON PLC<sup>(a)</sup>  | 102346 | &nbsp;&nbsp; $14886226 |
| Linde PLC<sup>(c)</sup>  | Linde PLC<sup>(c)</sup>  | 33419 | &nbsp;&nbsp; 15679526 |
|  |  |  | &nbsp;&nbsp; 58159747 |
| Total Common Stocks & Other Equity Interests <br> (Cost $759,768,799) | Total Common Stocks & Other Equity Interests <br> (Cost $759,768,799) | Total Common Stocks & Other Equity Interests <br> (Cost $759,768,799) | &nbsp;&nbsp; 1130424838 |
| **Money Market Funds–4.69%** | **Money Market Funds–4.69%** | **Money Market Funds–4.69%** | **Money Market Funds–4.69%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 19672657 | &nbsp;&nbsp; 19672657 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 36031103 | &nbsp;&nbsp; 36031103 |
| Total Money Market Funds (Cost $55,703,760) | Total Money Market Funds (Cost $55,703,760) | Total Money Market Funds (Cost $55,703,760) | &nbsp;&nbsp; 55703760 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-99.97% <br> (Cost $815,472,559)<br>|  |  | &nbsp;&nbsp; 1186128598 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–1.44%** | **Money Market Funds–1.44%** | **Money Market Funds–1.44%** | **Money Market Funds–1.44%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 4740243 | &nbsp;&nbsp; 4740243 |
| Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | 12296153 | &nbsp;&nbsp; 12299842 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $17,038,872) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $17,038,872) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $17,038,872) | &nbsp;&nbsp; 17040085 |
| TOTAL INVESTMENTS IN SECURITIES—101.41% <br> (Cost $832,511,431) | TOTAL INVESTMENTS IN SECURITIES—101.41% <br> (Cost $832,511,431) | TOTAL INVESTMENTS IN SECURITIES—101.41% <br> (Cost $832,511,431) | &nbsp;&nbsp; 1203168683 |
| OTHER ASSETS LESS LIABILITIES–(1.41)% | OTHER ASSETS LESS LIABILITIES–(1.41)% | OTHER ASSETS LESS LIABILITIES–(1.41)% | &nbsp;&nbsp; (16724162)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1186444521 |

---

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 June 30, 2025 was $14,805,945, which represented 1.25% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $5191752 | &nbsp;&nbsp; $79780818 | &nbsp;&nbsp; $(65299913) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $19672657 | &nbsp;&nbsp; $191395 |
| Invesco Treasury Portfolio, Institutional Class | 9137992 | &nbsp;&nbsp; 148164378 | &nbsp;&nbsp; (121271267) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 36031103 | &nbsp;&nbsp; 342466 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | - | &nbsp;&nbsp; 87443251 | &nbsp;&nbsp; (82703008) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4740243 | &nbsp;&nbsp; 124,752\* |
| Invesco Private Prime Fund | - | &nbsp;&nbsp; 179885874 | &nbsp;&nbsp; (167587069) | &nbsp;&nbsp; 1213 | (176) | &nbsp;&nbsp; 12299842 | &nbsp;&nbsp; 348,611\* |
| Total | $14329744 | &nbsp;&nbsp; $495274321 | &nbsp;&nbsp; $(436861257) | &nbsp;&nbsp; $1213 | &nbsp;&nbsp; $(176) | &nbsp;&nbsp; $72743845 | &nbsp;&nbsp; $1007224 |

---

\* 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 June 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco V.I. EQV International Equity Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $759,768,799)\*<br>| &nbsp;&nbsp; $1130424838 |
| Investments in affiliated money market funds, at value <br> (Cost $72,742,632)<br>| &nbsp;&nbsp; 72743845 |
| Foreign currencies, at value (Cost $2,085,502) | &nbsp;&nbsp; 2102418 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 3335413 |
| Fund shares sold | &nbsp;&nbsp; 223592 |
| Dividends | &nbsp;&nbsp; 2825334 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 219087 |
| Other assets | &nbsp;&nbsp; 446 |
| Total assets | &nbsp;&nbsp; 1211874973 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 5704935 |
| Fund shares reacquired | &nbsp;&nbsp; 888178 |
| Accrued foreign taxes | &nbsp;&nbsp; 861907 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 17038872 |
| Accrued fees to affiliates | &nbsp;&nbsp; 681869 |
| Accrued other operating expenses | &nbsp;&nbsp; 25780 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 228911 |
| Total liabilities | &nbsp;&nbsp; 25430452 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1186444521 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $702699230 |
| Distributable earnings | &nbsp;&nbsp; 483745291 |
|  | &nbsp;&nbsp; $1186444521 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $484750842 |
| Series II | &nbsp;&nbsp; $701693679 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 12959062 |
| Series II | &nbsp;&nbsp; 19138516 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $37.41 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $36.66 |

---

\* At June 30, 2025, securities with an aggregate value of $15,333,606 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of <br> $1,561,875)<br>| &nbsp;&nbsp; $12965339 |
| Dividends from affiliated money market funds (includes <br> net securities lending income of $85,931)<br>| &nbsp;&nbsp; 619792 |
| Total investment income | &nbsp;&nbsp; 13585131 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 4074851 |
| Administrative services fees | &nbsp;&nbsp; 947907 |
| Custodian fees | &nbsp;&nbsp; 40804 |
| Distribution fees - Series II | &nbsp;&nbsp; 846734 |
| Transfer agent fees | &nbsp;&nbsp; 29079 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 13644 |
| Reports to shareholders | &nbsp;&nbsp; 4658 |
| Professional services fees | &nbsp;&nbsp; 24677 |
| Other | &nbsp;&nbsp; 8535 |
| Total expenses | &nbsp;&nbsp; 5990889 |
| Less: Fees waived | &nbsp;&nbsp; (14050)<br>|
| Net expenses | &nbsp;&nbsp; 5976839 |
| Net investment income | &nbsp;&nbsp; 7608292 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes <br> of $186,820)<br>| &nbsp;&nbsp; 59551273 |
| Affiliated investment securities | &nbsp;&nbsp; (176)<br>|
| Foreign currencies | &nbsp;&nbsp; (3989)<br>|
|  | &nbsp;&nbsp; 59547108 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities (net of foreign taxes <br> of $723,313)<br>| &nbsp;&nbsp; 57485974 |
| Affiliated investment securities | &nbsp;&nbsp; 1213 |
| Foreign currencies | &nbsp;&nbsp; 273300 |
|  | &nbsp;&nbsp; 57760487 |
| Net realized and unrealized gain | &nbsp;&nbsp; 117307595 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $124915887 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco V.I. EQV International Equity Fund**

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**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $7608292 | &nbsp;&nbsp; $9319704 |
| Net realized gain | &nbsp;&nbsp; 59547108 | &nbsp;&nbsp; 76436723 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 57760487 | &nbsp;&nbsp; (75411342)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 124915887 | &nbsp;&nbsp; 10345085 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (10853697)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (14913687)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (25767384)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (31589919)<br>| &nbsp;&nbsp; (62907729)<br>|
| Series II | &nbsp;&nbsp; (43067763)<br>| &nbsp;&nbsp; (68946579)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (74657682)<br>| &nbsp;&nbsp; (131854308)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 50258205 | &nbsp;&nbsp; (147276607)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1136186316 | &nbsp;&nbsp; 1283462923 |
| End of period | &nbsp;&nbsp; $1186444521 | &nbsp;&nbsp; $1136186316 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco V.I. EQV International Equity Fund**

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**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $33.52 | $0.26 | $3.63 | $3.89 | $— | $— | $— | $37.41 | 11.61<br> %<br>| &nbsp;&nbsp; $484751 | 0.90 %<sup>(d)</sup><br>| 0.90 %<sup>(d)</sup><br>| 1.47 %<sup>(d)</sup><br>| 22<br> %<br>|
| Year ended 12/31/24 | 34.09 | 0.32 | (0.07 )<sup>(e)</sup><br>| 0.25 | (0.63)<br>| (0.19)<br>| (0.82)<br>| 33.52 | 0.62 | &nbsp;&nbsp; 464052 | 0.92 | 0.92 | 0.90 | 31 |
| Year ended 12/31/23 | 28.94 | 0.36 | 4.87 | 5.23 | (0.06)<br>| (0.02)<br>| (0.08)<br>| 34.09 | 18.15 | &nbsp;&nbsp; 532382 | 0.90 | 0.90 | 1.13 | 34 |
| Year ended 12/31/22 | 41.41 | 0.36 | (8.39)<br>| (8.03)<br>| (0.60)<br>| (3.84)<br>| (4.44)<br>| 28.94 | (18.31)<br>| &nbsp;&nbsp; 370151 | 0.91 | 0.91 | 1.06 | 45 |
| Year ended 12/31/21 | 42.52 | 0.27 | 2.22 | 2.49 | (0.57)<br>| (3.03)<br>| (3.60)<br>| 41.41 | 5.89 | &nbsp;&nbsp; 475732 | 0.89 | 0.89 | 0.60 | 34 |
| Year ended 12/31/20 | 39.05 | 0.24 | 5.04 | 5.28 | (0.92)<br>| (0.89)<br>| (1.81)<br>| 42.52 | 14.02 | &nbsp;&nbsp; 468726 | 0.91 | 0.91 | 0.65 | 52 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 32.89 | 0.21 | 3.56 | 3.77 |  |  |  | 36.66 | 11.46 | &nbsp;&nbsp; 701694 | 1.15 <br><sup>(d)</sup><br>| 1.15 <br><sup>(d)</sup><br>| 1.22 <br><sup>(d)</sup><br>| 22 |
| Year ended 12/31/24 | 33.47 | 0.23 | (0.08 )<sup>(e)</sup><br>| 0.15 | (0.54)<br>| (0.19)<br>| (0.73)<br>| 32.89 | 0.34 | &nbsp;&nbsp; 672134 | 1.17 | 1.17 | 0.65 | 31 |
| Year ended 12/31/23 | 28.42 | 0.27 | 4.80 | 5.07 |  | (0.02)<br>| (0.02)<br>| 33.47 | 17.86 | &nbsp;&nbsp; 751081 | 1.15 | 1.15 | 0.88 | 34 |
| Year ended 12/31/22 | 40.72 | 0.27 | (8.24)<br>| (7.97)<br>| (0.49)<br>| (3.84)<br>| (4.33)<br>| 28.42 | (18.50)<br>| &nbsp;&nbsp; 703011 | 1.16 | 1.16 | 0.81 | 45 |
| Year ended 12/31/21 | 41.88 | 0.15 | 2.19 | 2.34 | (0.47)<br>| (3.03)<br>| (3.50)<br>| 40.72 | 5.61 | &nbsp;&nbsp; 929768 | 1.14 | 1.14 | 0.35 | 34 |
| Year ended 12/31/20 | 38.48 | 0.15 | 4.95 | 5.10 | (0.81)<br>| (0.89)<br>| (1.70)<br>| 41.88 | 13.74 | &nbsp;&nbsp; 973322 | 1.16 | 1.16 | 0.40 | 52 |

---

<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> Annualized.

<sup>(e)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco V.I. EQV International Equity Fund**

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. EQV International Equity Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is long-term growth of capital.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**7**

**Invesco V.I. EQV International Equity Fund**

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**8**

**Invesco V.I. EQV International Equity Fund**

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compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $1,510 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**K.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**L.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**M.** **Other Risks** - Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; lack of publicly available information; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China's dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole.

The level of development of the economies of countries in the Asia Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. In addition, export growth continues to be a major driver of China's rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of tariffs, sanctions, capital controls, embargoes, trade wars or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. The current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has recently imposed tariffs on the other country's products. Further, actions by the U.S. government, such as

**9**

**Invesco V.I. EQV International Equity Fund**

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delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.

Certain securities issued by companies located or operating in Greater China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

The Fund's Japanese investments may be adversely affected by protectionist trade policies, slow economic activity worldwide, dependence on exports and international trade, increasing competition from Asia's other low-cost emerging economies, political and social instability, regional and global conflicts and natural disasters, as well as by commodity markets fluctuations related to Japan's limited natural resource supply. The Japanese economy also faces several other concerns, including a financial system with large levels of nonperforming loans, over-leveraged corporate balance sheets, extensive cross-ownership by major corporations, a changing corporate governance structure, and large government deficits.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Over $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% |

---

For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.71%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.25% and Series II shares to 2.50% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2025, the Adviser waived advisory fees of $14,050.

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 six months ended June 30, 2025, Invesco was paid $88,180 for accounting and fund administrative services and was reimbursed $859,727 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the six months ended June 30, 2025, the Fund incurred $999 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount

**10**

**Invesco V.I. EQV International Equity Fund**

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rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $25178319 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $25178319 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8528910 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8528910 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 23994516 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23994516 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 83450917 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83450917 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53635380 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53635380 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14876315 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14876315 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124718929 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124718929 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52122235 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52122235 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36713155 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36713155 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 26514326 | &nbsp;&nbsp;&nbsp;&nbsp; 26059079 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52573405 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16685614 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16685614 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; 8832000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8832000 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23175265 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23175265 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146494187 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146494187 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 14148771 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14148771 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50591813 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50591813 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14733945 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14733945 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22851792 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22851792 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6878454 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6878454 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48398491 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48398491 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36601197 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36601197 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 43697169 | &nbsp;&nbsp;&nbsp;&nbsp; 14054360 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57751529 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9311325 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9311325 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 11938195 | &nbsp;&nbsp;&nbsp;&nbsp; 128080432 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 140018627 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 58159747 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58159747 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 55703760 | &nbsp;&nbsp;&nbsp;&nbsp; 17040085 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72743845 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $326439401 | &nbsp;&nbsp;&nbsp;&nbsp; $876729282 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1203168683 |

---

**NOTE 4—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 5—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**11**

**Invesco V.I. EQV International Equity Fund**

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**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 six months ended June 30, 2025 was $251,805,159 and $358,104,374, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $348549430 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (17467969)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $331081461 |

---

Cost of investments for tax purposes is $872,087,222.

**NOTE 8—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 722883 | &nbsp;&nbsp;&nbsp; $24967905 | &nbsp;&nbsp;&nbsp; 1522236 | &nbsp;&nbsp;&nbsp; $53242413 |
| Series II | &nbsp;&nbsp;&nbsp; 1535390 | &nbsp;&nbsp;&nbsp; 53468628 | &nbsp;&nbsp;&nbsp; 1405435 | &nbsp;&nbsp;&nbsp; 48224302 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 311351 | &nbsp;&nbsp;&nbsp; 10853697 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 435818 | &nbsp;&nbsp;&nbsp; 14913687 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (1609217)<br>| &nbsp;&nbsp;&nbsp; (56557824)<br>| &nbsp;&nbsp;&nbsp; (3605418)<br>| &nbsp;&nbsp;&nbsp; (127003839)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (2831301)<br>| &nbsp;&nbsp;&nbsp; (96536391)<br>| &nbsp;&nbsp;&nbsp; (3848642)<br>| &nbsp;&nbsp;&nbsp; (132084568)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (2182245)<br>| &nbsp;&nbsp;&nbsp; $(74657682)<br>| &nbsp;&nbsp;&nbsp; (3779220)<br>| &nbsp;&nbsp;&nbsp; $(131854308)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 41% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**12**

**Invesco V.I. EQV International Equity Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. EQV International Equity Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World ex-USA® Index (Index). The Board noted that performance of Series I shares of the Fund was in the fifth quintile of its performance universe for the one year period, the second quintile for the three year period, and the third quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that stock selection in certain sectors and exposure to emerging markets detracted from Fund performance. The Board noted Invesco's restructuring of its fundamental equity platform to create a unified global platform in

**13**

**Invesco V.I. EQV International Equity Fund**

------

an effort to drive improved Fund performance. The Board considered that as part of such restructuring, certain members of the Fund's portfolio management team would be changed effective June 23, 2025. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were below and reasonably comparable to, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board requested and received additional information regarding the Fund's actual and contractual management fees and the levels of the Fund's breakpoints in light of current asset levels. The Board noted that the Fund's total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The independent Trustees reviewed and considered additional information provided by management, including with respect to management's approach to breakpoints in the Fund's contractual management fee schedule and the fees comprising the Fund's total expense ratio relative to those of peers. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the

scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund's breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the

nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not

**14**

**Invesco V.I. EQV International Equity Fund**

------

duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**15**

**Invesco V.I. EQV International Equity Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**16**

**Invesco V.I. EQV International Equity Fund**

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![](img2fe66b1a1.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. Global Core Equity Fund**

------

---

| | |
|:---|:---|
| [2](#xx_d5b0a271-1959-4051-b5c5-3988658ae997_SOI-Continued-72_1) | Schedule of Investments |
| [4](#xx_d5b0a271-1959-4051-b5c5-3988658ae997_FS-Continued-72_1) | Financial Statements |
| [6](#xx_d5b0a271-1959-4051-b5c5-3988658ae997_FS-Continued-72_3) | Financial Highlights |
| [7](#xx_d5b0a271-1959-4051-b5c5-3988658ae997_NTF-Continued-72_1) | Notes to Financial Statements |
| [12](#xx_d5b0a271-1959-4051-b5c5-3988658ae997_AOC-Continued-72_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [15](#xx_d5b0a271-1959-4051-b5c5-3988658ae997_OIRSR-Continued-72_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VIGCE-NCSRS

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–94.07%** | **Common Stocks & Other Equity Interests–94.07%** | **Common Stocks & Other Equity Interests–94.07%** |
| **Australia–0.71%** | **Australia–0.71%** | **Australia–0.71%** |
| Rio Tinto PLC | 9324 | &nbsp;&nbsp; $542695 |
| **Canada–5.63%** | **Canada–5.63%** | **Canada–5.63%** |
| Canadian Pacific Kansas City Ltd. | 24927 | &nbsp;&nbsp; 1980248 |
| Constellation Software, Inc. | 627 | &nbsp;&nbsp; 2299054 |
|  |  | &nbsp;&nbsp; 4279302 |
| **China–1.48%** | **China–1.48%** | **China–1.48%** |
| Tencent Holdings Ltd. | 17400 | &nbsp;&nbsp; 1121179 |
| **Denmark–0.29%** | **Denmark–0.29%** | **Denmark–0.29%** |
| Novo Nordisk A/S, Class B | 3197 | &nbsp;&nbsp; 221533 |
| **France–3.74%** | **France–3.74%** | **France–3.74%** |
| Hermes International S.C.A. | 236 | &nbsp;&nbsp; 639764 |
| L'Oreal S.A. | 1047 | &nbsp;&nbsp; 448486 |
| LVMH Moet Hennessy Louis Vuitton SE | 690 | &nbsp;&nbsp; 361132 |
| Safran S.A. | 3255 | &nbsp;&nbsp; 1061535 |
| TotalEnergies SE | 5418 | &nbsp;&nbsp; 331163 |
|  |  | &nbsp;&nbsp; 2842080 |
| **Germany–1.45%** | **Germany–1.45%** | **Germany–1.45%** |
| SAP SE | 3613 | &nbsp;&nbsp; 1104782 |
| **Italy–1.52%** | **Italy–1.52%** | **Italy–1.52%** |
| Recordati Industria Chimica e <br> Farmaceutica S.p.A. | 18327 | &nbsp;&nbsp; 1151944 |
| **Japan–3.08%** | **Japan–3.08%** | **Japan–3.08%** |
| Hoya Corp. | 9900 | &nbsp;&nbsp; 1175745 |
| ITOCHU Corp. | 22300 | &nbsp;&nbsp; 1167739 |
|  |  | &nbsp;&nbsp; 2343484 |
| **Netherlands–2.02%** | **Netherlands–2.02%** | **Netherlands–2.02%** |
| ASML Holding N.V. | 885 | &nbsp;&nbsp; 709183 |
| IMCD N.V. | 6145 | &nbsp;&nbsp; 826474 |
|  |  | &nbsp;&nbsp; 1535657 |
| **Sweden–0.76%** | **Sweden–0.76%** | **Sweden–0.76%** |
| Atlas Copco AB, Class A | 35869 | &nbsp;&nbsp; 579858 |
| **Taiwan–2.36%** | **Taiwan–2.36%** | **Taiwan–2.36%** |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd. | 49000 | &nbsp;&nbsp; 1791898 |
| **United Kingdom–6.93%** | **United Kingdom–6.93%** | **United Kingdom–6.93%** |
| 3i Group PLC | 47143 | &nbsp;&nbsp; 2667925 |
| London Stock Exchange Group PLC | 7875 | &nbsp;&nbsp; 1151696 |
| RELX PLC | 21280 | &nbsp;&nbsp; 1149944 |
| Unilever PLC | 4881 | &nbsp;&nbsp; 297869 |
|  |  | &nbsp;&nbsp; 5267434 |
| **United States–64.10%** | **United States–64.10%** | **United States–64.10%** |
| Alphabet, Inc., Class A | 8230 | &nbsp;&nbsp; 1450373 |
| Amazon.com, Inc.<sup>(a)</sup>  | 13342 | &nbsp;&nbsp; 2927101 |
| American Express Co. | 3149 | &nbsp;&nbsp; 1004468 |
| AMETEK, Inc. | 7364 | &nbsp;&nbsp; 1332590 |
| Amphenol Corp., Class A | 12604 | &nbsp;&nbsp; 1244645 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Analog Devices, Inc. | Analog Devices, Inc. | 3972 | &nbsp;&nbsp; $945415 |
| Apple, Inc. | Apple, Inc. | 9846 | &nbsp;&nbsp; 2020104 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup>  | Berkshire Hathaway, Inc., Class B<sup>(a)</sup>  | 1569 | &nbsp;&nbsp; 762173 |
| Broadcom, Inc. | Broadcom, Inc. | 5560 | &nbsp;&nbsp; 1532614 |
| CME Group, Inc., Class A | CME Group, Inc., Class A | 4113 | &nbsp;&nbsp; 1133625 |
| Coca-Cola Co. (The) | Coca-Cola Co. (The) | 10518 | &nbsp;&nbsp; 744149 |
| Copart, Inc.<sup>(a)</sup>  | Copart, Inc.<sup>(a)</sup>  | 6277 | &nbsp;&nbsp; 308012 |
| Costco Wholesale Corp.<sup>(b)</sup>  | Costco Wholesale Corp.<sup>(b)</sup>  | 429 | &nbsp;&nbsp; 424684 |
| Danaher Corp. | Danaher Corp. | 2291 | &nbsp;&nbsp; 452564 |
| East West Bancorp, Inc. | East West Bancorp, Inc. | 6001 | &nbsp;&nbsp; 605981 |
| EOG Resources, Inc. | EOG Resources, Inc. | 9958 | &nbsp;&nbsp; 1191076 |
| Experian PLC | Experian PLC | 22759 | &nbsp;&nbsp; 1173596 |
| Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | 5857 | &nbsp;&nbsp; 1275362 |
| Home Depot, Inc. (The) | Home Depot, Inc. (The) | 3810 | &nbsp;&nbsp; 1396898 |
| Interactive Brokers Group, Inc., Class A | Interactive Brokers Group, Inc., Class A | 5639 | &nbsp;&nbsp; 312457 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | 4628 | &nbsp;&nbsp; 1341704 |
| Linde PLC | Linde PLC | 2107 | &nbsp;&nbsp; 988562 |
| Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | 4287 | &nbsp;&nbsp; 937310 |
| Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. | 1924 | &nbsp;&nbsp; 1056199 |
| Mastercard, Inc., Class A | Mastercard, Inc., Class A | 2885 | &nbsp;&nbsp; 1621197 |
| Meta Platforms, Inc., Class A | Meta Platforms, Inc., Class A | 3583 | &nbsp;&nbsp; 2644577 |
| Microsoft Corp. | Microsoft Corp. | 10588 | &nbsp;&nbsp; 5266577 |
| Moody's Corp. | Moody's Corp. | 1661 | &nbsp;&nbsp; 833141 |
| Motorola Solutions, Inc. | Motorola Solutions, Inc. | 2631 | &nbsp;&nbsp; 1106230 |
| MSCI, Inc. | MSCI, Inc. | 1652 | &nbsp;&nbsp; 952775 |
| NVIDIA Corp. | NVIDIA Corp. | 16733 | &nbsp;&nbsp; 2643647 |
| Old Dominion Freight Line, Inc. | Old Dominion Freight Line, Inc. | 7643 | &nbsp;&nbsp; 1240459 |
| O'Reilly Automotive, Inc.<sup>(a)</sup>  | O'Reilly Automotive, Inc.<sup>(a)</sup>  | 12214 | &nbsp;&nbsp; 1100848 |
| Progressive Corp. (The) | Progressive Corp. (The) | 1436 | &nbsp;&nbsp; 383211 |
| QXO, Inc.<sup>(a)</sup>  | QXO, Inc.<sup>(a)</sup>  | 12108 | &nbsp;&nbsp; 260806 |
| Texas Instruments, Inc. | Texas Instruments, Inc. | 7355 | &nbsp;&nbsp; 1527045 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | 2937 | &nbsp;&nbsp; 1190836 |
| Union Pacific Corp. | Union Pacific Corp. | 2665 | &nbsp;&nbsp; 613163 |
| Viking Holdings Ltd.<sup>(a)</sup>  | Viking Holdings Ltd.<sup>(a)</sup>  | 14876 | &nbsp;&nbsp; 792742 |
|  |  |  | &nbsp;&nbsp; 48738916 |
| Total Common Stocks & Other Equity Interests <br> (Cost $54,994,666) | Total Common Stocks & Other Equity Interests <br> (Cost $54,994,666) | Total Common Stocks & Other Equity Interests <br> (Cost $54,994,666) | &nbsp;&nbsp; 71520762 |
| **Exchange-Traded Funds–1.76%** | **Exchange-Traded Funds–1.76%** | **Exchange-Traded Funds–1.76%** | **Exchange-Traded Funds–1.76%** |
| **Japan–1.76%** | **Japan–1.76%** | **Japan–1.76%** | **Japan–1.76%** |
| iShares MSCI Japan ETF<sup>(b)</sup> (Cost $1,236,817) | iShares MSCI Japan ETF<sup>(b)</sup> (Cost $1,236,817) | 17800 | &nbsp;&nbsp; 1334466 |
| **Money Market Funds–4.23%** | **Money Market Funds–4.23%** | **Money Market Funds–4.23%** | **Money Market Funds–4.23%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup>  | 1127130 | &nbsp;&nbsp; 1127130 |
| Invesco Treasury Portfolio, Institutional Class, <br> 4.23%<sup>(c)(d)</sup>  | Invesco Treasury Portfolio, Institutional Class, <br> 4.23%<sup>(c)(d)</sup>  | 2091847 | &nbsp;&nbsp; 2091847 |
| Total Money Market Funds (Cost $3,218,977) | Total Money Market Funds (Cost $3,218,977) | Total Money Market Funds (Cost $3,218,977) | &nbsp;&nbsp; 3218977 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased with <br> cash collateral from securities on <br> loan)-100.06% (Cost $59,450,460)<br>|  |  | &nbsp;&nbsp; 76074205 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco V.I. Global Core Equity Fund**

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| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–1.04%** | **Money Market Funds–1.04%** | **Money Market Funds–1.04%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(c)(d)(e)</sup>  | 217514 | &nbsp;&nbsp; $217514 |
| Invesco Private Prime Fund, 4.49%<sup>(c)(d)(e)</sup>  | 574079 | &nbsp;&nbsp; 574251 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan (Cost $791,763) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan (Cost $791,763) | &nbsp;&nbsp; 791765 |
| TOTAL INVESTMENTS IN SECURITIES—101.10% <br> (Cost $60,242,223) | TOTAL INVESTMENTS IN SECURITIES—101.10% <br> (Cost $60,242,223) | &nbsp;&nbsp; 76865970 |
| OTHER ASSETS LESS LIABILITIES–(1.10)% | OTHER ASSETS LESS LIABILITIES–(1.10)% | &nbsp;&nbsp; (835612)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $76030358 |

---

Investment Abbreviations:

ETF – Exchange-Traded Fund

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $887016 | &nbsp;&nbsp; $4863097 | &nbsp;&nbsp; $(4622983) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1127130 | &nbsp;&nbsp; $22252 |
| Invesco Treasury Portfolio, Institutional Class | 1645922 | &nbsp;&nbsp; 9031465 | &nbsp;&nbsp; (8585540) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2091847 | &nbsp;&nbsp; 41013 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 714826 | &nbsp;&nbsp; 25136791 | &nbsp;&nbsp; (25634103) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 217514 | &nbsp;&nbsp; 25,130\* |
| Invesco Private Prime Fund | 1865324 | &nbsp;&nbsp; 53784147 | &nbsp;&nbsp; (55074925) | &nbsp;&nbsp; 2 | (297) | &nbsp;&nbsp; 574251 | &nbsp;&nbsp; 68,728\* |
| Total | $5113088 | &nbsp;&nbsp; $92815500 | &nbsp;&nbsp; $(93917551) | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $(297) | &nbsp;&nbsp; $4010742 | &nbsp;&nbsp; $157123 |

---

\* 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 June 30, 2025.

<sup>(e)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco V.I. Global Core Equity Fund**

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**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $56,231,483)\*<br>| &nbsp;&nbsp; $72855228 |
| Investments in affiliated money market funds, at value <br> (Cost $4,010,740)<br>| &nbsp;&nbsp; 4010742 |
| Cash | &nbsp;&nbsp; 62 |
| Foreign currencies, at value (Cost $56,494) | &nbsp;&nbsp; 55678 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 263657 |
| Fund shares sold | &nbsp;&nbsp; 23 |
| Dividends | &nbsp;&nbsp; 119664 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 28010 |
| Other assets | &nbsp;&nbsp; 26 |
| Total assets | &nbsp;&nbsp; 77333090 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 355967 |
| Fund shares reacquired | &nbsp;&nbsp; 76109 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 791763 |
| Accrued fees to affiliates | &nbsp;&nbsp; 36849 |
| Accrued other operating expenses | &nbsp;&nbsp; 10858 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 31186 |
| Total liabilities | &nbsp;&nbsp; 1302732 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $76030358 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $52101571 |
| Distributable earnings | &nbsp;&nbsp; 23928787 |
|  | &nbsp;&nbsp; $76030358 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $68362769 |
| Series II | &nbsp;&nbsp; $7667589 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 5681258 |
| Series II | &nbsp;&nbsp; 635951 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $12.03 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $12.06 |

---

\* At June 30, 2025, securities with an aggregate value of $776,621 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $20,994) | &nbsp;&nbsp; $474344 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $5,118)<br>| &nbsp;&nbsp; 68383 |
| Total investment income | &nbsp;&nbsp; 542727 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 242621 |
| Administrative services fees | &nbsp;&nbsp; 59803 |
| Custodian fees | &nbsp;&nbsp; 6930 |
| Distribution fees - Series II | &nbsp;&nbsp; 9120 |
| Transfer agent fees | &nbsp;&nbsp; 1762 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 9703 |
| Reports to shareholders | &nbsp;&nbsp; 4478 |
| Professional services fees | &nbsp;&nbsp; 21748 |
| Other | &nbsp;&nbsp; 600 |
| Total expenses | &nbsp;&nbsp; 356765 |
| Less: Fees waived | &nbsp;&nbsp; (1713)<br>|
| Net expenses | &nbsp;&nbsp; 355052 |
| Net investment income | &nbsp;&nbsp; 187675 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 2221937 |
| Affiliated investment securities | &nbsp;&nbsp; (297)<br>|
| Foreign currencies | &nbsp;&nbsp; (230)<br>|
|  | &nbsp;&nbsp; 2221410 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 3722817 |
| Affiliated investment securities | &nbsp;&nbsp; 2 |
| Foreign currencies | &nbsp;&nbsp; 7233 |
|  | &nbsp;&nbsp; 3730052 |
| Net realized and unrealized gain | &nbsp;&nbsp; 5951462 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $6139137 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco V.I. Global Core Equity Fund**

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**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $187675 | &nbsp;&nbsp; $255529 |
| Net realized gain | &nbsp;&nbsp; 2221410 | &nbsp;&nbsp; 5047289 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 3730052 | &nbsp;&nbsp; 4855206 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 6139137 | &nbsp;&nbsp; 10158024 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (1237903)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (134734)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (1372637)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (2835556)<br>| &nbsp;&nbsp; 3631148 |
| Series II | &nbsp;&nbsp; (397822)<br>| &nbsp;&nbsp; (1620819)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (3233378)<br>| &nbsp;&nbsp; 2010329 |
| Net increase in net assets | &nbsp;&nbsp; 2905759 | &nbsp;&nbsp; 10795716 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 73124599 | &nbsp;&nbsp; 62328883 |
| End of period | &nbsp;&nbsp; $76030358 | &nbsp;&nbsp; $73124599 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco V.I. Global Core Equity Fund**

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**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $11.07 | $0.03 | $0.93 | $0.96 | $— | $— | $— | $12.03 | 8.67<br> %<br>| &nbsp;&nbsp; $68363 | 0.96 %<sup>(d)</sup><br>| 0.96 %<sup>(d)</sup><br>| 0.54 %<sup>(d)</sup><br>| 45<br> %<br>|
| Year ended 12/31/24 | 9.67 | 0.04 | 1.59 | 1.63 | (0.12)<br>| (0.11)<br>| (0.23)<br>| 11.07 | 16.85 | &nbsp;&nbsp; 65670 | 0.99 | 0.99 | 0.40 | 56 |
| Year ended 12/31/23 | 8.00 | 0.07 | 1.66 | 1.73 | (0.05)<br>| (0.01)<br>| (0.06)<br>| 9.67 | 21.73 | &nbsp;&nbsp; 54320 | 0.97 | 0.98 | 0.83 | 110 |
| Year ended 12/31/22 | 11.13 | 0.05 | (2.52)<br>| (2.47)<br>| (0.04)<br>| (0.62)<br>| (0.66)<br>| 8.00 | (21.88)<br>| &nbsp;&nbsp; 48080 | 0.97 | 0.97 | 0.55 | 13 |
| Year ended 12/31/21 | 11.49 | 0.04 | 1.81 | 1.85 | (0.12)<br>| (2.09)<br>| (2.21)<br>| 11.13 | 15.97 | &nbsp;&nbsp; 65044 | 0.96 | 0.96 | 0.31 | 27 |
| Year ended 12/31/20 | 10.28 | 0.11 | 1.24 | 1.35 | (0.14)<br>|  | (0.14)<br>| 11.49 | 13.23 | &nbsp;&nbsp; 58139 | 1.00 | 1.00 | 1.14 | 127 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 11.11 | 0.02 | 0.93 | 0.95 |  |  |  | 12.06 | 8.55 | &nbsp;&nbsp; 7668 | 1.21 <br><sup>(d)</sup><br>| 1.21 <br><sup>(d)</sup><br>| 0.29 <br><sup>(d)</sup><br>| 45 |
| Year ended 12/31/24 | 9.69 | 0.02 | 1.60 | 1.62 | (0.09)<br>| (0.11)<br>| (0.20)<br>| 11.11 | 16.72 | &nbsp;&nbsp; 7454 | 1.24 | 1.24 | 0.15 | 56 |
| Year ended 12/31/23 | 8.01 | 0.05 | 1.67 | 1.72 | (0.03)<br>| (0.01)<br>| (0.04)<br>| 9.69 | 21.46 | &nbsp;&nbsp; 8009 | 1.22 | 1.23 | 0.58 | 110 |
| Year ended 12/31/22 | 11.14 | 0.03 | (2.53)<br>| (2.50)<br>| (0.01)<br>| (0.62)<br>| (0.63)<br>| 8.01 | (22.16)<br>| &nbsp;&nbsp; 7626 | 1.22 | 1.22 | 0.30 | 13 |
| Year ended 12/31/21 | 11.50 | 0.01 | 1.82 | 1.83 | (0.10)<br>| (2.09)<br>| (2.19)<br>| 11.14 | 15.71 | &nbsp;&nbsp; 10725 | 1.21 | 1.21 | 0.06 | 27 |
| Year ended 12/31/20 | 10.28 | 0.09 | 1.24 | 1.33 | (0.11)<br>|  | (0.11)<br>| 11.50 | 13.03 | &nbsp;&nbsp; 10625 | 1.25 | 1.25 | 0.89 | 127 |

---

<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> Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco V.I. Global Core Equity Fund**

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. Global Core Equity Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is long-term capital appreciation by investing primarily in equity securities of issuers throughout the world, including U.S. issuers.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**7**

**Invesco V.I. Global Core Equity Fund**

------

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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**8**

**Invesco V.I. Global Core Equity Fund**

------

compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser fees for securities lending agent services, which were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**K.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**L.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**M.** **Other Risks** - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

**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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.670% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.645% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.620% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.595% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.570% |
| Over $4.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.545% |

---

For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.67%.

**9**

**Invesco V.I. Global Core Equity Fund**

------

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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.25% and Series II shares to 2.50% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2025, the Adviser waived advisory fees of $1,713.

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 six months ended June 30, 2025, Invesco was paid $5,505 for accounting and fund administrative services and was reimbursed $54,298 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $542695 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $542695 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 4279302 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4279302 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1121179 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1121179 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 221533 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 221533 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2842080 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2842080 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1104782 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1104782 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1151944 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1151944 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; 1334466 | &nbsp;&nbsp;&nbsp;&nbsp; 2343484 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3677950 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1535657 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1535657 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 579858 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 579858 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1791898 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1791898 |

---

**10**

**Invesco V.I. Global Core Equity Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5267434 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5267434 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 47565320 | &nbsp;&nbsp;&nbsp;&nbsp; 1173596 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48738916 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 3218977 | &nbsp;&nbsp;&nbsp;&nbsp; 791765 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4010742 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $56398065 | &nbsp;&nbsp;&nbsp;&nbsp; $20467905 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $76865970 |

---

**NOTE 4—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 5—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $31,478,825 and $35,049,445, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $16395186 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (765715)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $15629471 |

---

Cost of investments for tax purposes is $61,236,499.

**NOTE 8—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 132080 | &nbsp;&nbsp;&nbsp; $1488447 | &nbsp;&nbsp;&nbsp; 899731 | &nbsp;&nbsp;&nbsp; $9872485 |
| Series II | &nbsp;&nbsp;&nbsp; 5687 | &nbsp;&nbsp;&nbsp; 61963 | &nbsp;&nbsp;&nbsp; 6095 | &nbsp;&nbsp;&nbsp; 64487 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 110725 | &nbsp;&nbsp;&nbsp; 1237902 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 12006 | &nbsp;&nbsp;&nbsp; 134457 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (381723)<br>| &nbsp;&nbsp;&nbsp; (4324003)<br>| &nbsp;&nbsp;&nbsp; (697552)<br>| &nbsp;&nbsp;&nbsp; (7479239)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (40782)<br>| &nbsp;&nbsp;&nbsp; (459785)<br>| &nbsp;&nbsp;&nbsp; (173238)<br>| &nbsp;&nbsp;&nbsp; (1819763)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (284738)<br>| &nbsp;&nbsp;&nbsp; $(3233378)<br>| &nbsp;&nbsp;&nbsp; 157767 | &nbsp;&nbsp;&nbsp; $2010329 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 86% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**11**

**Invesco V.I. Global Core Equity Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Global Core Equity Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Asset Management Limited currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the MSCI World Index (Index). The Board noted that performance of Series I shares of the Fund was in the first quintile of its performance universe for the one year period, in the fourth quintile for the three year period and in the third quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund

**12**

**Invesco V.I. Global Core Equity Fund**

------

performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were below and reasonably comparable to, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board requested and considered information from management regarding such fees, including the differentiated client base associated with variable insurance products. The independent Trustees reviewed and considered additional information provided by management. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees

payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related

**13**

**Invesco V.I. Global Core Equity Fund**

------

responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**14**

**Invesco V.I. Global Core Equity Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**15**

**Invesco V.I. Global Core Equity Fund**

------

![](img43a1152b1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. Global Fund**

------

---

| | |
|:---|:---|
| [2](#xx_0049618b-7f77-4dda-831f-94bfc69cfb4e_SOI-Continued-717_1) | Schedule of Investments |
| [4](#xx_0049618b-7f77-4dda-831f-94bfc69cfb4e_FS-Continued-717_1) | Financial Statements |
| [6](#xx_0049618b-7f77-4dda-831f-94bfc69cfb4e_FS-Continued-717_3) | Financial Highlights |
| [7](#xx_0049618b-7f77-4dda-831f-94bfc69cfb4e_NTF-Continued-717_1) | Notes to Financial Statements |
| [13](#xx_0049618b-7f77-4dda-831f-94bfc69cfb4e_AOC-Continued-717_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [16](#xx_0049618b-7f77-4dda-831f-94bfc69cfb4e_OIRSR-Continued-717_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

O-VIGLBL-NCSRS

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–100.24%** | **Common Stocks & Other Equity Interests–100.24%** | **Common Stocks & Other Equity Interests–100.24%** |
| **Canada–1.49%** | **Canada–1.49%** | **Canada–1.49%** |
| Shopify, Inc., Class A<sup>(a)</sup>  | 236037 | &nbsp;&nbsp; $27226868 |
| **China–3.03%** | **China–3.03%** | **China–3.03%** |
| JD.com, Inc., ADR | 1278469 | &nbsp;&nbsp; 41729228 |
| Tencent Holdings Ltd. | 210100 | &nbsp;&nbsp; 13537921 |
|  |  | &nbsp;&nbsp; 55267149 |
| **Denmark–1.08%** | **Denmark–1.08%** | **Denmark–1.08%** |
| Novo Nordisk A/S, Class B | 284463 | &nbsp;&nbsp; 19711582 |
| **France–5.56%** | **France–5.56%** | **France–5.56%** |
| Airbus S.E. | 286590 | &nbsp;&nbsp; 59954822 |
| EssilorLuxottica S.A. | 63372 | &nbsp;&nbsp; 17401489 |
| LVMH Moet Hennessy Louis Vuitton SE | 45900 | &nbsp;&nbsp; 24023147 |
|  |  | &nbsp;&nbsp; 101379458 |
| **Germany–5.36%** | **Germany–5.36%** | **Germany–5.36%** |
| Allianz SE | 35311 | &nbsp;&nbsp; 14330383 |
| SAP SE | 272871 | &nbsp;&nbsp; 83438386 |
|  |  | &nbsp;&nbsp; 97768769 |
| **India–6.55%** | **India–6.55%** | **India–6.55%** |
| DLF Ltd. | 7803701 | &nbsp;&nbsp; 76288300 |
| HDFC Bank Ltd. | 425703 | &nbsp;&nbsp; 9938231 |
| ICICI Bank Ltd., ADR | 989909 | &nbsp;&nbsp; 33300539 |
|  |  | &nbsp;&nbsp; 119527070 |
| **Israel–0.95%** | **Israel–0.95%** | **Israel–0.95%** |
| Nice Ltd., ADR<sup>(a)(b)</sup>  | 102657 | &nbsp;&nbsp; 17339794 |
| **Italy–1.61%** | **Italy–1.61%** | **Italy–1.61%** |
| Brunello Cucinelli S.p.A. | 151658 | &nbsp;&nbsp; 18411728 |
| Ferrari N.V. | 15062 | &nbsp;&nbsp; 7379039 |
| Moncler S.p.A. | 61436 | &nbsp;&nbsp; 3504402 |
|  |  | &nbsp;&nbsp; 29295169 |
| **Japan–3.17%** | **Japan–3.17%** | **Japan–3.17%** |
| Capcom Co. Ltd. | 514000 | &nbsp;&nbsp; 17553861 |
| Hoya Corp. | 67800 | &nbsp;&nbsp; 8052069 |
| Keyence Corp. | 66344 | &nbsp;&nbsp; 26526190 |
| TDK Corp. | 492100 | &nbsp;&nbsp; 5744060 |
|  |  | &nbsp;&nbsp; 57876180 |
| **Netherlands–2.49%** | **Netherlands–2.49%** | **Netherlands–2.49%** |
| Adyen N.V.<sup>(a)(c)</sup>  | 14772 | &nbsp;&nbsp; 27129325 |
| ASML Holding N.V. | 5755 | &nbsp;&nbsp; 4611694 |
| BE Semiconductor Industries N.V. | 56199 | &nbsp;&nbsp; 8404752 |
| Universal Music Group N.V. | 165115 | &nbsp;&nbsp; 5356422 |
|  |  | &nbsp;&nbsp; 45502193 |
| **Spain–1.47%** | **Spain–1.47%** | **Spain–1.47%** |
| Amadeus IT Group S.A. | 317874 | &nbsp;&nbsp; 26854973 |
| **Sweden–2.68%** | **Sweden–2.68%** | **Sweden–2.68%** |
| Assa Abloy AB, Class B | 377335 | &nbsp;&nbsp; 11796864 |
| Atlas Copco AB, Class A | 1109458 | &nbsp;&nbsp; 17935499 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Sweden–(continued)** | **Sweden–(continued)** | **Sweden–(continued)** | **Sweden–(continued)** |
| Spotify Technology S.A.<sup>(a)</sup>  | Spotify Technology S.A.<sup>(a)</sup>  | 24992 | &nbsp;&nbsp; $19177362 |
|  |  |  | &nbsp;&nbsp; 48909725 |
| **Switzerland–1.34%** | **Switzerland–1.34%** | **Switzerland–1.34%** | **Switzerland–1.34%** |
| Lonza Group AG | Lonza Group AG | 34320 | &nbsp;&nbsp; 24544410 |
| **Taiwan–0.96%** | **Taiwan–0.96%** | **Taiwan–0.96%** | **Taiwan–0.96%** |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd. | Taiwan Semiconductor Manufacturing Co. <br> Ltd. | 481000 | &nbsp;&nbsp; 17589856 |
| **United States–62.50%** | **United States–62.50%** | **United States–62.50%** | **United States–62.50%** |
| Alphabet, Inc., Class A | Alphabet, Inc., Class A | 877531 | &nbsp;&nbsp; 154647288 |
| Amazon.com, Inc.<sup>(a)</sup>  | Amazon.com, Inc.<sup>(a)</sup>  | 143945 | &nbsp;&nbsp; 31580094 |
| Analog Devices, Inc. | Analog Devices, Inc. | 248898 | &nbsp;&nbsp; 59242702 |
| ARM Holdings PLC, ADR<sup>(a)(b)</sup>  | ARM Holdings PLC, ADR<sup>(a)(b)</sup>  | 76615 | &nbsp;&nbsp; 12391710 |
| Boston Scientific Corp.<sup>(a)</sup>  | Boston Scientific Corp.<sup>(a)</sup>  | 183804 | &nbsp;&nbsp; 19742388 |
| Broadcom, Inc. | Broadcom, Inc. | 154342 | &nbsp;&nbsp; 42544372 |
| Ecolab, Inc. | Ecolab, Inc. | 40197 | &nbsp;&nbsp; 10830680 |
| Eli Lilly and Co. | Eli Lilly and Co. | 66475 | &nbsp;&nbsp; 51819257 |
| Equifax, Inc.<sup>(b)</sup>  | Equifax, Inc.<sup>(b)</sup>  | 88705 | &nbsp;&nbsp; 23007416 |
| IDEXX Laboratories, Inc.<sup>(a)</sup>  | IDEXX Laboratories, Inc.<sup>(a)</sup>  | 14130 | &nbsp;&nbsp; 7578484 |
| Intuit, Inc. | Intuit, Inc. | 81952 | &nbsp;&nbsp; 64547854 |
| Intuitive Surgical, Inc.<sup>(a)</sup>  | Intuitive Surgical, Inc.<sup>(a)</sup>  | 51568 | &nbsp;&nbsp; 28022567 |
| IQVIA Holdings, Inc.<sup>(a)</sup>  | IQVIA Holdings, Inc.<sup>(a)</sup>  | 48498 | &nbsp;&nbsp; 7642800 |
| Lam Research Corp. | Lam Research Corp. | 142165 | &nbsp;&nbsp; 13838341 |
| Linde PLC | Linde PLC | 12576 | &nbsp;&nbsp; 5900408 |
| Marriott International, Inc., Class A | Marriott International, Inc., Class A | 66795 | &nbsp;&nbsp; 18249062 |
| Marvell Technology, Inc. | Marvell Technology, Inc. | 656355 | &nbsp;&nbsp; 50801877 |
| Mastercard, Inc., Class A | Mastercard, Inc., Class A | 24060 | &nbsp;&nbsp; 13520276 |
| Meta Platforms, Inc., Class A | Meta Platforms, Inc., Class A | 227133 | &nbsp;&nbsp; 167644596 |
| Microsoft Corp. | Microsoft Corp. | 111952 | &nbsp;&nbsp; 55686044 |
| Netflix, Inc.<sup>(a)</sup>  | Netflix, Inc.<sup>(a)</sup>  | 30459 | &nbsp;&nbsp; 40788561 |
| NVIDIA Corp.<sup>(b)</sup>  | NVIDIA Corp.<sup>(b)</sup>  | 500445 | &nbsp;&nbsp; 79065305 |
| Phathom Pharmaceuticals, Inc.<sup>(a)(b)</sup>  | Phathom Pharmaceuticals, Inc.<sup>(a)(b)</sup>  | 389846 | &nbsp;&nbsp; 3738623 |
| S&P Global, Inc. | S&P Global, Inc. | 143187 | &nbsp;&nbsp; 75501073 |
| ServiceNow, Inc.<sup>(a)</sup>  | ServiceNow, Inc.<sup>(a)</sup>  | 8617 | &nbsp;&nbsp; 8858965 |
| Stryker Corp.<sup>(b)</sup>  | Stryker Corp.<sup>(b)</sup>  | 11989 | &nbsp;&nbsp; 4743208 |
| Synopsys, Inc.<sup>(a)</sup>  | Synopsys, Inc.<sup>(a)</sup>  | 18274 | &nbsp;&nbsp; 9368714 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | 12667 | &nbsp;&nbsp; 5135962 |
| TJX Cos., Inc. (The) | TJX Cos., Inc. (The) | 87083 | &nbsp;&nbsp; 10753880 |
| Visa, Inc., Class A | Visa, Inc., Class A | 165776 | &nbsp;&nbsp; 58858769 |
| Zoetis, Inc.<sup>(b)</sup>  | Zoetis, Inc.<sup>(b)</sup>  | 28976 | &nbsp;&nbsp; 4518807 |
|  |  |  | &nbsp;&nbsp; 1140570083 |
| Total Common Stocks & Other Equity Interests <br> (Cost $721,276,810) | Total Common Stocks & Other Equity Interests <br> (Cost $721,276,810) | Total Common Stocks & Other Equity Interests <br> (Cost $721,276,810) | &nbsp;&nbsp; 1829363279 |
| **Money Market Funds–0.10%** | **Money Market Funds–0.10%** | **Money Market Funds–0.10%** | **Money Market Funds–0.10%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 628935 | &nbsp;&nbsp; 628935 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 1168023 | &nbsp;&nbsp; 1168023 |
| Total Money Market Funds (Cost $1,796,958) | Total Money Market Funds (Cost $1,796,958) | Total Money Market Funds (Cost $1,796,958) | &nbsp;&nbsp; 1796958 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased <br> with cash collateral from securities <br> on loan)-100.34% <br> (Cost $723,073,768)<br>|  |  | &nbsp;&nbsp; 1831160237 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco V.I. Global Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–1.12%** | **Money Market Funds–1.12%** | **Money Market Funds–1.12%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 5681581 | &nbsp;&nbsp; $5681581 |
| Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | 14776419 | &nbsp;&nbsp; 14780852 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $20,460,955) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $20,460,955) | &nbsp;&nbsp; 20462433 |
| TOTAL INVESTMENTS IN SECURITIES—101.46% <br> (Cost $743,534,723) | TOTAL INVESTMENTS IN SECURITIES—101.46% <br> (Cost $743,534,723) | &nbsp;&nbsp; 1851622670 |
| OTHER ASSETS LESS LIABILITIES–(1.46)% | OTHER ASSETS LESS LIABILITIES–(1.46)% | &nbsp;&nbsp; (26694427)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1824928243 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(c)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at June 30, 2025 represented 1.49% of the Fund's Net Assets. 

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $148021 | &nbsp;&nbsp; $42225426 | &nbsp;&nbsp; $(41744512) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $628935 | &nbsp;&nbsp; $41968 |
| Invesco Treasury Portfolio, Institutional Class | 274895 | &nbsp;&nbsp; 78418650 | &nbsp;&nbsp; (77525522) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1168023 | &nbsp;&nbsp; 77517 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 444192 | &nbsp;&nbsp; 167381604 | &nbsp;&nbsp; (162144215) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5681581 | &nbsp;&nbsp; 151,301\* |
| Invesco Private Prime Fund | 1157778 | &nbsp;&nbsp; 428347087 | &nbsp;&nbsp; (414720876) | &nbsp;&nbsp; 1478 | &nbsp;&nbsp; (4615) | &nbsp;&nbsp; 14780852 | &nbsp;&nbsp; 399,229\* |
| Total | $2024886 | &nbsp;&nbsp; $716372767 | &nbsp;&nbsp; $(696135125) | &nbsp;&nbsp; $1478 | &nbsp;&nbsp; $(4615) | &nbsp;&nbsp; $22259391 | &nbsp;&nbsp; $670015 |

---

\* 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 June 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco V.I. Global Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $721,276,810)\*<br>| &nbsp;&nbsp; $1829363279 |
| Investments in affiliated money market funds, at value <br> (Cost $22,257,913)<br>| &nbsp;&nbsp; 22259391 |
| Cash | &nbsp;&nbsp; 2000000 |
| Foreign currencies, at value (Cost $816,003) | &nbsp;&nbsp; 817600 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 272958 |
| Dividends | &nbsp;&nbsp; 2082602 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 164335 |
| Other assets | &nbsp;&nbsp; 825 |
| Total assets | &nbsp;&nbsp; 1856960990 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 1559969 |
| Accrued foreign taxes | &nbsp;&nbsp; 8832607 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 20460955 |
| Accrued fees to affiliates | &nbsp;&nbsp; 944139 |
| Accrued other operating expenses | &nbsp;&nbsp; 70742 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 164335 |
| Total liabilities | &nbsp;&nbsp; 32032747 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1824928243 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $106746368 |
| Distributable earnings | &nbsp;&nbsp; 1718181875 |
|  | &nbsp;&nbsp; $1824928243 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $953742780 |
| Series II | &nbsp;&nbsp; $871185463 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 22095699 |
| Series II | &nbsp;&nbsp; 20905169 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $43.16 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $41.67 |

---

\* At June 30, 2025, securities with an aggregate value of $19,823,188 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $868,206) | &nbsp;&nbsp; $9514758 |
| Dividends from affiliated money market funds (includes <br> net securities lending income of $60,195)<br>| &nbsp;&nbsp; 179680 |
| Total investment income | &nbsp;&nbsp; 9694438 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 5906577 |
| Administrative services fees | &nbsp;&nbsp; 1539198 |
| Custodian fees | &nbsp;&nbsp; 65311 |
| Distribution fees - Series II | &nbsp;&nbsp; 1057264 |
| Transfer agent fees | &nbsp;&nbsp; 51557 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 16877 |
| Reports to shareholders | &nbsp;&nbsp; 4407 |
| Professional services fees | &nbsp;&nbsp; 24851 |
| Other | &nbsp;&nbsp; 13820 |
| Total expenses | &nbsp;&nbsp; 8679862 |
| Less: Fees waived | &nbsp;&nbsp; (3217)<br>|
| Net expenses | &nbsp;&nbsp; 8676645 |
| Net investment income | &nbsp;&nbsp; 1017793 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes <br> of $1,822,124)<br>| &nbsp;&nbsp; 305128553 |
| Affiliated investment securities | &nbsp;&nbsp; (4615)<br>|
| Foreign currencies | &nbsp;&nbsp; 290582 |
|  | &nbsp;&nbsp; 305414520 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities (net of foreign taxes <br> of $1,711,537)<br>| &nbsp;&nbsp; (190897556)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 1478 |
| Foreign currencies | &nbsp;&nbsp; 223697 |
|  | &nbsp;&nbsp; (190672381)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 114742139 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $115759932 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco V.I. Global Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $1017793 | &nbsp;&nbsp; $(1522320)<br>|
| Net realized gain | &nbsp;&nbsp; 305414520 | &nbsp;&nbsp; 323145591 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (190672381)<br>| &nbsp;&nbsp; (7125328)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 115759932 | &nbsp;&nbsp; 314497943 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (66442083)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (55595637)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (122037720)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (247706660)<br>| &nbsp;&nbsp; (67132850)<br>|
| Series II | &nbsp;&nbsp; (106682495)<br>| &nbsp;&nbsp; (107381001)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (354389155)<br>| &nbsp;&nbsp; (174513851)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (238629223)<br>| &nbsp;&nbsp; 17946372 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 2063557466 | &nbsp;&nbsp; 2045611094 |
| End of period | &nbsp;&nbsp; $1824928243 | &nbsp;&nbsp; $2063557466 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco V.I. Global Fund**

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**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $39.99 | $0.04 | $3.13 | $3.17 | $— | $— | $— | $43.16 | 7.93<br> %<br>| &nbsp;&nbsp; $953743 | 0.81 %<sup>(d)</sup><br>| 0.81 %<sup>(d)</sup><br>| 0.22 %<sup>(d)</sup><br>| 12<br> %<br>|
| Year ended 12/31/24 | 36.56 | 0.02 | 5.82 | 5.84 |  | (2.41)<br>| (2.41)<br>| 39.99 | 16.07 | &nbsp;&nbsp; 1142049 | 0.82 | 0.82 | 0.04 | 10 |
| Year ended 12/31/23 | 31.10 | 0.06 | 9.84 | 9.90 | (0.09)<br>| (4.35)<br>| (4.44)<br>| 36.56 | 34.73 | &nbsp;&nbsp; 1103140 | 0.82 | 0.82 | 0.18 | 10 |
| Year ended 12/31/22 | 57.22 | 0.11 | (18.77)<br>| (18.66)<br>|  | (7.46)<br>| (7.46)<br>| 31.10 | (31.77)<br>| &nbsp;&nbsp; 925742 | 0.79 | 0.81 | 0.27 | 15 |
| Year ended 12/31/21 | 52.12 | (0.13)<br>| 8.23 | 8.10 |  | (3.00)<br>| (3.00)<br>| 57.22 | 15.49 | &nbsp;&nbsp; 1484706 | 0.77 | 0.78 | (0.23)<br>| 7 |
| Year ended 12/31/20 | 42.55 | (0.01)<br>| 11.51 | 11.50 | (0.31)<br>| (1.62)<br>| (1.93)<br>| 52.12 | 27.64 | &nbsp;&nbsp; 1438773 | 0.77 | 0.81 | (0.01)<br>| 13 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 38.66 | (0.01)<br>| 3.02 | 3.01 |  |  |  | 41.67 | 7.79 | &nbsp;&nbsp; 871185 | 1.06 <br><sup>(d)</sup><br>| 1.06 <br><sup>(d)</sup><br>| (0.03 )<sup>(d)</sup><br>| 12 |
| Year ended 12/31/24 | 35.50 | (0.08)<br>| 5.65 | 5.57 |  | (2.41)<br>| (2.41)<br>| 38.66 | 15.78 | &nbsp;&nbsp; 921509 | 1.07 | 1.07 | (0.21)<br>| 10 |
| Year ended 12/31/23 | 30.30 | (0.02)<br>| 9.57 | 9.55 |  | (4.35)<br>| (4.35)<br>| 35.50 | 34.45 | &nbsp;&nbsp; 942471 | 1.07 | 1.07 | (0.07)<br>| 10 |
| Year ended 12/31/22 | 56.18 | 0.00 | (18.42)<br>| (18.42)<br>|  | (7.46)<br>| (7.46)<br>| 30.30 | (31.94)<br>| &nbsp;&nbsp; 753082 | 1.04 | 1.06 | 0.02 | 15 |
| Year ended 12/31/21 | 51.36 | (0.27)<br>| 8.09 | 7.82 |  | (3.00)<br>| (3.00)<br>| 56.18 | 15.17 | &nbsp;&nbsp; 1257943 | 1.02 | 1.03 | (0.48)<br>| 7 |
| Year ended 12/31/20 | 41.95 | (0.11)<br>| 11.34 | 11.23 | (0.20)<br>| (1.62)<br>| (1.82)<br>| 51.36 | 27.34 | &nbsp;&nbsp; 1322794 | 1.02 | 1.06 | (0.26)<br>| 13 |

---

<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> Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco V.I. Global Fund**

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. Global Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is to seek capital appreciation.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund

**7**

**Invesco V.I. Global Fund**

------

securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**8**

**Invesco V.I. Global Fund**

------

compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $4,817 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.

**K.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**L.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**M.** **Other Risks** - Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| Up to $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $4.2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

**9**

**Invesco V.I. Global Fund**

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For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.63%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.25% and Series II shares to 2.50% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $3,217.

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 six months ended June 30, 2025, Invesco was paid $134,308 for accounting and fund administrative services and was reimbursed $1,404,890 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the six months ended June 30, 2025, the Fund incurred $3,564 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**10**

**Invesco V.I. Global Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; $27226868 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $27226868 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 41729228 | &nbsp;&nbsp;&nbsp;&nbsp; 13537921 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55267149 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19711582 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19711582 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101379458 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101379458 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97768769 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97768769 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 33300539 | &nbsp;&nbsp;&nbsp;&nbsp; 86226531 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 119527070 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; 17339794 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17339794 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29295169 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29295169 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57876180 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57876180 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45502193 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45502193 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26854973 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26854973 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; 19177362 | &nbsp;&nbsp;&nbsp;&nbsp; 29732363 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48909725 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24544410 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24544410 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17589856 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17589856 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 1140570083 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1140570083 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 1796958 | &nbsp;&nbsp;&nbsp;&nbsp; 20462433 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22259391 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1281140832 | &nbsp;&nbsp;&nbsp;&nbsp; $570481838 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1851622670 |

---

**NOTE 4—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 5—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $220,483,411 and $576,725,323, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1113916524 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (20135671)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1093780853 |

---

Cost of investments for tax purposes is $757,841,817.

**NOTE 8—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 321664 | &nbsp;&nbsp;&nbsp; $12592038 | &nbsp;&nbsp;&nbsp; 745868 | &nbsp;&nbsp;&nbsp; $30058270 |
| Series II | &nbsp;&nbsp;&nbsp; 1746075 | &nbsp;&nbsp;&nbsp; 68412067 | &nbsp;&nbsp;&nbsp; 593461 | &nbsp;&nbsp;&nbsp; 23039172 |

---

**11**

**Invesco V.I. Global Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **June 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **June 30, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; 1682504 | &nbsp;&nbsp;&nbsp; $66442083 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1455764 | &nbsp;&nbsp;&nbsp; 55595637 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (6782422)<br>| &nbsp;&nbsp;&nbsp; (260298698)<br>| &nbsp;&nbsp;&nbsp; (4043301)<br>| &nbsp;&nbsp;&nbsp; (163633203)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (4678024)<br>| &nbsp;&nbsp;&nbsp; (175094562)<br>| &nbsp;&nbsp;&nbsp; (4760009)<br>| &nbsp;&nbsp;&nbsp; (186015810)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (9392707)<br>| &nbsp;&nbsp;&nbsp; $(354389155)<br>| &nbsp;&nbsp;&nbsp; (4325713)<br>| &nbsp;&nbsp;&nbsp; $(174513851)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 53% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**12**

**Invesco V.I. Global Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Global Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World Growth Index (Index). The Board noted that performance of Series I shares of the Fund was in the second quintile of its performance universe for the one and three year periods and the third quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund

**13**

**Invesco V.I. Global Fund**

------

performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board requested and considered information from management regarding such relative total expenses, including the differentiated client base associated with variable insurance products. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly

managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related

**14**

**Invesco V.I. Global Fund**

------

responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**15**

**Invesco V.I. Global Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**16**

**Invesco V.I. Global Fund**

------

![](img4f7c463d1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. Global Real Estate Fund**

------

---

| | |
|:---|:---|
| [2](#xx_4628a0f1-8052-4fea-9716-cd4dde84d3d0_SOI-Continued-73_1) | Schedule of Investments |
| [4](#xx_4628a0f1-8052-4fea-9716-cd4dde84d3d0_FS-Continued-73_1) | Financial Statements |
| [6](#xx_4628a0f1-8052-4fea-9716-cd4dde84d3d0_FS-Continued-73_3) | Financial Highlights |
| [7](#xx_4628a0f1-8052-4fea-9716-cd4dde84d3d0_NTF-Continued-73_1) | Notes to Financial Statements |
| [13](#xx_4628a0f1-8052-4fea-9716-cd4dde84d3d0_AOC-Continued-73_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [16](#xx_4628a0f1-8052-4fea-9716-cd4dde84d3d0_OIRSR-Continued-73_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VIGRE-NCSRS

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.02%** | **Common Stocks & Other Equity Interests–97.02%** | **Common Stocks & Other Equity Interests–97.02%** |
| **Australia–6.65%** | **Australia–6.65%** | **Australia–6.65%** |
| Dexus | 67831 | &nbsp;&nbsp; $297707 |
| Goodman Group | 126112 | &nbsp;&nbsp; 2843147 |
| NEXTDC Ltd.<sup>(a)</sup>  | 65075 | &nbsp;&nbsp; 621164 |
| Scentre Group | 583791 | &nbsp;&nbsp; 1371159 |
| Stockland | 364328 | &nbsp;&nbsp; 1287578 |
|  |  | &nbsp;&nbsp; 6420755 |
| **Belgium–1.47%** | **Belgium–1.47%** | **Belgium–1.47%** |
| Aedifica S.A. | 7621 | &nbsp;&nbsp; 594662 |
| Warehouses De Pauw C.V.A. | 24018 | &nbsp;&nbsp; 588374 |
| Xior Student Housing N.V.<sup>(b)</sup>  | 6629 | &nbsp;&nbsp; 240568 |
|  |  | &nbsp;&nbsp; 1423604 |
| **Canada–1.85%** | **Canada–1.85%** | **Canada–1.85%** |
| Canadian Apartment Properties REIT | 21953 | &nbsp;&nbsp; 715941 |
| Chartwell Retirement Residences | 50947 | &nbsp;&nbsp; 695505 |
| Dream Industrial REIT | 43700 | &nbsp;&nbsp; 378354 |
|  |  | &nbsp;&nbsp; 1789800 |
| **France–1.62%** | **France–1.62%** | **France–1.62%** |
| Klepierre S.A. | 19675 | &nbsp;&nbsp; 777935 |
| Unibail-Rodamco-Westfield | 8192 | &nbsp;&nbsp; 787478 |
|  |  | &nbsp;&nbsp; 1565413 |
| **Germany–3.12%** | **Germany–3.12%** | **Germany–3.12%** |
| LEG Immobilien SE | 8678 | &nbsp;&nbsp; 772442 |
| Sirius Real Estate Ltd. | 564442 | &nbsp;&nbsp; 757890 |
| Vonovia SE | 41874 | &nbsp;&nbsp; 1484575 |
|  |  | &nbsp;&nbsp; 3014907 |
| **Hong Kong–2.99%** | **Hong Kong–2.99%** | **Hong Kong–2.99%** |
| Hongkong Land Holdings Ltd. | 85500 | &nbsp;&nbsp; 493614 |
| Link REIT | 131700 | &nbsp;&nbsp; 705451 |
| Sun Hung Kai Properties Ltd. | 111000 | &nbsp;&nbsp; 1279058 |
| Wharf Real Estate Investment Co. Ltd. | 145000 | &nbsp;&nbsp; 411596 |
|  |  | &nbsp;&nbsp; 2889719 |
| **Japan–8.72%** | **Japan–8.72%** | **Japan–8.72%** |
| Activia Properties, Inc. | 652 | &nbsp;&nbsp; 555485 |
| Advance Residence Investment Corp. | 276 | &nbsp;&nbsp; 286533 |
| GLP J-Reit | 646 | &nbsp;&nbsp; 581788 |
| Invincible Investment Corp. | 1260 | &nbsp;&nbsp; 542593 |
| Japan Hotel REIT Investment Corp. | 757 | &nbsp;&nbsp; 400059 |
| Japan Metropolitan Fund Investment <br> Corp. | 1292 | &nbsp;&nbsp; 915726 |
| Mitsubishi Estate Co. Ltd. | 18600 | &nbsp;&nbsp; 348696 |
| Mitsui Fudosan Co. Ltd. | 235500 | &nbsp;&nbsp; 2279895 |
| Nippon Accommodations Fund, Inc. | 477 | &nbsp;&nbsp; 390103 |
| Nippon Prologis REIT, Inc. | 855 | &nbsp;&nbsp; 472639 |
| ORIX JREIT, Inc. | 493 | &nbsp;&nbsp; 643141 |
| Sumitomo Realty & Development Co. <br> Ltd. | 26000 | &nbsp;&nbsp; 1004103 |
|  |  | &nbsp;&nbsp; 8420761 |
| **Netherlands–0.41%** | **Netherlands–0.41%** | **Netherlands–0.41%** |
| CTP N.V.<sup>(b)</sup>  | 18557 | &nbsp;&nbsp; 390952 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Singapore–2.57%** | **Singapore–2.57%** | **Singapore–2.57%** |
| CapitaLand Ascendas REIT | 227500 | &nbsp;&nbsp; $480060 |
| CapitaLand Integrated Commercial Trust | 591198 | &nbsp;&nbsp; 1009514 |
| CapitaLand Investment Ltd. | 121200 | &nbsp;&nbsp; 252661 |
| Keppel DC REIT | 216100 | &nbsp;&nbsp; 396126 |
| Mapletree Logistics Trust | 369600 | &nbsp;&nbsp; 343573 |
|  |  | &nbsp;&nbsp; 2481934 |
| **Spain–1.13%** | **Spain–1.13%** | **Spain–1.13%** |
| Inmobiliaria Colonial SOCIMI S.A.<sup>(c)</sup>  | 50518 | &nbsp;&nbsp; 359559 |
| Merlin Properties SOCIMI S.A. | 55400 | &nbsp;&nbsp; 730379 |
|  |  | &nbsp;&nbsp; 1089938 |
| **Sweden–1.76%** | **Sweden–1.76%** | **Sweden–1.76%** |
| Catena AB | 6240 | &nbsp;&nbsp; 318552 |
| Fastighets AB Balder, Class B<sup>(a)(c)</sup>  | 116606 | &nbsp;&nbsp; 869213 |
| Wihlborgs Fastigheter AB | 47245 | &nbsp;&nbsp; 511752 |
|  |  | &nbsp;&nbsp; 1699517 |
| **Switzerland–0.65%** | **Switzerland–0.65%** | **Switzerland–0.65%** |
| PSP Swiss Property AG | 3392 | &nbsp;&nbsp; 626212 |
| **United Kingdom–3.43%** | **United Kingdom–3.43%** | **United Kingdom–3.43%** |
| Big Yellow Group PLC | 34848 | &nbsp;&nbsp; 484442 |
| Grainger PLC | 96505 | &nbsp;&nbsp; 293379 |
| Great Portland Estates PLC | 86960 | &nbsp;&nbsp; 428355 |
| LondonMetric Property PLC | 291909 | &nbsp;&nbsp; 815126 |
| Segro PLC | 57421 | &nbsp;&nbsp; 537526 |
| Unite Group PLC (The) | 64826 | &nbsp;&nbsp; 755530 |
|  |  | &nbsp;&nbsp; 3314358 |
| **United States–60.65%** | **United States–60.65%** | **United States–60.65%** |
| Agree Realty Corp.<sup>(c)</sup>  | 9975 | &nbsp;&nbsp; 728774 |
| American Healthcare REIT, Inc. | 39088 | &nbsp;&nbsp; 1436093 |
| American Homes 4 Rent, Class A | 49509 | &nbsp;&nbsp; 1785790 |
| American Tower Corp.<sup>(c)</sup>  | 2014 | &nbsp;&nbsp; 445134 |
| Americold Realty Trust, Inc. | 2590 | &nbsp;&nbsp; 43072 |
| AvalonBay Communities, Inc. | 13130 | &nbsp;&nbsp; 2671955 |
| Brixmor Property Group, Inc. | 58185 | &nbsp;&nbsp; 1515137 |
| Camden Property Trust | 4354 | &nbsp;&nbsp; 490652 |
| CareTrust REIT, Inc.<sup>(c)</sup>  | 38580 | &nbsp;&nbsp; 1180548 |
| CubeSmart<sup>(c)</sup>  | 42822 | &nbsp;&nbsp; 1819935 |
| Digital Realty Trust, Inc. | 22045 | &nbsp;&nbsp; 3843105 |
| EastGroup Properties, Inc.<sup>(c)</sup>  | 6156 | &nbsp;&nbsp; 1028791 |
| Equinix, Inc. | 6033 | &nbsp;&nbsp; 4799071 |
| Equity LifeStyle Properties, Inc. | 25599 | &nbsp;&nbsp; 1578690 |
| Equity Residential<sup>(c)</sup>  | 45152 | &nbsp;&nbsp; 3047308 |
| Essential Properties Realty Trust, Inc. | 50937 | &nbsp;&nbsp; 1625400 |
| Extra Space Storage, Inc. | 14912 | &nbsp;&nbsp; 2198625 |
| First Industrial Realty Trust, Inc. | 37351 | &nbsp;&nbsp; 1797704 |
| Gaming and Leisure Properties, Inc. | 44583 | &nbsp;&nbsp; 2081134 |
| Healthpeak Properties, Inc. | 61414 | &nbsp;&nbsp; 1075359 |
| Hilton Worldwide Holdings, Inc. | 1536 | &nbsp;&nbsp; 409098 |
| Invitation Homes, Inc. | 45823 | &nbsp;&nbsp; 1502994 |
| Iron Mountain, Inc. | 23330 | &nbsp;&nbsp; 2392958 |
| Marriott International, Inc., Class A | 1565 | &nbsp;&nbsp; 427574 |
| Prologis, Inc. | 35971 | &nbsp;&nbsp; 3781272 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco V.I. Global Real Estate Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Public Storage | Public Storage | 3213 | &nbsp;&nbsp; $942758 |
| Regency Centers Corp. | Regency Centers Corp. | 27380 | &nbsp;&nbsp; 1950277 |
| Rexford Industrial Realty, Inc.<sup>(c)</sup>  | Rexford Industrial Realty, Inc.<sup>(c)</sup>  | 18173 | &nbsp;&nbsp; 646414 |
| Simon Property Group, Inc. | Simon Property Group, Inc. | 12143 | &nbsp;&nbsp; 1952109 |
| Tanger, Inc. | Tanger, Inc. | 19328 | &nbsp;&nbsp; 591050 |
| UDR, Inc.<sup>(c)</sup>  | UDR, Inc.<sup>(c)</sup>  | 32481 | &nbsp;&nbsp; 1326199 |
| Vornado Realty Trust | Vornado Realty Trust | 34332 | &nbsp;&nbsp; 1312856 |
| Welltower, Inc. | Welltower, Inc. | 40069 | &nbsp;&nbsp; 6159807 |
|  |  |  | &nbsp;&nbsp; 58587643 |
| Total Common Stocks & Other Equity Interests <br> (Cost $84,820,231) | Total Common Stocks & Other Equity Interests <br> (Cost $84,820,231) | Total Common Stocks & Other Equity Interests <br> (Cost $84,820,231) | &nbsp;&nbsp; 93715513 |
| **Money Market Funds–2.07%** | **Money Market Funds–2.07%** | **Money Market Funds–2.07%** | **Money Market Funds–2.07%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 701626 | &nbsp;&nbsp; 701626 |
| Invesco Treasury Portfolio, Institutional Class, <br> 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional Class, <br> 4.23%<sup>(d)(e)</sup>  | 1303021 | &nbsp;&nbsp; 1303021 |
| Total Money Market Funds (Cost $2,004,647) | Total Money Market Funds (Cost $2,004,647) | Total Money Market Funds (Cost $2,004,647) | &nbsp;&nbsp; 2004647 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments purchased with <br> cash collateral from securities on <br> loan)-99.09% (Cost $86,824,878)<br>|  |  | &nbsp;&nbsp; 95720160 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–7.02%** | **Money Market Funds–7.02%** | **Money Market Funds–7.02%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 1883477 | &nbsp;&nbsp; $1883477 |
| Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | 4898659 | &nbsp;&nbsp; 4900128 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $6,783,115) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $6,783,115) | &nbsp;&nbsp; 6783605 |
| TOTAL INVESTMENTS IN SECURITIES—106.11% <br> (Cost $93,607,993) | TOTAL INVESTMENTS IN SECURITIES—106.11% <br> (Cost $93,607,993) | &nbsp;&nbsp; 102503765 |
| OTHER ASSETS LESS LIABILITIES–(6.11)% | OTHER ASSETS LESS LIABILITIES–(6.11)% | &nbsp;&nbsp; (5906877)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $96596888 |

---

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 June 30, 2025 was $631,520, which represented less than 1% of the Fund's Net Assets. 

<sup>(c)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $1 | &nbsp;&nbsp; $5952567 | &nbsp;&nbsp; $(5250942) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $701626 | &nbsp;&nbsp; $8820 |
| Invesco Treasury Portfolio, Institutional Class | - | &nbsp;&nbsp; 11054768 | &nbsp;&nbsp; (9751747) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1303021 | &nbsp;&nbsp; 16268 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 3309448 | &nbsp;&nbsp; 37673273 | &nbsp;&nbsp; (39099244) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1883477 | &nbsp;&nbsp; 90,313\* |
| Invesco Private Prime Fund | 8583529 | &nbsp;&nbsp; 84977707 | &nbsp;&nbsp; (88660555) | &nbsp;&nbsp; 490 | &nbsp;&nbsp; (1043) | &nbsp;&nbsp; 4900128 | &nbsp;&nbsp; 242,080\* |
| Total | $11892978 | &nbsp;&nbsp; $139658315 | &nbsp;&nbsp; $(142762488) | &nbsp;&nbsp; $490 | &nbsp;&nbsp; $(1043) | &nbsp;&nbsp; $8788252 | &nbsp;&nbsp; $357481 |

---

\* 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 June 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco V.I. Global Real Estate Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $84,820,231)\*<br>| &nbsp;&nbsp; $93715513 |
| Investments in affiliated money market funds, at value <br> (Cost $8,787,762)<br>| &nbsp;&nbsp; 8788252 |
| Foreign currencies, at value (Cost $136,000) | &nbsp;&nbsp; 137502 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 364901 |
| Fund shares sold | &nbsp;&nbsp; 397201 |
| Dividends | &nbsp;&nbsp; 422908 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 56576 |
| Other assets | &nbsp;&nbsp; 12881 |
| Total assets | &nbsp;&nbsp; 103895734 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 362819 |
| Fund shares reacquired | &nbsp;&nbsp; 22001 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 6783115 |
| Accrued fees to affiliates | &nbsp;&nbsp; 48966 |
| Accrued other operating expenses | &nbsp;&nbsp; 21822 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 60123 |
| Total liabilities | &nbsp;&nbsp; 7298846 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $96596888 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $102158632 |
| Distributable earnings (loss) | &nbsp;&nbsp; (5561744)<br>|
|  | &nbsp;&nbsp; $96596888 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $69276922 |
| Series II | &nbsp;&nbsp; $27319966 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 4894629 |
| Series II | &nbsp;&nbsp; 1982627 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $14.15 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $13.78 |

---

\* At June 30, 2025, securities with an aggregate value of $6,642,735 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $72,889) | &nbsp;&nbsp; $1772774 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $9,851)<br>| &nbsp;&nbsp; 34939 |
| Total investment income | &nbsp;&nbsp; 1807713 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 352775 |
| Administrative services fees | &nbsp;&nbsp; 77139 |
| Custodian fees | &nbsp;&nbsp; 8652 |
| Distribution fees - Series II | &nbsp;&nbsp; 30375 |
| Transfer agent fees | &nbsp;&nbsp; 2574 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 9834 |
| Reports to shareholders | &nbsp;&nbsp; 4624 |
| Professional services fees | &nbsp;&nbsp; 21159 |
| Other | &nbsp;&nbsp; 921 |
| Total expenses | &nbsp;&nbsp; 508053 |
| Less: Fees waived | &nbsp;&nbsp; (683)<br>|
| Net expenses | &nbsp;&nbsp; 507370 |
| Net investment income | &nbsp;&nbsp; 1300343 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (1252400)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (1043)<br>|
| Foreign currencies | &nbsp;&nbsp; 12551 |
|  | &nbsp;&nbsp; (1240892)<br>|
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 4984460 |
| Affiliated investment securities | &nbsp;&nbsp; 490 |
| Foreign currencies | &nbsp;&nbsp; 8154 |
|  | &nbsp;&nbsp; 4993104 |
| Net realized and unrealized gain | &nbsp;&nbsp; 3752212 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $5052555 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco V.I. Global Real Estate Fund**

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**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $1300343 | &nbsp;&nbsp; $2189280 |
| Net realized gain (loss) | &nbsp;&nbsp; (1240892)<br>| &nbsp;&nbsp; (2232204)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 4993104 | &nbsp;&nbsp; (1828454)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 5052555 | &nbsp;&nbsp; (1871378)<br>|
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (1877505)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (727782)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (2605287)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (5299980)<br>| &nbsp;&nbsp; (12721166)<br>|
| Series II | &nbsp;&nbsp; 361510 | &nbsp;&nbsp; (4228584)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (4938470)<br>| &nbsp;&nbsp; (16949750)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 114085 | &nbsp;&nbsp; (21426415)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 96482803 | &nbsp;&nbsp; 117909218 |
| End of period | &nbsp;&nbsp; $96596888 | &nbsp;&nbsp; $96482803 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco V.I. Global Real Estate Fund**

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**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $13.39 | $0.19 | $0.57 | $0.76 | $— | $— | $— | $14.15 | 5.68<br> %<br>| &nbsp;&nbsp; $69277 | 1.02 %<sup>(d)</sup><br>| 1.02 %<sup>(d)</sup><br>| 2.82 %<sup>(d)</sup><br>| 42<br> %<br>|
| Year ended 12/31/24 | 13.98 | 0.29 | (0.52)<br>| (0.23)<br>| (0.36)<br>|  | (0.36)<br>| 13.39 | (1.80)<br>| &nbsp;&nbsp; 70635 | 1.05 | 1.05 | 2.09 | 101 |
| Year ended 12/31/23 | 13.04 | 0.37 | 0.77 | 1.14 | (0.20)<br>|  | (0.20)<br>| 13.98 | 9.05 | &nbsp;&nbsp; 86407 | 1.02 | 1.02 | 2.79 | 88 |
| Year ended 12/31/22 | 17.99 | 0.25 | (4.76)<br>| (4.51)<br>| (0.44)<br>|  | (0.44)<br>| 13.04 | (24.94)<br>| &nbsp;&nbsp; 83608 | 1.02 | 1.02 | 1.65 | 82 |
| Year ended 12/31/21 | 14.69 | 0.25 | 3.51 | 3.76 | (0.46)<br>|  | (0.46)<br>| 17.99 | 25.71 | &nbsp;&nbsp; 116762 | 0.97 | 0.97 | 1.51 | 95 |
| Year ended 12/31/20 | 18.22 | 0.28 | (2.61)<br>| (2.33)<br>| (0.77)<br>| (0.43)<br>| (1.20)<br>| 14.69 | (12.32)<br>| &nbsp;&nbsp; 119114 | 1.04 | 1.04 | 1.86 | 154 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 13.05 | 0.17 | 0.56 | 0.73 |  |  |  | 13.78 | 5.59 | &nbsp;&nbsp; 27320 | 1.27 <br><sup>(d)</sup><br>| 1.27 <br><sup>(d)</sup><br>| 2.57 <br><sup>(d)</sup><br>| 42 |
| Year ended 12/31/24 | 13.65 | 0.25 | (0.51)<br>| (0.26)<br>| (0.34)<br>|  | (0.34)<br>| 13.05 | (2.11)<br>| &nbsp;&nbsp; 25848 | 1.30 | 1.30 | 1.84 | 101 |
| Year ended 12/31/23 | 12.72 | 0.33 | 0.76 | 1.09 | (0.16)<br>|  | (0.16)<br>| 13.65 | 8.82 | &nbsp;&nbsp; 31502 | 1.27 | 1.27 | 2.54 | 88 |
| Year ended 12/31/22 | 17.53 | 0.21 | (4.64)<br>| (4.43)<br>| (0.38)<br>|  | (0.38)<br>| 12.72 | (25.14)<br>| &nbsp;&nbsp; 22317 | 1.27 | 1.27 | 1.40 | 82 |
| Year ended 12/31/21 | 14.33 | 0.20 | 3.43 | 3.63 | (0.43)<br>|  | (0.43)<br>| 17.53 | 25.44 | &nbsp;&nbsp; 42896 | 1.22 | 1.22 | 1.26 | 95 |
| Year ended 12/31/20 | 17.78 | 0.24 | (2.55)<br>| (2.31)<br>| (0.71)<br>| (0.43)<br>| (1.14)<br>| 14.33 | (12.56)<br>| &nbsp;&nbsp; 35111 | 1.29 | 1.29 | 1.61 | 154 |

---

<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> Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco V.I. Global Real Estate Fund**

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. Global Real Estate Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is total return through growth of capital and current income.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**7**

**Invesco V.I. Global Real Estate Fund**

------

unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower

**8**

**Invesco V.I. Global Real Estate Fund**

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to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $871 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**K.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**L.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**M.** **Other Risks** - The Fund's investments are concentrated in a comparatively narrow segment of the economy. 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.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

**9**

**Invesco V.I. Global Real Estate Fund**

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**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.740% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.730% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.710% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.680% |

---

For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.75%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $683.

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 six months ended June 30, 2025, Invesco was paid $7,311 for accounting and fund administrative services and was reimbursed $69,828 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the six months ended June 30, 2025, the Fund incurred $2,823 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

**10**

**Invesco V.I. Global Real Estate Fund**

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The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6420755 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6420755 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1423604 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1423604 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 1789800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1789800 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1565413 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1565413 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3014907 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3014907 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2889719 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2889719 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8420761 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8420761 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 390952 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 390952 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2481934 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2481934 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1089938 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1089938 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1699517 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1699517 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 626212 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 626212 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3314358 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3314358 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 58587643 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58587643 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 2004647 | &nbsp;&nbsp;&nbsp;&nbsp; 6783605 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8788252 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $62382090 | &nbsp;&nbsp;&nbsp;&nbsp; $40121675 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $102503765 |

---

**NOTE 4—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 5—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 had a capital loss carryforward as of December 31, 2024, 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; $7800099 | &nbsp;&nbsp;&nbsp;&nbsp; $7622937 | &nbsp;&nbsp;&nbsp;&nbsp; $15423036 |

---

\*

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 six months ended June 30, 2025 was $39,241,980 and $44,885,750, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $9466026 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (1445297)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $8020729 |

---

Cost of investments for tax purposes is $94,483,036.

**11**

**Invesco V.I. Global Real Estate Fund**

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**NOTE 8—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 413307 | &nbsp;&nbsp;&nbsp; $5600503 | &nbsp;&nbsp;&nbsp; 934397 | &nbsp;&nbsp;&nbsp; $12948471 |
| Series II | &nbsp;&nbsp;&nbsp; 777763 | &nbsp;&nbsp;&nbsp; 10532431 | &nbsp;&nbsp;&nbsp; 527111 | &nbsp;&nbsp;&nbsp; 7018015 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 130382 | &nbsp;&nbsp;&nbsp; 1877505 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 51836 | &nbsp;&nbsp;&nbsp; 727782 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (794679)<br>| &nbsp;&nbsp;&nbsp; (10900483)<br>| &nbsp;&nbsp;&nbsp; (1968112)<br>| &nbsp;&nbsp;&nbsp; (27547142)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (775813)<br>| &nbsp;&nbsp;&nbsp; (10170921)<br>| &nbsp;&nbsp;&nbsp; (906457)<br>| &nbsp;&nbsp;&nbsp; (11974381)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (379422)<br>| &nbsp;&nbsp;&nbsp; $(4938470)<br>| &nbsp;&nbsp;&nbsp; (1230843)<br>| &nbsp;&nbsp;&nbsp; $(16949750)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 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.

**12**

**Invesco V.I. Global Real Estate Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Global Real Estate Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Asset Management Limited currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Global Real Estate Index (Index). The Board noted that performance of Series I shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that stock selection in the U.S. and sector allocation negatively impacted the Fund's relative performance over the shorter term, while the Fund's longer-term underperformance was primarily due to exposure to emerging markets. The Board also considered that the Fund underwent a change in portfolio management in 2024, and that the chief investment

**13**

**Invesco V.I. Global Real Estate Fund**

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officer for the Fund's portfolio management team also changed in 2024. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The independent Trustees reviewed and considered additional information provided by management, including with respect to the components of the Fund's total expense ratio driving total expenses relative to that of peers, particularly in light of the Fund's smaller size. The Board also acknowledged limitations regarding the Broadridge data, in particular that differences may exist between the Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated

with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory

agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco

**14**

**Invesco V.I. Global Real Estate Fund**

------

Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**15**

**Invesco V.I. Global Real Estate Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**16**

**Invesco V.I. Global Real Estate Fund**

------

![](imgc204bbee1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | |
|:---|:---|
| [2](#xx_41087375-24a3-4830-9155-ec7a87ecdd54_SOI-Continued-718_1) | Consolidated Schedule of Investments |
| [25](#xx_41087375-24a3-4830-9155-ec7a87ecdd54_FS-Continued-718_1) | Consolidated Financial Statements |
| [28](#xx_41087375-24a3-4830-9155-ec7a87ecdd54_FS-Continued-718_4) | Consolidated Financial Highlights |
| [29](#xx_41087375-24a3-4830-9155-ec7a87ecdd54_NTF-Continued-718_1) | Notes to Consolidated Financial Statements |
| [39](#xx_41087375-24a3-4830-9155-ec7a87ecdd54_AOC-Continued-718_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [41](#xx_41087375-24a3-4830-9155-ec7a87ecdd54_OIRSR-Continued-718_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

O-VIGLSI-NCSRS

------

**Consolidated Schedule of Investments** 

*June 30, 2025*

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–32.82%** | **U.S. Dollar Denominated Bonds & Notes–32.82%** | **U.S. Dollar Denominated Bonds & Notes–32.82%** | **U.S. Dollar Denominated Bonds & Notes–32.82%** |
| **Argentina–0.53%** | **Argentina–0.53%** | **Argentina–0.53%** | **Argentina–0.53%** |
| Argentine Republic Government <br> International Bond, | Argentine Republic Government <br> International Bond, |  |  |
| 0.75%, 07/09/2030<sup>(a)</sup> <br>|  | $1738000 | &nbsp;&nbsp; $1390400 |
| 3.50%, 07/09/2041<sup>(a)</sup> <br>|  | 2350000 | &nbsp;&nbsp; 1458643 |
| Vista Energy Argentina S.A.U., <br> 7.63%, 12/10/2035<sup>(b)</sup> <br>|  | 775000 | &nbsp;&nbsp; 752331 |
|  |  |  | &nbsp;&nbsp; 3601374 |
| **Belgium–0.24%** | **Belgium–0.24%** | **Belgium–0.24%** | **Belgium–0.24%** |
| Telenet Finance Luxembourg <br> Notes S.a.r.l., 5.50%, <br> 03/01/2028<sup>(b)</sup> <br>|  | 1600000 | &nbsp;&nbsp; 1591175 |
| **Brazil–0.61%** | **Brazil–0.61%** | **Brazil–0.61%** | **Brazil–0.61%** |
| Arcos Dorados B.V., 6.38%, <br> 01/29/2032<sup>(b)</sup> <br>|  | 1410000 | &nbsp;&nbsp; 1467655 |
| Sitios Latinoamerica S.A.B. de <br> C.V., 5.38%, 04/04/2032<sup>(b)</sup> <br>|  | 2024000 | &nbsp;&nbsp; 1996759 |
| Suzano Austria GmbH, 2.50%, <br> 09/15/2028<br>|  | 701000 | &nbsp;&nbsp; 652006 |
|  |  |  | &nbsp;&nbsp; 4116420 |
| **Canada–2.51%** | **Canada–2.51%** | **Canada–2.51%** | **Canada–2.51%** |
| Bell Canada, 6.88%, <br> 09/15/2055<sup>(c)</sup> <br>|  | 934000 | &nbsp;&nbsp; 959698 |
| Brookfield Finance, Inc., 5.97%, <br> 03/04/2054<br>|  | 827000 | &nbsp;&nbsp; 826104 |
| Brookfield Infrastructure Finance <br> ULC, 6.75%, 03/15/2055<sup>(c)</sup> <br>|  | 758000 | &nbsp;&nbsp; 762723 |
| Constellation Software, Inc., <br> 5.16%, 02/16/2029<sup>(b)(d)</sup> <br>|  | 550000 | &nbsp;&nbsp; 559652 |
| Element Fleet Management Corp., | Element Fleet Management Corp., |  |  |
| 5.64%, 03/13/2027<sup>(b)</sup> <br>|  | 3100000 | &nbsp;&nbsp; 3149393 |
| 6.32%, 12/04/2028<sup>(b)</sup> <br>|  | 1544000 | &nbsp;&nbsp; 1629125 |
| Enbridge, Inc., 7.38%, <br> 01/15/2083<sup>(c)(d)</sup> <br>|  | 2989000 | &nbsp;&nbsp; 3082615 |
| Hudbay Minerals, Inc., 6.13%, <br> 04/01/2029<sup>(b)</sup> <br>|  | 276000 | &nbsp;&nbsp; 280505 |
| New Gold, Inc., 6.88%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 565000 | &nbsp;&nbsp; 582652 |
| Northriver Midstream Finance <br> L.P., 6.75%, 07/15/2032<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 285003 |
| RB Global Holdings, Inc., | RB Global Holdings, Inc., |  |  |
| 6.75%, 03/15/2028<sup>(b)</sup> <br>|  | 407000 | &nbsp;&nbsp; 417997 |
| 7.75%, 03/15/2031<sup>(b)(d)</sup> <br>|  | 394000 | &nbsp;&nbsp; 414689 |
| Rogers Communications, Inc., <br> 7.00%, 04/15/2055<sup>(c)(d)</sup> <br>|  | 943000 | &nbsp;&nbsp; 966441 |
| South Bow Canadian <br> Infrastructure Holdings Ltd., <br> 7.63%, 03/01/2055<sup>(b)(c)</sup> <br>|  | 1550000 | &nbsp;&nbsp; 1615615 |
| Transcanada Trust, Series 16-A, <br> 5.88%, 08/15/2076<sup>(c)</sup> <br>|  | 1455000 | &nbsp;&nbsp; 1460931 |
|  |  |  | &nbsp;&nbsp; 16993143 |
| **Chile–0.59%** | **Chile–0.59%** | **Chile–0.59%** | **Chile–0.59%** |
| Banco de Credito e Inversiones <br> S.A., 8.75%<sup>(b)(c)(e)</sup> <br>|  | 775000 | &nbsp;&nbsp; 818245 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Chile–(continued)** | **Chile–(continued)** | **Chile–(continued)** | **Chile–(continued)** |
| Banco del Estado de Chile, <br> 7.95%<sup>(b)(c)(e)</sup> <br>|  | $426000 | &nbsp;&nbsp; $443851 |
| Chile Electricity Lux MPC II S.a.r.l., <br> 5.58%, 10/20/2035<sup>(b)</sup> <br>|  | 659816 | &nbsp;&nbsp; 660860 |
| Sociedad Quimica y Minera de <br> Chile S.A., 5.50%, <br> 09/10/2034<sup>(b)</sup> <br>|  | 2105000 | &nbsp;&nbsp; 2050754 |
|  |  |  | &nbsp;&nbsp; 3973710 |
| **China–0.11%** | **China–0.11%** | **China–0.11%** | **China–0.11%** |
| Prosus N.V., 3.26%, <br> 01/19/2027<sup>(b)</sup> <br>|  | 780000 | &nbsp;&nbsp; 763910 |
| **Colombia–0.48%** | **Colombia–0.48%** | **Colombia–0.48%** | **Colombia–0.48%** |
| Ecopetrol S.A., | Ecopetrol S.A., |  |  |
| 8.63%, 01/19/2029 |  | 1550000 | &nbsp;&nbsp; 1640052 |
| 7.75%, 02/01/2032 |  | 830000 | &nbsp;&nbsp; 816203 |
| SURA Asset Management S.A., <br> 6.35%, 05/13/2032<sup>(b)</sup> <br>|  | 720000 | &nbsp;&nbsp; 758592 |
|  |  |  | &nbsp;&nbsp; 3214847 |
| **Dominican Republic–0.25%** | **Dominican Republic–0.25%** | **Dominican Republic–0.25%** | **Dominican Republic–0.25%** |
| Aeropuertos Dominicanos Siglo <br> XXI S.A., 7.00%, <br> 06/30/2034<sup>(b)(d)</sup> <br>|  | 925000 | &nbsp;&nbsp; 963540 |
| Dominican Republic International Bond, | Dominican Republic International Bond, |  |  |
| 4.50%, 01/30/2030<sup>(b)</sup> <br>|  | 305000 | &nbsp;&nbsp; 290345 |
| 4.88%, 09/23/2032<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 462925 |
|  |  |  | &nbsp;&nbsp; 1716810 |
| **Egypt–0.16%** | **Egypt–0.16%** | **Egypt–0.16%** | **Egypt–0.16%** |
| Egypt Government International <br> Bond, 8.63%, 02/04/2030<sup>(b)</sup> <br>|  | 1095000 | &nbsp;&nbsp; 1108277 |
| **Finland–0.04%** | **Finland–0.04%** | **Finland–0.04%** | **Finland–0.04%** |
| Amer Sports Co., 6.75%, <br> 02/16/2031<sup>(b)</sup> <br>|  | 274000 | &nbsp;&nbsp; 285488 |
| **France–0.37%** | **France–0.37%** | **France–0.37%** | **France–0.37%** |
| Electricite de France S.A., <br> 9.13%<sup>(b)(c)(e)</sup> <br>|  | 1001000 | &nbsp;&nbsp; 1131555 |
| Forvia SE, 8.00%, <br> 06/15/2030<sup>(b)</sup> <br>|  | 212000 | &nbsp;&nbsp; 217477 |
| Iliad Holding S.A.S., | Iliad Holding S.A.S., |  |  |
| 7.00%, 10/15/2028<sup>(b)</sup> <br>|  | 17000 | &nbsp;&nbsp; 17324 |
| 7.00%, 04/15/2032<sup>(b)</sup> <br>|  | 33000 | &nbsp;&nbsp; 33852 |
| Iliad Holding S.A.S.U., 8.50%, <br> 04/15/2031<sup>(b)(d)</sup> <br>|  | 750000 | &nbsp;&nbsp; 802894 |
| Opal Bidco SAS, 6.50%, <br> 03/31/2032<sup>(b)</sup> <br>|  | 280000 | &nbsp;&nbsp; 285954 |
|  |  |  | &nbsp;&nbsp; 2489056 |
| **Germany–0.35%** | **Germany–0.35%** | **Germany–0.35%** | **Germany–0.35%** |
| Bayer US Finance LLC, 6.13%, <br> 11/21/2026<sup>(b)</sup> <br>|  | 1745000 | &nbsp;&nbsp; 1774016 |
| Cerdia Finanz GmbH, 9.38%, <br> 10/03/2031<sup>(b)</sup> <br>|  | 597000 | &nbsp;&nbsp; 620265 |
|  |  |  | &nbsp;&nbsp; 2394281 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**2**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **India–0.95%** | **India–0.95%** | **India–0.95%** | **India–0.95%** |
| GMR Hyderabad International <br> Airport Ltd., 4.25%, <br> 10/27/2027<sup>(b)</sup> <br>|  | $1800000 | &nbsp;&nbsp; $1742647 |
| Muthoot Finance Ltd., | Muthoot Finance Ltd., |  |  |
| 7.13%, 02/14/2028<sup>(b)</sup> <br>|  | 1550000 | &nbsp;&nbsp; 1579184 |
| 6.38%, 04/23/2029<sup>(b)</sup> <br>|  | 3100000 | &nbsp;&nbsp; 3094746 |
|  |  |  | &nbsp;&nbsp; 6416577 |
| **Indonesia–0.22%** | **Indonesia–0.22%** | **Indonesia–0.22%** | **Indonesia–0.22%** |
| PT Perusahaan Perseroan <br> (Persero) Perusahaan Listrik <br> Negara, 4.13%, <br> 05/15/2027<sup>(b)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1486123 |
| **Ireland–0.32%** | **Ireland–0.32%** | **Ireland–0.32%** | **Ireland–0.32%** |
| AerCap Ireland Capital <br> DAC/AerCap Global Aviation <br> Trust, 6.95%, 03/10/2055<sup>(c)</sup> <br>|  | 450000 | &nbsp;&nbsp; 467899 |
| BB Blue Financing DAC, Series A1, <br> 4.40%, 09/20/2037<br>|  | 750000 | &nbsp;&nbsp; 731647 |
| GGAM Finance Ltd., 6.88%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 558000 | &nbsp;&nbsp; 578271 |
| TrueNoord Capital DAC, 8.75%, <br> 03/01/2030<sup>(b)</sup> <br>|  | 390000 | &nbsp;&nbsp; 405289 |
|  |  |  | &nbsp;&nbsp; 2183106 |
| **Italy–0.85%** | **Italy–0.85%** | **Italy–0.85%** | **Italy–0.85%** |
| FIBERCOP S.p.A., 6.00%, <br> 09/30/2034<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 282252 |
| Intesa Sanpaolo S.p.A., <br> 7.70%<sup>(b)(c)(e)</sup> <br>|  | 4600000 | &nbsp;&nbsp; 4619987 |
| Optics Bidco S.p.A., 7.20%, <br> 07/18/2036<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 269385 |
| Telecom Italia Capital S.A., | Telecom Italia Capital S.A., |  |  |
| 6.38%, 11/15/2033<sup>(d)</sup> <br>|  | 316000 | &nbsp;&nbsp; 329906 |
| 7.72%, 06/04/2038 |  | 246000 | &nbsp;&nbsp; 265463 |
|  |  |  | &nbsp;&nbsp; 5766993 |
| **Ivory Coast–0.12%** | **Ivory Coast–0.12%** | **Ivory Coast–0.12%** | **Ivory Coast–0.12%** |
| Ivory Coast Government <br> International Bond, 8.08%, <br> 04/01/2036<sup>(b)</sup> <br>|  | 870000 | &nbsp;&nbsp; 840846 |
| **Macau–0.29%** | **Macau–0.29%** | **Macau–0.29%** | **Macau–0.29%** |
| MGM China Holdings Ltd., | MGM China Holdings Ltd., |  |  |
| 5.88%, 05/15/2026<sup>(b)</sup> <br>|  | 450000 | &nbsp;&nbsp; 450570 |
| 4.75%, 02/01/2027<sup>(b)</sup> <br>|  | 1240000 | &nbsp;&nbsp; 1231456 |
| Studio City Finance Ltd., 5.00%, <br> 01/15/2029<sup>(b)</sup> <br>|  | 323000 | &nbsp;&nbsp; 296608 |
|  |  |  | &nbsp;&nbsp; 1978634 |
| **Mexico–1.51%** | **Mexico–1.51%** | **Mexico–1.51%** | **Mexico–1.51%** |
| Banco Mercantil del Norte S.A., <br> 8.38%<sup>(b)(c)(e)</sup> <br>|  | 650000 | &nbsp;&nbsp; 674566 |
| Braskem Idesa S.A.P.I., 7.45%, <br> 11/15/2029<sup>(b)</sup> <br>|  | 1150000 | &nbsp;&nbsp; 847723 |
| CEMEX Materials LLC, 7.70%, <br> 07/21/2025<sup>(b)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1509225 |
| CEMEX S.A.B. de C.V., <br> 5.13%<sup>(b)(c)(e)</sup> <br>|  | 965000 | &nbsp;&nbsp; 949758 |
| FIEMEX Energia - Banco Actinver <br> S.A. Institucion de Banca <br> Multiple, 7.25%, <br> 01/31/2041<sup>(b)</sup> <br>|  | 944538 | &nbsp;&nbsp; 959556 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Mexico–(continued)** | **Mexico–(continued)** | **Mexico–(continued)** | **Mexico–(continued)** |
| Nemak S.A.B. de C.V., 3.63%, <br> 06/28/2031<sup>(b)</sup> <br>|  | $1195000 | &nbsp;&nbsp; $991241 |
| Petroleos Mexicanos, | Petroleos Mexicanos, |  |  |
| 6.50%, 03/13/2027 |  | 1500000 | &nbsp;&nbsp; 1490516 |
| 8.75%, 06/02/2029 |  | 1500000 | &nbsp;&nbsp; 1554995 |
| 6.95%, 01/28/2060 |  | 1705000 | &nbsp;&nbsp; 1226260 |
|  |  |  | &nbsp;&nbsp; 10203840 |
| **Nigeria–0.23%** | **Nigeria–0.23%** | **Nigeria–0.23%** | **Nigeria–0.23%** |
| IHS Holding Ltd., 8.25%, <br> 11/29/2031<sup>(b)</sup> <br>|  | 1550000 | &nbsp;&nbsp; 1569062 |
| **Panama–0.10%** | **Panama–0.10%** | **Panama–0.10%** | **Panama–0.10%** |
| Telecomunicaciones Digitales <br> S.A., 4.50%, 01/30/2030<sup>(b)</sup> <br>|  | 750000 | &nbsp;&nbsp; 700263 |
| **Peru–0.13%** | **Peru–0.13%** | **Peru–0.13%** | **Peru–0.13%** |
| Compania de Minas Buenaventura <br> S.A.A., 6.80%, <br> 02/04/2032<sup>(b)</sup> <br>|  | 895000 | &nbsp;&nbsp; 910215 |
| **Serbia–0.08%** | **Serbia–0.08%** | **Serbia–0.08%** | **Serbia–0.08%** |
| Telecommunications Co. Telekom <br> Srbija AD Belgrade, 7.00%, <br> 10/28/2029<sup>(b)</sup> <br>|  | 530000 | &nbsp;&nbsp; 530666 |
| **Supranational–0.12%** | **Supranational–0.12%** | **Supranational–0.12%** | **Supranational–0.12%** |
| European Bank for Reconstruction <br> & Development, 6.40%, <br> 08/27/2025<br>|  | 800000 | &nbsp;&nbsp; 802024 |
| **Switzerland–1.09%** | **Switzerland–1.09%** | **Switzerland–1.09%** | **Switzerland–1.09%** |
| Argentum Netherlands B.V. for <br> Swiss Re Ltd., 5.63%, <br> 08/15/2052<sup>(b)(c)</sup> <br>|  | 207000 | &nbsp;&nbsp; 208077 |
| Credit Suisse Group AG, <br> 6.25%<sup>(b)(c)(e)(f)(g)</sup> <br>|  | 3015000 | &nbsp;&nbsp; 180900 |
| UBS Group AG, | UBS Group AG, |  |  |
| 6.88%<sup>(b)(c)(e)</sup> <br>|  | 775000 | &nbsp;&nbsp; 776200 |
| 9.25%<sup>(b)(c)(e)</sup> <br>|  | 1550000 | &nbsp;&nbsp; 1695660 |
| Willow No 2 Ireland PLC for Zurich <br> Insurance Co. Ltd., 4.25%, <br> 10/01/2045<sup>(b)(c)</sup> <br>|  | 4500000 | &nbsp;&nbsp; 4487400 |
|  |  |  | &nbsp;&nbsp; 7348237 |
| **United Kingdom–2.04%** | **United Kingdom–2.04%** | **United Kingdom–2.04%** | **United Kingdom–2.04%** |
| Aberdeen Group PLC, 4.25%, <br> 06/30/2028<sup>(b)</sup> <br>|  | 675000 | &nbsp;&nbsp; 653503 |
| B.A.T. Capital Corp., 6.00%, <br> 02/20/2034<br>|  | 861000 | &nbsp;&nbsp; 908038 |
| British Telecommunications PLC, <br> 4.25%, 11/23/2081<sup>(b)(c)(d)</sup> <br>|  | 4350000 | &nbsp;&nbsp; 4272557 |
| California Buyer Ltd./Atlantica <br> Sustainable Infrastructure PLC, <br> 6.38%, 02/15/2032<sup>(b)</sup> <br>|  | 280000 | &nbsp;&nbsp; 280706 |
| M&G PLC, 6.50%, <br> 10/20/2048<sup>(b)(c)</sup> <br>|  | 375000 | &nbsp;&nbsp; 385547 |
| NatWest Group PLC, 6.00%<sup>(c)(e)</sup> <br>|  | 750000 | &nbsp;&nbsp; 750643 |
| Rolls-Royce PLC, 3.63%, <br> 10/14/2025<sup>(b)</sup> <br>|  | 2070000 | &nbsp;&nbsp; 2067232 |
| Virgin Media Secured Finance PLC, <br> 5.50%, 05/15/2029<sup>(b)</sup> <br>|  | 630000 | &nbsp;&nbsp; 620051 |
| Vodafone Group PLC, | Vodafone Group PLC, |  |  |
| 3.25%, 06/04/2081<sup>(c)(d)</sup> <br>|  | 2743000 | &nbsp;&nbsp; 2704715 |
| 4.13%, 06/04/2081<sup>(c)</sup> <br>|  | 639000 | &nbsp;&nbsp; 584707 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**3**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United Kingdom–(continued)** | **United Kingdom–(continued)** | **United Kingdom–(continued)** | **United Kingdom–(continued)** |
| Weir Group, Inc., 5.35%, <br> 05/06/2030<sup>(b)(d)</sup> <br>|  | $569000 | &nbsp;&nbsp; $577158 |
|  |  |  | &nbsp;&nbsp; 13804857 |
| **United States–18.08%** | **United States–18.08%** | **United States–18.08%** | **United States–18.08%** |
| 1261229 BC Ltd., 10.00%, <br> 04/15/2032<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201898 |
| Acrisure LLC/Acrisure Finance, <br> Inc., 7.50%, 11/06/2030<sup>(b)</sup> <br>|  | 405000 | &nbsp;&nbsp; 418642 |
| AES Corp. (The), 7.60%, <br> 01/15/2055<sup>(c)(d)</sup> <br>|  | 2214000 | &nbsp;&nbsp; 2285069 |
| Aethon United BR L.P./Aethon <br> United Finance Corp., 7.50%, <br> 10/01/2029<sup>(b)</sup> <br>|  | 260000 | &nbsp;&nbsp; 272917 |
| Air Lease Corp., Series B, <br> 4.65%<sup>(c)(d)(e)</sup> <br>|  | 437000 | &nbsp;&nbsp; 435573 |
| Aircastle Ltd., 5.25%<sup>(b)(c)(d)(e)</sup> <br>|  | 732000 | &nbsp;&nbsp; 726364 |
| Alliant Holdings Intermediate LLC/<br> Alliant Holdings Co-Issuer, <br> 7.00%, 01/15/2031<sup>(b)</sup> <br>|  | 429000 | &nbsp;&nbsp; 444086 |
| Allison Transmission, Inc., | Allison Transmission, Inc., |  |  |
| 4.75%, 10/01/2027<sup>(b)</sup> <br>|  | 139000 | &nbsp;&nbsp; 137823 |
| 3.75%, 01/30/2031<sup>(b)(d)</sup> <br>|  | 1045000 | &nbsp;&nbsp; 958481 |
| American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., | American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., |  |  |
| 5.50%, 04/20/2026<sup>(b)</sup> <br>|  | 986666 | &nbsp;&nbsp; 985019 |
| 5.75%, 04/20/2029<sup>(b)</sup> <br>|  | 841000 | &nbsp;&nbsp; 840788 |
| American Express Co., 6.34%, <br> 10/30/2026<sup>(c)</sup> <br>|  | 2100000 | &nbsp;&nbsp; 2112464 |
| Antero Midstream Partners <br> L.P./Antero Midstream Finance <br> Corp., 6.63%, 02/01/2032<sup>(b)</sup> <br>|  | 276000 | &nbsp;&nbsp; 285263 |
| Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal <br> Packaging Finance PLC, <br> 6.00%, 06/15/2027<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 276022 |
| Ares Capital Corp., 5.88%, <br> 03/01/2029<br>|  | 2004000 | &nbsp;&nbsp; 2044065 |
| Ashton Woods USA LLC/Ashton <br> Woods Finance Co., 6.63%, <br> 01/15/2028<sup>(b)</sup> <br>|  | 574000 | &nbsp;&nbsp; 576729 |
| Bain Capital Specialty Finance, <br> Inc., 5.95%, 03/15/2030<br>|  | 387000 | &nbsp;&nbsp; 382763 |
| Bath & Body Works, Inc., 6.63%, <br> 10/01/2030<sup>(b)</sup> <br>|  | 271000 | &nbsp;&nbsp; 279588 |
| Bausch Health Cos., Inc., <br> 11.00%, 09/30/2028<sup>(b)</sup> <br>|  | 87000 | &nbsp;&nbsp; 86192 |
| Berry Global, Inc., 5.65%, <br> 01/15/2034<sup>(d)</sup> <br>|  | 802000 | &nbsp;&nbsp; 828124 |
| Boost Newco Borrower LLC, <br> 7.50%, 01/15/2031<sup>(b)</sup> <br>|  | 257000 | &nbsp;&nbsp; 272992 |
| BP Capital Markets PLC, <br> 4.88%<sup>(c)(d)(e)</sup> <br>|  | 455000 | &nbsp;&nbsp; 451707 |
| Brink's Co. (The), 6.75%, <br> 06/15/2032<sup>(b)(d)</sup> <br>|  | 291000 | &nbsp;&nbsp; 303272 |
| Calpine Corp., 5.13%, <br> 03/15/2028<sup>(b)</sup> <br>|  | 420000 | &nbsp;&nbsp; 419792 |
| Carnival Corp., | Carnival Corp., |  |  |
| 5.75%, 03/01/2027<sup>(b)</sup> <br>|  | 175000 | &nbsp;&nbsp; 176554 |
| 5.88%, 06/15/2031<sup>(b)</sup> <br>|  | 186000 | &nbsp;&nbsp; 189604 |
| 6.13%, 02/15/2033<sup>(b)(d)</sup> <br>|  | 323000 | &nbsp;&nbsp; 330680 |
| Carriage Services, Inc., 4.25%, <br> 05/15/2029<sup>(b)(d)</sup> <br>|  | 458000 | &nbsp;&nbsp; 433040 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Carvana Co., 14.00% PIK Rate, <br> 9.00% Cash Rate, <br> 06/01/2031<sup>(b)(d)(h)</sup> <br>|  | $255000 | &nbsp;&nbsp; $302339 |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp., | CCO Holdings LLC/CCO Holdings Capital <br> Corp., |  |  |
| 5.13%, 05/01/2027<sup>(b)</sup> <br>|  | 329000 | &nbsp;&nbsp; 328167 |
| 5.38%, 06/01/2029<sup>(b)</sup> <br>|  | 181000 | &nbsp;&nbsp; 180464 |
| 4.75%, 03/01/2030<sup>(b)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1454321 |
| 4.50%, 08/15/2030<sup>(b)(d)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1431007 |
| 4.75%, 02/01/2032<sup>(b)</sup> <br>|  | 312000 | &nbsp;&nbsp; 296135 |
| 4.50%, 05/01/2032 |  | 345000 | &nbsp;&nbsp; 321494 |
| 4.25%, 01/15/2034<sup>(b)</sup> <br>|  | 332000 | &nbsp;&nbsp; 295750 |
| CD&R Smokey Buyer, Inc./Radio <br> Systems Corp., 9.50%, <br> 10/15/2029<sup>(b)</sup> <br>|  | 33000 | &nbsp;&nbsp; 26933 |
| Celanese US Holdings LLC, <br> 7.20%, 11/15/2033<br>|  | 266000 | &nbsp;&nbsp; 282541 |
| CenterPoint Energy, Inc., 6.70%, <br> 05/15/2055<sup>(c)</sup> <br>|  | 271000 | &nbsp;&nbsp; 274170 |
| Charles Schwab Corp. (The), <br> 6.20%, 11/17/2029<sup>(c)</sup> <br>|  | 1667000 | &nbsp;&nbsp; 1769320 |
| Cheniere Energy, Inc., 5.65%, <br> 04/15/2034<br>|  | 809000 | &nbsp;&nbsp; 828951 |
| Civitas Resources, Inc., | Civitas Resources, Inc., |  |  |
| 8.75%, 07/01/2031<sup>(b)</sup> <br>|  | 132000 | &nbsp;&nbsp; 133631 |
| 9.63%, 06/15/2033<sup>(b)</sup> <br>|  | 135000 | &nbsp;&nbsp; 138499 |
| Clarios Global L.P./Clarios US <br> Finance Co., 6.75%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 140000 | &nbsp;&nbsp; 145682 |
| Clarivate Science Holdings Corp., <br> 4.88%, 07/01/2029<sup>(b)</sup> <br>|  | 306000 | &nbsp;&nbsp; 288432 |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| 5.88%, 06/01/2027 |  | 73000 | &nbsp;&nbsp; 72987 |
| 7.00%, 03/15/2032<sup>(b)</sup> <br>|  | 219000 | &nbsp;&nbsp; 206717 |
| Clydesdale Acquisition Holdings, <br> Inc., 6.75%, 04/15/2032<sup>(b)</sup> <br>|  | 268000 | &nbsp;&nbsp; 275208 |
| CMS Energy Corp., 6.50%, <br> 06/01/2055<sup>(c)</sup> <br>|  | 1701000 | &nbsp;&nbsp; 1709323 |
| Community Health Systems, Inc., | Community Health Systems, Inc., |  |  |
| 5.63%, 03/15/2027<sup>(b)</sup> <br>|  | 130000 | &nbsp;&nbsp; 128129 |
| 5.25%, 05/15/2030<sup>(b)</sup> <br>|  | 171000 | &nbsp;&nbsp; 151796 |
| 4.75%, 02/15/2031<sup>(b)</sup> <br>|  | 160000 | &nbsp;&nbsp; 136916 |
| Comstock Resources, Inc., <br> 6.75%, 03/01/2029<sup>(b)</sup> <br>|  | 289000 | &nbsp;&nbsp; 289865 |
| Cougar JV Subsidiary LLC, <br> 8.00%, 05/15/2032<sup>(b)(d)</sup> <br>|  | 279000 | &nbsp;&nbsp; 297670 |
| Cousins Properties L.P., 5.25%, <br> 07/15/2030<br>|  | 1239000 | &nbsp;&nbsp; 1262893 |
| Cox Communications, Inc., <br> 2.95%, 10/01/2050<sup>(b)</sup> <br>|  | 956000 | &nbsp;&nbsp; 544880 |
| CVS Health Corp., 6.75%, <br> 12/10/2054<sup>(c)</sup> <br>|  | 470000 | &nbsp;&nbsp; 472198 |
| DaVita, Inc., | DaVita, Inc., |  |  |
| 6.88%, 09/01/2032<sup>(b)</sup> <br>|  | 134000 | &nbsp;&nbsp; 138932 |
| 6.75%, 07/15/2033<sup>(b)</sup> <br>|  | 140000 | &nbsp;&nbsp; 144651 |
| Delek Logistics Partners <br> L.P./Delek Logistics Finance <br> Corp., 7.38%, 06/30/2033<sup>(b)</sup> <br>|  | 285000 | &nbsp;&nbsp; 283919 |
| Dell International LLC/EMC Corp., <br> 6.20%, 07/15/2030<br>|  | 2600000 | &nbsp;&nbsp; 2783367 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**4**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., | Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., |  |  |
| 5.88%, 08/15/2027<sup>(b)</sup> <br>|  | $141000 | &nbsp;&nbsp; $140628 |
| 10.00%, 02/15/2031<sup>(b)</sup> <br>|  | 146000 | &nbsp;&nbsp; 141842 |
| Diversified Healthcare Trust, <br> 0.00%, 01/15/2026<sup>(b)(i)</sup> <br>|  | 436000 | &nbsp;&nbsp; 423178 |
| Duke Energy Corp., 6.45%, <br> 09/01/2054<sup>(c)(d)</sup> <br>|  | 298000 | &nbsp;&nbsp; 307033 |
| Endo Finance Holdings, Inc., <br> 8.50%, 04/15/2031<sup>(b)</sup> <br>|  | 273000 | &nbsp;&nbsp; 289328 |
| Energy Transfer L.P., | Energy Transfer L.P., |  |  |
| 8.00%, 05/15/2054<sup>(c)(d)</sup> <br>|  | 839000 | &nbsp;&nbsp; 893182 |
| 7.13%, 10/01/2054<sup>(c)</sup> <br>|  | 4340000 | &nbsp;&nbsp; 4453873 |
| EnerSys, | EnerSys, |  |  |
| 4.38%, 12/15/2027<sup>(b)</sup> <br>|  | 291000 | &nbsp;&nbsp; 287081 |
| 6.63%, 01/15/2032<sup>(b)</sup> <br>|  | 134000 | &nbsp;&nbsp; 137186 |
| Enpro, Inc., 6.13%, <br> 06/01/2033<sup>(b)</sup> <br>|  | 555000 | &nbsp;&nbsp; 568776 |
| Entergy Corp., 7.13%, <br> 12/01/2054<sup>(c)(d)</sup> <br>|  | 2148000 | &nbsp;&nbsp; 2227812 |
| ESAB Corp., 6.25%, <br> 04/15/2029<sup>(b)(d)</sup> <br>|  | 408000 | &nbsp;&nbsp; 418245 |
| Excelerate Energy L.P., 8.00%, <br> 05/15/2030<sup>(b)</sup> <br>|  | 268000 | &nbsp;&nbsp; 282724 |
| EZCORP, Inc., 7.38%, <br> 04/01/2032<sup>(b)(d)</sup> <br>|  | 532000 | &nbsp;&nbsp; 561318 |
| FirstCash, Inc., | FirstCash, Inc., |  |  |
| 5.63%, 01/01/2030<sup>(b)</sup> <br>|  | 95000 | &nbsp;&nbsp; 94881 |
| 6.88%, 03/01/2032<sup>(b)(d)</sup> <br>|  | 443000 | &nbsp;&nbsp; 458967 |
| Freedom Mortgage Holdings LLC, <br> 8.38%, 04/01/2032<sup>(b)</sup> <br>|  | 144000 | &nbsp;&nbsp; 145666 |
| Freeport-McMoRan, Inc., 4.63%, <br> 08/01/2030<br>|  | 2710000 | &nbsp;&nbsp; 2684059 |
| General Motors Co., 6.80%, <br> 10/01/2027<br>|  | 3000000 | &nbsp;&nbsp; 3124966 |
| Genesis Energy L.P./Genesis Energy <br> Finance Corp., | Genesis Energy L.P./Genesis Energy <br> Finance Corp., |  |  |
| 8.88%, 04/15/2030 |  | 70000 | &nbsp;&nbsp; 74380 |
| 7.88%, 05/15/2032 |  | 125000 | &nbsp;&nbsp; 130076 |
| 8.00%, 05/15/2033 |  | 203000 | &nbsp;&nbsp; 212411 |
| GFL Environmental, Inc., | GFL Environmental, Inc., |  |  |
| 4.00%, 08/01/2028<sup>(b)</sup> <br>|  | 596000 | &nbsp;&nbsp; 578514 |
| 3.50%, 09/01/2028<sup>(b)</sup> <br>|  | 303000 | &nbsp;&nbsp; 292483 |
| Global Atlantic (Fin) Co., 4.70%, <br> 10/15/2051<sup>(b)(c)</sup> <br>|  | 316000 | &nbsp;&nbsp; 310296 |
| Global Partners L.P./GLP Finance <br> Corp., 7.13%, 07/01/2033<sup>(b)</sup> <br>|  | 285000 | &nbsp;&nbsp; 289202 |
| Golub Capital Private Credit Fund, <br> 5.80%, 09/12/2029<br>|  | 1409000 | &nbsp;&nbsp; 1408097 |
| Gray Media, Inc., 10.50%, <br> 07/15/2029<sup>(b)</sup> <br>|  | 56000 | &nbsp;&nbsp; 60204 |
| Greystar Real Estate Partners LLC, <br> 7.75%, 09/01/2030<sup>(b)</sup> <br>|  | 127000 | &nbsp;&nbsp; 134902 |
| Group 1 Automotive, Inc., | Group 1 Automotive, Inc., |  |  |
| 4.00%, 08/15/2028<sup>(b)</sup> <br>|  | 301000 | &nbsp;&nbsp; 290776 |
| 6.38%, 01/15/2030<sup>(b)</sup> <br>|  | 282000 | &nbsp;&nbsp; 290104 |
| Hertz Corp. (The), 12.63%, <br> 07/15/2029<sup>(b)</sup> <br>|  | 29000 | &nbsp;&nbsp; 30360 |
| Hilton Domestic Operating Co., <br> Inc., 5.88%, <br> 03/15/2033<sup>(b)(d)</sup> <br>|  | 561000 | &nbsp;&nbsp; 571955 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| HLF Financing S.a.r.l. <br> LLC/Herbalife International, <br> Inc., 4.88%, 06/01/2029<sup>(b)</sup> <br>|  | $34000 | &nbsp;&nbsp; $28759 |
| Howard Midstream Energy <br> Partners LLC, 7.38%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 199000 | &nbsp;&nbsp; 209435 |
| HUB International Ltd., 7.25%, <br> 06/15/2030<sup>(b)</sup> <br>|  | 408000 | &nbsp;&nbsp; 426674 |
| Hyundai Capital America, 4.90%, <br> 06/23/2028<sup>(b)(d)</sup> <br>|  | 3000000 | &nbsp;&nbsp; 3022238 |
| Iron Mountain Information <br> Management Services, Inc., <br> 5.00%, 07/15/2032<sup>(b)</sup> <br>|  | 305000 | &nbsp;&nbsp; 292902 |
| Iron Mountain, Inc., | Iron Mountain, Inc., |  |  |
| 7.00%, 02/15/2029<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 258966 |
| 4.50%, 02/15/2031<sup>(b)</sup> <br>|  | 310000 | &nbsp;&nbsp; 295598 |
| 6.25%, 01/15/2033<sup>(b)</sup> <br>|  | 270000 | &nbsp;&nbsp; 277805 |
| J.M. Smucker Co. (The), 5.90%, <br> 11/15/2028<sup>(d)</sup> <br>|  | 1467000 | &nbsp;&nbsp; 1542212 |
| Jabil, Inc., 3.00%, 01/15/2031 |  | 1300000 | &nbsp;&nbsp; 1185773 |
| Jane Street Group/JSG Finance, Inc., | Jane Street Group/JSG Finance, Inc., |  |  |
| 4.50%, 11/15/2029<sup>(b)</sup> <br>|  | 282000 | &nbsp;&nbsp; 273790 |
| 6.13%, 11/01/2032<sup>(b)</sup> <br>|  | 701000 | &nbsp;&nbsp; 708130 |
| 6.75%, 05/01/2033<sup>(b)</sup> <br>|  | 270000 | &nbsp;&nbsp; 277784 |
| Keurig Dr Pepper, Inc., 4.35%, <br> 05/15/2028<br>|  | 698000 | &nbsp;&nbsp; 699333 |
| Kimmeridge Texas Gas LLC, <br> 8.50%, 02/15/2030<sup>(b)</sup> <br>|  | 280000 | &nbsp;&nbsp; 290016 |
| L3Harris Technologies, Inc., <br> 5.40%, 01/15/2027<br>|  | 1250000 | &nbsp;&nbsp; 1271216 |
| Lamar Media Corp., 4.88%, <br> 01/15/2029<br>|  | 764000 | &nbsp;&nbsp; 755850 |
| Lamb Weston Holdings, Inc., <br> 4.38%, 01/31/2032<sup>(b)(d)</sup> <br>|  | 313000 | &nbsp;&nbsp; 294312 |
| LCM Investments Holdings II LLC, | LCM Investments Holdings II LLC, |  |  |
| 4.88%, 05/01/2029<sup>(b)</sup> <br>|  | 147000 | &nbsp;&nbsp; 143072 |
| 8.25%, 08/01/2031<sup>(b)</sup> <br>|  | 271000 | &nbsp;&nbsp; 288349 |
| Level 3 Financing, Inc., | Level 3 Financing, Inc., |  |  |
| 11.00%, 11/15/2029<sup>(b)</sup> <br>|  | 90319 | &nbsp;&nbsp; 103717 |
| 6.88%, 06/30/2033<sup>(b)</sup> <br>|  | 299000 | &nbsp;&nbsp; 304455 |
| Lions Gate Capital Holdings 1, <br> Inc., 5.50%, 04/15/2029<sup>(b)</sup> <br>|  | 323000 | &nbsp;&nbsp; 281517 |
| Lithia Motors, Inc., 4.38%, <br> 01/15/2031<sup>(b)(d)</sup> <br>|  | 311000 | &nbsp;&nbsp; 295933 |
| Lumen Technologies, Inc., <br> 10.00%, 10/15/2032<sup>(b)</sup> <br>|  | 54000 | &nbsp;&nbsp; 55215 |
| Macy's Retail Holdings LLC, <br> 6.70%, 07/15/2034<sup>(b)</sup> <br>|  | 321000 | &nbsp;&nbsp; 270029 |
| Mars, Inc., 4.80%, <br> 03/01/2030<sup>(b)(d)</sup> <br>|  | 535000 | &nbsp;&nbsp; 542257 |
| Mattel, Inc., 6.20%, <br> 10/01/2040<br>|  | 725000 | &nbsp;&nbsp; 730566 |
| Medline Borrower L.P., | Medline Borrower L.P., |  |  |
| 3.88%, 04/01/2029<sup>(b)</sup> <br>|  | 147000 | &nbsp;&nbsp; 141111 |
| 5.25%, 10/01/2029<sup>(b)</sup> <br>|  | 141000 | &nbsp;&nbsp; 140004 |
| MPT Operating Partnership <br> L.P./MPT Finance Corp., <br> 8.50%, 02/15/2032<sup>(b)</sup> <br>|  | 52000 | &nbsp;&nbsp; 54463 |
| Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., |  |  |
| 6.50%, 08/01/2029<sup>(b)</sup> <br>|  | 255000 | &nbsp;&nbsp; 260630 |
| 7.13%, 02/01/2032<sup>(b)</sup> <br>|  | 274000 | &nbsp;&nbsp; 284791 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**5**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Navient Corp., | Navient Corp., |  |  |
| 5.00%, 03/15/2027 |  | $215000 | &nbsp;&nbsp; $214280 |
| 9.38%, 07/25/2030 |  | 96000 | &nbsp;&nbsp; 105964 |
| NESCO Holdings II, Inc., 5.50%, <br> 04/15/2029<sup>(b)(d)</sup> <br>|  | 289000 | &nbsp;&nbsp; 281752 |
| New Enterprise Stone & Lime Co., <br> Inc., 5.25%, 07/15/2028<sup>(b)</sup> <br>|  | 278000 | &nbsp;&nbsp; 278916 |
| Newell Brands, Inc., | Newell Brands, Inc., |  |  |
| 6.63%, 09/15/2029 |  | 131000 | &nbsp;&nbsp; 129918 |
| 6.38%, 05/15/2030 |  | 296000 | &nbsp;&nbsp; 288696 |
| NextEra Energy Capital Holdings, <br> Inc., 6.75%, 06/15/2054<sup>(c)</sup> <br>|  | 1879000 | &nbsp;&nbsp; 1954104 |
| OI European Group B.V., 4.75%, <br> 02/15/2030<sup>(b)(d)</sup> <br>|  | 315000 | &nbsp;&nbsp; 303230 |
| OneMain Finance Corp., | OneMain Finance Corp., |  |  |
| 6.63%, 05/15/2029 |  | 130000 | &nbsp;&nbsp; 133679 |
| 4.00%, 09/15/2030 |  | 128000 | &nbsp;&nbsp; 118204 |
| 6.75%, 03/15/2032 |  | 130000 | &nbsp;&nbsp; 132608 |
| 7.13%, 09/15/2032 |  | 175000 | &nbsp;&nbsp; 181391 |
| ONEOK, Inc., | ONEOK, Inc., |  |  |
| 5.55%, 11/01/2026 |  | 1240000 | &nbsp;&nbsp; 1257397 |
| 6.63%, 09/01/2053 |  | 1556000 | &nbsp;&nbsp; 1618492 |
| Paramount Global, 2.90%, <br> 01/15/2027<br>|  | 1620000 | &nbsp;&nbsp; 1577854 |
| PennyMac Financial Services, Inc., <br> 4.25%, 02/15/2029<sup>(b)</sup> <br>|  | 138000 | &nbsp;&nbsp; 132797 |
| Penske Truck Leasing Co. L.P./PTL <br> Finance Corp., 6.05%, <br> 08/01/2028<sup>(b)</sup> <br>|  | 3000000 | &nbsp;&nbsp; 3126531 |
| PHINIA, Inc., | PHINIA, Inc., |  |  |
| 6.75%, 04/15/2029<sup>(b)</sup> <br>|  | 124000 | &nbsp;&nbsp; 128145 |
| 6.63%, 10/15/2032<sup>(b)</sup> <br>|  | 153000 | &nbsp;&nbsp; 155494 |
| Plains All American Pipeline <br> L.P./PAA Finance Corp., <br> 3.80%, 09/15/2030<br>|  | 780000 | &nbsp;&nbsp; 745830 |
| PNC Financial Services Group, Inc. <br> (The), 6.62%, 10/20/2027<sup>(c)</sup> <br>|  | 2226000 | &nbsp;&nbsp; 2288960 |
| Provident Funding Associates <br> L.P./PFG Finance Corp., <br> 9.75%, 09/15/2029<sup>(b)</sup> <br>|  | 393000 | &nbsp;&nbsp; 413549 |
| Reinsurance Group of America, <br> Inc., 6.65%, 09/15/2055<sup>(c)</sup> <br>|  | 319000 | &nbsp;&nbsp; 318746 |
| RHP Hotel Properties L.P./RHP <br> Finance Corp., 6.50%, <br> 06/15/2033<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 283077 |
| RLJ Lodging Trust L.P., 4.00%, <br> 09/15/2029<sup>(b)(d)</sup> <br>|  | 302000 | &nbsp;&nbsp; 282025 |
| Rocket Cos., Inc., 6.13%, <br> 08/01/2030<sup>(b)</sup> <br>|  | 278000 | &nbsp;&nbsp; 283464 |
| Roller Bearing Co. of America, <br> Inc., 4.38%, 10/15/2029<sup>(b)</sup> <br>|  | 304000 | &nbsp;&nbsp; 294758 |
| Saks Global Enterprises LLC, <br> 11.00%, 12/15/2029<sup>(b)</sup> <br>|  | 175000 | &nbsp;&nbsp; 97125 |
| SBA Communications Corp., <br> 3.13%, 02/01/2029<br>|  | 297000 | &nbsp;&nbsp; 280756 |
| Seagate Data Storage Technology Pte <br> Ltd., | Seagate Data Storage Technology Pte <br> Ltd., |  |  |
| 4.13%, 01/15/2031<sup>(b)</sup>  | 4.13%, 01/15/2031<sup>(b)</sup>  | 376000 | &nbsp;&nbsp; 342988 |
| 9.63%, 12/01/2032<sup>(b)</sup>  | 9.63%, 12/01/2032<sup>(b)</sup>  | 531200 | &nbsp;&nbsp; 598912 |
| Sealed Air Corp., | Sealed Air Corp., |  |  |
| 5.00%, 04/15/2029<sup>(b)</sup> <br>|  | 282000 | &nbsp;&nbsp; 279145 |
| 6.88%, 07/15/2033<sup>(b)</sup> <br>|  | 131000 | &nbsp;&nbsp; 141515 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Select Medical Corp., 6.25%, <br> 12/01/2032<sup>(b)</sup> <br>|  | $275000 | &nbsp;&nbsp; $276824 |
| Sempra, 4.13%, <br> 04/01/2052<sup>(c)(d)</sup> <br>|  | 4350000 | &nbsp;&nbsp; 4193613 |
| Sensata Technologies, Inc., | Sensata Technologies, Inc., |  |  |
| 3.75%, 02/15/2031<sup>(b)</sup> <br>|  | 310000 | &nbsp;&nbsp; 282871 |
| 6.63%, 07/15/2032<sup>(b)</sup> <br>|  | 206000 | &nbsp;&nbsp; 212174 |
| SGUS LLC, 11.00%, <br> 12/15/2029<sup>(b)</sup> <br>|  | 51000 | &nbsp;&nbsp; 48960 |
| Sinclair Television Group, Inc., <br> 8.13%, 02/15/2033<sup>(b)</sup> <br>|  | 55000 | &nbsp;&nbsp; 55610 |
| Sixth Street Lending Partners, | Sixth Street Lending Partners, |  |  |
| 6.50%, 03/11/2029 |  | 244000 | &nbsp;&nbsp; 251963 |
| 6.13%, 07/15/2030<sup>(b)(d)</sup> <br>|  | 698000 | &nbsp;&nbsp; 711115 |
| Solventum Corp., 5.45%, <br> 02/25/2027<br>|  | 2236000 | &nbsp;&nbsp; 2273407 |
| Southern Co. (The), | Southern Co. (The), |  |  |
| Series B, 4.00%, <br> 01/15/2051<sup>(c)</sup> <br>|  | 3271000 | &nbsp;&nbsp; 3257364 |
| Series 21-A, 3.75%, <br> 09/15/2051<sup>(c)</sup> <br>|  | 2113000 | &nbsp;&nbsp; 2087245 |
| SS&C Technologies, Inc., | SS&C Technologies, Inc., |  |  |
| 5.50%, 09/30/2027<sup>(b)</sup> <br>|  | 139000 | &nbsp;&nbsp; 139219 |
| 6.50%, 06/01/2032<sup>(b)</sup> <br>|  | 152000 | &nbsp;&nbsp; 157932 |
| State Street Corp., | State Street Corp., |  |  |
| Series I, 6.70%<sup>(c)(d)(e)</sup> <br>|  | 1329000 | &nbsp;&nbsp; 1391187 |
| 6.45%<sup>(c)(e)</sup> <br>|  | 3000000 | &nbsp;&nbsp; 3059712 |
| Summit Midstream Holdings LLC, <br> 8.63%, 10/31/2029<sup>(b)</sup> <br>|  | 274000 | &nbsp;&nbsp; 280534 |
| Sunoco L.P., 6.25%, <br> 07/01/2033<sup>(b)(d)</sup> <br>|  | 409000 | &nbsp;&nbsp; 416085 |
| Tallgrass Energy Partners <br> L.P./Tallgrass Energy Finance <br> Corp., 7.38%, 02/15/2029<sup>(b)</sup> <br>|  | 291000 | &nbsp;&nbsp; 299269 |
| Taylor Morrison Communities, <br> Inc., 5.13%, <br> 08/01/2030<sup>(b)(d)</sup> <br>|  | 299000 | &nbsp;&nbsp; 298146 |
| Tenet Healthcare Corp., | Tenet Healthcare Corp., |  |  |
| 6.13%, 10/01/2028 |  | 245000 | &nbsp;&nbsp; 245496 |
| 6.75%, 05/15/2031 |  | 430000 | &nbsp;&nbsp; 445148 |
| Tidewater, Inc., 9.13%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 275000 | &nbsp;&nbsp; 283141 |
| TransDigm, Inc., | TransDigm, Inc., |  |  |
| 6.75%, 08/15/2028<sup>(b)</sup> <br>|  | 1550000 | &nbsp;&nbsp; 1584704 |
| 6.38%, 03/01/2029<sup>(b)</sup> <br>|  | 477000 | &nbsp;&nbsp; 489970 |
| 6.00%, 01/15/2033<sup>(b)</sup> <br>|  | 125000 | &nbsp;&nbsp; 125760 |
| Transocean Titan Financing Ltd., <br> 8.38%, 02/01/2028<sup>(b)</sup> <br>|  | 98619 | &nbsp;&nbsp; 100247 |
| Transocean, Inc., 8.75%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 176000 | &nbsp;&nbsp; 181132 |
| U.S. International Development <br> Finance Corp., Series 4, <br> 3.13%, 04/15/2028<br>|  | 480000 | &nbsp;&nbsp; 469787 |
| United AirLines, Inc., 4.38%, <br> 04/15/2026<sup>(b)</sup> <br>|  | 1455000 | &nbsp;&nbsp; 1446291 |
| Uniti Group L.P./Uniti Group Finance <br> 2019, Inc./CSL Capital LLC, | Uniti Group L.P./Uniti Group Finance <br> 2019, Inc./CSL Capital LLC, |  |  |
| 10.50%, 02/15/2028<sup>(b)</sup> <br>|  | 205000 | &nbsp;&nbsp; 217462 |
| 8.63%, 06/15/2032<sup>(b)</sup> <br>|  | 48000 | &nbsp;&nbsp; 48528 |
| Univision Communications, Inc., | Univision Communications, Inc., |  |  |
| 6.63%, 06/01/2027<sup>(b)</sup> <br>|  | 221000 | &nbsp;&nbsp; 220600 |
| 7.38%, 06/30/2030<sup>(b)</sup> <br>|  | 58000 | &nbsp;&nbsp; 57043 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**6**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Vail Resorts, Inc., 5.63%, <br> 07/15/2030<sup>(b)</sup> <br>|  | $280000 | &nbsp;&nbsp; $280000 |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| 9.88%, 02/01/2032<sup>(b)(d)</sup> <br>|  | 390000 | &nbsp;&nbsp; 421429 |
| 9.00%<sup>(b)(c)(d)(e)</sup> <br>|  | 433000 | &nbsp;&nbsp; 421373 |
| Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |  |  |
| 6.50%, 01/15/2034<sup>(b)</sup>  | 6.50%, 01/15/2034<sup>(b)</sup>  | 165000 | &nbsp;&nbsp; 165000 |
| 6.75%, 01/15/2036<sup>(b)</sup> <br>|  | 165000 | &nbsp;&nbsp; 165000 |
| Viatris, Inc., 3.85%, <br> 06/22/2040<br>|  | 780000 | &nbsp;&nbsp; 576441 |
| Viking Cruises Ltd., 7.00%, <br> 02/15/2029<sup>(b)</sup> <br>|  | 270000 | &nbsp;&nbsp; 272537 |
| Vistra Corp., | Vistra Corp., |  |  |
| Series C, 8.88%<sup>(b)(c)(e)</sup> <br>|  | 437000 | &nbsp;&nbsp; 476063 |
| 8.00%<sup>(b)(c)(e)</sup> <br>|  | 141000 | &nbsp;&nbsp; 144507 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| 5.63%, 02/15/2027<sup>(b)</sup> <br>|  | 373000 | &nbsp;&nbsp; 373488 |
| 5.00%, 07/31/2027<sup>(b)</sup> <br>|  | 93000 | &nbsp;&nbsp; 92948 |
| 7.75%, 10/15/2031<sup>(b)</sup> <br>|  | 297000 | &nbsp;&nbsp; 315875 |
| Walgreens Boots Alliance, Inc., | Walgreens Boots Alliance, Inc., |  |  |
| 4.80%, 11/18/2044 |  | 29000 | &nbsp;&nbsp; 27721 |
| 4.10%, 04/15/2050 |  | 32000 | &nbsp;&nbsp; 27842 |
| Walker & Dunlop, Inc., 6.63%, <br> 04/01/2033<sup>(b)</sup> <br>|  | 274000 | &nbsp;&nbsp; 281837 |
| WarnerMedia Holdings, Inc., | WarnerMedia Holdings, Inc., |  |  |
| 4.28%, 03/15/2032 |  | 266000 | &nbsp;&nbsp; 224682 |
| 5.05%, 03/15/2042 |  | 199000 | &nbsp;&nbsp; 133881 |
| 5.14%, 03/15/2052 |  | 88000 | &nbsp;&nbsp; 54350 |
| Windstream Services LLC/<br> Windstream Escrow Finance <br> Corp., 8.25%, 10/01/2031<sup>(b)</sup> <br>|  | 269000 | &nbsp;&nbsp; 281950 |
| WMG Acquisition Corp., 3.75%, <br> 12/01/2029<sup>(b)</sup> <br>|  | 290000 | &nbsp;&nbsp; 272069 |
| Xerox Holdings Corp., | Xerox Holdings Corp., |  |  |
| 5.50%, 08/15/2028<sup>(b)</sup> <br>|  | 37000 | &nbsp;&nbsp; 28318 |
| 8.88%, 11/30/2029<sup>(b)</sup> <br>|  | 40000 | &nbsp;&nbsp; 30242 |
|  |  |  | &nbsp;&nbsp; 122320599 |
| **Uzbekistan–0.34%** | **Uzbekistan–0.34%** | **Uzbekistan–0.34%** | **Uzbekistan–0.34%** |
| National Bank of Uzbekistan, <br> 8.50%, 07/05/2029<sup>(b)</sup> <br>|  | 650000 | &nbsp;&nbsp; 684351 |
| Navoi Mining & Metallurgical Combinat, | Navoi Mining & Metallurgical Combinat, |  |  |
| 6.70%, 10/17/2028<sup>(b)</sup> <br>|  | 620000 | &nbsp;&nbsp; 634645 |
| 6.75%, 05/14/2030<sup>(b)</sup> <br>|  | 938000 | &nbsp;&nbsp; 956573 |
|  |  |  | &nbsp;&nbsp; 2275569 |
| **Zambia–0.11%** | **Zambia–0.11%** | **Zambia–0.11%** | **Zambia–0.11%** |
| First Quantum Minerals Ltd., <br> 6.88%, 10/15/2027<sup>(b)</sup> <br>|  | 707000 | &nbsp;&nbsp; 708498 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $223,731,971) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $223,731,971) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $223,731,971) | &nbsp;&nbsp; 222094600 |
| **Non-U.S. Dollar Denominated Bonds & Notes–23.16%**<sup>(j)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–23.16%**<sup>(j)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–23.16%**<sup>(j)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–23.16%**<sup>(j)</sup>  |
| **Argentina–0.55%** | **Argentina–0.55%** | **Argentina–0.55%** | **Argentina–0.55%** |
| Argentina Treasury Bond BONTE, <br> 29.50%, 04/27/2027<sup>(k)</sup> <br>| ARS | 4150000000 | &nbsp;&nbsp; 3703297 |
| **Australia–0.74%** | **Australia–0.74%** | **Australia–0.74%** | **Australia–0.74%** |
| Treasury Corporation of Victoria, <br> 5.50%, 11/17/2026<br>| AUD | 7395000 | &nbsp;&nbsp; 5010403 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Austria–0.70%** | **Austria–0.70%** | **Austria–0.70%** | **Austria–0.70%** |
| BAWAG Group AG, 5.13%<sup>(b)(c)(e)</sup> <br>| EUR | 2600000 | &nbsp;&nbsp; $3070206 |
| Republic of Austria Government <br> Bond, 0.70%, 04/20/2071<sup>(b)</sup> <br>| EUR | 3910000 | &nbsp;&nbsp; 1674607 |
|  |  |  | &nbsp;&nbsp; 4744813 |
| **Brazil–6.08%** | **Brazil–6.08%** | **Brazil–6.08%** | **Brazil–6.08%** |
| Brazil Notas do Tesouro Nacional, | Brazil Notas do Tesouro Nacional, |  |  |
| Series B, 6.00%, <br> 05/15/2055<br>| BRL | 7300000 | &nbsp;&nbsp; 5358347 |
| Series F, 10.00%, <br> 01/01/2027<br>| BRL | 205000000 | &nbsp;&nbsp; 35777099 |
|  |  |  | &nbsp;&nbsp; 41135446 |
| **Canada–0.77%** | **Canada–0.77%** | **Canada–0.77%** | **Canada–0.77%** |
| Province of Ontario, 5.85%, <br> 03/08/2033<br>| CAD | 6200000 | &nbsp;&nbsp; 5241419 |
| **China–0.66%** | **China–0.66%** | **China–0.66%** | **China–0.66%** |
| China Government Bond, 3.32%, <br> 04/15/2052<br>| CNY | 25000000 | &nbsp;&nbsp; 4482595 |
| **Czech Republic–0.22%** | **Czech Republic–0.22%** | **Czech Republic–0.22%** | **Czech Republic–0.22%** |
| CPI Property Group S.A., <br> 4.88%<sup>(b)(c)(e)</sup> <br>| EUR | 1300000 | &nbsp;&nbsp; 1514108 |
| **France–1.66%** | **France–1.66%** | **France–1.66%** | **France–1.66%** |
| BPCE S.A., Series NC5, 1.50%, <br> 01/13/2042<sup>(b)(c)</sup> <br>| EUR | 3600000 | &nbsp;&nbsp; 4135451 |
| Electricite de France S.A., | Electricite de France S.A., |  |  |
| 7.50%<sup>(b)(c)(e)</sup> <br>| EUR | 2200000 | &nbsp;&nbsp; 2856894 |
| 7.38%<sup>(b)(c)(e)</sup> <br>| GBP | 1500000 | &nbsp;&nbsp; 2083339 |
| Eutelsat S.A., 9.75%, <br> 04/13/2029<sup>(b)</sup> <br>| EUR | 250000 | &nbsp;&nbsp; 318849 |
| French Republic Government Bond <br> OAT, 0.50%, 05/25/2072<sup>(b)</sup> <br>| EUR | 5640000 | &nbsp;&nbsp; 1822885 |
|  |  |  | &nbsp;&nbsp; 11217418 |
| **Germany–0.09%** | **Germany–0.09%** | **Germany–0.09%** | **Germany–0.09%** |
| Volkswagen International Finance <br> N.V., 4.63%<sup>(b)(c)(e)</sup> <br>| EUR | 520000 | &nbsp;&nbsp; 617462 |
| **Greece–0.15%** | **Greece–0.15%** | **Greece–0.15%** | **Greece–0.15%** |
| Eurobank S.A., 5.88%, <br> 11/28/2029<sup>(b)(c)</sup> <br>| EUR | 775000 | &nbsp;&nbsp; 993931 |
| **India–0.48%** | **India–0.48%** | **India–0.48%** | **India–0.48%** |
| India Government Bond, 7.09%, <br> 08/05/2054<br>| INR | 275000000 | &nbsp;&nbsp; 3241094 |
| **Ivory Coast–0.17%** | **Ivory Coast–0.17%** | **Ivory Coast–0.17%** | **Ivory Coast–0.17%** |
| Ivory Coast Government <br> International Bond, 5.25%, <br> 03/22/2030<sup>(b)</sup> <br>| EUR | 1000000 | &nbsp;&nbsp; 1128734 |
| **Japan–1.93%** | **Japan–1.93%** | **Japan–1.93%** | **Japan–1.93%** |
| Japan Government Bond, | Japan Government Bond, |  |  |
| 0.40%, 03/20/2050 | JPY | 1090300000 | &nbsp;&nbsp; 4546988 |
| 3.10%, 03/20/2065 | JPY | 943650000 | &nbsp;&nbsp; 6571321 |
| Japan Government Forty Year <br> Bond, Series 13, 0.50%, <br> 03/20/2060<br>| JPY | 578700000 | &nbsp;&nbsp; 1917079 |
|  |  |  | &nbsp;&nbsp; 13035388 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**7**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Mexico–4.02%** | **Mexico–4.02%** | **Mexico–4.02%** | **Mexico–4.02%** |
| Mexican Bonos, 8.50%, <br> 02/28/2030<br>| MXN | 364000000 | &nbsp;&nbsp; $19281170 |
| Mexican Udibonos, 4.00%, <br> 08/30/2029<br>| MXN | 153015246 | &nbsp;&nbsp; 7934751 |
|  |  |  | &nbsp;&nbsp; 27215921 |
| **Netherlands–0.27%** | **Netherlands–0.27%** | **Netherlands–0.27%** | **Netherlands–0.27%** |
| ABN AMRO Bank N.V., <br> 4.38%<sup>(b)(c)(e)</sup> <br>| EUR | 1300000 | &nbsp;&nbsp; 1535340 |
| Sunrise FinCo I B.V., 4.63%, <br> 05/15/2032<sup>(b)</sup> <br>| EUR | 250000 | &nbsp;&nbsp; 297451 |
|  |  |  | &nbsp;&nbsp; 1832791 |
| **South Africa–2.42%** | **South Africa–2.42%** | **South Africa–2.42%** | **South Africa–2.42%** |
| Republic of South Africa Government <br> Bond, | Republic of South Africa Government <br> Bond, |  |  |
| Series 2032, 8.25%, <br> 03/31/2032<br>| ZAR | 181200000 | &nbsp;&nbsp; 9785873 |
| Series 2040, 9.00%, <br> 01/31/2040<br>| ZAR | 135000000 | &nbsp;&nbsp; 6602942 |
|  |  |  | &nbsp;&nbsp; 16388815 |
| **Spain–1.27%** | **Spain–1.27%** | **Spain–1.27%** | **Spain–1.27%** |
| Banco Bilbao Vizcaya Argentaria <br> S.A., 6.00%<sup>(b)(c)(e)</sup> <br>| EUR | 1800000 | &nbsp;&nbsp; 2149192 |
| Spain Government Bond, 1.45%, <br> 10/31/2071<sup>(b)</sup> <br>| EUR | 5025000 | &nbsp;&nbsp; 2746985 |
| Telefonica Europe B.V., | Telefonica Europe B.V., |  |  |
| 2.88%<sup>(b)(c)(e)</sup> <br>| EUR | 1500000 | &nbsp;&nbsp; 1733805 |
| 7.13%<sup>(b)(c)(e)</sup> <br>| EUR | 1500000 | &nbsp;&nbsp; 1939301 |
|  |  |  | &nbsp;&nbsp; 8569283 |
| **Supranational–0.06%** | **Supranational–0.06%** | **Supranational–0.06%** | **Supranational–0.06%** |
| African Development Bank, <br> 0.00%, 01/17/2050<sup>(i)</sup> <br>| ZAR | 78000000 | &nbsp;&nbsp; 340729 |
| International Finance Corp., <br> 0.00%, 02/15/2029<sup>(b)(i)</sup> <br>| TRY | 3700000 | &nbsp;&nbsp; 35281 |
|  |  |  | &nbsp;&nbsp; 376010 |
| **United Kingdom–0.20%** | **United Kingdom–0.20%** | **United Kingdom–0.20%** | **United Kingdom–0.20%** |
| Lloyds Banking Group PLC, <br> 8.50%<sup>(c)(e)</sup> <br>| GBP | 950000 | &nbsp;&nbsp; 1370033 |
| **United States–0.72%** | **United States–0.72%** | **United States–0.72%** | **United States–0.72%** |
| Ball Corp., 4.25%, 07/01/2032 | EUR | 235000 | &nbsp;&nbsp; 280739 |
| Bausch + Lomb Corp., 5.87% (3 <br> mo. EURIBOR + 3.88%), <br> 01/15/2031<sup>(b)(l)</sup> <br>| EUR | 100000 | &nbsp;&nbsp; 118755 |
| Ford Motor Credit Co. LLC, <br> 6.86%, 06/05/2026<br>| GBP | 3000000 | &nbsp;&nbsp; 4183570 |
| Shift4 Payments LLC/Shift4 <br> Payments Finance Sub, Inc., <br> 5.50%, 05/15/2033<sup>(b)</sup> <br>| EUR | 250000 | &nbsp;&nbsp; 305370 |
|  |  |  | &nbsp;&nbsp; 4888434 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $154,650,912) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $154,650,912) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $154,650,912) | &nbsp;&nbsp; 156707395 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Asset-Backed Securities–13.22%** | **Asset-Backed Securities–13.22%** | **Asset-Backed Securities–13.22%** | **Asset-Backed Securities–13.22%** |
| Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |  |  |
| Series 2024-8, Class A3, <br> 5.75%, 05/27/2069<sup>(b)</sup> <br>|  | $1067053 | &nbsp;&nbsp; $1067834 |
| Series 2024-12, Class A2, <br> 5.86%, 10/25/2069<sup>(b)</sup> <br>|  | 339394 | &nbsp;&nbsp; 340969 |
| Series 2024-12, Class A3, <br> 6.01%, 10/25/2069<sup>(b)</sup> <br>|  | 546556 | &nbsp;&nbsp; 549485 |
| Series 2025-6, Class A3, <br> 5.92%, 04/25/2070<sup>(b)</sup> <br>|  | 1193917 | &nbsp;&nbsp; 1200350 |
| Bear Stearns Adjustable Rate <br> Mortgage Trust, <br> Series 2006-1, Class A1, <br> 0.65% (1 yr. U.S. Treasury <br> Yield Curve Rate + 2.25%), <br> 02/25/2036<sup>(l)</sup> <br>|  | 6625 | &nbsp;&nbsp; 6320 |
| Benchmark Mortgage Trust, <br> Series 2018-B1, Class XA, IO, <br> 0.67%, 01/15/2051<sup>(m)</sup> <br>|  | 3613143 | &nbsp;&nbsp; 39103 |
| BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, |  |  |
| Series 2023-NQM7, Class A1, <br> 7.13%, 09/25/2063<sup>(b)</sup> <br>|  | 1155873 | &nbsp;&nbsp; 1174116 |
| Series 2023-NQM7, Class A2, <br> 7.38%, 09/25/2063<sup>(b)</sup> <br>|  | 1626089 | &nbsp;&nbsp; 1651743 |
| CD Mortgage Trust, <br> Series 2017-CD6, Class XA, IO, <br> 1.03%, 11/13/2050<sup>(m)</sup> <br>|  | 1718415 | &nbsp;&nbsp; 25441 |
| Chase Mortgage Finance Trust, <br> Series 2005-A2, Class 1A3, <br> 4.92%, 01/25/2036<sup>(n)</sup> <br>|  | 3103 | &nbsp;&nbsp; 2893 |
| Citigroup Commercial Mortgage <br> Trust, Series 2017-C4, <br> Class XA, IO, 1.12%, <br> 10/12/2050<sup>(m)</sup> <br>|  | 4587300 | &nbsp;&nbsp; 85846 |
| Citigroup Mortgage Loan Trust, <br> Series 2025-2, Class A10, <br> 6.00%, 02/25/2055<sup>(b)(n)</sup> <br>|  | 878195 | &nbsp;&nbsp; 889064 |
| Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |  |  |
| Series 2005-2, Class 1A3, <br> 2.82%, 05/25/2035<sup>(n)</sup> <br>|  | 117575 | &nbsp;&nbsp; 114381 |
| Series 2006-AR1, Class 1A1, <br> 6.56% (1 yr. U.S. Treasury <br> Yield Curve Rate + 2.40%), <br> 10/25/2035<sup>(l)</sup> <br>|  | 25479 | &nbsp;&nbsp; 24463 |
| COLT Mortgage Loan Trust, <br> Series 2024-INV1, Class A3, <br> 6.48%, 12/25/2068<sup>(b)</sup> <br>|  | 391215 | &nbsp;&nbsp; 394291 |
| COMM Mortgage Trust, <br> Series 2019-GC44, Class AM, <br> 3.26%, 08/15/2057<br>|  | 1000000 | &nbsp;&nbsp; 920350 |
| Countrywide Home Loans Mortgage <br> Pass-Through Trust, | Countrywide Home Loans Mortgage <br> Pass-Through Trust, |  |  |
| Series 2005-17, Class 1A8, <br> 5.50%, 09/25/2035<br>|  | 85188 | &nbsp;&nbsp; 84937 |
| Series 2005-J4, Class A7, <br> 5.50%, 11/25/2035<br>|  | 151773 | &nbsp;&nbsp; 126388 |
| CWHEQ Revolving Home Equity <br> Loan Trust, Series 2006-H, <br> Class 2A1A, 2.73% (1 mo. <br> Term SOFR + 0.26%), <br> 11/15/2036<sup>(l)</sup> <br>|  | 6357 | &nbsp;&nbsp; 5664 |
| Deutsche Alt-B Securities, Inc. <br> Mortgage Loan Trust, <br> Series 2006-AB2, Class A1, <br> 5.89%, 06/25/2036<sup>(n)</sup> <br>|  | 17913 | &nbsp;&nbsp; 16536 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**8**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| FREMF Mortgage Trust, | FREMF Mortgage Trust, |  |  |
| Series 2017-K62, Class B, <br> 4.01%, 01/25/2050<sup>(b)(n)</sup> <br>|  | $280000 | &nbsp;&nbsp; $276303 |
| Series 2016-K54, Class C, <br> 4.22%, 04/25/2048<sup>(b)(n)</sup> <br>|  | 1810000 | &nbsp;&nbsp; 1791171 |
| Frontier Issuer LLC, <br> Series 2023-1, Class A2, <br> 6.60%, 08/20/2053<sup>(b)</sup> <br>|  | 325500 | &nbsp;&nbsp; 330834 |
| GCAT Trust, | GCAT Trust, |  |  |
| Series 2024-INV3, Class A17, <br> 6.50%, 09/25/2054<sup>(b)(n)</sup> <br>|  | 173855 | &nbsp;&nbsp; 177337 |
| Series 2025-NQM2, Class A1, <br> 0.00%, 04/25/2070<sup>(b)(i)</sup> <br>|  | 1049789 | &nbsp;&nbsp; 1054196 |
| GSR Mortgage Loan Trust, <br> Series 2005-AR4, Class 6A1, <br> 5.02%, 07/25/2035<sup>(n)</sup> <br>|  | 854 | &nbsp;&nbsp; 805 |
| JP Morgan Mortgage Trust, <br> Series 2007-A1, Class 5A1, <br> 5.04%, 07/25/2035<sup>(n)</sup> <br>|  | 6309 | &nbsp;&nbsp; 6408 |
| JPMBB Commercial Mortgage <br> Securities Trust, <br> Series 2014-C24, Class B, <br> 4.12%, 11/15/2047<sup>(n)</sup> <br>|  | 680000 | &nbsp;&nbsp; 628592 |
| MASTR Asset Backed Securities <br> Trust, Series 2006-WMC3, <br> Class A3, 4.63% (1 mo. Term <br> SOFR + 0.31%), <br> 08/25/2036<sup>(l)</sup> <br>|  | 637962 | &nbsp;&nbsp; 215975 |
| Morgan Stanley Capital I Trust, <br> Series 2017-HR2, Class XA, IO, <br> 0.99%, 12/15/2050<sup>(m)</sup> <br>|  | 1579877 | &nbsp;&nbsp; 27472 |
| Morgan Stanley Residential Mortgage <br> Loan Trust, | Morgan Stanley Residential Mortgage <br> Loan Trust, |  |  |
| Series 2024-NQM5, Class A3, <br> 6.00%, 10/25/2069<sup>(b)</sup> <br>|  | 853492 | &nbsp;&nbsp; 858217 |
| Series 2025-NQM1, Class A3, <br> 6.14%, 11/25/2069<sup>(b)</sup> <br>|  | 1148805 | &nbsp;&nbsp; 1158487 |
| Morgan Stanley Residential <br> Mortgage Loan Trust <br> 2024-NQM1, Series 2024-<br> NQM1, Class A2, 6.41%, <br> 12/25/2068<sup>(b)</sup> <br>|  | 872824 | &nbsp;&nbsp; 880082 |
| Morgan Stanley Residential <br> Mortgage Loan Trust <br> 2024-NQM2, Series 2024-<br> NQM2, Class A3, 6.79%, <br> 05/25/2069<sup>(b)</sup> <br>|  | 1437600 | &nbsp;&nbsp; 1455260 |
| OBX Trust, | OBX Trust, |  |  |
| Series 2022-NQM7, Class A3, <br> 5.70%, 08/25/2062<sup>(b)</sup> <br>|  | 290728 | &nbsp;&nbsp; 290380 |
| Series 2022-NQM7, Class A2, <br> 5.70%, 08/25/2062<sup>(b)</sup> <br>|  | 559092 | &nbsp;&nbsp; 558980 |
| Series 2024-NQM12, <br> Class A1, 5.48%, <br> 07/25/2064<sup>(b)</sup> <br>|  | 237688 | &nbsp;&nbsp; 237869 |
| Series 2024-NQM12, <br> Class A2, 5.78%, <br> 07/25/2064<sup>(b)</sup> <br>|  | 537926 | &nbsp;&nbsp; 539008 |
| Series 2024-NQM12, <br> Class A3, 5.83%, <br> 07/25/2064<sup>(b)</sup> <br>|  | 271048 | &nbsp;&nbsp; 271467 |
| Series 2024-NQM12, <br> Class M1, 5.93%, <br> 07/25/2064<sup>(b)(n)</sup> <br>|  | 310000 | &nbsp;&nbsp; 309857 |
| Series 2024-NQM18, <br> Class A3, 5.87%, <br> 10/25/2064<sup>(b)</sup> <br>|  | 1086587 | &nbsp;&nbsp; 1091557 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| PMT Loan Trust, Series 2025-<br> INV1, Class A7, 6.00%, <br> 01/25/2060<sup>(b)(n)</sup> <br>|  | $418919 | &nbsp;&nbsp; $424768 |
| PMT Loan Trust 2025-INV6, <br> Series 2025-INV6, Class A8, <br> 6.00%, 06/25/2056<sup>(b)(n)</sup> <br>|  | 250000 | &nbsp;&nbsp; 253763 |
| Rate Mortgage Trust, | Rate Mortgage Trust, |  |  |
| Series 2024-J3, Class A2, <br> 5.50%, 10/25/2054<sup>(b)(n)</sup> <br>|  | 472062 | &nbsp;&nbsp; 469503 |
| Series 2025-J2, Class A5, <br> 5.50%, 07/25/2055<sup>(b)(n)</sup> <br>|  | 2100000 | &nbsp;&nbsp; 2105514 |
| RCKT Mortgage Trust, | RCKT Mortgage Trust, |  |  |
| Series 2025-CES5, Class A1A, <br> 5.69%, 05/25/2055<sup>(b)</sup> <br>|  | 341425 | &nbsp;&nbsp; 344713 |
| Series 2025-CES5, Class A1B, <br> 5.84%, 05/25/2055<sup>(b)</sup> <br>|  | 890675 | &nbsp;&nbsp; 899215 |
| Series 2025-CES6, Class A1A, <br> 5.47%, 06/25/2055<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 499997 |
| Residential Accredit Loans, Inc. <br> Trust, Series 2006-QS13, <br> Class 1A8, 6.00%, <br> 09/25/2036<br>|  | 4199 | &nbsp;&nbsp; 3324 |
| SBNA Auto Receivables Trust <br> 2025-SF1, | SBNA Auto Receivables Trust <br> 2025-SF1, |  |  |
| Series 2025-SF1, Class B, <br> 5.12%, 03/17/2031<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 300118 |
| Series 2025-SF1, Class C, <br> 5.14%, 04/15/2031<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 300725 |
| Series 2025-SF1, Class D, <br> 5.34%, 09/15/2031<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 301144 |
| UBS Commercial Mortgage Trust, <br> Series 2017-C5, Class XA, IO, <br> 1.28%, 11/15/2050<sup>(m)</sup> <br>|  | 2533829 | &nbsp;&nbsp; 42976 |
| Verus Securitization Trust, <br> Series 2022-7, Class A3, <br> 5.35%, 07/25/2067<sup>(b)(n)</sup> <br>|  | 376345 | &nbsp;&nbsp; 379130 |
| WaMu Mortgage Pass-Through Ctfs. <br> Trust, | WaMu Mortgage Pass-Through Ctfs. <br> Trust, |  |  |
| Series 2005-AR16, Class 1A1, <br> 4.69%, 12/25/2035<sup>(n)</sup> <br>|  | 2181 | &nbsp;&nbsp; 2012 |
| Series 2003-AR10, Class A7, <br> 6.50%, 10/25/2033<sup>(n)</sup> <br>|  | 11839 | &nbsp;&nbsp; 11444 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, <br> Class XA, IO, 0.98%, <br> 12/15/2050<sup>(m)</sup> <br>|  | 2434035 | &nbsp;&nbsp; 41273 |
| Westlake Automobile Receivables <br> Trust, Series 2024-3A, <br> Class D, 5.21%, <br> 04/15/2030<sup>(b)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1510960 |
| WFRBS Commercial Mortgage <br> Trust, Series 2013-C14, <br> Class AS, 3.49%, <br> 06/15/2046<br>|  | 90069 | &nbsp;&nbsp; 87738 |
| Alba PLC, | Alba PLC, |  |  |
| Series 2007-1, Class F, <br> 7.61% (SONIA + 3.37%), <br> 03/17/2039<sup>(b)(j)(l)</sup> <br>| GBP | 575156 | &nbsp;&nbsp; 752202 |
| Series 2006-2, Class F, <br> 7.61% (SONIA + 3.37%), <br> 12/15/2038<sup>(b)(j)(l)</sup> <br>| GBP | 399232 | &nbsp;&nbsp; 502928 |
| Auburn 15 PLC, | Auburn 15 PLC, |  |  |
| Series E, 6.22% (SONIA + <br> 2.00%), 07/20/2045<sup>(b)(j)(l)</sup> <br>| GBP | 629000 | &nbsp;&nbsp; 843184 |
| Series F, 6.72% (SONIA + <br> 2.50%), 07/20/2045<sup>(b)(j)(l)</sup> <br>| GBP | 749000 | &nbsp;&nbsp; 1005054 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**9**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Eurosail PLC, | Eurosail PLC, |  |  |
| Series 2006-2X, Class E1C, <br> 7.61% (SONIA + 3.37%), <br> 12/15/2044<sup>(b)(j)(l)</sup> <br>| GBP | 1830000 | &nbsp;&nbsp; $2256569 |
| Series 2006-4X, Class E1C, <br> 7.36% (SONIA + 3.12%), <br> 12/10/2044<sup>(b)(j)(l)</sup> <br>| GBP | 1608337 | &nbsp;&nbsp; 2092015 |
| Series 2006-2X, Class D1A, <br> 2.78% (3 mo. EURIBOR + <br> 0.80%), 12/15/2044<sup>(b)(j)(l)</sup> <br>| EUR | 2700000 | &nbsp;&nbsp; 2951101 |
| Eurosail-UK NC PLC, <br> Series 2007-1X, Class D1C, <br> 5.25% (SONIA + 1.01%), <br> 03/13/2045<sup>(b)(j)(l)</sup> <br>| GBP | 750000 | &nbsp;&nbsp; 892208 |
| Eurosail-UK NP PLC, <br> Series 2007-2X, Class D1A, <br> 2.75% (3 mo. EURIBOR + <br> 0.80%), 03/13/2045<sup>(b)(j)(l)</sup> <br>| EUR | 3600000 | &nbsp;&nbsp; 3740823 |
| Great Hall Mortgages No. 1 PLC, <br> Series 2007-2X, Class EB, <br> 5.75% (3 mo. EURIBOR + <br> 3.75%), 06/18/2039<sup>(b)(j)(l)</sup> <br>| EUR | 1780000 | &nbsp;&nbsp; 2093961 |
| Jupiter Mortgage No.1 PLC, | Jupiter Mortgage No.1 PLC, |  |  |
| Series 1A, Class ER, 8.30% <br> (SONIA + 4.00%), <br> 07/20/2055<sup>(b)(j)(l)</sup> <br>| GBP | 1379000 | &nbsp;&nbsp; 1893531 |
| Series 1A, Class FR, 9.30% <br> (SONIA + 5.00%), <br> 07/20/2055<sup>(b)(j)(l)</sup> <br>| GBP | 852000 | &nbsp;&nbsp; 1169904 |
| Ludgate Funding PLC, | Ludgate Funding PLC, |  |  |
| Series 2007-1, Class MA, <br> 4.60% (SONIA + 0.36%), <br> 01/01/2061<sup>(b)(j)(l)</sup> <br>| GBP | 718367 | &nbsp;&nbsp; 933554 |
| Series 2006-1X, Class A2A, <br> 4.55% (SONIA + 0.31%), <br> 12/01/2060<sup>(b)(j)(l)</sup> <br>| GBP | 2286493 | &nbsp;&nbsp; 3093309 |
| Mortgage Funding PLC, <br> Series 2008-1, Class B2, <br> 7.56% (SONIA + 3.32%), <br> 03/13/2046<sup>(b)(j)(l)</sup> <br>| GBP | 6497463 | &nbsp;&nbsp; 8574513 |
| Newday Funding Master Issuer <br> PLC - Series 2024-3, <br> Series 2024-3X, Class E, <br> 7.97% (SONIA + 3.75%), <br> 11/15/2032<sup>(b)(j)(l)</sup> <br>| GBP | 1005000 | &nbsp;&nbsp; 1403510 |
| Newday Funding Master Issuer <br> PLC - Series 2025-1, <br> Series 2025-1X, Class E, <br> 0.00% (SONIA + 3.30%), <br> 04/15/2033<sup>(b)(i)(l)</sup> <br>| GBP | 1510000 | &nbsp;&nbsp; 2082383 |
| Newgate Funding PLC, | Newgate Funding PLC, |  |  |
| Series 2006-2, Class CB, <br> 2.37% (3 mo. EURIBOR + <br> 0.43%), 12/01/2050<sup>(b)(j)(l)</sup> <br>| EUR | 444007 | &nbsp;&nbsp; 479083 |
| Series 2007-3X, Class CB, <br> 3.48% (3 mo. EURIBOR + <br> 1.50%), 12/15/2050<sup>(b)(j)(l)</sup> <br>| EUR | 316605 | &nbsp;&nbsp; 355895 |
| Towd Point Mortgage Funding 2024 - <br> Granite 6 PLC, | Towd Point Mortgage Funding 2024 - <br> Granite 6 PLC, |  |  |
| Series 2024-GR6X, Class F, <br> 8.80% (SONIA + 4.50%), <br> 07/20/2053<sup>(b)(j)(l)</sup> <br>| GBP | 620000 | &nbsp;&nbsp; 852632 |
| Series 2024-GR6A, Class F, <br> 8.80% (SONIA + 4.50%), <br> 07/20/2053<sup>(b)(j)(l)</sup> <br>| GBP | 950000 | &nbsp;&nbsp; 1306452 |
| Series 2024-GR6X, Class E, <br> 7.80% (SONIA + 3.50%), <br> 07/20/2053<sup>(b)(j)(l)</sup> <br>| GBP | 885000 | &nbsp;&nbsp; 1217082 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Towd Point Mortgage Funding <br> 2024 - Granite 7 PLC, <br> Series 2024-GR7X, Class E, <br> 7.47% (SONIA + 3.25%), <br> 04/20/2051<sup>(b)(j)(l)</sup> <br>| GBP | 690000 | &nbsp;&nbsp; $949055 |
| Prosil Acquisition S.A., <br> Series 2019-1, Class A, <br> 4.19% (3 mo. EURIBOR + <br> 2.00%), 10/31/2039<sup>(b)(j)(l)</sup> <br>| EUR | 989593 | &nbsp;&nbsp; 960942 |
| SC Germany S.A. Compartment <br> Consumer, Series 2021-1, <br> Class E, 4.69% (1 mo. <br> EURIBOR + 2.80%), <br> 11/14/2035<sup>(b)(j)(l)</sup> <br>| EUR | 2913710 | &nbsp;&nbsp; 3412087 |
| Alhambra SME Funding DAC, <br> Series 2019-1, Class D, <br> 11.18% (1 mo. EURIBOR + <br> 9.25%), 11/30/2028<sup>(b)(j)(l)</sup> <br>| EUR | 62179 | &nbsp;&nbsp; 68182 |
| Hera Financing DAC, | Hera Financing DAC, |  |  |
| Series 2024-1A, Class B, <br> 7.19% (SONIA + 2.95%), <br> 11/17/2034<sup>(b)(j)(l)</sup> <br>| GBP | 1445470 | &nbsp;&nbsp; 1988925 |
| Series 2024-1A, Class C, <br> 7.99% (SONIA + 3.75%), <br> 11/17/2034<sup>(b)(j)(l)</sup> <br>| GBP | 826125 | &nbsp;&nbsp; 1134305 |
| Series 2024-1A, Class A, <br> 6.14% (SONIA + 1.90%), <br> 11/17/2034<sup>(b)(j)(l)</sup> <br>| GBP | 1031907 | &nbsp;&nbsp; 1420818 |
| Last Mile Logistics Pan Euro <br> Finance DAC, Series E, 4.83% <br> (3 mo. EURIBOR + 2.70%), <br> 08/17/2033<sup>(b)(j)(l)</sup> <br>| EUR | 2420276 | &nbsp;&nbsp; 2823944 |
| FTA Consumo Santander, 6.59% <br> (3 mo. EURIBOR + 4.50%), <br> 01/21/2040<sup>(b)(j)(l)</sup> <br>| EUR | 1500000 | &nbsp;&nbsp; 1773684 |
| IM Pastor 4, FTA, Series B, 2.23% <br> (3 mo. EURIBOR + 0.19%), <br> 03/22/2044<sup>(b)(j)(l)</sup> <br>| EUR | 1000000 | &nbsp;&nbsp; 843738 |
| Fideicomiso Dorrego Y Libertador, | Fideicomiso Dorrego Y Libertador, |  |  |
| 2.00%, 12/31/2043<sup>(g)</sup> <br>|  | $3144648 | &nbsp;&nbsp; 2987416 |
| 0.00%, 12/31/2043<sup>(g)(i)(j)</sup> <br>| ARS | 33994486 | &nbsp;&nbsp; 26812 |
| Fideicomiso Financiero Invernea <br> Proteina 2, Serie II, 0.00%, <br> 08/25/2032<sup>(g)(i)(j)(n)</sup> <br>| ARS | 133500000 | &nbsp;&nbsp; 745470 |
| Ares XXXVII CLO Ltd., <br> Series 2015-4A, Class DR, <br> 10.67% (3 mo. Term SOFR + <br> 6.41%), 10/15/2030<sup>(b)(l)</sup> <br>|  | $1010000 | &nbsp;&nbsp; 1012811 |
| Total Asset-Backed Securities (Cost $88,340,026) | Total Asset-Backed Securities (Cost $88,340,026) | Total Asset-Backed Securities (Cost $88,340,026) | &nbsp;&nbsp; 89498830 |
| **U.S. Treasury Securities–7.58%** | **U.S. Treasury Securities–7.58%** | **U.S. Treasury Securities–7.58%** | **U.S. Treasury Securities–7.58%** |
| **U.S. Treasury Bills–3.52%** | **U.S. Treasury Bills–3.52%** | **U.S. Treasury Bills–3.52%** | **U.S. Treasury Bills–3.52%** |
| 4.04 - 4.11%, <br> 05/14/2026<sup>(o)(p)(q)</sup> <br>|  | 23795512 | &nbsp;&nbsp; 23820604 |
| **U.S. Treasury Inflation — Indexed Bonds–4.06%** | **U.S. Treasury Inflation — Indexed Bonds–4.06%** | **U.S. Treasury Inflation — Indexed Bonds–4.06%** | **U.S. Treasury Inflation — Indexed Bonds–4.06%** |
| 1.50%, 02/15/2053<sup>(r)</sup> <br>|  | 12728859 | &nbsp;&nbsp; 12969258 |
| 2.13%, 02/15/2054<sup>(r)</sup> <br>|  | 14207207 | &nbsp;&nbsp; 14512614 |
|  |  |  | &nbsp;&nbsp; 27481872 |
| Total U.S. Treasury Securities (Cost $50,731,578) | Total U.S. Treasury Securities (Cost $50,731,578) | Total U.S. Treasury Securities (Cost $50,731,578) | &nbsp;&nbsp; 51302476 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**10**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–5.75%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–5.75%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–5.75%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–5.75%** |
| Fannie Mae Interest STRIPS, | Fannie Mae Interest STRIPS, |  |  |
| IO, <br>6.50%, 04/25/2029 - <br> 07/25/2032<sup>(s)</sup> <br>|  | $115901 | &nbsp;&nbsp; $12750 |
| 6.00%, 12/25/2032 - <br> 08/25/2035<sup>(m)(s)</sup> <br>|  | 349906 | &nbsp;&nbsp; 45504 |
| 5.50%, 01/25/2034 - <br> 06/25/2035<sup>(s)</sup> <br>|  | 117151 | &nbsp;&nbsp; 16088 |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| IO, <br>2.28% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2031 - <br> 05/25/2035<sup>(l)(s)</sup> <br>|  | 85254 | &nbsp;&nbsp; 7153 |
| 3.48% (7.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/18/2031 - <br> 12/18/2031<sup>(l)(s)</sup> <br>|  | 10958 | &nbsp;&nbsp; 982 |
| 3.48% (7.90% - (30 Day <br> Average SOFR + 0.11%)), <br> 11/25/2031<sup>(l)(s)</sup> <br>|  | 1727 | &nbsp;&nbsp; 173 |
| 3.53% (7.95% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/25/2032<sup>(l)(s)</sup> <br>|  | 1823 | &nbsp;&nbsp; 163 |
| 3.68% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2032<sup>(l)(s)</sup> <br>|  | 2795 | &nbsp;&nbsp; 292 |
| 2.58% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032<sup>(l)(s)</sup> <br>|  | 10501 | &nbsp;&nbsp; 809 |
| 3.38% (7.80% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/25/2032<sup>(l)(s)</sup> <br>|  | 1372 | &nbsp;&nbsp; 148 |
| 3.58% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/25/2032 - <br> 09/25/2032<sup>(l)(s)</sup> <br>|  | 5751 | &nbsp;&nbsp; 604 |
| 3.68% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/18/2032<sup>(l)(s)</sup> <br>|  | 19631 | &nbsp;&nbsp; 1800 |
| 3.83% (8.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/25/2033 - <br> 05/25/2033<sup>(l)(s)</sup> <br>|  | 19953 | &nbsp;&nbsp; 2988 |
| 7.00%, 03/25/2033 - <br> 04/25/2033<sup>(s)</sup> <br>|  | 59451 | &nbsp;&nbsp; 8519 |
| 3.13% (7.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2033<sup>(l)(s)</sup> <br>|  | 81223 | &nbsp;&nbsp; 9254 |
| 1.63% (6.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035 - <br> 07/25/2038<sup>(l)(s)</sup> <br>|  | 103347 | &nbsp;&nbsp; 8225 |
| 2.33% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/25/2035 - <br> 05/25/2035<sup>(l)(s)</sup> <br>|  | 67911 | &nbsp;&nbsp; 2723 |
| 2.18% (6.60% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/25/2035<sup>(l)(s)</sup> <br>|  | 48857 | &nbsp;&nbsp; 3011 |
| 2.81% (7.23% - (30 Day <br> Average SOFR + 0.11%)), <br> 09/25/2036<sup>(l)(s)</sup> <br>|  | 87314 | &nbsp;&nbsp; 4495 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| 2.12% (6.54% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/25/2037<sup>(l)(s)</sup> <br>|  | $102887 | &nbsp;&nbsp; $8225 |
| 4.00%, 04/25/2041<sup>(s)</sup> <br>|  | 140093 | &nbsp;&nbsp; 11517 |
| 2.13% (6.55% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/25/2041<sup>(l)(s)</sup> <br>|  | 36906 | &nbsp;&nbsp; 3031 |
| 1.73% (6.15% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/25/2042<sup>(l)(s)</sup> <br>|  | 127520 | &nbsp;&nbsp; 14867 |
| 6.00%, 01/25/2032 |  | 9331 | &nbsp;&nbsp; 9562 |
| 5.42% (30 Day Average SOFR <br> + 1.11%), 04/25/2032 - <br> 12/25/2032<sup>(l)</sup> <br>|  | 79031 | &nbsp;&nbsp; 79801 |
| 4.92% (30 Day Average SOFR <br> + 0.61%), 09/25/2032<sup>(l)</sup> <br>|  | 19241 | &nbsp;&nbsp; 19165 |
| 4.92% (30 Day Average SOFR <br> + 0.61%), 10/18/2032<sup>(l)</sup> <br>|  | 5900 | &nbsp;&nbsp; 5881 |
| 4.82% (30 Day Average SOFR <br> + 0.51%), 11/25/2033<sup>(l)</sup> <br>|  | 3330 | &nbsp;&nbsp; 3323 |
| 8.36% (24.57% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 03/25/2036<sup>(l)</sup> <br>|  | 24015 | &nbsp;&nbsp; 28444 |
| 7.99% (24.20% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 06/25/2036<sup>(l)</sup> <br>|  | 27016 | &nbsp;&nbsp; 30222 |
| 5.36% (30 Day Average SOFR <br> + 1.05%), 06/25/2037<sup>(l)</sup> <br>|  | 5747 | &nbsp;&nbsp; 5795 |
| 4.00%, 03/25/2041 |  | 16891 | &nbsp;&nbsp; 16178 |
| Federal Home Loan Mortgage Corp., | Federal Home Loan Mortgage Corp., |  |  |
| 6.50%, 08/01/2031 |  | 18539 | &nbsp;&nbsp; 19237 |
| 5.00%, 09/01/2033 - <br> 03/01/2053<br>|  | 12723484 | &nbsp;&nbsp; 12528598 |
| 7.00%, 10/01/2037 |  | 5570 | &nbsp;&nbsp; 5882 |
| 4.50%, 10/01/2052 |  | 6142978 | &nbsp;&nbsp; 5929990 |
| Federal National Mortgage Association, | Federal National Mortgage Association, |  |  |
| 7.50%, 10/01/2029 - <br> 03/01/2033<br>|  | 64837 | &nbsp;&nbsp; 66783 |
| 7.00%, 07/01/2032 - <br> 04/01/2033<br>|  | 9458 | &nbsp;&nbsp; 9979 |
| 5.00%, 07/01/2033 |  | 52597 | &nbsp;&nbsp; 53103 |
| 5.50%, 02/01/2035 - <br> 03/01/2053<br>|  | 12512838 | &nbsp;&nbsp; 12568782 |
| 4.50%, 07/01/2052 |  | 6728826 | &nbsp;&nbsp; 6475525 |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| Series K734, Class X1, IO, <br> 0.79%, 02/25/2026<sup>(m)</sup> <br>|  | 1363253 | &nbsp;&nbsp; 2690 |
| Series K735, Class X1, IO, <br> 1.10%, 05/25/2026<sup>(m)</sup> <br>|  | 2789085 | &nbsp;&nbsp; 16191 |
| Series K093, Class X1, IO, <br> 1.08%, 05/25/2029<sup>(m)</sup> <br>|  | 18474254 | &nbsp;&nbsp; 562901 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**11**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| 7.00%, 09/15/2026 |  | $6172 | &nbsp;&nbsp; $6170 |
| 4.87% (30 Day Average SOFR <br> + 0.56%), 12/15/2028 - <br> 02/15/2029<sup>(l)</sup> <br>|  | 37937 | &nbsp;&nbsp; 37840 |
| 6.00%, 04/15/2029 |  | 17499 | &nbsp;&nbsp; 17746 |
| 6.50%, 10/15/2029 - <br> 06/15/2032<br>|  | 66567 | &nbsp;&nbsp; 68905 |
| 4.97% (30 Day Average SOFR <br> + 0.66%), 06/15/2031 - <br> 01/15/2032<sup>(l)</sup> <br>|  | 42766 | &nbsp;&nbsp; 42670 |
| 5.42% (30 Day Average SOFR <br> + 1.11%), 02/15/2032 - <br> 03/15/2032<sup>(l)</sup> <br>|  | 29576 | &nbsp;&nbsp; 29731 |
| 3.50%, 05/15/2032 |  | 8174 | &nbsp;&nbsp; 8020 |
| 8.55% (24.75% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 08/15/2035<sup>(l)</sup> <br>|  | 20139 | &nbsp;&nbsp; 22532 |
| 4.00%, 06/15/2038 |  | 10495 | &nbsp;&nbsp; 10070 |
| IO, <br>3.53% (7.95% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2026<sup>(l)(s)</sup> <br>|  | 5658 | &nbsp;&nbsp; 71 |
| 4.28% (8.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 07/17/2028<sup>(l)(s)</sup> <br>|  | 2 | &nbsp;&nbsp; 0 |
| 3.23% (7.65% - (30 Day <br> Average SOFR + 0.11%)), <br> 03/15/2029<sup>(l)(s)</sup> <br>|  | 39528 | &nbsp;&nbsp; 2013 |
| 3.68% (8.10% - (30 Day <br> Average SOFR + 0.11%)), <br> 06/15/2029<sup>(l)(s)</sup> <br>|  | 2044 | &nbsp;&nbsp; 120 |
| 3.58% (8.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/15/2032<sup>(l)(s)</sup> <br>|  | 67374 | &nbsp;&nbsp; 2340 |
| 2.63% (7.05% - (30 Day <br> Average SOFR + 0.11%)), <br> 10/15/2033<sup>(l)(s)</sup> <br>|  | 31954 | &nbsp;&nbsp; 2162 |
| 2.28% (6.70% - (30 Day <br> Average SOFR + 0.11%)), <br> 01/15/2035<sup>(l)(s)</sup> <br>|  | 33681 | &nbsp;&nbsp; 2088 |
| 2.33% (6.75% - (30 Day <br> Average SOFR + 0.11%)), <br> 02/15/2035<sup>(l)(s)</sup> <br>|  | 5040 | &nbsp;&nbsp; 303 |
| 2.30% (6.72% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2035<sup>(l)(s)</sup> <br>|  | 102329 | &nbsp;&nbsp; 7672 |
| 2.58% (7.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2037<sup>(l)(s)</sup> <br>|  | 22730 | &nbsp;&nbsp; 2408 |
| 1.58% (6.00% - (30 Day <br> Average SOFR + 0.11%)), <br> 04/15/2038<sup>(l)(s)</sup> <br>|  | 10993 | &nbsp;&nbsp; 970 |
| 1.65% (6.07% - (30 Day <br> Average SOFR + 0.11%)), <br> 05/15/2038<sup>(l)(s)</sup> <br>|  | 46597 | &nbsp;&nbsp; 3952 |
| 1.83% (6.25% - (30 Day <br> Average SOFR + 0.11%)), <br> 12/15/2039<sup>(l)(s)</sup> <br>|  | 11450 | &nbsp;&nbsp; 1034 |
| Freddie Mac STRIPS, | Freddie Mac STRIPS, |  |  |
| IO, <br>6.50%, 02/01/2028<sup>(s)</sup> <br>|  | 445 | &nbsp;&nbsp; 25 |
| 7.00%, 09/01/2029<sup>(s)</sup> <br>|  | 4101 | &nbsp;&nbsp; 388 |
| 6.00%, 12/15/2032<sup>(s)</sup> <br>|  | 12346 | &nbsp;&nbsp; 1380 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Government National Mortgage <br> Association, | Government National Mortgage <br> Association, |  |  |
| ARM, 4.75% (1 yr. <br> U.S. Treasury Yield Curve Rate <br> + 1.50%), 11/20/2025<sup>(l)</sup> <br>|  | $36 | &nbsp;&nbsp; $36 |
| 8.00%, 05/15/2026 |  | 1178 | &nbsp;&nbsp; 1180 |
| 7.00%, 04/15/2028 - <br> 07/15/2028<br>|  | 8717 | &nbsp;&nbsp; 8809 |
| IO, <br>2.12% (6.55% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2037<sup>(l)(s)</sup> <br>|  | 51603 | &nbsp;&nbsp; 2907 |
| 2.22% (6.65% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2041<sup>(l)(s)</sup> <br>|  | 74486 | &nbsp;&nbsp; 4976 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $40,073,978) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $40,073,978) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities (Cost $40,073,978) | &nbsp;&nbsp; 38889871 |
| **Agency Credit Risk Transfer Notes–5.30%** | **Agency Credit Risk Transfer Notes–5.30%** | **Agency Credit Risk Transfer Notes–5.30%** | **Agency Credit Risk Transfer Notes–5.30%** |
| **United States–5.30%** | **United States–5.30%** | **United States–5.30%** | **United States–5.30%** |
| Fannie Mae Connecticut Avenue <br> Securities, | Fannie Mae Connecticut Avenue <br> Securities, |  |  |
| Series 2022-R04, Class 1M2, <br> 7.41% (30 Day Average SOFR <br> + 3.10%), 03/25/2042<sup>(b)(l)</sup> <br>|  | 770000 | &nbsp;&nbsp; 793776 |
| Series 2022-R05, Class 2M1, <br> 6.21% (30 Day Average SOFR <br> + 1.90%), 04/25/2042<sup>(b)(l)</sup> <br>|  | 1021221 | &nbsp;&nbsp; 1025353 |
| Series 2022-R08, Class 1M2, <br> 7.91% (30 Day Average SOFR <br> + 3.60%), 07/25/2042<sup>(b)(l)</sup> <br>|  | 1350000 | &nbsp;&nbsp; 1409661 |
| Series 2023-R02, Class 1M1, <br> 6.61% (30 Day Average SOFR <br> + 2.30%), 01/25/2043<sup>(b)(l)</sup> <br>|  | 379830 | &nbsp;&nbsp; 387846 |
| Series 2023-R03, Class 2M1, <br> 6.81% (30 Day Average SOFR <br> + 2.50%), 04/25/2043<sup>(b)(l)</sup> <br>|  | 595820 | &nbsp;&nbsp; 604582 |
| Series 2023-R04, Class 1M1, <br> 6.61% (30 Day Average SOFR <br> + 2.30%), 05/25/2043<sup>(b)(l)</sup> <br>|  | 786766 | &nbsp;&nbsp; 803617 |
| Series 2023-R06, Class 1M1, <br> 6.01% (30 Day Average SOFR <br> + 1.70%), 07/25/2043<sup>(b)(l)</sup> <br>|  | 336418 | &nbsp;&nbsp; 338412 |
| Series 2023-R06, Class 1M2, <br> 7.01% (30 Day Average SOFR <br> + 2.70%), 07/25/2043<sup>(b)(l)</sup> <br>|  | 490000 | &nbsp;&nbsp; 506399 |
| Series 2023-R06, Class 1B1, <br> 8.21% (30 Day Average SOFR <br> + 3.90%), 07/25/2043<sup>(b)(l)</sup> <br>|  | 565000 | &nbsp;&nbsp; 597813 |
| Series 2023-R08, Class 1M2, <br> 6.81% (30 Day Average SOFR <br> + 2.50%), 10/25/2043<sup>(b)(l)</sup> <br>|  | 280000 | &nbsp;&nbsp; 288217 |
| Series 2023-R08, Class 1M1, <br> 5.81% (30 Day Average SOFR <br> + 1.50%), 10/25/2043<sup>(b)(l)</sup> <br>|  | 258151 | &nbsp;&nbsp; 259042 |
| Series 2024-R02, Class 1M2, <br> 6.11% (30 Day Average SOFR <br> + 1.80%), 02/25/2044<sup>(b)(l)</sup> <br>|  | 3100000 | &nbsp;&nbsp; 3130858 |
| Series 2024-R03, Class 2M2, <br> 6.26% (30 Day Average SOFR <br> + 1.95%), 03/25/2044<sup>(b)(l)</sup> <br>|  | 3180000 | &nbsp;&nbsp; 3210817 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**12**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Freddie Mac, | Freddie Mac, |  |  |
| Series 2022-DNA3, Class M1B, <br> STACR<sup>®</sup>, 7.21% (30 Day <br> Average SOFR + 2.90%), <br> 04/25/2042<sup>(b)(l)</sup> <br>|  | $3000000 | &nbsp;&nbsp; $3092269 |
| Series 2022-HQA2, Class M1, <br> STACR<sup>®</sup>, 8.31% (30 Day <br> Average SOFR + 4.00%), <br> 07/25/2042<sup>(b)(l)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1584338 |
| Series 2022-HQA3, Class M1, <br> STACR<sup>®</sup>, 7.86% (30 Day <br> Average SOFR + 3.55%), <br> 08/25/2042<sup>(b)(l)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1570902 |
| Series 2022-HQA3, Class M2, <br> STACR<sup>®</sup>, 9.66% (30 Day <br> Average SOFR + 5.35%), <br> 08/25/2042<sup>(b)(l)</sup> <br>|  | 1605000 | &nbsp;&nbsp; 1725139 |
| Series 2022-DNA6, Class M1, <br> STACR<sup>®</sup>, 6.46% (30 Day <br> Average SOFR + 2.15%), <br> 09/25/2042<sup>(b)(l)</sup> <br>|  | 200785 | &nbsp;&nbsp; 202343 |
| Series 2023-DNA1, Class M1, <br> STACR<sup>®</sup>, 6.41% (30 Day <br> Average SOFR + 2.10%), <br> 03/25/2043<sup>(b)(l)</sup> <br>|  | 722309 | &nbsp;&nbsp; 733263 |
| Series 2023-HQA1, Class M1, <br> STACR<sup>®</sup>, 7.81% (30 Day <br> Average SOFR + 3.50%), <br> 05/25/2043<sup>(b)(l)</sup> <br>|  | 2885325 | &nbsp;&nbsp; 3050120 |
| Series 2023-HQA2, Class M1, <br> STACR<sup>®</sup>, 6.31% (30 Day <br> Average SOFR + 2.00%), <br> 06/25/2043<sup>(b)(l)</sup> <br>|  | 480882 | &nbsp;&nbsp; 483642 |
| Series 2023-HQA2, Class M1, <br> STACR<sup>®</sup>, 7.66% (30 Day <br> Average SOFR + 3.35%), <br> 06/25/2043<sup>(b)(l)</sup> <br>|  | 900000 | &nbsp;&nbsp; 938477 |
| Series 2023-HQA3, Class M2, <br> STACR<sup>®</sup>, 7.66% (30 Day <br> Average SOFR + 3.35%), <br> 11/25/2043<sup>(b)(l)</sup> <br>|  | 3100000 | &nbsp;&nbsp; 3274449 |
| Series 2024-DNA1, Class M2, <br> STACR<sup>®</sup>, 6.26% (30 Day <br> Average SOFR + 1.95%), <br> 02/25/2044<sup>(b)(l)</sup> <br>|  | 1550000 | &nbsp;&nbsp; 1574368 |
| Series 2024-HQA1, Class M2, <br> STACR<sup>®</sup>, 6.31% (30 Day <br> Average SOFR + 2.00%), <br> 03/25/2044<sup>(b)(l)</sup> <br>|  | 1670900 | &nbsp;&nbsp; 1689225 |
| Series 2024-DNA2, Class M2, <br> STACR<sup>®</sup>, 6.01% (30 Day <br> Average SOFR + 1.70%), <br> 05/25/2044<sup>(b)(l)</sup> <br>|  | 387500 | &nbsp;&nbsp; 390009 |
| Series 2024-HQA2, Class M2, <br> STACR<sup>®</sup>, 6.11% (30 Day <br> Average SOFR + 1.80%), <br> 08/25/2044<sup>(b)(l)</sup> <br>|  | 1550000 | &nbsp;&nbsp; 1556453 |
| Series 2025-DNA2, Class A1, <br> 5.41% (30 Day Average SOFR <br> + 1.10%), 05/25/2045<sup>(b)(l)</sup> <br>|  | 625625 | &nbsp;&nbsp; 626234 |
| Total Agency Credit Risk Transfer Notes <br> (Cost $35,191,966) | Total Agency Credit Risk Transfer Notes <br> (Cost $35,191,966) | Total Agency Credit Risk Transfer Notes <br> (Cost $35,191,966) | &nbsp;&nbsp; 35847624 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Common Stocks & Other Equity Interests–1.65%** | **Common Stocks & Other Equity Interests–1.65%** | **Common Stocks & Other Equity Interests–1.65%** | **Common Stocks & Other Equity Interests–1.65%** |
| **Argentina–1.64%** | **Argentina–1.64%** | **Argentina–1.64%** | **Argentina–1.64%** |
| Banco BBVA Argentina S.A. | Banco BBVA Argentina S.A. | 80000 | &nbsp;&nbsp; 438355 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Argentina–(continued)** | **Argentina–(continued)** | **Argentina–(continued)** | **Argentina–(continued)** |
| Banco Macro S.A., Class B | Banco Macro S.A., Class B | 170000 | &nbsp;&nbsp; $1192609 |
| Grupo Financiero Galicia S.A., Class B | Grupo Financiero Galicia S.A., Class B | 535000 | &nbsp;&nbsp; 2709417 |
| Pampa Energia S.A.<sup>(t)</sup>  | Pampa Energia S.A.<sup>(t)</sup>  | 400000 | &nbsp;&nbsp; 1114153 |
| YPF S.A., ADR<sup>(d)(t)</sup>  | YPF S.A., ADR<sup>(d)(t)</sup>  | 22500 | &nbsp;&nbsp; 707625 |
| YPF S.A., Class D<sup>(t)</sup>  | YPF S.A., Class D<sup>(t)</sup>  | 157100 | &nbsp;&nbsp; 4969279 |
|  |  |  | &nbsp;&nbsp; 11131438 |
| **United States–0.01%** | **United States–0.01%** | **United States–0.01%** | **United States–0.01%** |
| Claire's Holdings LLC, Class S | Claire's Holdings LLC, Class S | 235 | &nbsp;&nbsp; 35 |
| McDermott International Ltd.<sup>(t)</sup>  | McDermott International Ltd.<sup>(t)</sup>  | 312 | &nbsp;&nbsp; 3434 |
| McDermott International Ltd., Series A, <br> Wts., expiring 06/30/2027<sup>(g)(t)</sup>  | McDermott International Ltd., Series A, <br> Wts., expiring 06/30/2027<sup>(g)(t)</sup>  | 31946 | &nbsp;&nbsp; 958 |
| McDermott International Ltd., Series B, <br> Wts., expiring 06/30/2027<sup>(g)(t)</sup>  | McDermott International Ltd., Series B, <br> Wts., expiring 06/30/2027<sup>(g)(t)</sup>  | 35496 | &nbsp;&nbsp; 1065 |
| Murray Energy Corp. | Murray Energy Corp. | 478 | &nbsp;&nbsp; 35253 |
| Sabine Oil & Gas Holdings, Inc.<sup>(g)(t)</sup>  | Sabine Oil & Gas Holdings, Inc.<sup>(g)(t)</sup>  | 837 | &nbsp;&nbsp; 59 |
| Windstream Services LLC, Wts. | Windstream Services LLC, Wts. | 176 | &nbsp;&nbsp; 3322 |
|  |  |  | &nbsp;&nbsp; 44126 |
| Total Common Stocks & Other Equity Interests <br> (Cost $9,545,998) | Total Common Stocks & Other Equity Interests <br> (Cost $9,545,998) | Total Common Stocks & Other Equity Interests <br> (Cost $9,545,998) | &nbsp;&nbsp; 11175564 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Variable Rate Senior Loan Interests–0.47%**<sup>(u)(v)</sup>  | **Variable Rate Senior Loan Interests–0.47%**<sup>(u)(v)</sup>  | **Variable Rate Senior Loan Interests–0.47%**<sup>(u)(v)</sup>  | **Variable Rate Senior Loan Interests–0.47%**<sup>(u)(v)</sup>  |
| **United States–0.47%** | **United States–0.47%** | **United States–0.47%** | **United States–0.47%** |
| AAdvantage Loyality IP Ltd. <br> (American Airlines, Inc.), Term <br> Loan B, 7.58% (3 mo. Term <br> SOFR + 3.25%), 05/07/2032<br>|  | $172500 | &nbsp;&nbsp; 173837 |
| ACNR Holdings, Inc., Term Loan, <br> 13.00% (3 mo.Term <br> SOFR+13.00%), 12/11/2029<br>|  | 25872 | &nbsp;&nbsp; 25403 |
| Bausch and Lomb, Inc., Term <br> Loan, 8.57% (1 mo. Term <br> SOFR + 4.25%), 01/30/2031<br>|  | 275000 | &nbsp;&nbsp; 275861 |
| Claire's Stores, Inc., Term Loan, <br> 10.73% (1 mo. USD LIBOR + <br> 6.58%), 12/18/2026<br>|  | 71011 | &nbsp;&nbsp; 28286 |
| Clear Channel Outdoor Holdings, <br> Inc., Term Loan B, 8.44% (1 <br> mo. Term SOFR + 4.00%), <br> 08/23/2028<br>|  | 285646 | &nbsp;&nbsp; 283962 |
| Cloud Software Group, Inc., Term <br> Loan B, 7.80% (3 mo. Term <br> SOFR + 3.50%), 03/30/2029<br>|  | 275000 | &nbsp;&nbsp; 275609 |
| Cushman & Wakefield <br> U.S. Borrower LLC, Term Loan, <br> 7.58% (3 mo. Term SOFR + <br> 3.25%), 01/31/2030<br>|  | 287092 | &nbsp;&nbsp; 289006 |
| EMRLD Borrower L.P. (Copeland), <br> Incremental Term Loan B, <br> 6.83% (3 mo. Term SOFR + <br> 2.50%), 08/04/2031<br>|  | 427845 | &nbsp;&nbsp; 427693 |
| Greystar Real Estate Partners LLC, <br> Term Loan B, 7.05% (1 mo. <br> Term SOFR + 2.75%), <br> 08/21/2030<sup>(g)</sup> <br>|  | 154463 | &nbsp;&nbsp; 155042 |
| MPH Acquisition Holdings LLC, <br> Term Loan, 8.03% (3 mo. <br> Term SOFR + 3.75%), <br> 12/31/2030<br>|  | 139650 | &nbsp;&nbsp; 137834 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**13**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Panther BF Aggregator 2 L.P. <br> (Power Solutions, Clarios <br> POWSOL), Term Loan B, 7.08% <br> (1 mo. Term SOFR + 2.75%), <br> 01/28/2032<br>|  | $270000 | &nbsp;&nbsp; $270591 |
| Prairie Acquiror L.P., Term Loan <br> B, 8.58% (1 mo. Term SOFR + <br> 4.25%), 08/01/2029<br>|  | 316012 | &nbsp;&nbsp; 318480 |
| TransDigm, Inc., Term Loan L, <br> 6.80% (3 mo. Term SOFR + <br> 2.50%), 01/19/2032<br>|  | 536945 | &nbsp;&nbsp; 538360 |
| Total Variable Rate Senior Loan Interests <br> (Cost $3,234,363) | Total Variable Rate Senior Loan Interests <br> (Cost $3,234,363) | Total Variable Rate Senior Loan Interests <br> (Cost $3,234,363) | &nbsp;&nbsp; 3199964 |
| **Commercial Paper–0.06%**<sup>(q)</sup>  | **Commercial Paper–0.06%**<sup>(q)</sup>  | **Commercial Paper–0.06%**<sup>(q)</sup>  | **Commercial Paper–0.06%**<sup>(q)</sup>  |
| **Argentina–0.06%** | **Argentina–0.06%** | **Argentina–0.06%** | **Argentina–0.06%** |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/08/2026<sup>(g)</sup>  | TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/08/2026<sup>(g)</sup>  | 84055 | &nbsp;&nbsp; 84330 |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 07/08/2026<sup>(g)</sup>  | TMF Trust Co. (Argentina) S.A., <br> 12.00%, 07/08/2026<sup>(g)</sup>  | 98928 | &nbsp;&nbsp; 99628 |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/07/2027<sup>(g)</sup>  | TMF Trust Co. (Argentina) S.A., <br> 12.00%, 01/07/2027<sup>(g)</sup>  | 136485 | &nbsp;&nbsp; 137920 |
| TMF Trust Co. (Argentina) S.A., <br> 12.00%, 04/07/2027<sup>(g)</sup>  | TMF Trust Co. (Argentina) S.A., <br> 12.00%, 04/07/2027<sup>(g)</sup>  | 60579 | &nbsp;&nbsp; 61295 |
| Total Commercial Paper (Cost $380,047) | Total Commercial Paper (Cost $380,047) | Total Commercial Paper (Cost $380,047) | &nbsp;&nbsp; 383173 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** |
| **United States–0.00%** | **United States–0.00%** | **United States–0.00%** | **United States–0.00%** |
| Claire's Holdings LLC, Series A, Pfd.<sup>(g)</sup> <br>(Cost $36,875) | Claire's Holdings LLC, Series A, Pfd.<sup>(g)</sup> <br>(Cost $36,875) | 71 | &nbsp;&nbsp; 9230 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Money Market Funds–3.48%** | **Money Market Funds–3.48%** | **Money Market Funds–3.48%** | **Money Market Funds–3.48%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(w)(x)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(w)(x)</sup>  | 8251762 | &nbsp;&nbsp; $8251762 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(w)(x)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(w)(x)</sup>  | 15324700 | &nbsp;&nbsp; 15324700 |
| Total Money Market Funds (Cost $23,576,462) | Total Money Market Funds (Cost $23,576,462) | Total Money Market Funds (Cost $23,576,462) | &nbsp;&nbsp; 23576462 |
| **Options Purchased–4.21%** | **Options Purchased–4.21%** | **Options Purchased–4.21%** | **Options Purchased–4.21%** |
| (Cost $25,985,056)<sup>(y)</sup>  | (Cost $25,985,056)<sup>(y)</sup>  | (Cost $25,985,056)<sup>(y)</sup>  | &nbsp;&nbsp; 28490294 |
| TOTAL INVESTMENTS IN <br> SECURITIES (excluding <br> Investments purchased with <br> cash collateral from securities <br> on loan)-97.70% <br> (Cost $655,479,232)<br>|  |  | &nbsp;&nbsp; 661175483 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–4.01%** | **Money Market Funds–4.01%** | **Money Market Funds–4.01%** | **Money Market Funds–4.01%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(w)(x)(z)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(w)(x)(z)</sup>  | 7528731 | &nbsp;&nbsp; 7528731 |
| Invesco Private Prime Fund, <br> 4.49%<sup>(w)(x)(z)</sup>  | Invesco Private Prime Fund, <br> 4.49%<sup>(w)(x)(z)</sup>  | 19571851 | &nbsp;&nbsp; 19577723 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $27,104,497) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $27,104,497) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $27,104,497) | &nbsp;&nbsp; 27106454 |
| TOTAL INVESTMENTS IN SECURITIES—101.71% <br> (Cost $682,583,729) | TOTAL INVESTMENTS IN SECURITIES—101.71% <br> (Cost $682,583,729) | TOTAL INVESTMENTS IN SECURITIES—101.71% <br> (Cost $682,583,729) | &nbsp;&nbsp; 688281937 |
| OTHER ASSETS LESS LIABILITIES–(1.71)% | OTHER ASSETS LESS LIABILITIES–(1.71)% | OTHER ASSETS LESS LIABILITIES–(1.71)% | &nbsp;&nbsp; (11550222)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $676731715 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ADR | – American Depositary Receipt |
| ARM | – Adjustable Rate Mortgage |
| ARS | – Argentina Peso |
| AUD | – Australian Dollar |
| BRL | – Brazilian Real |
| CAD | – Canadian Dollar |
| CNY | – Chinese Yuan Renminbi |
| Ctfs. | – Certificates |
| EUR | – Euro |
| EURIBOR | – Euro Interbank Offered Rate |
| GBP | – British Pound Sterling |
| INR | – Indian Rupee |
| IO | – Interest Only |
| JPY | – Japanese Yen |
| LIBOR | – London Interbank Offered Rate |
| MXN | – Mexican Peso |
| Pfd. | – Preferred |
| PIK | – Pay-in-Kind |
| REMICs | – Real Estate Mortgage Investment Conduits |
| SOFR | – Secured Overnight Financing Rate |
| SONIA | – Sterling Overnight Index Average |
| STACR<sup>®</sup> | – Structured Agency Credit Risk |
| STRIPS | – Separately Traded Registered Interest and Principal Security |
| TRY | – Turkish Lira |
| 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.

**14**

**Invesco V.I. Global Strategic Income Fund**

------

Notes to Consolidated Schedule of Investments:

<sup>(a)</sup> Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2025 was $276,321,766, which represented 40.83% of the Fund's Net Assets. 

<sup>(c)</sup> Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

<sup>(d)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(e)</sup> Perpetual bond with no specified maturity date.

<sup>(f)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at June 30, 2025 represented less than 1% of the Fund's Net Assets. 

<sup>(g)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(h)</sup> All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

<sup>(i)</sup> Zero coupon bond issued at a discount.

<sup>(j)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated.

<sup>(k)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(l)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2025.

<sup>(m)</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 June 30, 2025. 

<sup>(n)</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 June 30, 2025. 

<sup>(o)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1O.

<sup>(p)</sup> All or a portion of the value was designated as collateral to cover margin requirements for swap agreements. See Note 1R.

<sup>(q)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(r)</sup> Principal amount of security and interest payments are adjusted for inflation. See Note 1K.

<sup>(s)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

<sup>(t)</sup> Non-income producing security.

<sup>(u)</sup> Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. 

<sup>(v)</sup> Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund's portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. 

<sup>(w)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| Invesco Senior Loan ETF | $15465380 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $(14779002) | &nbsp;&nbsp; $51350 | &nbsp;&nbsp; $(737728) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $251828 |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| 22992662 | &nbsp;&nbsp; 79658431 | &nbsp;&nbsp; (94399331) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 8251762 | &nbsp;&nbsp; 275536 |
| Invesco Treasury Portfolio, Institutional Class | 42700657 | &nbsp;&nbsp; 147937086 | &nbsp;&nbsp; (175313043) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 15324700 | &nbsp;&nbsp; 508009 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 11793470 | &nbsp;&nbsp; 55614464 | &nbsp;&nbsp; (59879203) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 7528731 | &nbsp;&nbsp; 237,325\* |
| Invesco Private Prime Fund | 30646279 | &nbsp;&nbsp; 118319070 | &nbsp;&nbsp; (129387815) | &nbsp;&nbsp; 1957 | &nbsp;&nbsp; (1768) | &nbsp;&nbsp; 19577723 | &nbsp;&nbsp; 646,588\* |
| Total | $123598448 | &nbsp;&nbsp; $401529051 | &nbsp;&nbsp; $(473758394) | &nbsp;&nbsp; $53307 | &nbsp;&nbsp; $(739496) | &nbsp;&nbsp; $50682916 | &nbsp;&nbsp; $1919286 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Consolidated Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. 

<sup>(x)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 2025.

<sup>(y)</sup> The table below details options purchased.

<sup>(z)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1L. 

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**15**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>  |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Counterparty** | &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value** | **Value** |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus CNH | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 09/29/2025 | CNH | 5.10 | AUD | 1510000 | &nbsp;&nbsp;&nbsp; $27815 |
| AUD versus JPY | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/03/2025 | JPY | 120.00 | AUD | 1863333 | &nbsp;&nbsp;&nbsp; 1 |
| AUD versus USD | Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 08/13/2025 | USD | 0.66 | AUD | 30290000 | &nbsp;&nbsp;&nbsp; 44775 |
| AUD versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 12/01/2025 | USD | 0.70 | AUD | 3990000 | &nbsp;&nbsp;&nbsp; 454740 |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 08/07/2025 | USD | 0.66 | AUD | 27740000 | &nbsp;&nbsp;&nbsp; 281944 |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 04/07/2026 | USD | 0.75 | AUD | 4593000 | &nbsp;&nbsp;&nbsp; 219356 |
| EUR versus USD | Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 09/30/2025 | USD | 1.22 | EUR | 1470000 | &nbsp;&nbsp;&nbsp; 432074 |
| EUR versus USD | Call | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 12/23/2025 | USD | 1.20 | EUR | 3000000 | &nbsp;&nbsp;&nbsp; 83540 |
| EUR versus USD | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 09/25/2025 | USD | 1.20 | EUR | 3740000 | &nbsp;&nbsp;&nbsp; 430377 |
| EUR versus USD | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 11/26/2025 | USD | 1.20 | EUR | 3100000 | &nbsp;&nbsp;&nbsp; 588923 |
| EUR versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 10/10/2025 | USD | 1.25 | EUR | 7075000 | &nbsp;&nbsp;&nbsp; 898164 |
| EUR versus USD | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 10/27/2025 | USD | 1.22 | EUR | 3030000 | &nbsp;&nbsp;&nbsp; 845263 |
| EUR versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 08/22/2025 | USD | 1.19 | EUR | 3000000 | &nbsp;&nbsp;&nbsp; 579587 |
| EUR versus USD | Call | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 05/08/2026 | USD | 1.35 | EUR | 10100000 | &nbsp;&nbsp;&nbsp; 760357 |
| EUR versus USD | Call | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 05/11/2026 | USD | 1.30 | EUR | 6060000 | &nbsp;&nbsp;&nbsp; 922636 |
| USD versus THB | Call | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 08/14/2025 | THB | 34.50 | USD | 15420000 | &nbsp;&nbsp;&nbsp; 11179 |
| Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | Subtotal — Foreign Currency Call Options Purchased | &nbsp;&nbsp;&nbsp; 6580731 |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| EUR versus PLN | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 09/24/2025 | PLN | 4.15 | EUR | 1500000 | &nbsp;&nbsp;&nbsp; 155284 |
| EUR versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 10/01/2025 | ZAR | 20.20 | EUR | 1350000 | &nbsp;&nbsp;&nbsp; 158640 |
| GBP versus USD | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 07/28/2025 | USD | 1.15 | GBP | 1545000 | &nbsp;&nbsp;&nbsp; 13 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/24/2025 | BRL | 5.35 | USD | 15470000 | &nbsp;&nbsp;&nbsp; 52660 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 09/18/2025 | BRL | 5.25 | USD | 3830000 | &nbsp;&nbsp;&nbsp; 596534 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 09/23/2025 | BRL | 5.45 | USD | 3000000 | &nbsp;&nbsp;&nbsp; 311415 |
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 06/18/2026 | BRL | 5.75 | USD | 20970000 | &nbsp;&nbsp;&nbsp; 823576 |
| USD versus BRL | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 07/03/2025 | BRL | 5.25 | USD | 15527500 | &nbsp;&nbsp;&nbsp; 16 |
| USD versus BRL | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 09/10/2025 | BRL | 5.30 | USD | 2325000 | &nbsp;&nbsp;&nbsp; 492419 |
| USD versus BRL | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 08/25/2025 | BRL | 5.40 | USD | 1500000 | &nbsp;&nbsp;&nbsp; 181227 |
| USD versus CAD | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/06/2026 | CAD | 1.20 | USD | 3790000 | &nbsp;&nbsp;&nbsp; 108265 |
| USD versus CAD | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 11/05/2025 | CAD | 1.28 | USD | 3790000 | &nbsp;&nbsp;&nbsp; 217144 |
| USD versus CNH | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 08/12/2025 | CNH | 6.90 | USD | 1510000 | &nbsp;&nbsp;&nbsp; 112943 |
| USD versus CNH | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 09/11/2025 | CNH | 7.00 | USD | 38750000 | &nbsp;&nbsp;&nbsp; 101912 |
| USD versus INR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/22/2026 | INR | 82.00 | USD | 3000000 | &nbsp;&nbsp;&nbsp; 240579 |
| USD versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 07/21/2025 | JPY | 137.00 | USD | 15155000 | &nbsp;&nbsp;&nbsp; 11988 |
| USD versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 09/08/2025 | JPY | 130.00 | USD | 6140000 | &nbsp;&nbsp;&nbsp; 204597 |
| USD versus JPY | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 05/06/2026 | JPY | 110.00 | USD | 15140000 | &nbsp;&nbsp;&nbsp; 269719 |
| USD versus JPY | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 07/21/2025 | JPY | 136.00 | USD | 24250000 | &nbsp;&nbsp;&nbsp; 13410 |
| USD versus JPY | Put | &nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp;&nbsp; 09/30/2025 | JPY | 133.00 | USD | 3830000 | &nbsp;&nbsp;&nbsp; 329135 |
| USD versus KRW | Put | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 05/20/2026 | KRW | 1200.00 | USD | 1500000 | &nbsp;&nbsp;&nbsp; 174468 |
| USD versus KRW | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 08/06/2025 | KRW | 1325.00 | USD | 15140000 | &nbsp;&nbsp;&nbsp; 94080 |
| USD versus KRW | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 11/28/2025 | KRW | 1200.00 | USD | 11980000 | &nbsp;&nbsp;&nbsp; 539208 |
| USD versus KRW | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 05/15/2026 | KRW | 1300.00 | USD | 69900000 | &nbsp;&nbsp;&nbsp; 428487 |
| USD versus MXN | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 09/30/2025 | MXN | 18.40 | USD | 1820000 | &nbsp;&nbsp;&nbsp; 197377 |
| USD versus MXN | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 08/21/2025 | MXN | 19.25 | USD | 760000 | &nbsp;&nbsp;&nbsp; 122058 |
| USD versus MXN | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 12/16/2025 | MXN | 17.50 | USD | 1500000 | &nbsp;&nbsp;&nbsp; 124629 |
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 08/14/2025 | MXN | 18.50 | USD | 3000000 | &nbsp;&nbsp;&nbsp; 450474 |
| USD versus MXN | Put | Merrill Lynch International | &nbsp;&nbsp;&nbsp; 09/18/2025 | MXN | 18.50 | USD | 3065000 | &nbsp;&nbsp;&nbsp; 1049919 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**16**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Foreign Currency Options Purchased**<sup>(a)</sup>**—(continued)** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of**<br> **Contract**<br>| **Counterparty** | &nbsp;&nbsp; **Expiration**<br> **Date**<br>| &nbsp;&nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp;&nbsp; **Exercise**<br> **Price** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Value** | &nbsp;&nbsp;&nbsp; **Notional**<br> **Value** | **Value** |
| USD versus NOK | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 10/23/2025 | NOK | 9.70 | USD | 1500000 | &nbsp;&nbsp;&nbsp; $1458 |
| USD versus NOK | Put | UBS AG | &nbsp;&nbsp;&nbsp; 10/23/2025 | NOK | 9.50 | USD | 1500000 | &nbsp;&nbsp;&nbsp; 141312 |
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp;&nbsp; 12/16/2025 | ZAR | 17.75 | USD | 2325000 | &nbsp;&nbsp;&nbsp; 285712 |
| USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 08/07/2025 | ZAR | 17.95 | USD | 1850000 | &nbsp;&nbsp;&nbsp; 341756 |
| USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 09/17/2025 | ZAR | 17.70 | USD | 1500000 | &nbsp;&nbsp;&nbsp; 233823 |
| USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 10/30/2025 | ZAR | 17.35 | USD | 1470000 | &nbsp;&nbsp;&nbsp; 111788 |
| USD versus ZAR | Put | UBS AG | &nbsp;&nbsp;&nbsp; 08/07/2025 | ZAR | 17.60 | USD | 37440000 | &nbsp;&nbsp;&nbsp; 107940 |
| USD versus ZAR | Put | UBS AG | &nbsp;&nbsp;&nbsp; 12/16/2025 | ZAR | 17.60 | USD | 31000000 | &nbsp;&nbsp;&nbsp; 48143 |
| Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | Subtotal — Foreign Currency Put Options Purchased | &nbsp;&nbsp;&nbsp; 8834108 |
| Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | Total Foreign Currency Options Purchased | &nbsp;&nbsp;&nbsp; $15414839 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $13,680,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Purchased**<sup>(a)</sup>  |
| **Description** | &nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Counterparty** | **Exercise** <br>**Rate**<br>| &nbsp;&nbsp; **Pay/** <br>**Receive** <br>**Exercise** <br>**Rate**<br>| &nbsp;&nbsp; **Floating Rate** <br>**Index**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 5 Year Interest Rate Swap | Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 2.38% | Receive | 6 Month EURIBOR | Semi-Annually | 06/24/2026 | &nbsp;&nbsp; EUR | 58910000 | &nbsp;&nbsp; $794045 |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 10 Year Interest Rate Swap | Put | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 2.60 | Pay | 6 Month EURIBOR | Semi-Annually | 02/22/2027 | &nbsp;&nbsp; EUR | 27760000 | &nbsp;&nbsp; 1320522 |
| 10 Year Interest Rate Swap | Put | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 3.16 | Pay | 6 Month EURIBOR | Semi-Annually | 06/26/2028 | &nbsp;&nbsp; EUR | 16470000 | &nbsp;&nbsp; 654522 |
| 10 Year Interest Rate Swap | Put | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| 3.92 | Pay | SOFR | Annually | 05/03/2027 | &nbsp;&nbsp; USD | 24230000 | &nbsp;&nbsp; 898226 |
| 15 Year Interest Rate Swap | Put | &nbsp;&nbsp; J.P. Morgan Chase Bank, <br> N.A.<br>| 1.76 | Pay | 6 Month EURIBOR | Semi-Annually | 03/15/2039 | &nbsp;&nbsp; EUR | 46500000 | &nbsp;&nbsp; 9408140 |
| Subtotal — Interest Rate Put Swaptions Purchased | Subtotal — Interest Rate Put Swaptions Purchased | Subtotal — Interest Rate Put Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; 12281410 |
| Total Interest Rate Swaptions Purchased | Total Interest Rate Swaptions Purchased | Total Interest Rate Swaptions Purchased |  |  |  |  |  |  |  | &nbsp;&nbsp; $13075455 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $13,680,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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**<br>| **Exercise** <br>**Rate**<br>| &nbsp;&nbsp; **Reference** <br>**Entity**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Expiration** <br>**Date**<br>| **Implied** <br>**Credit** <br>**Spread**<sup>(b)</sup> <br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Credit Risk** |  |  |  |  |  |  |  |  |  |  |
| J.P. Morgan Chase Bank, N.A. | Put | 103.00<br> %<br>| &nbsp;&nbsp; Markit CDX North America High Yield <br> Index, Series 44, Version 1<br>| 5.00<br> %<br>| Quarterly | 09/17/2025 | 3.188<br> %<br>| USD | 30000000 | $(86655)<br>|
| J.P. Morgan Chase Bank, N.A. | Put | 104.00 | &nbsp;&nbsp; Markit CDX North America High Yield <br> Index, Series 44, Version 1<br>| 5.00 | Quarterly | 08/20/2025 | 3.188 | USD | 30000000 | (60884)<br>|
| J.P. Morgan Chase Bank, N.A. | Put | 103.00 | &nbsp;&nbsp; Markit CDX North America High Yield <br> Index, Series 44, Version 1<br>| 5.00 | Quarterly | 08/20/2025 | 3.188 | USD | 21000000 | (33535)<br>|
| J.P. Morgan Chase Bank, N.A. | Put | 400.00 | &nbsp;&nbsp; Markit iTraxx Europe Crossover <br> Index, Series 43, Version 1<br>| 5.00 | Quarterly | 10/15/2025 | 2.802 | EUR | 30000000 | (132062)<br>|
| Total Credit Default Swaptions Written | Total Credit Default Swaptions Written |  |  |  |  |  |  |  |  | $(313136)<br>|

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $13,680,000.

<sup>(b)</sup> Implied credit spreads represent the current level, as of June 30, 2025, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. 

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**17**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  | **Open Over-The-Counter Foreign Currency Options Written**<sup>(a)</sup>  |
| **Description** | &nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Counterparty** | **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Notional** <br>**Value** | &nbsp;&nbsp; **Notional** <br>**Value** | **Value** |
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus USD | Call | Merrill Lynch International | &nbsp;&nbsp; 08/07/2025 | USD | 0.69 | AUD | 27740000 | &nbsp;&nbsp; $(31274)<br>|
| EUR versus USD | Call | Deutsche Bank AG | &nbsp;&nbsp; 07/31/2025 | USD | 1.21 | EUR | 880000 | &nbsp;&nbsp; (295365)<br>|
| USD versus BRL | Call | Goldman Sachs International | &nbsp;&nbsp; 06/18/2026 | BRL | 6.60 | USD | 20970000 | &nbsp;&nbsp; (471238)<br>|
| USD versus IDR | Call | Goldman Sachs International | &nbsp;&nbsp; 08/14/2025 | IDR | 17000.00 | USD | 23137500 | &nbsp;&nbsp; (25752)<br>|
| USD versus JPY | Call | Goldman Sachs International | &nbsp;&nbsp; 07/21/2025 | JPY | 145.00 | USD | 15155000 | &nbsp;&nbsp; (90839)<br>|
| USD versus JPY | Call | Merrill Lynch International | &nbsp;&nbsp; 07/21/2025 | JPY | 148.00 | USD | 12125000 | &nbsp;&nbsp; (14926)<br>|
| USD versus JPY | Call | &nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp; 10/02/2025 | JPY | 150.00 | USD | 765000 | &nbsp;&nbsp; (122037)<br>|
| USD versus KRW | Call | Merrill Lynch International | &nbsp;&nbsp; 05/15/2026 | KRW | 1455.00 | USD | 19970000 | &nbsp;&nbsp; (215716)<br>|
| USD versus MXN | Call | Goldman Sachs International | &nbsp;&nbsp; 03/27/2026 | MXN | 23.00 | USD | 1235000 | &nbsp;&nbsp; (80877)<br>|
| USD versus THB | Call | Goldman Sachs International | &nbsp;&nbsp; 08/14/2025 | THB | 36.00 | USD | 15420000 | &nbsp;&nbsp; (1434)<br>|
| USD versus TRY | Call | Goldman Sachs International | &nbsp;&nbsp; 09/11/2025 | TRY | 47.00 | USD | 15500000 | &nbsp;&nbsp; (222224)<br>|
| USD versus TRY | Call | Goldman Sachs International | &nbsp;&nbsp; 02/18/2026 | TRY | 48.50 | USD | 9230000 | &nbsp;&nbsp; (603974)<br>|
| USD versus TRY | Call | Goldman Sachs International | &nbsp;&nbsp; 03/11/2026 | TRY | 48.20 | USD | 7705000 | &nbsp;&nbsp; (584702)<br>|
| USD versus TRY | Call | Goldman Sachs International | &nbsp;&nbsp; 03/20/2026 | TRY | 51.00 | USD | 7670000 | &nbsp;&nbsp; (498450)<br>|
| USD versus ZAR | Call | Goldman Sachs International | &nbsp;&nbsp; 03/11/2026 | ZAR | 20.00 | USD | 7675000 | &nbsp;&nbsp; (112032)<br>|
| USD versus ZAR | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/01/2026 | ZAR | 20.00 | USD | 3740000 | &nbsp;&nbsp; (81304)<br>|
| USD versus ZAR | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/01/2026 | ZAR | 21.50 | USD | 7490000 | &nbsp;&nbsp; (84248)<br>|
| USD versus ZAR | Call | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 06/18/2026 | ZAR | 20.50 | USD | 11230000 | &nbsp;&nbsp; (209608)<br>|
| Subtotal — Foreign Currency Call Options Written | Subtotal — Foreign Currency Call Options Written | Subtotal — Foreign Currency Call Options Written | Subtotal — Foreign Currency Call Options Written |  |  |  |  | &nbsp;&nbsp; (3746000)<br>|
| **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** | **Currency Risk** |
| AUD versus USD | Put | J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp; 12/01/2025 | USD | 0.60 | AUD | 19970000 | &nbsp;&nbsp; (47934)<br>|
| AUD versus USD | Put | Merrill Lynch International | &nbsp;&nbsp; 08/07/2025 | USD | 0.62 | AUD | 27740000 | &nbsp;&nbsp; (21251)<br>|
| USD versus BRL | Put | Goldman Sachs International | &nbsp;&nbsp; 06/18/2026 | BRL | 5.35 | USD | 20970000 | &nbsp;&nbsp; (320652)<br>|
| USD versus JPY | Put | Merrill Lynch International | &nbsp;&nbsp; 07/21/2025 | JPY | 132.00 | USD | 24250000 | &nbsp;&nbsp; (2668)<br>|
| USD versus KRW | Put | Merrill Lynch International | &nbsp;&nbsp; 08/06/2025 | KRW | 1275.00 | USD | 15140000 | &nbsp;&nbsp; (14292)<br>|
| USD versus THB | Put | Goldman Sachs International | &nbsp;&nbsp; 08/14/2025 | THB | 32.55 | USD | 15420000 | &nbsp;&nbsp; (253582)<br>|
| USD versus ZAR | Put | Goldman Sachs International | &nbsp;&nbsp; 03/11/2026 | ZAR | 17.50 | USD | 7675000 | &nbsp;&nbsp; (217847)<br>|
| Subtotal — Foreign Currency Put Options Written | Subtotal — Foreign Currency Put Options Written | Subtotal — Foreign Currency Put Options Written | Subtotal — Foreign Currency Put Options Written |  |  |  |  | &nbsp;&nbsp; (878226)<br>|
| Total Foreign Currency Options Written | Total Foreign Currency Options Written | Total Foreign Currency Options Written | Total Foreign Currency Options Written |  |  |  |  | &nbsp;&nbsp; $(4624226)<br>|

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $13,680,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>  |
| **Description** | **Counterparty** | **Exercise** <br>**Rate**<br>| **Floating** <br>**Rate Index**<br>| **Pay/** <br>**Receive** <br>**Exercise** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Expiration** <br>**Date**<br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Value** |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 30 Year Interest Rate Swap<br> Call | BNP Paribas S.A. | 3.75% | SOFR | Receive | Annually | 12/26/2025 | USD | 36640000 | $(1115628)<br>|
| 10 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 3.50 | SOFR | Receive | Annually | 04/07/2026 | USD | 127875000 | (2465748)<br>|
| 30 Year Interest Rate Swap<br> Call | Goldman Sachs <br> International<br>| 3.76 | SOFR | Receive | Annually | 12/29/2025 | USD | 24100000 | (762997)<br>|
| 30 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.40 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 04/07/2026 | EUR | 49125000 | (1210042)<br>|
| 30 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.42 | SOFR | Receive | Annually | 07/11/2029 | USD | 18635000 | (613347)<br>|
| 30 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.59 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 05/21/2026 | EUR | 22470000 | (955798)<br>|
| 30 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.46 | SOFR | Receive | Annually | 04/22/2030 | USD | 20210000 | (1513763)<br>|
| 5 Year Interest Rate Swap<br> Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.17 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 09/14/2026 | EUR | 30680000 | (293226)<br>|

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**18**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** | **Open Over-The-Counter Interest Rate Swaptions Written**<sup>(a)</sup>**—(continued)** |
| **Description** | **Type of**<br> **Contract**<br>| **Counterparty** | **Exercise**<br> **Rate**<br>| **Floating**<br> **Rate Index**<br>| **Pay/**<br> **Receive**<br> **Exercise**<br> **Rate**<br>| **Payment**<br> **Frequency**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Value** | **Notional**<br> **Value** | **Value** |
| 30 Year Interest Rate Swap | Call | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.50% | SOFR | Receive | Annually | 12/26/2025 | USD | 23960000 | $(398485)<br>|
| 10 Year Interest Rate Swap | Call | Merrill Lynch International | 3.50 | SOFR | Receive | Annually | 11/05/2025 | USD | 50480000 | (584907)<br>|
| 5 Year Interest Rate Swap | Call | Merrill Lynch International | 2.76 | CORRA | Receive | Semi-Annually | 09/08/2025 | CAD | 40860000 | (340171)<br>|
| 50 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 2.58 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 05/21/2026 | EUR | 8990000 | (613343)<br>|
| 30 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 3.80 | SOFR | Receive | Annually | 10/22/2025 | USD | 20210000 | (517469)<br>|
| 50 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 2.60 | 6 Month <br> EURIBOR<br>| Receive | Semi-Annually | 06/24/2026 | EUR | 9980000 | (745809)<br>|
| 30 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 3.72 | SOFR | Receive | Annually | 11/06/2025 | USD | 15140000 | (334389)<br>|
| 5 Year Interest Rate Swap | Call | Morgan Stanley and Co. <br> International PLC<br>| 3.25 | SOFR | Receive | Annually | 06/26/2026 | USD | 59906130 | (871032)<br>|
| Subtotal—Interest Rate Call Swaptions Written | Subtotal—Interest Rate Call Swaptions Written | Subtotal—Interest Rate Call Swaptions Written | Subtotal—Interest Rate Call Swaptions Written | Subtotal—Interest Rate Call Swaptions Written |  |  |  |  |  | (13336154)<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| 30 Year Interest Rate Swap | Put | Barclays Bank PLC | 5.55 | SONIA | Pay | Annually | 05/10/2027 | GBP | 20190000 | (781891)<br>|
| 5 Year Interest Rate Swap | Put | BNP Paribas S.A. | 2.73 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 05/24/2027 | EUR | 32200000 | (568429)<br>|
| 1 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 4.11 | SOFR | Pay | At Maturity | 06/21/2027 | USD | 399370000 | (966368)<br>|
| 5 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.17 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 09/14/2026 | EUR | 30680000 | (140813)<br>|
| 2 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.30 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 03/18/2027 | EUR | 110440000 | (927492)<br>|
| 2 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 2.78 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 06/26/2028 | EUR | 74880000 | (666157)<br>|
| 10 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, <br> N.A.<br>| 3.15 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 02/22/2027 | EUR | 55520000 | (1286386)<br>|
| 5 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 2.50 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 04/07/2026 | EUR | 57425000 | (560156)<br>|
| 2 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 3.54 | SOFR | Pay | Annually | 05/03/2027 | USD | 100950000 | (793046)<br>|
| 5 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 3.75 | SOFR | Pay | Annually | 06/26/2026 | USD | 59906130 | (651286)<br>|
| 5 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 2.65 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 05/20/2027 | EUR | 29960000 | (577744)<br>|
| 5 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 2.45 | 6 Month <br> EURIBOR<br>| Pay | Semi-Annually | 12/29/2025 | EUR | 57425000 | (410143)<br>|
| 30 Year Interest Rate Swap | Put | Morgan Stanley and Co. <br> International PLC<br>| 4.72 | SONIA | Pay | Annually | 05/04/2027 | GBP | 15230000 | (1369620)<br>|
| Subtotal—Interest Rate Put Swaptions Written | Subtotal—Interest Rate Put Swaptions Written | Subtotal—Interest Rate Put Swaptions Written | Subtotal—Interest Rate Put Swaptions Written | Subtotal—Interest Rate Put Swaptions Written |  |  |  |  |  | (9699531)<br>|
| Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written | Total Interest Rate Swaptions Written |  |  |  |  |  | $(23035685)<br>|

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $13,680,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 38 | September-2025 | &nbsp;&nbsp;&nbsp; $7904891 | &nbsp;&nbsp;&nbsp; $19239 | &nbsp;&nbsp;&nbsp; $19239 |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 616 | September-2025 | &nbsp;&nbsp;&nbsp; 67144000 | &nbsp;&nbsp;&nbsp; 663189 | &nbsp;&nbsp;&nbsp; 663189 |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 3163 | September-2025 | &nbsp;&nbsp;&nbsp; 354651375 | &nbsp;&nbsp;&nbsp; 5445127 | &nbsp;&nbsp;&nbsp; 5445127 |
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; 6127555 | &nbsp;&nbsp;&nbsp; 6127555 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**19**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** |
| **Short Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 8 | September-2025 | &nbsp;&nbsp;&nbsp; $(914125)<br>| &nbsp;&nbsp;&nbsp; $(20327)<br>| &nbsp;&nbsp;&nbsp; $(20327)<br>|
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 12 | September-2025 | &nbsp;&nbsp;&nbsp; (1385625)<br>| &nbsp;&nbsp;&nbsp; (49802)<br>| &nbsp;&nbsp;&nbsp; (49802)<br>|
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 16 | September-2025 | &nbsp;&nbsp;&nbsp; (1906000)<br>| &nbsp;&nbsp;&nbsp; (51654)<br>| &nbsp;&nbsp;&nbsp; (51654)<br>|
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; (121783)<br>| &nbsp;&nbsp;&nbsp; (121783)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $6005772 | &nbsp;&nbsp;&nbsp; $6005772 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 09/17/2025 | Barclays Bank PLC | NOK | 1738064 | USD | 172608 | &nbsp;&nbsp;&nbsp; $90 |
| 09/17/2025 | Barclays Bank PLC | USD | 10413 | CAD | 14152 | &nbsp;&nbsp;&nbsp; 20 |
| 09/17/2025 | Barclays Bank PLC | USD | 5386820 | GBP | 4000000 | &nbsp;&nbsp;&nbsp; 106469 |
| 09/17/2025 | BNP Paribas S.A. | USD | 24128321 | AUD | 36964407 | &nbsp;&nbsp;&nbsp; 238363 |
| 08/04/2025 | Citibank, N.A. | USD | 3681985 | BRL | 20435716 | &nbsp;&nbsp;&nbsp; 50293 |
| 08/29/2025 | Crédit Agricole S.A. | USD | 8067494 | EUR | 6975000 | &nbsp;&nbsp;&nbsp; 180277 |
| 07/02/2025 | Deutsche Bank AG | USD | 56893710 | BRL | 313250432 | &nbsp;&nbsp;&nbsp; 762220 |
| 07/23/2025 | Deutsche Bank AG | USD | 44443177 | EUR | 38395833 | &nbsp;&nbsp;&nbsp; 847925 |
| 08/04/2025 | Deutsche Bank AG | USD | 4346182 | BRL | 24130000 | &nbsp;&nbsp;&nbsp; 60802 |
| 09/17/2025 | Deutsche Bank AG | USD | 261226 | CLP | 243736483 | &nbsp;&nbsp;&nbsp; 359 |
| 09/17/2025 | Deutsche Bank AG | USD | 36681557 | EUR | 31085000 | &nbsp;&nbsp;&nbsp; 121281 |
| 09/17/2025 | Deutsche Bank AG | USD | 186810 | HUF | 66412962 | &nbsp;&nbsp;&nbsp; 8159 |
| 09/17/2025 | Deutsche Bank AG | USD | 4030627 | INR | 347033343 | &nbsp;&nbsp;&nbsp; 4153 |
| 09/17/2025 | Deutsche Bank AG | USD | 18911756 | KRW | 25564344697 | &nbsp;&nbsp;&nbsp; 71903 |
| 09/17/2025 | Deutsche Bank AG | USD | 9023954 | MXN | 173727890 | &nbsp;&nbsp;&nbsp; 159640 |
| 11/18/2025 | Deutsche Bank AG | USD | 23570232 | EUR | 21490000 | &nbsp;&nbsp;&nbsp; 1970521 |
| 07/11/2025 | Goldman Sachs International | USD | 7371599 | EUR | 6510000 | &nbsp;&nbsp;&nbsp; 301403 |
| 05/08/2026 | Goldman Sachs International | JPY | 673907500 | USD | 4850000 | &nbsp;&nbsp;&nbsp; 23921 |
| 03/19/2027 | Goldman Sachs International | INR | 6778237500 | USD | 76250000 | &nbsp;&nbsp;&nbsp; 342197 |
| 09/17/2025 | HSBC Bank USA | USD | 28300737 | EUR | 24565000 | &nbsp;&nbsp;&nbsp; 782799 |
| 07/15/2025 | J.P. Morgan Chase Bank, N.A. | USD | 5903248 | EUR | 5155000 | &nbsp;&nbsp;&nbsp; 174290 |
| 07/23/2025 | J.P. Morgan Chase Bank, N.A. | USD | 6083161 | EUR | 5270000 | &nbsp;&nbsp;&nbsp; 133246 |
| 07/30/2025 | J.P. Morgan Chase Bank, N.A. | USD | 6520584 | GBP | 5245000 | &nbsp;&nbsp;&nbsp; 679854 |
| 08/29/2025 | J.P. Morgan Chase Bank, N.A. | USD | 10767540 | EUR | 9300000 | &nbsp;&nbsp;&nbsp; 229488 |
| 09/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 224469 | CZK | 4860000 | &nbsp;&nbsp;&nbsp; 7612 |
| 09/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 2893751 | EUR | 2512000 | &nbsp;&nbsp;&nbsp; 80311 |
| 09/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 270091 | GBP | 200000 | &nbsp;&nbsp;&nbsp; 4574 |
| 10/02/2025 | J.P. Morgan Chase Bank, N.A. | USD | 23100701 | EUR | 20170000 | &nbsp;&nbsp;&nbsp; 802698 |
| 10/14/2025 | J.P. Morgan Chase Bank, N.A. | USD | 24491984 | EUR | 20770000 | &nbsp;&nbsp;&nbsp; 140455 |
| 12/18/2025 | J.P. Morgan Chase Bank, N.A. | USD | 5020000 | MXN | 96752970 | &nbsp;&nbsp;&nbsp; 41314 |
| 07/23/2025 | Merrill Lynch International | USD | 7750000 | BRL | 43521830 | &nbsp;&nbsp;&nbsp; 220683 |
| 09/17/2025 | Merrill Lynch International | USD | 3452694 | CNY | 24577944 | &nbsp;&nbsp;&nbsp; 2413 |
| 09/17/2025 | Merrill Lynch International | USD | 3555302 | EUR | 3100000 | &nbsp;&nbsp;&nbsp; 114919 |
| 09/17/2025 | Merrill Lynch International | USD | 871233 | GBP | 641000 | &nbsp;&nbsp;&nbsp; 9066 |
| 09/17/2025 | Merrill Lynch International | USD | 8235000 | MXN | 157453200 | &nbsp;&nbsp;&nbsp; 88283 |
| 07/02/2025 | Morgan Stanley and Co. International PLC | USD | 57221373 | BRL | 313250432 | &nbsp;&nbsp;&nbsp; 434557 |
| 09/17/2025 | Morgan Stanley and Co. International PLC | USD | 10151715 | COP | 42911559000 | &nbsp;&nbsp;&nbsp; 241612 |
| 09/17/2025 | Morgan Stanley and Co. International PLC | USD | 186872 | PLN | 706000 | &nbsp;&nbsp;&nbsp; 8647 |
| 09/17/2025 | UBS AG | JPY | 2141524883 | USD | 15058128 | &nbsp;&nbsp;&nbsp; 58362 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**20**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| 09/17/2025 | UBS AG | USD | 1538480 | NZD | 2535842 | &nbsp;&nbsp;&nbsp; $11216 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 9516395 |
| **Currency Risk** |  |  |  |  |  |  |
| 09/17/2025 | Barclays Bank PLC | CAD | 7380000 | USD | 5430149 | &nbsp;&nbsp;&nbsp; (10239)<br>|
| 09/17/2025 | Barclays Bank PLC | GBP | 3850000 | USD | 5255519 | &nbsp;&nbsp;&nbsp; (31771)<br>|
| 09/17/2025 | BNP Paribas S.A. | AUD | 5135000 | USD | 3351844 | &nbsp;&nbsp;&nbsp; (33113)<br>|
| 07/02/2025 | Deutsche Bank AG | BRL | 313250432 | USD | 57359911 | &nbsp;&nbsp;&nbsp; (296020)<br>|
| 07/11/2025 | Deutsche Bank AG | EUR | 15580000 | USD | 17293800 | &nbsp;&nbsp;&nbsp; (1069542)<br>|
| 08/04/2025 | Deutsche Bank AG | BRL | 289120432 | USD | 52075006 | &nbsp;&nbsp;&nbsp; (728521)<br>|
| 08/04/2025 | Deutsche Bank AG | EUR | 3940000 | USD | 4523829 | &nbsp;&nbsp;&nbsp; (127422)<br>|
| 09/17/2025 | Deutsche Bank AG | EUR | 26595403 | USD | 30666555 | &nbsp;&nbsp;&nbsp; (820860)<br>|
| 09/17/2025 | Deutsche Bank AG | IDR | 5764986100 | USD | 352103 | &nbsp;&nbsp;&nbsp; (3892)<br>|
| 09/17/2025 | Deutsche Bank AG | INR | 646990350 | USD | 7514484 | &nbsp;&nbsp;&nbsp; (7742)<br>|
| 09/17/2025 | Deutsche Bank AG | MXN | 567179693 | USD | 29456231 | &nbsp;&nbsp;&nbsp; (525992)<br>|
| 11/18/2025 | Deutsche Bank AG | EUR | 10025000 | USD | 10616475 | &nbsp;&nbsp;&nbsp; (1298185)<br>|
| 07/15/2025 | Goldman Sachs International | EUR | 14410000 | USD | 16521065 | &nbsp;&nbsp;&nbsp; (467749)<br>|
| 07/23/2025 | Goldman Sachs International | EUR | 6065000 | USD | 7011140 | &nbsp;&nbsp;&nbsp; (143036)<br>|
| 07/24/2025 | Goldman Sachs International | JPY | 776971000 | USD | 5065000 | &nbsp;&nbsp;&nbsp; (343713)<br>|
| 07/24/2025 | Goldman Sachs International | USD | 12125000 | JPY | 1688406250 | &nbsp;&nbsp;&nbsp; (371530)<br>|
| 03/19/2027 | Goldman Sachs International | USD | 76250000 | INR | 6778237500 | &nbsp;&nbsp;&nbsp; (342197)<br>|
| 07/23/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 7803476 | USD | 9028622 | &nbsp;&nbsp;&nbsp; (176232)<br>|
| 08/04/2025 | J.P. Morgan Chase Bank, N.A. | BRL | 19925000 | USD | 3590543 | &nbsp;&nbsp;&nbsp; (48461)<br>|
| 09/17/2025 | J.P. Morgan Chase Bank, N.A. | CZK | 3166371 | USD | 146246 | &nbsp;&nbsp;&nbsp; (4959)<br>|
| 09/17/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 58738316 | USD | 67664829 | &nbsp;&nbsp;&nbsp; (1877930)<br>|
| 09/17/2025 | J.P. Morgan Chase Bank, N.A. | MXN | 142275000 | USD | 7474934 | &nbsp;&nbsp;&nbsp; (45999)<br>|
| 09/17/2025 | J.P. Morgan Chase Bank, N.A. | SEK | 110000 | USD | 11570 | &nbsp;&nbsp;&nbsp; (116)<br>|
| 10/14/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 12340000 | USD | 13771440 | &nbsp;&nbsp;&nbsp; (863336)<br>|
| 10/29/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 2120000 | USD | 2439060 | &nbsp;&nbsp;&nbsp; (77478)<br>|
| 12/03/2025 | J.P. Morgan Chase Bank, N.A. | AUD | 13980000 | USD | 9028284 | &nbsp;&nbsp;&nbsp; (201702)<br>|
| 06/22/2026 | J.P. Morgan Chase Bank, N.A. | ZAR | 41692500 | USD | 2250000 | &nbsp;&nbsp;&nbsp; (39155)<br>|
| 07/23/2025 | Merrill Lynch International | USD | 2425532 | JPY | 338371416 | &nbsp;&nbsp;&nbsp; (70297)<br>|
| 09/17/2025 | Merrill Lynch International | CNY | 24860000 | USD | 3492317 | &nbsp;&nbsp;&nbsp; (2440)<br>|
| 09/17/2025 | Merrill Lynch International | EUR | 100000 | USD | 114687 | &nbsp;&nbsp;&nbsp; (3707)<br>|
| 09/17/2025 | Merrill Lynch International | GBP | 39333192 | USD | 53460811 | &nbsp;&nbsp;&nbsp; (556336)<br>|
| 09/17/2025 | Merrill Lynch International | KRW | 6493305000 | USD | 4772419 | &nbsp;&nbsp;&nbsp; (49402)<br>|
| 09/17/2025 | Merrill Lynch International | MXN | 264297559 | USD | 13633628 | &nbsp;&nbsp;&nbsp; (337655)<br>|
| 09/17/2025 | Merrill Lynch International | ZAR | 320071582 | USD | 17879796 | &nbsp;&nbsp;&nbsp; (98839)<br>|
| 12/02/2025 | Merrill Lynch International | KRW | 19444636000 | USD | 14380000 | &nbsp;&nbsp;&nbsp; (123428)<br>|
| 02/09/2026 | Merrill Lynch International | BRL | 6331500 | USD | 1005000 | &nbsp;&nbsp;&nbsp; (98318)<br>|
| 04/09/2026 | Merrill Lynch International | AUD | 2755000 | USD | 1671459 | &nbsp;&nbsp;&nbsp; (151265)<br>|
| 05/12/2026 | Merrill Lynch International | EUR | 7270000 | USD | 8393215 | &nbsp;&nbsp;&nbsp; (329470)<br>|
| 07/02/2025 | Morgan Stanley and Co. International PLC | BRL | 313250432 | USD | 55233788 | &nbsp;&nbsp;&nbsp; (2422141)<br>|
| 09/17/2025 | Morgan Stanley and Co. International PLC | COP | 49795669750 | USD | 11892353 | &nbsp;&nbsp;&nbsp; (168331)<br>|
| 09/17/2025 | Morgan Stanley and Co. International PLC | EUR | 99500 | USD | 116425 | &nbsp;&nbsp;&nbsp; (1377)<br>|
| 09/17/2025 | Morgan Stanley and Co. International PLC | PEN | 1563000 | USD | 426793 | &nbsp;&nbsp;&nbsp; (13483)<br>|
| 09/17/2025 | Morgan Stanley and Co. International PLC | PLN | 2402185 | USD | 635838 | &nbsp;&nbsp;&nbsp; (29421)<br>|
| 09/17/2025 | Morgan Stanley and Co. International PLC | THB | 4302691 | USD | 132482 | &nbsp;&nbsp;&nbsp; (640)<br>|
| 10/06/2025 | Morgan Stanley and Co. International PLC | JPY | 720692000 | USD | 4900000 | &nbsp;&nbsp;&nbsp; (158396)<br>|
| 05/13/2026 | Morgan Stanley and Co. International PLC | EUR | 7570000 | USD | 8720640 | &nbsp;&nbsp;&nbsp; (362420)<br>|
| 09/17/2025 | Royal Bank of Canada | AUD | 18495000 | USD | 12076588 | &nbsp;&nbsp;&nbsp; (115189)<br>|

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**21**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| 09/17/2025 | Standard Chartered Bank PLC | TRY | 9135000 | USD | 210464 | &nbsp;&nbsp;&nbsp; $(3861)<br>|
| 09/17/2025 | UBS AG | NZD | 603000 | USD | 365836 | &nbsp;&nbsp;&nbsp; (2667)<br>|
| 09/17/2025 | UBS AG | USD | 17131052 | JPY | 2436330210 | &nbsp;&nbsp;&nbsp; (66397)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (15122372)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $(5605977)<br>|

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  |
| **Reference Entity** | &nbsp;&nbsp; **Buy/Sell** <br>**Protection**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Maturity Date** | **Implied** <br>**Credit** <br>**Spread**<sup>(b)</sup> <br>| **Notional Value** | **Notional Value** | **Upfront** <br>**Payments Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| UBS AG | Sell | 1.00% | Quarterly | &nbsp;&nbsp; 12/20/2028 | 0.368% | EUR | 2330000 | &nbsp;&nbsp; $25186 | &nbsp;&nbsp; $59111 | &nbsp;&nbsp; $33925 |
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| Brazil Government International Bonds | Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2026 | 0.618  | USD | 3720000 | &nbsp;&nbsp; (1051)<br>| &nbsp;&nbsp; (22368)<br>| &nbsp;&nbsp; (21317)<br>|
| Intesa Sanpaolo S.p.A. | Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2028 | 0.318  | EUR | 2330000 | &nbsp;&nbsp; (17699)<br>| &nbsp;&nbsp; (64323)<br>| &nbsp;&nbsp; (46624)<br>|
| Mexico Government International <br> Bonds<br>| Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2029 | 0.983  | USD | 1705000 | &nbsp;&nbsp; 13465 | &nbsp;&nbsp; (2433)<br>| &nbsp;&nbsp; (15898)<br>|
| Markit iTraxx Europe Crossover Index, <br> Series 43, Version 1<br>| Buy | &nbsp;&nbsp; (5.00) | Quarterly | &nbsp;&nbsp; 06/20/2030 | 2.802  | EUR | 24600000 | &nbsp;&nbsp; (1573602)<br>| &nbsp;&nbsp; (2696133)<br>| &nbsp;&nbsp; (1122531)<br>|
| Markit CDX North America High Yield <br> Index, Series 44, Version 1<br>| Buy | &nbsp;&nbsp; (5.00) | Quarterly | &nbsp;&nbsp; 06/20/2030 | 3.188  | USD | 49500000 | &nbsp;&nbsp; (3009152)<br>| &nbsp;&nbsp; (3715421)<br>| &nbsp;&nbsp; (706269)<br>|
| Subtotal - Depreciation | Subtotal - Depreciation | Subtotal - Depreciation |  |  |  |  |  | &nbsp;&nbsp; (4588039)<br>| &nbsp;&nbsp; (6500678)<br>| &nbsp;&nbsp; (1912639)<br>|
| Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements |  |  |  | &nbsp;&nbsp; $(4562853)<br>| &nbsp;&nbsp; $(6441567)<br>| &nbsp;&nbsp; $(1878714)<br>|

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $331,913 cash held with Counterparties.

<sup>(b)</sup> Implied credit spreads represent the current level, as of June 30, 2025, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>  |
| **Pay/** <br>**Receive** <br>**Floating** <br>**Rate**<br>| **Floating Rate Index** | &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional Value** | **Notional Value** | **Upfront** <br>**Payments** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Receive | TONAR | Annually | &nbsp;&nbsp; (1.09)% | Annually | &nbsp;&nbsp; 05/12/2035 | JPY | 799540000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51622 | &nbsp;&nbsp; $51622 |
| Pay | COOVIBR | Quarterly | 9.44 | Quarterly | &nbsp;&nbsp; 10/24/2026 | COP | 15000000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51866 | &nbsp;&nbsp; 51866 |
| Pay | KWCDC | Quarterly | 2.75 | Quarterly | &nbsp;&nbsp; 02/19/2035 | KRW | 7494870000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62579 | &nbsp;&nbsp; 62579 |
| Pay | 6 Month WIBOR | Semi-Annually | 4.42 | Annually | &nbsp;&nbsp; 03/19/2030 | PLN | 42300000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 79955 | &nbsp;&nbsp; 79955 |
| Receive | COOVIBR | Quarterly | &nbsp;&nbsp; (8.38) | Quarterly | &nbsp;&nbsp; 03/19/2035 | COP | 6200000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82719 | &nbsp;&nbsp; 82719 |
| Pay | 6 Month EURIBOR | Semi-Annually | 2.62 | Annually | &nbsp;&nbsp; 01/15/2029 | EUR | 15004000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 280405 | &nbsp;&nbsp; 280405 |
| Pay | 6 Month EURIBOR | Semi-Annually | 2.57 | Annually | &nbsp;&nbsp; 06/10/2030 | EUR | 25381459 | &nbsp;&nbsp; — | &nbsp;&nbsp; 428750 | &nbsp;&nbsp; 428750 |
| Pay | BZDIOVRA | At Maturity | 14.98 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 38030574 | &nbsp;&nbsp; — | &nbsp;&nbsp; 535700 | &nbsp;&nbsp; 535700 |
| Pay | BZDIOVRA | At Maturity | 15.42 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 38196486 | &nbsp;&nbsp; — | &nbsp;&nbsp; 666082 | &nbsp;&nbsp; 666082 |
| Pay | BZDIOVRA | At Maturity | 14.57 | At Maturity | &nbsp;&nbsp; 01/02/2029 | BRL | 69346145 | &nbsp;&nbsp; — | &nbsp;&nbsp; 772221 | &nbsp;&nbsp; 772221 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (2.38) | Annually | &nbsp;&nbsp; 12/20/2054 | EUR | 8940000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 831010 | &nbsp;&nbsp; 831010 |
| Receive | 6 Month EURIBOR | Semi-Annually | &nbsp;&nbsp; (1.98) | Annually | &nbsp;&nbsp; 01/24/2075 | EUR | 5450000 | &nbsp;&nbsp; 39540 | &nbsp;&nbsp; 1236248 | &nbsp;&nbsp; 1196708 |
| Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation | Subtotal — Appreciation |  |  |  | &nbsp;&nbsp; 39540 | &nbsp;&nbsp; 5079157 | &nbsp;&nbsp; 5039617 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**22**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Interest Rate Swap Agreements**<sup>(a)</sup>**—(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**<br>| **Floating Rate Index** | &nbsp;&nbsp; **Payment**<br> **Frequency**<br>| **(Pay)/**<br> **Receive**<br> **Fixed**<br> **Rate**<br>| &nbsp;&nbsp; **Payment**<br> **Frequency**<br>| **Maturity**<br> **Date**<br>| **Notional Value** | **Notional Value** | **Upfront**<br> **Payments**<br> **Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.79)% | Annually | &nbsp;&nbsp; 12/31/2031 | USD | 124225000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2084856)<br>| &nbsp;&nbsp; $(2084856)<br>|
| Pay | 6 Month EURIBOR | Semi-Annually | 2.38 | Annually | &nbsp;&nbsp; 12/20/2054 | EUR | 8940000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (836342)<br>| &nbsp;&nbsp; (836342)<br>|
| Receive | SORA | Semi-Annually | &nbsp;&nbsp; (2.71) | Semi-Annually | &nbsp;&nbsp; 02/25/2035 | SGD | 14249968 | &nbsp;&nbsp; — | &nbsp;&nbsp; (750986)<br>| &nbsp;&nbsp; (750986)<br>|
| Receive | SOFR | Annually | &nbsp;&nbsp; (3.72) | Annually | &nbsp;&nbsp; 12/31/2031 | USD | 46558943 | &nbsp;&nbsp; — | &nbsp;&nbsp; (576764)<br>| &nbsp;&nbsp; (576764)<br>|
| Pay | 6 Month EURIBOR | Semi-Annually | 2.12 | Annually | &nbsp;&nbsp; 12/06/2034 | EUR | 10615385 | &nbsp;&nbsp; — | &nbsp;&nbsp; (478277)<br>| &nbsp;&nbsp; (478277)<br>|
| Pay | 6 Month EURIBOR | Semi-Annually | 2.18 | Annually | &nbsp;&nbsp; 05/08/2030 | EUR | 43950000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (195845)<br>| &nbsp;&nbsp; (195845)<br>|
| Receive | TONAR | Annually | &nbsp;&nbsp; (1.25) | Annually | &nbsp;&nbsp; 05/19/2035 | JPY | 1574850000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (57638)<br>| &nbsp;&nbsp; (57638)<br>|
| Receive | KWCDC | Quarterly | &nbsp;&nbsp; (2.64) | Quarterly | &nbsp;&nbsp; 02/19/2045 | KRW | 4163820000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (54578)<br>| &nbsp;&nbsp; (54578)<br>|
| Pay | 28 Day MXN TIEF | 28 days | 7.42 | 28 days | &nbsp;&nbsp; 06/16/2027 | MXN | 644000000 | &nbsp;&nbsp; 533 | &nbsp;&nbsp; (51200)<br>| &nbsp;&nbsp; (51733)<br>|
| Pay | COOVIBR | Quarterly | 8.83 | Quarterly | &nbsp;&nbsp; 06/18/2035 | COP | 6200000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (42725)<br>| &nbsp;&nbsp; (42725)<br>|
| Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation | Subtotal — Depreciation |  |  |  | &nbsp;&nbsp; 533 | &nbsp;&nbsp; (5129211)<br>| &nbsp;&nbsp; (5129744)<br>|
| Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements | Total Centrally Cleared Interest Rate Swap Agreements |  |  |  | &nbsp;&nbsp; $40073 | &nbsp;&nbsp; $(50054)<br>| &nbsp;&nbsp; $(90127)<br>|

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $331,913 cash held with Counterparties.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Over-The-Counter Credit Default Swap Agreements**<sup>(a)</sup>  |
| **Counterparty** | **Reference Entity** | **Buy/Sell** <br>**Protection**<br>| **(Pay)/** <br>**Receive** <br>**Fixed Rate**<br>| **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Implied** <br>**Credit** <br>**Spread**<sup>(b)</sup> <br>| **Notional** <br>**Value** | **Notional** <br>**Value** | **Upfront** <br>**Payments Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 2<br>| Sell | 5.00% | Quarterly | 12/20/2029 | 1.961% | EUR | 10850000 | $1182237 | $1644689 | $462452 |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 2<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 0.464  | EUR | 20446282 | 3741568 | 4401499 | 659931 |
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit iTraxx Europe Crossover <br> Index, Series 42, Version 2<br>| Sell | 5.00 | Quarterly | 12/20/2029 | 1.961  | EUR | 6200000 | 694132 | 939822 | 245690 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation |  |  |  |  | 5617937 | 6986010 | 1368073 |
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| Goldman Sachs <br> International<br>| Markit CDX North America High <br> Yield Index, Series 37, <br> Version 1<br>| Buy | (5.00) | Quarterly | 12/20/2026 | 0.069  | USD | 34419808 | (2079568)<br>| (2434338)<br>| (354770)<br>|
| J.P. Morgan <br> Chase Bank, <br> N.A.<br>| Markit CDX North America High <br> Yield Index, Series 39, <br> Version 1<br>| Buy | (5.00) | Quarterly | 12/20/2027 | 0.163  | USD | 8947731 | (814182)<br>| (1015810)<br>| (201628)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation |  |  |  |  | (2893750)<br>| (3450148)<br>| (556398)<br>|
| Total Over-The-Counter Credit Default Swap Agreements | Total Over-The-Counter Credit Default Swap Agreements | Total Over-The-Counter Credit Default Swap Agreements | Total Over-The-Counter Credit Default Swap Agreements | Total Over-The-Counter Credit Default Swap Agreements |  |  |  |  | $2724187 | $3535862 | $811675 |

---

<sup>(a)</sup> Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $13,680,000.

<sup>(b)</sup> Implied credit spreads represent the current level, as of June 30, 2025, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. 

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**23**

**Invesco V.I. Global Strategic Income Fund**

------

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AUD | —Australian Dollar |
| BRL | —Brazilian Real |
| BZDIOVRA | —Brazil Ceptip DI Interbank Deposit Rate |
| CAD | —Canadian Dollar |
| CLP | —Chile Peso |
| CNH | —Chinese Renminbi |
| CNY | —Chinese Yuan Renminbi |
| COOVIBR | —Colombia IBR Overnight Nominal Interbank Reference Rate |
| COP | —Colombia Peso |
| CORRA | —Canadian Overnight Repo Rate Average |
| CZK | —Czech Koruna |
| EUR | —Euro |
| EURIBOR | —Euro Interbank Offered Rate |
| GBP | —British Pound Sterling |
| HUF | —Hungarian Forint |
| IDR | —Indonesian Rupiah |
| INR | —Indian Rupee |
| JPY | —Japanese Yen |
| KRW | —South Korean Won |
| KWCDC | —South Korean Won Certificate of Deposit |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| PEN | —Peruvian Sol |
| PLN | —Polish Zloty |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| SOFR | —Secured Overnight Financing Rate |
| SONIA | —Sterling Overnight Index Average |
| SORA | —Singapore Overnight Rate Average |
| THB | —Thai Baht |
| TONAR | —Tokyo Overnight Average Rate |
| TRY | —Turkish Lira |
| 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.

**24**

**Invesco V.I. Global Strategic Income Fund**

------

**Consolidated Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $631,902,770)\*<br>| &nbsp;&nbsp; $637599021 |
| Investments in affiliated money market funds, at value <br> (Cost $50,680,959)<br>| &nbsp;&nbsp; 50682916 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 1720770 |
| Variation margin receivable—centrally cleared swap <br> agreements<br>| &nbsp;&nbsp; 184101 |
| Swaps receivable — OTC | &nbsp;&nbsp; 66461 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp; 1368073 |
| Premiums paid on swap agreements — OTC | &nbsp;&nbsp; 2724187 |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 9516395 |
| Deposits with brokers: |  |
| Cash collateral — centrally cleared swap agreements | &nbsp;&nbsp; 331913 |
| Cash collateral — OTC Derivatives | &nbsp;&nbsp; 13680000 |
| Cash | &nbsp;&nbsp; 25104317 |
| Foreign currencies, at value (Cost $4,287,332) | &nbsp;&nbsp; 4137993 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 10376874 |
| Fund shares sold | &nbsp;&nbsp; 1422269 |
| Dividends | &nbsp;&nbsp; 146817 |
| Interest | &nbsp;&nbsp; 8689603 |
| Principal paydowns | &nbsp;&nbsp; 11454 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 140927 |
| Other assets | &nbsp;&nbsp; 2525 |
| Total assets | &nbsp;&nbsp; 767906616 |
| **Liabilities:** |  |
| Other investments: |  |
| Options written, at value (premiums received <br> $34,500,472)<br>| &nbsp;&nbsp; 27973047 |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 15122372 |
| Swaps payable — OTC | &nbsp;&nbsp; 66256 |
| Unrealized depreciation on swap agreements—OTC | &nbsp;&nbsp; 556398 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 19250560 |
| Fund shares reacquired | &nbsp;&nbsp; 226789 |
| Due to broker | &nbsp;&nbsp; 229022 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 27104497 |
| Accrued fees to affiliates | &nbsp;&nbsp; 386855 |
| Accrued other operating expenses | &nbsp;&nbsp; 96317 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 140927 |
| Collateral due to broker - OTC Derivatives | &nbsp;&nbsp; 21861 |
| Total liabilities | &nbsp;&nbsp; 91174901 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $676731715 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $894084995 |
| Distributable earnings (loss) | &nbsp;&nbsp; (217353280)<br>|
|  | &nbsp;&nbsp; $676731715 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $244227909 |
| Series II | &nbsp;&nbsp; $432503806 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 52787667 |
| Series II | &nbsp;&nbsp; 90771323 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $4.63 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $4.76 |

---

\* At June 30, 2025, securities with an aggregate value of $26,249,567 were on loan to brokers. 

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**25**

**Invesco V.I. Global Strategic Income Fund**

------

**Consolidated Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest (net of foreign withholding taxes of $63,369) | &nbsp;&nbsp; $19615052 |
| Dividends (net of foreign withholding taxes of $11,756) | &nbsp;&nbsp; 23257 |
| Dividends from affiliates (includes net securities lending <br> income of $28,495)<br>| &nbsp;&nbsp; 1063868 |
| Total investment income | &nbsp;&nbsp; 20702177 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 2337318 |
| Administrative services fees | &nbsp;&nbsp; 548172 |
| Custodian fees | &nbsp;&nbsp; 100009 |
| Distribution fees - Series II | &nbsp;&nbsp; 534593 |
| Transfer agent fees | &nbsp;&nbsp; 17092 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 11920 |
| Reports to shareholders | &nbsp;&nbsp; 4450 |
| Professional services fees | &nbsp;&nbsp; 61033 |
| Other | &nbsp;&nbsp; 174899 |
| Total expenses | &nbsp;&nbsp; 3789486 |
| Less: Fees waived | &nbsp;&nbsp; (46776)<br>|
| Net expenses | &nbsp;&nbsp; 3742710 |
| Net investment income | &nbsp;&nbsp; 16959467 |

---

---

| | |
|:---|:---|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (net of foreign taxes <br> of $40,119)<br>| &nbsp;&nbsp; 4197948 |
| Affiliated investment securities | &nbsp;&nbsp; (739496)<br>|
| Foreign currencies | &nbsp;&nbsp; (247271)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (12235472)<br>|
| Futures contracts | &nbsp;&nbsp; (775368)<br>|
| Option contracts written | &nbsp;&nbsp; 10550915 |
| Swap agreements | &nbsp;&nbsp; 2924394 |
|  | &nbsp;&nbsp; 3675650 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 27406082 |
| Affiliated investment securities | &nbsp;&nbsp; 53307 |
| Foreign currencies | &nbsp;&nbsp; 176523 |
| Forward foreign currency contracts | &nbsp;&nbsp; (8464457)<br>|
| Futures contracts | &nbsp;&nbsp; 4645088 |
| Option contracts written | &nbsp;&nbsp; 8911127 |
| Swap agreements | &nbsp;&nbsp; (2540802)<br>|
|  | &nbsp;&nbsp; 30186868 |
| Net realized and unrealized gain | &nbsp;&nbsp; 33862518 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $50821985 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**26**

**Invesco V.I. Global Strategic Income Fund**

------

**Consolidated Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $16959467 | &nbsp;&nbsp; $36281358 |
| Net realized gain (loss) | &nbsp;&nbsp; 3675650 | &nbsp;&nbsp; (5974157)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 30186868 | &nbsp;&nbsp; (8766862)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 50821985 | &nbsp;&nbsp; 21540339 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (7703091)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (11996260)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (19699351)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (19796070)<br>| &nbsp;&nbsp; (16679080)<br>|
| Series II | &nbsp;&nbsp; (33429019)<br>| &nbsp;&nbsp; (27435826)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (53225089)<br>| &nbsp;&nbsp; (44114906)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (2403104)<br>| &nbsp;&nbsp; (42273918)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 679134819 | &nbsp;&nbsp; 721408737 |
| End of period | &nbsp;&nbsp; $676731715 | &nbsp;&nbsp; $679134819 |

---

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

**27**

**Invesco V.I. Global Strategic Income Fund**

------

**Consolidated Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $4.29 | $0.12 | $0.22 | $0.34 | $— | $4.63 | 7.93<br> %<br>| $244228 | 0.96 %<sup>(d)</sup><br>| 0.97 %<sup>(d)</sup><br>| 5.23 %<sup>(d)</sup><br>| 267<br> %<br>|
| Year ended 12/31/24 | 4.28 | 0.23 | (0.08)<br>| 0.15 | (0.14)<br>| 4.29 | 3.40 | 245509 | 0.93 | 0.94 | 5.33 | 354 |
| Year ended 12/31/23 | 3.95 | 0.21 | 0.12 | 0.33 |  | 4.28 | 8.35 | 261650 | 0.91 | 0.92 | 5.05 | 85 |
| Year ended 12/31/22 | 4.46 | 0.14 | (0.65)<br>| (0.51)<br>|  | 3.95 | (11.44)<br>| 259461 | 0.87 | 0.89 | 3.49 | 85 |
| Year ended 12/31/21 | 4.83 | 0.12 | (0.27)<br>| (0.15)<br>| (0.22)<br>| 4.46 | (3.00)<br>| 336327 | 0.82 | 0.86 | 2.59 | 209 |
| Year ended 12/31/20 | 4.97 | 0.15 | (0.01)<br>| 0.14 | (0.28)<br>| 4.83 | 3.19 | 363404 | 0.82 | 0.87 | 3.10 | 324 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 4.42 | 0.11 | 0.23 | 0.34 |  | 4.76 | 7.69 | 432504 | 1.21 <br><sup>(d)</sup><br>| 1.22 <br><sup>(d)</sup><br>| 4.98 <br><sup>(d)</sup><br>| 267 |
| Year ended 12/31/24 | 4.41 | 0.23 | (0.10)<br>| 0.13 | (0.12)<br>| 4.42 | 3.02 | 433626 | 1.18 | 1.19 | 5.08 | 354 |
| Year ended 12/31/23 | 4.08 | 0.20 | 0.13 | 0.33 |  | 4.41 | 8.09 | 459758 | 1.16 | 1.17 | 4.80 | 85 |
| Year ended 12/31/22 | 4.61 | 0.13 | (0.66)<br>| (0.53)<br>|  | 4.08 | (11.50)<br>| 480999 | 1.12 | 1.14 | 3.24 | 85 |
| Year ended 12/31/21 | 4.99 | 0.11 | (0.28)<br>| (0.17)<br>| (0.21)<br>| 4.61 | (3.37)<br>| 612996 | 1.07 | 1.11 | 2.34 | 209 |
| Year ended 12/31/20 | 5.13 | 0.14 | (0.01)<br>| 0.13 | (0.27)<br>| 4.99 | 2.79 | 661276 | 1.07 | 1.12 | 2.85 | 324 |

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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> Annualized.

See accompanying Notes to Consolidated Financial Statements which are an integral part of the financial statements.

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**Notes to Consolidated Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. Global Strategic Income Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these consolidated financial statements pertains only to the Fund and the Invesco V.I. Global Strategic Income Fund (Cayman) Ltd. (the "Subsidiary"), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund will seek to gain exposure to Regulation S securities primarily through investments in the Subsidiary. The Subsidiary was organized by the Fund to invest in Regulation S securities. The Fund may invest up to 25% of its total assets in the Subsidiary.

The Fund's investment objective is to seek total return.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its consolidated financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following policy.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for

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revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

**E.** **Federal Income Taxes** – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or

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securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

**K.** **Treasury Inflation-Protected Securities** — The Fund may invest in Treasury Inflation-Protected Securities ("TIPS"). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as interest income in the Consolidated Statement of Operations, even though investors do not receive their principal until maturity.

**L.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Consolidated Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Consolidated Statement of Operations.

**M.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Consolidated Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

**N.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Consolidated Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Consolidated Statement of Assets and Liabilities.

**O.** **Futures Contracts** — The Fund may enter into futures contracts to equitize the Fund's cash holdings or to manage exposure to interest rate, equity, commodity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (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

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incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

**P.** **Call Options Purchased and Written** – The Fund may write covered call options 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

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would cease to receive the fixed payment stream, the Fund would pay the buyer "par value" or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund's maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund's exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

A total return swap is an agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income generated and capital gains, if any. The unrealized appreciation (depreciation) on total return swaps includes dividends on the underlying securities and financing rate payable from the Counterparty. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund's exposure is unlimited.

Notional amounts of each individual credit default swap agreement outstanding as of June 30, 2025, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

**S.** **Dollar Rolls and Forward Commitment Transactions** - The Fund may enter into dollar roll transactions to enhance the Fund's performance. The Fund executes its dollar roll transactions in the *to be announced* ("TBA") market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund's portfolio turnover rate.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement.

**T.** **Leverage Risk** — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

**U.** **Collateral** —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

**V.** **Other Risks** - Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in commodity futures and swaps, commodity related exchange-traded funds and exchange-traded notes and commodity linked notes, some or all of which will be owned through the Subsidiary. The Subsidiary, unlike the Fund, may invest without limitation in commodity-linked derivatives and other securities, such as exchange-traded and commodity-linked notes, that may provide leveraged and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiary's investments.

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.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally

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may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities, when rates increase. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

By investing in the Subsidiary, the Fund is indirectly exposed to risks associated with the Subsidiary's investments. The Subsidiary is not registered under the 1940 Act, and, except as otherwise noted in the Fund's prospectus, is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended, and could negatively affect the Fund and its shareholders.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower's payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund's income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund's share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.480% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.70%.

The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of the Subsidiary's average daily net assets as set forth in the table above. To the extent the Fund invests in the Subsidiary, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from the Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from the Subsidiary.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after fee waiver and/or expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $46,776.

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

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**Invesco V.I. Global Strategic Income Fund**

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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 six months ended June 30, 2025, Invesco was paid $47,907 for accounting and fund administrative services and was reimbursed $500,265 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Consolidated Statement of Operations as *Distribution fees*.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $221913700 | &nbsp;&nbsp;&nbsp;&nbsp; $180900 | &nbsp;&nbsp;&nbsp;&nbsp; $222094600 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156707395 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156707395 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85739132 | &nbsp;&nbsp;&nbsp;&nbsp; 3759698 | &nbsp;&nbsp;&nbsp;&nbsp; 89498830 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51302476 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51302476 |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38889871 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38889871 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35847624 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35847624 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 11134872 | &nbsp;&nbsp;&nbsp;&nbsp; 38610 | &nbsp;&nbsp;&nbsp;&nbsp; 2082 | &nbsp;&nbsp;&nbsp;&nbsp; 11175564 |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3044922 | &nbsp;&nbsp;&nbsp;&nbsp; 155042 | &nbsp;&nbsp;&nbsp;&nbsp; 3199964 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 383173 | &nbsp;&nbsp;&nbsp;&nbsp; 383173 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9230 | &nbsp;&nbsp;&nbsp;&nbsp; 9230 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 23576462 | &nbsp;&nbsp;&nbsp;&nbsp; 27106454 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50682916 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28490294 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28490294 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 34711334 | &nbsp;&nbsp;&nbsp;&nbsp; 649080478 | &nbsp;&nbsp;&nbsp;&nbsp; 4490125 | &nbsp;&nbsp;&nbsp;&nbsp; 688281937 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 6127555 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6127555 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9516395 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9516395 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6441615 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6441615 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 6127555 | &nbsp;&nbsp;&nbsp;&nbsp; 15958010 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22085565 |

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**Invesco V.I. Global Strategic Income Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(121783)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(121783)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15122372)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15122372)<br>|
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (27973047)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (27973047)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7598781)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7598781)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (121783)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50694200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (50815983)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 6005772 | &nbsp;&nbsp;&nbsp;&nbsp; (34736190)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (28730418)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $40717106 | &nbsp;&nbsp;&nbsp;&nbsp; $614344288 | &nbsp;&nbsp;&nbsp;&nbsp; $4490125 | &nbsp;&nbsp;&nbsp;&nbsp; $659551519 |

---

\* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.

**NOTE 4—Derivative Investments**

The Fund may enter into an ISDA Master Agreement under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6127555 | &nbsp;&nbsp;&nbsp;&nbsp; $6127555 |
| Unrealized appreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 33925 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5039617 | &nbsp;&nbsp;&nbsp;&nbsp; 5073542 |
| Unrealized appreciation on forward foreign currency contracts <br> outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9516395 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9516395 |
| Unrealized appreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; 1368073 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1368073 |
| Options purchased, at value — OTC<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15414839 | &nbsp;&nbsp;&nbsp;&nbsp; 13075455 | &nbsp;&nbsp;&nbsp;&nbsp; 28490294 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp;&nbsp; 1401998 | &nbsp;&nbsp;&nbsp;&nbsp; 24931234 | &nbsp;&nbsp;&nbsp;&nbsp; 24242627 | &nbsp;&nbsp;&nbsp;&nbsp; 50575859 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (33925)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11167172)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11201097)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $1368073 | &nbsp;&nbsp;&nbsp;&nbsp; $24931234 | &nbsp;&nbsp;&nbsp;&nbsp; $13075455 | &nbsp;&nbsp;&nbsp;&nbsp; $39374762 |
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(121783)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(121783)<br>|
| Unrealized depreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1912639)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5129744)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7042383)<br>|
| Unrealized depreciation on forward foreign currency contracts <br> outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15122372)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15122372)<br>|
| Unrealized depreciation on swap agreements — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (556398)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (556398)<br>|
| Options written, at value — OTC | &nbsp;&nbsp;&nbsp;&nbsp; (313136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4624226)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23035685)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27973047)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (2782173)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19746598)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28287212)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50815983)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 1912639 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5251527 | &nbsp;&nbsp;&nbsp;&nbsp; 7164166 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(869534)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(19746598)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(23035685)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(43651817)<br>|

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities. <br> <sup>(b)</sup> Options purchased, at value as reported in the Consolidated Schedule of Investments.

**36**

**Invesco V.I. Global Strategic Income Fund**

------

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2025.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **Options** <br>**Purchased**<br>| **Swap** <br>**Agreements**<br>| **Total** <br>**Assets**<br>| **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **Options** <br>**Written**<br>| **Swap** <br>**Agreements**<br>| **Total** <br>**Liabilities**<br>| **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | **Net** <br>**Amount**<br>|
| Barclays Bank PLC | $106579 | $— | $— | $106579 | $(42010)<br>| $(781891)<br>| $— | $(823901)<br>| $(717322)<br>| $— | $717322 | $— |
| BNP Paribas S.A. | 238363 |  |  | 238363 | (33113)<br>| (1684057)<br>|  | (1717170)<br>| (1478807)<br>|  | 600000 | (878807)<br>|
| Citibank, N.A. | 50293 |  |  | 50293 | - |  |  |  | 50293 |  |  | 50293 |
| Crédit Agricole S.A. | 180277 |  |  | 180277 | - |  |  |  | 180277 |  |  | 180277 |
| Deutsche Bank AG | 4006963 | 843122 |  | 4850085 | (4878176)<br>| (295365)<br>|  | (5173541)<br>| (323456)<br>|  |  | (323456)<br>|
| Goldman Sachs International | 667521 | 4553416 |  | 5220937 | (1668225)<br>| (6712348)<br>| (407356)<br>| (8787929)<br>| (3566992)<br>|  | 3566992 |  |
| HSBC Bank USA | 782799 |  |  | 782799 | - |  |  |  | 782799 | (623219)<br>|  | 159580 |
| J.P. Morgan Chase Bank, N.A. | 2293842 | 14516892 | 1434534 | 18245268 | (3335368)<br>| (9708107)<br>| (215298)<br>| (13258773)<br>| 4986495 | (4202617)<br>|  | 783878 |
| Merrill Lynch International | 435364 | 4937056 |  | 5372420 | (1821157)<br>| (1225205)<br>|  | (3046362)<br>| 2326058 |  | (1890000)<br>| 436058 |
| Morgan Stanley and Co. <br> International PLC<br>| 684816 | 3342413 |  | 4027229 | (3156209)<br>| (7566074)<br>|  | (10722283)<br>| (6695054)<br>|  | 6695054 |  |
| Royal Bank of Canada | - |  |  |  | (115189)<br>|  |  | (115189)<br>| (115189)<br>|  |  | (115189)<br>|
| Standard Chartered Bank PLC | - |  |  |  | (3861)<br>|  |  | (3861)<br>| (3861)<br>|  |  | (3861)<br>|
| UBS AG | 69578 | 297395 |  | 366973 | (69064)<br>|  |  | (69064)<br>| 297909 | (243802)<br>|  | 54107 |
| Total | $9516395 | $28490294 | $1434534 | $39441223 | $(15122372)<br>| $(27973047)<br>| $(622654)<br>| $(43718073)<br>| $(4276850)<br>| $(5069638)<br>| $9689368 | $342880 |

---

**Effect of Derivative Investments for the six months ended June 30, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(12235472)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(12235472)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (775368)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (775368)<br>|
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 8958216 | &nbsp;&nbsp;&nbsp;&nbsp; 933279 | &nbsp;&nbsp;&nbsp;&nbsp; 9891495 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 2796647 | &nbsp;&nbsp;&nbsp;&nbsp; 7754268 | &nbsp;&nbsp;&nbsp;&nbsp; 10550915 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 1271624 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1652770 | &nbsp;&nbsp;&nbsp;&nbsp; 2924394 |
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (8464457)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (8464457)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 4645088 | &nbsp;&nbsp;&nbsp;&nbsp; 4645088 |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 3490077 | &nbsp;&nbsp;&nbsp;&nbsp; 1625434 | &nbsp;&nbsp;&nbsp;&nbsp; 5115511 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 173625 | &nbsp;&nbsp;&nbsp;&nbsp; 2615039 | &nbsp;&nbsp;&nbsp;&nbsp; 6122463 | &nbsp;&nbsp;&nbsp;&nbsp; 8911127 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (1327143)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (1213659)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2540802)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $118106 | &nbsp;&nbsp;&nbsp;&nbsp; $(2839950)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20744275 | &nbsp;&nbsp;&nbsp;&nbsp; $18022431 |

---

<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**<br>| **Futures** <br>**Contracts**<br>| **Future** <br>**Options** <br>**Purchased**<br>| **Swaptions** <br>**Purchased**<br>| **Foreign** <br>**Currency** <br>**Options** <br>**Purchased**<br>| **Future** <br>**Options** <br>**Written**<br>| **Swaptions** <br>**Written**<br>| **Foreign** <br>**Currency** <br>**Options** <br>**Written**<br>| **Swap** <br>**Agreements**<br>|
| Average notional value | $1229677662 | $429363152 | $210276000 | $397320031 | $394155950 | $177434842 | $2086780759 | $411463493 | $942096236 |
| Average contracts |  |  | 1947 |  |  | 1588 |  |  |  |

---

**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

**37**

**Invesco V.I. Global Strategic Income Fund**

------

compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 6—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 7—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 had a capital loss carryforward as of December 31, 2024, 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; $122693200 | &nbsp;&nbsp;&nbsp;&nbsp; $153763296 | &nbsp;&nbsp;&nbsp;&nbsp; $276456496 |

---

\*

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 six months ended June 30, 2025 was $252,443,761 and $262,560,775, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $47509126 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (43697339)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3811787 |

---

Cost of investments for tax purposes is $658,463,919.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 841109 | &nbsp;&nbsp;&nbsp; $3784769 | &nbsp;&nbsp;&nbsp; 3509240 | &nbsp;&nbsp;&nbsp; $15059604 |
| Series II | &nbsp;&nbsp;&nbsp; 1396635 | &nbsp;&nbsp;&nbsp; 6403012 | &nbsp;&nbsp;&nbsp; 3986195 | &nbsp;&nbsp;&nbsp; 17633516 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1795593 | &nbsp;&nbsp;&nbsp; 7703091 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2707959 | &nbsp;&nbsp;&nbsp; 11996260 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (5322239)<br>| &nbsp;&nbsp;&nbsp; (23580839)<br>| &nbsp;&nbsp;&nbsp; (9128654)<br>| &nbsp;&nbsp;&nbsp; (39441775)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (8721918)<br>| &nbsp;&nbsp;&nbsp; (39832031)<br>| &nbsp;&nbsp;&nbsp; (12823492)<br>| &nbsp;&nbsp;&nbsp; (57065602)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (11806413)<br>| &nbsp;&nbsp;&nbsp; $(53225089)<br>| &nbsp;&nbsp;&nbsp; (9953159)<br>| &nbsp;&nbsp;&nbsp; $(44114906)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 73% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**38**

**Invesco V.I. Global Strategic Income Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Global Strategic Income Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Bloomberg Global Aggregate Index (Index). The Board noted that performance of Series I shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

**39**

**Invesco V.I. Global Strategic Income Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were each above the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's actual management fees, contractual management fees and total expense ratio were in the fifth, fourth and fifth quintile, respectively, of its expense group and discussed with management the reasons for such relative actual and contractual management fees and total expenses. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The independent Trustees reviewed and considered additional information provided by management, including with respect to the Fund's position in a peer group that does not uniformly reflect the Fund's specific investment strategy and its income-focused strategy. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated

measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through "soft dollar" arrangements to any significant degree.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending

cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**40**

**Invesco V.I. Global Strategic Income Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**41**

**Invesco V.I. Global Strategic Income Fund**

------

![](img1d8f805d1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. Government Money Market Fund**

------

---

| | |
|:---|:---|
| [2](#xx_7939facb-118d-4111-a925-ea1899856ce7_SOI-Continued-583_1) | Schedule of Investments |
| [6](#xx_7939facb-118d-4111-a925-ea1899856ce7_FS-Continued-583_1) | Financial Statements |
| [9](#xx_7939facb-118d-4111-a925-ea1899856ce7_FS-Continued-583_4) | Financial Highlights |
| [10](#xx_7939facb-118d-4111-a925-ea1899856ce7_NTF-Continued-583_1) | Notes to Financial Statements |
| [13](#xx_7939facb-118d-4111-a925-ea1899856ce7_AOC-Continued-583_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [15](#xx_7939facb-118d-4111-a925-ea1899856ce7_OIRSR-Continued-583_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VIGMKT-NCSRS

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **U.S. Government Sponsored Agency Securities-18.67%** | **U.S. Government Sponsored Agency Securities-18.67%** | **U.S. Government Sponsored Agency Securities-18.67%** | **U.S. Government Sponsored Agency Securities-18.67%** | **U.S. Government Sponsored Agency Securities-18.67%** | **U.S. Government Sponsored Agency Securities-18.67%** |
| **Federal Farm Credit Bank (FFCB)-13.77%** | **Federal Farm Credit Bank (FFCB)-13.77%** | **Federal Farm Credit Bank (FFCB)-13.77%** | **Federal Farm Credit Bank (FFCB)-13.77%** | **Federal Farm Credit Bank (FFCB)-13.77%** | **Federal Farm Credit Bank (FFCB)-13.77%** |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.54% | 12/29/2025 |  | $4000 | &nbsp;&nbsp; $4000000 |
| Federal Farm Credit Bank (SOFR + 0.16%)<sup>(a)</sup> <br>| 4.55% | 01/23/2026 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Bank (SOFR + 0.09%)<sup>(a)</sup> <br>| 4.48% | 02/02/2026 |  | 4000 | &nbsp;&nbsp; 4000000 |
| Federal Farm Credit Bank (1 mo. EFFR + 0.12%)<sup>(a)</sup> <br>| 4.45% | 03/06/2026 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.02%)<sup>(a)</sup> <br>| 4.41% | 03/26/2026 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.11%)<sup>(a)</sup> <br>| 4.50% | 03/26/2026 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.11%)<sup>(a)</sup> <br>| 4.50% | 04/09/2026 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.09%)<sup>(a)</sup> <br>| 4.48% | 05/14/2026 |  | 15000 | &nbsp;&nbsp; 15000000 |
| Federal Farm Credit Bank (SOFR + 0.10%)<sup>(a)</sup> <br>| 4.49% | 06/03/2026 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Bank (SOFR + 0.10%)<sup>(a)</sup> <br>| 4.49% | 06/24/2026 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.10%)<sup>(a)</sup> <br>| 4.49% | 07/01/2026 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 08/26/2026 |  | 1500 | &nbsp;&nbsp; 1500000 |
| Federal Farm Credit Bank (SOFR + 0.13%)<sup>(a)</sup> <br>| 4.52% | 08/28/2026 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 09/04/2026 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Bank (1 mo. EFFR + 0.05%)<sup>(a)</sup> <br>| 4.38% | 09/17/2026 |  | 8000 | &nbsp;&nbsp; 8000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 09/25/2026 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 10/01/2026 |  | 4000 | &nbsp;&nbsp; 4000000 |
| Federal Farm Credit Bank (SOFR + 0.13%)<sup>(a)</sup> <br>| 4.52% | 10/06/2026 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 10/15/2026 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 12/02/2026 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.07%)<sup>(a)</sup> <br>| 4.46% | 12/07/2026 |  | 4000 | &nbsp;&nbsp; 4000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 12/30/2026 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 01/14/2027 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.08%)<sup>(a)</sup> <br>| 4.47% | 03/11/2027 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Bank (SOFR + 0.07%)<sup>(a)</sup> <br>| 4.46% | 03/24/2027 |  | 4000 | &nbsp;&nbsp; 4000000 |
| Federal Farm Credit Bank (SOFR + 0.07%)<sup>(a)</sup> <br>| 4.46% | 03/26/2027 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.08%)<sup>(a)</sup> <br>| 4.47% | 04/02/2027 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.08%)<sup>(a)</sup> <br>| 4.47% | 04/09/2027 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.12%)<sup>(a)</sup> <br>| 4.51% | 05/06/2027 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.11%)<sup>(a)</sup> <br>| 4.50% | 05/13/2027 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Bank (SOFR + 0.10%)<sup>(a)</sup> <br>| 4.49% | 06/29/2027 |  | 5000 | &nbsp;&nbsp; 5000000 |
|  |  |  |  |  | &nbsp;&nbsp; 127500000 |
| **Federal Home Loan Bank (FHLB)-4.24%** | **Federal Home Loan Bank (FHLB)-4.24%** | **Federal Home Loan Bank (FHLB)-4.24%** | **Federal Home Loan Bank (FHLB)-4.24%** | **Federal Home Loan Bank (FHLB)-4.24%** | **Federal Home Loan Bank (FHLB)-4.24%** |
| Federal Home Loan Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 07/24/2025 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Home Loan Bank (SOFR + 0.16%)<sup>(a)</sup> <br>| 4.55% | 08/08/2025 |  | 3295 | &nbsp;&nbsp; 3295213 |
| Federal Home Loan Bank (SOFR + 0.16%)<sup>(a)</sup> <br>| 4.55% | 11/20/2025 |  | 15000 | &nbsp;&nbsp; 15004191 |
| Federal Home Loan Bank (SOFR + 0.13%)<sup>(a)</sup> <br>| 4.52% | 02/09/2026 |  | 10000 | &nbsp;&nbsp; 10000000 |
| Federal Home Loan Bank (SOFR + 0.10%)<sup>(a)</sup> <br>| 4.49% | 05/13/2026 |  | 9000 | &nbsp;&nbsp; 9000000 |
|  |  |  |  |  | &nbsp;&nbsp; 39299404 |
| **U.S. International Development Finance Corp. (DFC)-0.66%**<sup>(b)</sup> | **U.S. International Development Finance Corp. (DFC)-0.66%**<sup>(b)</sup> | **U.S. International Development Finance Corp. (DFC)-0.66%**<sup>(b)</sup> | **U.S. International Development Finance Corp. (DFC)-0.66%**<sup>(b)</sup> | **U.S. International Development Finance Corp. (DFC)-0.66%**<sup>(b)</sup> | **U.S. International Development Finance Corp. (DFC)-0.66%**<sup>(b)</sup> |
| U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate) | 4.55% | 07/15/2025 |  | 13 | &nbsp;&nbsp; 12945 |
| U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate) | 4.50% | 07/07/2040 |  | 6084 | &nbsp;&nbsp; 6083625 |
|  |  |  |  |  | &nbsp;&nbsp; 6096570 |
| Total U.S. Government Sponsored Agency Securities (Cost $172,895,974) | Total U.S. Government Sponsored Agency Securities (Cost $172,895,974) | Total U.S. Government Sponsored Agency Securities (Cost $172,895,974) | Total U.S. Government Sponsored Agency Securities (Cost $172,895,974) |  | &nbsp;&nbsp; 172895974 |
| **U.S. Treasury Securities-9.51%** | **U.S. Treasury Securities-9.51%** | **U.S. Treasury Securities-9.51%** | **U.S. Treasury Securities-9.51%** | **U.S. Treasury Securities-9.51%** | **U.S. Treasury Securities-9.51%** |
| **U.S. Treasury Bills-7.89%**<sup>(c)</sup> | **U.S. Treasury Bills-7.89%**<sup>(c)</sup> | **U.S. Treasury Bills-7.89%**<sup>(c)</sup> | **U.S. Treasury Bills-7.89%**<sup>(c)</sup> | **U.S. Treasury Bills-7.89%**<sup>(c)</sup> | **U.S. Treasury Bills-7.89%**<sup>(c)</sup> |
| U.S. Treasury Bills | 5.02% | 07/10/2025 |  | 3000 | &nbsp;&nbsp; 2996419 |
| U.S. Treasury Bills | 4.18% | 09/11/2025 |  | 25000 | &nbsp;&nbsp; 24795500 |
| U.S. Treasury Bills | 4.19%-4.27% | 10/02/2025 |  | 13000 | &nbsp;&nbsp; 12863613 |
| U.S. Treasury Bills | 4.15% | 10/16/2025 |  | 15000 | &nbsp;&nbsp; 14818992 |
| U.S. Treasury Bills | 4.28% | 10/30/2025 |  | 3000 | &nbsp;&nbsp; 2958658 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco V.I. Government Money Market Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **U.S. Treasury Bills**<sup>(c)</sup>**-(continued)** | **U.S. Treasury Bills**<sup>(c)</sup>**-(continued)** | **U.S. Treasury Bills**<sup>(c)</sup>**-(continued)** | **U.S. Treasury Bills**<sup>(c)</sup>**-(continued)** | **U.S. Treasury Bills**<sup>(c)</sup>**-(continued)** | **U.S. Treasury Bills**<sup>(c)</sup>**-(continued)** |
| U.S. Treasury Bills | 4.38% | 11/28/2025 |  | $5000 | &nbsp;&nbsp; $4912708 |
| U.S. Treasury Bills | 4.11%-4.12% | 03/19/2026 |  | 10000 | &nbsp;&nbsp; 9713625 |
|  |  |  |  |  | &nbsp;&nbsp; 73059515 |
| **U.S. Treasury Floating Rate Notes-1.62%** | **U.S. Treasury Floating Rate Notes-1.62%** | **U.S. Treasury Floating Rate Notes-1.62%** | **U.S. Treasury Floating Rate Notes-1.62%** | **U.S. Treasury Floating Rate Notes-1.62%** | **U.S. Treasury Floating Rate Notes-1.62%** |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + <br> 0.13%)<sup>(a)</sup> <br>| 4.41% | 07/31/2025 |  | 7000 | &nbsp;&nbsp; 6999729 |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + <br> 0.17%)<sup>(a)</sup> <br>| 4.45% | 10/31/2025 |  | 5000 | &nbsp;&nbsp; 5000000 |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + <br> 0.25%)<sup>(a)</sup> <br>| 4.53% | 01/31/2026 |  | 3000 | &nbsp;&nbsp; 3000723 |
|  |  |  |  |  | &nbsp;&nbsp; 15000452 |
| Total U.S. Treasury Securities (Cost $88,059,967) | Total U.S. Treasury Securities (Cost $88,059,967) | Total U.S. Treasury Securities (Cost $88,059,967) | Total U.S. Treasury Securities (Cost $88,059,967) |  | &nbsp;&nbsp; 88059967 |
| **U.S. Government Sponsored Agency Mortgage-Backed Securities-5.72%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-5.72%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-5.72%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-5.72%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-5.72%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-5.72%** |
| **Federal Home Loan Mortgage Corp. (FHLMC)-4.10%** | **Federal Home Loan Mortgage Corp. (FHLMC)-4.10%** | **Federal Home Loan Mortgage Corp. (FHLMC)-4.10%** | **Federal Home Loan Mortgage Corp. (FHLMC)-4.10%** | **Federal Home Loan Mortgage Corp. (FHLMC)-4.10%** | **Federal Home Loan Mortgage Corp. (FHLMC)-4.10%** |
| Federal Home Loan Mortgage Corp. (SOFR + 0.10%)<sup>(a)</sup> <br>| 4.49% | 02/09/2026 |  | 15000 | &nbsp;&nbsp; 15000000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 09/04/2026 |  | 4000 | &nbsp;&nbsp; 4000000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 10/16/2026 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 10/29/2026 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.13%)<sup>(a)</sup> <br>| 4.52% | 04/23/2027 |  | 14000 | &nbsp;&nbsp; 14000000 |
|  |  |  |  |  | &nbsp;&nbsp; 38000000 |
| **Federal National Mortgage Association (FNMA)-1.62%** | **Federal National Mortgage Association (FNMA)-1.62%** | **Federal National Mortgage Association (FNMA)-1.62%** | **Federal National Mortgage Association (FNMA)-1.62%** | **Federal National Mortgage Association (FNMA)-1.62%** | **Federal National Mortgage Association (FNMA)-1.62%** |
| Federal National Mortgage Association (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 08/21/2026 |  | 4000 | &nbsp;&nbsp; 4000000 |
| Federal National Mortgage Association (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 09/11/2026 |  | 4000 | &nbsp;&nbsp; 4000000 |
| Federal National Mortgage Association (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 11/20/2026 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal National Mortgage Association (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 12/11/2026 |  | 5000 | &nbsp;&nbsp; 5000000 |
|  |  |  |  |  | &nbsp;&nbsp; 15000000 |
| Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $53,000,000) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $53,000,000) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $53,000,000) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $53,000,000) |  | &nbsp;&nbsp; 53000000 |
| TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-33.90% <br>(Cost $313,955,941) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-33.90% <br>(Cost $313,955,941) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-33.90% <br>(Cost $313,955,941) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-33.90% <br>(Cost $313,955,941) |  | &nbsp;&nbsp; 313955941 |
|  |  |  | &nbsp;&nbsp; **Repurchase**<br> **Amount** | &nbsp;&nbsp; **Repurchase**<br> **Amount** |  |
| **Repurchase Agreements-66.15%**<sup>(d)</sup>  | **Repurchase Agreements-66.15%**<sup>(d)</sup>  | **Repurchase Agreements-66.15%**<sup>(d)</sup>  | **Repurchase Agreements-66.15%**<sup>(d)</sup>  | **Repurchase Agreements-66.15%**<sup>(d)</sup>  | **Repurchase Agreements-66.15%**<sup>(d)</sup>  |
| Banco Santander, joint agreement dated 06/30/2025, aggregate maturing value of <br> $1,000,121,667 (collateralized by agency mortgage-backed securities valued at <br> $1,020,124,101; 1.50% - 9.00%; 01/01/2027 - 06/15/2060)<br>| 4.38% | 07/01/2025 |  | 45005475 | &nbsp;&nbsp; 45000000 |
| BMO Capital Markets Corp., joint term agreement dated 06/30/2025, aggregate <br> maturing value of $1,506,387,500 (collateralized by agency mortgage-backed <br> securities and U.S. Treasury obligations valued at $1,540,200,403; 0.00% - 6.70%; <br> 07/29/2025 - 11/20/2070)<sup>(e)</sup> <br>| 4.38% | 08/04/2025 |  | 15063875 | &nbsp;&nbsp; 15000000 |
| BNP Paribas Securities Corp., joint term agreement dated 02/10/2025, aggregate <br> maturing value of $1,400,173,833 (collateralized by U.S. Treasury obligations valued <br> at $1,428,000,184; 0.00% - 6.75%; 07/22/2025 - 05/15/2055)<sup>(e)(f)</sup> <br>| 4.47% | 07/01/2025 |  | 10001242 | &nbsp;&nbsp; 10000000 |
| BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate <br> maturing value of $2,000,248,889 (collateralized by agency mortgage-backed <br> securities, U.S. government sponsored agency obligations and U.S. Treasury <br> obligations valued at $2,040,000,000; 0.00% - 8.00%; 07/01/2025 - <br> 12/15/2066)<sup>(e)(f)</sup> <br>| 4.48% | 07/01/2025 |  | 30003733 | &nbsp;&nbsp; 30000000 |
| BNP Paribas Securities Corp., joint term agreement dated 10/30/2024, aggregate <br> maturing value of $4,000,498,889 (collateralized by U.S. Treasury obligations valued <br> at $4,080,000,252; 0.00% - 4.88%; 07/31/2025 - 11/15/2053)<sup>(e)(f)</sup> <br>| 4.49% | 07/01/2025 |  | 30003742 | &nbsp;&nbsp; 30000000 |
| BofA Securities, Inc., joint term agreement dated 04/22/2025, aggregate maturing value <br> of $2,000,247,779 (collateralized by agency mortgage-backed securities and <br> U.S. Treasury obligations valued at $2,040,000,007; 0.13% - 10.81%; <br> 07/15/2029 - 05/20/2074)<sup>(e)(f)</sup> <br>| 4.46% | 07/01/2025 |  | 18002230 | &nbsp;&nbsp; 18000000 |
| BofA Securities, Inc., joint term agreement dated 04/23/2025, aggregate maturing value <br> of $1,000,123,888 (collateralized by agency mortgage-backed securities and <br> U.S. Treasury obligations valued at $1,020,000,007; 0.90% - 6.50%; 11/25/2025 <br> - 01/20/2075)<sup>(e)(f)</sup> <br>| 4.46% | 07/01/2025 |  | 9001115 | &nbsp;&nbsp; 9000000 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco V.I. Government Money Market Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Repurchase**<br> **Amount** | **Value** |
| Credit Agricole Corporate & Investment Bank, joint term agreement dated 06/09/2025, <br> aggregate maturing value of $2,509,020,833 (collateralized by U.S. Treasury <br> obligations valued at $2,550,000,078; 1.25% - 4.63%; 12/31/2026 - <br> 02/15/2034)<sup>(e)</sup> <br>| 4.33% | 07/09/2025 | $10036083 | &nbsp;&nbsp; $10000000 |
| Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated <br> 06/30/2025, aggregate maturing value of $8,401,024,333 (collateralized by <br> U.S. Treasury obligations valued at $8,568,000,160; 0.13% - 4.63%; 04/15/2026 <br> - 02/15/2051)<br>| 4.39% | 07/01/2025 | 85010365 | &nbsp;&nbsp; 85000000 |
| Fixed Income Clearing Corp. - BNP Paribas Securities Corp., joint agreement dated <br> 06/30/2025, aggregate maturing value of $6,000,731,667 (collateralized by <br> U.S. Treasury obligations valued at $6,120,000,037; 0.00% - 6.38%; 07/15/2025 <br> - 05/15/2055)<br>| 4.39% | 07/01/2025 | 25003049 | &nbsp;&nbsp; 25000000 |
| Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint agreement dated <br> 06/30/2025, aggregate maturing value of $6,200,756,056 (collateralized by <br> U.S. Treasury obligations valued at $6,324,000,239; 0.00% - 5.00%; 07/31/2025 <br> - 11/15/2054)<br>| 4.39% | 07/01/2025 | 20002439 | &nbsp;&nbsp; 20000000 |
| Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated <br> 05/30/2025, aggregate maturing value of $2,325,284,167 (collateralized by <br> U.S. Treasury obligations valued at $2,371,500,323; 0.50% - 6.75%; 07/31/2025 <br> - 02/15/2055)<sup>(g)</sup> <br>| 4.40% | 08/29/2025 | 12001467 | &nbsp;&nbsp; 12000000 |
| J.P. Morgan Securities LLC, joint open agreement dated 09/17/2024 (collateralized by <br> agency mortgage-backed securities and U.S. Treasury obligations valued at <br> $1,019,582,335; 0.00% - 9.00%; 07/01/2025 - 06/20/2064)<sup>(f)(h)</sup> <br>| 4.43% | 07/01/2025 | 10035056 | &nbsp;&nbsp; 10000000 |
| Metropolitan Life Insurance Co., joint term agreement dated 06/25/2025, aggregate <br> maturing value of $350,302,734 (collateralized by U.S. Treasury obligations valued <br> at $358,665,911; 0.00%; 02/15/2043 - 08/15/2046)<sup>(e)</sup> <br>| 4.36% | 07/02/2025 | 15014049 | &nbsp;&nbsp; 15001331 |
| Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 06/25/2025, <br> aggregate maturing value of $1,877,874,527 (collateralized by U.S. Treasury <br> obligations valued at $1,919,415,108; 1.13% - 4.38%; 01/31/2027 - <br> 11/15/2040)<sup>(e)</sup> <br>| 4.35% | 07/02/2025 | 63484902 | &nbsp;&nbsp; 63431250 |
| Natixis, joint agreement dated 06/30/2025, aggregate maturing value of <br> $1,000,121,944 (collateralized by agency mortgage-backed securities and <br> U.S. Treasury obligations valued at $1,020,000,009; 0.00% - 7.00%; 07/15/2025 <br> - 07/01/2055)<br>| 4.39% | 07/01/2025 | 45005488 | &nbsp;&nbsp; 45000000 |
| RBC Dominion Securities Inc., joint agreement dated 06/30/2025, aggregate maturing <br> value of $3,000,366,667 (collateralized by agency mortgage-backed securities and <br> U.S. Treasury obligations valued at $3,060,374,005; 0.00% - 8.00%; 03/31/2026 <br> - 06/15/2060)<br>| 4.40% | 07/01/2025 | 45005500 | &nbsp;&nbsp; 45000000 |
| Royal Bank of Canada, joint term agreement dated 03/13/2025, aggregate maturing <br> value of $1,540,310,000 (collateralized by agency mortgage-backed securities and <br> U.S. Treasury obligations valued at $1,549,495,235; 0.50% - 6.63%; 10/31/2026 <br> - 04/01/2055)<sup>(e)</sup> <br>| 4.17% | 10/31/2025 | 9241860 | &nbsp;&nbsp; 9000000 |
| Royal Bank of Canada, joint term agreement dated 03/13/2025, aggregate maturing <br> value of $1,541,315,700 (collateralized by agency mortgage-backed securities and <br> U.S. Treasury obligations valued at $1,555,834,097; 0.00% - 7.00%; 10/23/2025 <br> - 01/07/2062)<sup>(e)</sup> <br>| 4.20% | 09/30/2025 | 9211050 | &nbsp;&nbsp; 9000000 |
| Societe Generale, joint term agreement dated 06/30/2025, aggregate maturing value of <br> $500,426,806 (collateralized by agency mortgage-backed securities valued at <br> $510,000,000; 1.50% - 5.50%; 09/01/2036 - 05/01/2055)<sup>(e)</sup> <br>| 4.39% | 07/07/2025 | 10008536 | &nbsp;&nbsp; 10000000 |
| Standard Chartered Bank, joint agreement dated 06/30/2025, aggregate maturing value <br> of $2,500,305,556 (collateralized by agency mortgage-backed securities and <br> U.S. Treasury obligations valued at $2,550,311,667; 0.00% - 7.00%; 07/10/2025 <br> - 05/20/2055)<br>| 4.40% | 07/01/2025 | 45005500 | &nbsp;&nbsp; 45000000 |
| Sumitomo Mitsui Banking Corp., joint agreement dated 06/30/2025, aggregate maturing <br> value of $4,800,585,333 (collateralized by agency mortgage-backed securities <br> valued at $4,968,519,090; 3.00% - 6.50%; 10/20/2042 - 03/20/2055)<br>| 4.39% | 07/01/2025 | 23202775 | &nbsp;&nbsp; 23199946 |
| Wells Fargo Securities, LLC, joint term agreement dated 06/13/2025, aggregate <br> maturing value of $1,718,864,806 (collateralized by agency mortgage-backed <br> securities, U.S. government sponsored agency obligations and U.S. Treasury <br> obligations valued at $1,734,000,002; 0.00% - 8.00%; 07/01/2025 - <br> 01/01/2059)<br>| 4.39% | 09/12/2025 | 15166454 | &nbsp;&nbsp; 15000000 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco V.I. Government Money Market Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Repurchase**<br> **Amount** | &nbsp;&nbsp; **Repurchase**<br> **Amount** | **Value** |
| Wells Fargo Securities, LLC, joint term agreement dated 06/25/2025, aggregate <br> maturing value of $900,761,250 (collateralized by agency mortgage-backed <br> securities valued at $918,000,000; 1.50% - 7.00%; 07/01/2026 - <br> 07/01/2055)<sup>(e)</sup> <br>| 4.35% | 07/02/2025 |  | $14011842 | &nbsp;&nbsp; $14000000 |
| Total Repurchase Agreements (Cost $612,632,527) | Total Repurchase Agreements (Cost $612,632,527) | Total Repurchase Agreements (Cost $612,632,527) | Total Repurchase Agreements (Cost $612,632,527) |  | &nbsp;&nbsp; 612632527 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>-100.05% (Cost $926,588,468) | TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>-100.05% (Cost $926,588,468) | TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>-100.05% (Cost $926,588,468) | TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>-100.05% (Cost $926,588,468) |  | &nbsp;&nbsp; 926588468 |
| OTHER ASSETS LESS LIABILITIES-(0.05)% | OTHER ASSETS LESS LIABILITIES-(0.05)% | OTHER ASSETS LESS LIABILITIES-(0.05)% | OTHER ASSETS LESS LIABILITIES-(0.05)% |  | &nbsp;&nbsp; (480202)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% |  | &nbsp;&nbsp; $926108266 |

---

Investment Abbreviations:

EFFR -Effective Federal Funds Rate <br> SOFR -Secured Overnight Financing Rate <br> VRD -Variable Rate Demand

Notes to Schedule of Investments:

<sup>(a)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2025.

<sup>(b)</sup> Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on June 30, 2025. 

<sup>(c)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(d)</sup> Principal amount equals value at period end. See Note 1J.

<sup>(e)</sup> The Fund may demand payment of the term repurchase agreement upon one to seven business days' notice depending on the timing of the demand.

<sup>(f)</sup> Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.

<sup>(g)</sup> Interest is paid periodically at specified time intervals. The Repurchase Amount includes one day of interest due at maturity. 

<sup>(h)</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>(i)</sup> Also represents cost for federal income tax purposes.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco V.I. Government Money Market Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, excluding <br> repurchase agreements, at value and cost<br>| &nbsp;&nbsp; $313955941 |
| Repurchase agreements, at value and cost | &nbsp;&nbsp; 612632527 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 18314 |
| Interest | &nbsp;&nbsp; 4031926 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 33052 |
| Other assets | &nbsp;&nbsp; 2266 |
| Total assets | &nbsp;&nbsp; 930674026 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 4068739 |
| Amount due custodian | &nbsp;&nbsp; 47 |
| Dividends | &nbsp;&nbsp; 30304 |
| Accrued fees to affiliates | &nbsp;&nbsp; 386714 |
| Accrued operating expenses | &nbsp;&nbsp; 41796 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 38160 |
| Total liabilities | &nbsp;&nbsp; 4565760 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $926108266 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $926390368 |
| Distributable earnings (loss) | &nbsp;&nbsp; (282102)<br>|
|  | &nbsp;&nbsp; $926108266 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $773897705 |
| Series II | &nbsp;&nbsp; $152210561 |
| **Shares outstanding, no par value,** <br>**unlimited number of shares authorized:** | **Shares outstanding, no par value,** <br>**unlimited number of shares authorized:** |
| Series I | &nbsp;&nbsp; 774095239 |
| Series II | &nbsp;&nbsp; 152249267 |
| Series I: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $1.00 |
| Series II: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $1.00 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco V.I. Government Money Market Fund**

------

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $21620905 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 730510 |
| Administrative services fees | &nbsp;&nbsp; 941962 |
| Custodian fees | &nbsp;&nbsp; 20983 |
| Distribution fees - Series II | &nbsp;&nbsp; 190531 |
| Transfer agent fees | &nbsp;&nbsp; 24353 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 13909 |
| Reports to shareholders | &nbsp;&nbsp; 3595 |
| Professional services fees | &nbsp;&nbsp; 24927 |
| Other | &nbsp;&nbsp; 5419 |
| Total expenses | &nbsp;&nbsp; 1956189 |
| Net investment income | &nbsp;&nbsp; 19664716 |
| Net realized gain from unaffiliated investment securities | &nbsp;&nbsp; 10135 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $19674851 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco V.I. Government Money Market Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $19664716 | &nbsp;&nbsp; $44047085 |
| Net realized gain | &nbsp;&nbsp; 10135 | &nbsp;&nbsp; 52038 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 19674851 | &nbsp;&nbsp; 44099123 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (16747394)<br>| &nbsp;&nbsp; (37649536)<br>|
| Series II | &nbsp;&nbsp; (2917322)<br>| &nbsp;&nbsp; (6397549)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (19664716)<br>| &nbsp;&nbsp; (44047085)<br>|
| **Share transactions-net:** |  |  |
| Series I | &nbsp;&nbsp; (12279893)<br>| &nbsp;&nbsp; 1708318 |
| Series II | &nbsp;&nbsp; (2770982)<br>| &nbsp;&nbsp; 36552918 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (15050875)<br>| &nbsp;&nbsp; 38261236 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (15040740)<br>| &nbsp;&nbsp; 38313274 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 941149006 | &nbsp;&nbsp; 902835732 |
| End of period | &nbsp;&nbsp; $926108266 | &nbsp;&nbsp; $941149006 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco V.I. Government Money Market Fund**

------

**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(realized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $1.00 | $0.02 | $0.00 | $0.02 | $(0.02)<br>| $1.00 | 2.04<br> %<br>| $773898 | 0.36 %<sup>(c)</sup><br>| 0.36 %<sup>(c)</sup><br>| 4.08 %<sup>(c)</sup><br>|
| Year ended 12/31/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.98 | 786174 | 0.36 | 0.36 | 4.87 |
| Year ended 12/31/23 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.86 | 784405 | 0.36 | 0.36 | 4.75 |
| Year ended 12/31/22 | 1.00 | 0.01 | (0.00)<br>| 0.01 | (0.01)<br>| 1.00 | 1.45 | 968240 | 0.28 | 0.28 | 1.50 |
| Year ended 12/31/21 | 1.00 | 0.00 | - | 0.00 | (0.00)<br>| 1.00 | 0.01 | 688779 | 0.07 | 0.34 | 0.01 |
| Year ended 12/31/20 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br>| 1.00 | 0.29 | 711648 | 0.29 | 0.35 | 0.26 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02)<br>| 1.00 | 1.91 | 152211 | 0.61 <br><sup>(c)</sup><br>| 0.61 <br><sup>(c)</sup><br>| 3.83 <br><sup>(c)</sup><br>|
| Year ended 12/31/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.72 | 154975 | 0.61 | 0.61 | 4.62 |
| Year ended 12/31/23 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.60 | 118430 | 0.61 | 0.61 | 4.50 |
| Year ended 12/31/22 | 1.00 | 0.01 | (0.00)<br>| 0.01 | (0.01)<br>| 1.00 | 1.25 | 107954 | 0.48 | 0.53 | 1.30 |
| Year ended 12/31/21 | 1.00 | 0.00 | - | 0.00 | (0.00)<br>| 1.00 | 0.01 | 78539 | 0.07 | 0.59 | 0.01 |
| Year ended 12/31/20 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br>| 1.00 | 0.21 | 90846 | 0.36 | 0.60 | 0.19 |

---

<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. 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> Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**Invesco V.I. Government Money Market Fund**

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. Government Money Market Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is to provide current income consistent with preservation of capital and liquidity.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services — Investment Companies*.

The Fund is a "government money market fund" as defined in Rule 2a-7 under the 1940 Act (the "Rule") and seeks to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation. "Government money market funds" are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/ or repurchase agreements collateralized fully by cash or Government Securities. The Board of Trustees has elected not to subject the Fund to liquidity fee requirements at this time, as permitted by the Rule.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** - The Fund's securities are recorded on the basis of amortized cost which approximates value as permitted by the Rule. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is unreliable in the Adviser's judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

**B.** **Securities Transactions and Investment Income** - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative settled shares of each class.

**C.** **Country Determination** - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** - Distributions from net investment income, if any, are declared daily and paid monthly to separate accounts of participating insurance companies. Distributions from net realized gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.

**E.** **Federal Income Taxes** - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative settled shares.

**G.** **Accounting Estimates** - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America

**10**

**Invesco V.I. Government Money Market Fund**

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("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** - Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Repurchase Agreements** - The Fund may enter into repurchase agreements. Collateral on repurchase agreements, including the Fund's pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is typically at least 102% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment adviser or its affiliates ("Joint repurchase agreements"). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Fund might incur expenses in enforcing its rights, and could experience losses, including a decline in the value of the collateral and loss of income.

**K.** **Other Risks** - Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund's ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Adviser based on the annual rate of 0.15% of the Fund's average daily net assets.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waivers and/or expense reimbursements to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2025, Invesco was paid $216,189 for accounting and fund administrative services and was reimbursed $725,773 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc., ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. 12b-1 fees before fee waivers are shown as *Distribution fees* in the Statement of Operations.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

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.

**11**

**Invesco V.I. Government Money Market Fund**

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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 June 30, 2025, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**NOTE 4—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 5—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with BNY 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—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 had a capital loss carryforward as of December 31, 2024, 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 | &nbsp;&nbsp;&nbsp;&nbsp; $293712 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $293712 |

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\* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. 

**NOTE 7—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 894628484 | &nbsp;&nbsp;&nbsp; $894628484 | &nbsp;&nbsp;&nbsp; 1650667089 | &nbsp;&nbsp;&nbsp; $1650667089 |
| Series II | &nbsp;&nbsp;&nbsp; 16686767 | &nbsp;&nbsp;&nbsp; 16686767 | &nbsp;&nbsp;&nbsp; 92580541 | &nbsp;&nbsp;&nbsp; 92580541 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 16561824 | &nbsp;&nbsp;&nbsp; 16561824 | &nbsp;&nbsp;&nbsp; 37202178 | &nbsp;&nbsp;&nbsp; 37202178 |
| Series II | &nbsp;&nbsp;&nbsp; 2917322 | &nbsp;&nbsp;&nbsp; 2917322 | &nbsp;&nbsp;&nbsp; 6397549 | &nbsp;&nbsp;&nbsp; 6397549 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (923470201)<br>| &nbsp;&nbsp;&nbsp; (923470201)<br>| &nbsp;&nbsp;&nbsp; (1686160949)<br>| &nbsp;&nbsp;&nbsp; (1686160949)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (22375071)<br>| &nbsp;&nbsp;&nbsp; (22375071)<br>| &nbsp;&nbsp;&nbsp; (62425172)<br>| &nbsp;&nbsp;&nbsp; (62425172)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (15050875)<br>| &nbsp;&nbsp;&nbsp; $(15050875)<br>| &nbsp;&nbsp;&nbsp; 38261236 | &nbsp;&nbsp;&nbsp; $38261236 |

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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 81% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**12**

**Invesco V.I. Government Money Market Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Government Money Market Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the T-Bill 3 Month Index (Index). The Board noted that performance of Series I shares of the Fund was in the second quintile of its performance universe for the one and five year periods and the first quintile for the three year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was reasonably comparable to the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other

**13**

**Invesco V.I. Government Money Market Fund**

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performance metrics, which did not change its conclusions.

*C Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were each below the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund. The Board further noted that Invesco Advisers has voluntarily undertaken to waive fees to the extent necessary to assist the Fund in attempting to maintain a positive yield.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee before the application of advisory fee waivers/expense limitations) to the effective advisory fee

rates before the application of advisory fee waivers/expense limitations of other similarly managed mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

**14**

**Invesco V.I. Government Money Market Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**15**

**Invesco V.I. Government Money Market Fund**

------

![](img4691ebca1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. Government Securities Fund**

------

---

| | |
|:---|:---|
| [2](#xx_92f46af5-aee8-4a6b-9454-2f0103017a76_SOI-Continued-74_1) | Schedule of Investments |
| [7](#xx_92f46af5-aee8-4a6b-9454-2f0103017a76_FS-Continued-74_1) | Financial Statements |
| [9](#xx_92f46af5-aee8-4a6b-9454-2f0103017a76_FS-Continued-74_3) | Financial Highlights |
| [10](#xx_92f46af5-aee8-4a6b-9454-2f0103017a76_NTF-Continued-74_1) | Notes to Financial Statements |
| [16](#xx_92f46af5-aee8-4a6b-9454-2f0103017a76_AOC-Continued-74_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [19](#xx_92f46af5-aee8-4a6b-9454-2f0103017a76_OIRSR-Continued-74_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VIGOV-NCSRS

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–67.13%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–67.13%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–67.13%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–67.13%** |
| **Collateralized Mortgage Obligations–7.40%** | **Collateralized Mortgage Obligations–7.40%** | **Collateralized Mortgage Obligations–7.40%** | **Collateralized Mortgage Obligations–7.40%** |
| Fannie Mae ACES, Series 2019-M5, <br> Class A2, <br>3.27%, 02/25/2029<br>|  | $4645527 | &nbsp;&nbsp; $4526147 |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| 7.00%, 09/18/2027 |  | 1502 | &nbsp;&nbsp; 1501 |
| 1.50%, 01/25/2028 |  | 260745 | &nbsp;&nbsp; 254490 |
| 6.50%, 03/25/2032 |  | 151787 | &nbsp;&nbsp; 159490 |
| 5.75%, 10/25/2035 |  | 26422 | &nbsp;&nbsp; 27130 |
| 4.72% (30 Day Average SOFR + <br> 0.41%), 05/25/2036<sup>(a)</sup> <br>|  | 579472 | &nbsp;&nbsp; 572335 |
| 4.87% (30 Day Average SOFR + <br> 0.56%), 03/25/2037<sup>(a)</sup> <br>|  | 351836 | &nbsp;&nbsp; 348660 |
| 6.60%, 06/25/2039<sup>(b)</sup> <br>|  | 758019 | &nbsp;&nbsp; 791339 |
| 4.00%, 07/25/2040 |  | 410528 | &nbsp;&nbsp; 404013 |
| 4.97% (30 Day Average SOFR + <br> 0.66%), 02/25/2041<sup>(a)</sup> <br>|  | 59747 | &nbsp;&nbsp; 59734 |
| 4.92% (30 Day Average SOFR + <br> 0.61%), 05/25/2041<sup>(a)</sup> <br>|  | 139142 | &nbsp;&nbsp; 138948 |
| 4.94% (30 Day Average SOFR + <br> 0.63%), 11/25/2041<sup>(a)</sup> <br>|  | 372544 | &nbsp;&nbsp; 370902 |
| 4.78% (30 Day Average SOFR + <br> 0.43%), 08/25/2044<sup>(a)</sup> <br>|  | 450358 | &nbsp;&nbsp; 440244 |
| 4.94% (30 Day Average SOFR + <br> 0.59%), 02/25/2056<sup>(a)</sup> <br>|  | 899381 | &nbsp;&nbsp; 919172 |
| 4.88% (30 Day Average SOFR + <br> 0.53%), 12/25/2056<sup>(a)</sup> <br>|  | 1101486 | &nbsp;&nbsp; 1079923 |
| IO, <br>2.00%, 03/25/2051<sup>(c)</sup> <br>|  | 2354808 | &nbsp;&nbsp; 308692 |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| Series KS11, Class AFX1, <br>2.15%, 12/25/2028<br>|  | 3686347 | &nbsp;&nbsp; 3547374 |
| Series K092, Class AM, <br>3.02%, 04/25/2029<br>|  | 5000000 | &nbsp;&nbsp; 4805797 |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| 4.92% (30 Day Average SOFR + <br> 0.61%), 12/15/2035<sup>(a)</sup> <br>|  | 383470 | &nbsp;&nbsp; 381418 |
| 4.72% (30 Day Average SOFR + <br> 0.41%), 03/15/2036 to <br> 09/15/2044<sup>(a)</sup> <br>|  | 484214 | &nbsp;&nbsp; 481155 |
| 4.81% (30 Day Average SOFR + <br> 0.46%), 11/15/2036<sup>(a)</sup> <br>|  | 618616 | &nbsp;&nbsp; 611040 |
| 4.79% (30 Day Average SOFR + <br> 0.48%), 03/15/2037<sup>(a)</sup> <br>|  | 333711 | &nbsp;&nbsp; 329946 |
| 4.82% (30 Day Average SOFR + <br> 0.51%), 06/15/2037<sup>(a)</sup> <br>|  | 514130 | &nbsp;&nbsp; 508792 |
| 5.28% (30 Day Average SOFR + <br> 0.97%), 11/15/2039<sup>(a)</sup> <br>|  | 191278 | &nbsp;&nbsp; 192312 |
| 4.87% (30 Day Average SOFR + <br> 0.56%), 03/15/2040 to <br> 02/15/2042<sup>(a)</sup> <br>|  | 1291648 | &nbsp;&nbsp; 1273298 |
| Freddie Mac STRIPS, <br>4.81%(30 Day Average SOFR + <br> 0.46%), 10/15/2037<sup>(a)</sup> <br>|  | 469955 | &nbsp;&nbsp; 464187 |
|  |  |  | &nbsp;&nbsp; 22998039 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Federal Home Loan Mortgage Corp. (FHLMC)–14.42%** | **Federal Home Loan Mortgage Corp. (FHLMC)–14.42%** | **Federal Home Loan Mortgage Corp. (FHLMC)–14.42%** |
| 7.00%, 01/01/2026 to <br> 11/01/2035<br>| $623476 | &nbsp;&nbsp; $658389 |
| 8.50%, 12/01/2026 to <br> 08/01/2031<br>| 24097 | &nbsp;&nbsp; 24650 |
| 7.05%, 05/20/2027 | 3845 | &nbsp;&nbsp; 3857 |
| 6.50%, 08/01/2028 to <br> 12/01/2035<br>| 513790 | &nbsp;&nbsp; 533507 |
| 6.00%, 09/01/2029 to <br> 12/01/2053<br>| 5203727 | &nbsp;&nbsp; 5312279 |
| 7.50%, 09/01/2030 to <br> 06/01/2035<br>| 222691 | &nbsp;&nbsp; 228789 |
| 6.03%, 10/20/2030 | 183335 | &nbsp;&nbsp; 185995 |
| 8.00%, 11/17/2030 to <br> 02/01/2035<br>| 34131 | &nbsp;&nbsp; 34556 |
| 3.00%, 02/01/2032 to <br> 01/01/2050<br>| 7463898 | &nbsp;&nbsp; 6632771 |
| 2.50%, 09/01/2034 to <br> 12/01/2050<br>| 10060439 | &nbsp;&nbsp; 9147746 |
| 5.00%, 01/01/2037 to <br> 01/01/2040<br>| 280941 | &nbsp;&nbsp; 284996 |
| 4.50%, 01/01/2040 to <br> 08/01/2041<br>| 1454100 | &nbsp;&nbsp; 1448044 |
| 2.00%, 01/01/2051 | 7090431 | &nbsp;&nbsp; 5627626 |
| 5.50%, 11/01/2052 to <br> 05/01/2053<br>| 11910065 | &nbsp;&nbsp; 12018608 |
| ARM, <br>7.11% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.88%), <br> 09/01/2035<sup>(a)</sup> <br>| 565356 | &nbsp;&nbsp; 582435 |
| 6.98% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.86%), <br> 07/01/2036<sup>(a)</sup> <br>| 603880 | &nbsp;&nbsp; 625961 |
| 7.08% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.91%), <br> 10/01/2036<sup>(a)</sup> <br>| 23705 | &nbsp;&nbsp; 24612 |
| 7.15% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.51%), <br> 10/01/2036<sup>(a)</sup> <br>| 201831 | &nbsp;&nbsp; 206290 |
| 6.74% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.95%), <br> 11/01/2037<sup>(a)</sup> <br>| 98536 | &nbsp;&nbsp; 101153 |
| 7.08% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + <br> 2.08%), 01/01/2038<sup>(a)</sup> <br>| 14137 | &nbsp;&nbsp; 14508 |
| 6.78% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.84%), <br> 07/01/2038<sup>(a)</sup> <br>| 158304 | &nbsp;&nbsp; 163148 |
| 6.99% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.78%), <br> 06/01/2043<sup>(a)</sup> <br>| 180379 | &nbsp;&nbsp; 187009 |
| 6.53% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.64%), <br> 01/01/2048<sup>(a)</sup> <br>| 735611 | &nbsp;&nbsp; 758770 |
|  |  | &nbsp;&nbsp; 44805699 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco V.I. Government Securities Fund**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Federal National Mortgage Association (FNMA)–14.96%** | **Federal National Mortgage Association (FNMA)–14.96%** | **Federal National Mortgage Association (FNMA)–14.96%** |
| 0.50%, 11/07/2025 | $4000000 | &nbsp;&nbsp; $3947345 |
| 6.50%, 07/01/2026 to <br> 11/01/2037<br>| 413410 | &nbsp;&nbsp; 431500 |
| 8.00%, 09/01/2026 to <br> 10/01/2037<br>| 487567 | &nbsp;&nbsp; 508540 |
| 7.50%, 12/01/2026 to <br> 08/01/2037<br>| 844517 | &nbsp;&nbsp; 867189 |
| 8.50%, 12/01/2026 to <br> 12/01/2036<br>| 93905 | &nbsp;&nbsp; 98713 |
| 3.50%, 05/01/2027 to <br> 10/01/2049<br>| 1510507 | &nbsp;&nbsp; 1402748 |
| 6.00%, 06/01/2027 to <br> 10/01/2053<br>| 5429341 | &nbsp;&nbsp; 5578118 |
| 0.75%, 10/08/2027 | 6000000 | &nbsp;&nbsp; 5614514 |
| 7.00%, 01/01/2028 to <br> 02/01/2036<br>| 266590 | &nbsp;&nbsp; 279888 |
| 3.00%, 12/01/2031 to <br> 03/01/2050<br>| 3733915 | &nbsp;&nbsp; 3456656 |
| 5.00%, 08/01/2033 to <br> 04/01/2053<br>| 3247088 | &nbsp;&nbsp; 3219269 |
| 2.50%, 12/01/2034 to <br> 07/01/2051<br>| 11239076 | &nbsp;&nbsp; 10102225 |
| 5.50%, 04/01/2035 to <br> 05/01/2035<br>| 398146 | &nbsp;&nbsp; 409615 |
| 2.00%, 09/01/2035 to <br> 03/01/2051<br>| 6073390 | &nbsp;&nbsp; 5124957 |
| 4.50%, 06/01/2039 to <br> 08/01/2041<br>| 1305964 | &nbsp;&nbsp; 1294451 |
| 4.00%, 09/01/2043 to <br> 12/01/2048<br>| 3656952 | &nbsp;&nbsp; 3492441 |
| ARM, <br>6.69% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.36%), <br> 10/01/2034<sup>(a)</sup> <br>| 298169 | &nbsp;&nbsp; 306618 |
| 6.48% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.21%), <br> 05/01/2035<sup>(a)</sup> <br>| 33214 | &nbsp;&nbsp; 34335 |
| 6.78% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.73%), <br> 03/01/2038<sup>(a)</sup> <br>| 10189 | &nbsp;&nbsp; 10423 |
| 6.67% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.77%), <br> 02/01/2042<sup>(a)</sup> <br>| 93708 | &nbsp;&nbsp; 96323 |
| 7.27% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + 1.52%), <br> 08/01/2043<sup>(a)</sup> <br>| 67469 | &nbsp;&nbsp; 68970 |
| 6.88% (1 yr. U.S. Treasury Yield <br> Curve Rate + 1.88%), <br> 05/01/2044<sup>(a)</sup> <br>| 126140 | &nbsp;&nbsp; 128661 |
|  |  | &nbsp;&nbsp; 46473499 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Government National Mortgage Association (GNMA)–21.91%** | **Government National Mortgage Association (GNMA)–21.91%** | **Government National Mortgage Association (GNMA)–21.91%** |
| 6.50%, 08/15/2025 to <br> 09/15/2034<br>| $454609 | &nbsp;&nbsp; $469073 |
| 7.50%, 12/20/2025 to <br> 10/15/2035<br>| 197506 | &nbsp;&nbsp; 205805 |
| 8.00%, 07/15/2026 to <br> 01/15/2037<br>| 259995 | &nbsp;&nbsp; 268435 |
| 6.38%, 10/20/2027 | 17570 | &nbsp;&nbsp; 17551 |
| 7.00%, 11/15/2027 to <br> 12/15/2036<br>| 227609 | &nbsp;&nbsp; 232193 |
| 6.00%, 09/15/2029 to <br> 08/15/2033<br>| 132778 | &nbsp;&nbsp; 135547 |
| 6.10%, 12/20/2033 | 1051578 | &nbsp;&nbsp; 1091768 |
| 5.66%, 08/20/2034<sup>(b)</sup> <br>| 249326 | &nbsp;&nbsp; 254784 |
| 8.50%, 10/15/2036 to <br> 01/15/2037<br>| 96474 | &nbsp;&nbsp; 97998 |
| 5.88%, 01/20/2039<sup>(b)</sup> <br>| 1069324 | &nbsp;&nbsp; 1108210 |
| 5.23% (1 mo. Term SOFR + <br> 0.91%), 09/16/2039<sup>(a)</sup> <br>| 280254 | &nbsp;&nbsp; 281446 |
| 5.13% (1 mo. Term SOFR + <br> 0.81%), 05/20/2040<sup>(a)</sup> <br>| 698858 | &nbsp;&nbsp; 699273 |
| 4.53%, 07/20/2041<sup>(b)</sup> <br>| 196242 | &nbsp;&nbsp; 198197 |
| 4.96%, 09/20/2041 | 589414 | &nbsp;&nbsp; 596362 |
| 4.68% (1 mo. Term SOFR + <br> 0.36%), 01/20/2042<sup>(a)</sup> <br>| 7977 | &nbsp;&nbsp; 7805 |
| 3.50%, 10/20/2042 to <br> 06/20/2050<br>| 4528443 | &nbsp;&nbsp; 4142478 |
| 4.74% (1 mo. Term SOFR + <br> 0.41%), 08/20/2047<sup>(a)</sup> <br>| 1408443 | &nbsp;&nbsp; 1363366 |
| 3.00%, 10/20/2048 to <br> 11/20/2049<br>| 7362893 | &nbsp;&nbsp; 6599833 |
| 2.50%, 07/20/2049 | 2144775 | &nbsp;&nbsp; 1908190 |
| TBA, <br>2.50%, 07/01/2055<sup>(d)</sup> <br>| 7620000 | &nbsp;&nbsp; 6475109 |
| 4.50%, 07/01/2055<sup>(d)</sup> <br>| 7500000 | &nbsp;&nbsp; 7180279 |
| 5.00%, 07/01/2055<sup>(d)</sup> <br>| 15320000 | &nbsp;&nbsp; 15051283 |
| 5.50%, 07/01/2055<sup>(d)</sup> <br>| 13465000 | &nbsp;&nbsp; 13486878 |
| 6.00%, 07/01/2055<sup>(d)</sup> <br>| 3900000 | &nbsp;&nbsp; 3958187 |
| Series 2020-137, Class A, <br>1.50%, 04/16/2062<br>| 3009472 | &nbsp;&nbsp; 2266809 |
|  |  | &nbsp;&nbsp; 68096859 |
| **Uniform Mortgage-Backed Securities–8.44%** | **Uniform Mortgage-Backed Securities–8.44%** | **Uniform Mortgage-Backed Securities–8.44%** |
| TBA, <br>2.00%, 07/01/2055<sup>(d)</sup> <br>| 1010000 | &nbsp;&nbsp; 799775 |
| 2.50%, 07/01/2055<sup>(d)</sup> <br>| 3580000 | &nbsp;&nbsp; 2968833 |
| 5.00%, 07/01/2055<sup>(d)</sup> <br>| 13920000 | &nbsp;&nbsp; 13643473 |
| 6.00%, 07/01/2055<sup>(d)</sup> <br>| 8670000 | &nbsp;&nbsp; 8811140 |
|  |  | &nbsp;&nbsp; 26223221 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $215,376,769) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $215,376,769) | &nbsp;&nbsp; 208597317 |
| **U.S. Treasury Securities–21.16%** | **U.S. Treasury Securities–21.16%** | **U.S. Treasury Securities–21.16%** |
| **U.S. Treasury Bills–0.62%** | **U.S. Treasury Bills–0.62%** | **U.S. Treasury Bills–0.62%** |
| 3.96% - 4.11%, 05/14/2026<sup>(e)(f)</sup> <br>| 1988000 | &nbsp;&nbsp; 1920954 |
| **U.S. Treasury Bonds–1.11%** | **U.S. Treasury Bonds–1.11%** | **U.S. Treasury Bonds–1.11%** |
| 5.38%, 02/15/2031 | 3200000 | &nbsp;&nbsp; 3442563 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco V.I. Government Securities Fund**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Notes–19.43%** | **U.S. Treasury Notes–19.43%** | **U.S. Treasury Notes–19.43%** |
| 2.25%, 11/15/2025 | $2800000 | &nbsp;&nbsp; $2778891 |
| 0.38% - 2.88%, 11/30/2025 | 10500000 | &nbsp;&nbsp; 10358016 |
| 0.38%, 12/31/2025 | 5000000 | &nbsp;&nbsp; 4905512 |
| 0.88%, 06/30/2026 | 2000000 | &nbsp;&nbsp; 1939330 |
| 1.50%, 08/15/2026 | 7450000 | &nbsp;&nbsp; 7251236 |
| 1.13%, 02/28/2027 | 9159000 | &nbsp;&nbsp; 8767954 |
| 2.38%, 05/15/2027 | 3700000 | &nbsp;&nbsp; 3609090 |
| 0.50%, 06/30/2027 | 1900000 | &nbsp;&nbsp; 1783217 |
| 2.25%, 11/15/2027 | 2900000 | &nbsp;&nbsp; 2804730 |
| 2.75%, 02/15/2028 | 1900000 | &nbsp;&nbsp; 1855098 |
| 1.25%, 06/30/2028 | 4500000 | &nbsp;&nbsp; 4190273 |
| 2.88%, 08/15/2028 | 7500000 | &nbsp;&nbsp; 7317187 |
| 2.38%, 05/15/2029 | 2600000 | &nbsp;&nbsp; 2473758 |
| 1.63%, 08/15/2029 | 400000 | &nbsp;&nbsp; 368437 |
|  |  | &nbsp;&nbsp; 60402729 |
| Total U.S. Treasury Securities (Cost $67,921,856) | Total U.S. Treasury Securities (Cost $67,921,856) | &nbsp;&nbsp; 65766246 |
| **Certificates of Deposit–11.91%** | **Certificates of Deposit–11.91%** | **Certificates of Deposit–11.91%** |
| **Diversified Banks–9.66%** | **Diversified Banks–9.66%** | **Diversified Banks–9.66%** |
| Bank of Montreal (Canada), 4.66% <br> (SOFR + 0.30%), 03/19/2026<sup>(a)</sup> <br>| 8000000 | &nbsp;&nbsp; 8002361 |
| BNP Paribas S.A. (France), 4.64% <br> (SOFR + 0.33%), 02/06/2026<sup>(a)</sup> <br>| 9000000 | &nbsp;&nbsp; 9008829 |
| Credit Industriel et Commercial <br> (France), 4.74% (SOFR + 0.38%), <br> 08/20/2025<sup>(a)</sup> <br>| 4000000 | &nbsp;&nbsp; 4001228 |
| Mizuho Bank Ltd. (Japan), 4.71% <br> (SOFR + 0.31%), 02/25/2026<sup>(a)</sup> <br>| 9000000 | &nbsp;&nbsp; 9001739 |
|  |  | &nbsp;&nbsp; 30014157 |
| **Homebuilding–2.25%** | **Homebuilding–2.25%** | **Homebuilding–2.25%** |
| Standard Chartered Bank (United <br> Kingdom), 4.76% (SOFR + 0.36%), <br> 07/24/2025<sup>(a)</sup> <br>| 7000000 | &nbsp;&nbsp; 7001750 |
| Total Certificates of Deposit (Cost $37,000,561) | Total Certificates of Deposit (Cost $37,000,561) | &nbsp;&nbsp; 37015907 |
| **Commercial Paper–11.27%** | **Commercial Paper–11.27%** | **Commercial Paper–11.27%** |
| **Diversified Banks–5.47%** | **Diversified Banks–5.47%** | **Diversified Banks–5.47%** |
| Canadian Imperial Bank of Commerce <br> (Canada), 4.68% (SOFR + 0.35%), <br> 08/13/2025<sup>(a)(g)</sup> <br>| 4000000 | &nbsp;&nbsp; 4000910 |
| Toronto-Dominion Bank (The) (Canada), <br> 4.72% (SOFR + 0.40%), <br> 04/10/2026<sup>(a)(g)</sup> <br>| 4000000 | &nbsp;&nbsp; 4003312 |
| UBS AG (Switzerland), 4.70% (SOFR + <br> 0.38%), 05/15/2026<sup>(a)(g)</sup> <br>| 9000000 | &nbsp;&nbsp; 9006293 |
|  |  | &nbsp;&nbsp; 17010515 |
| **Diversified Financial Services–5.80%** | **Diversified Financial Services–5.80%** | **Diversified Financial Services–5.80%** |
| BofA Securities, Inc., 4.72% (SOFR + <br> 0.28%), 03/19/2026<sup>(a)</sup> <br>| 8000000 | &nbsp;&nbsp; 8003368 |
| JP Morgan Securities LLC, |  |  |
| 4.79% (SOFR + 0.39%), <br> 11/26/2025<sup>(a)(g)</sup> <br>| 6000000 | &nbsp;&nbsp; 6003667 |
| 4.78% (SOFR + 0.44%), <br> 12/10/2025<sup>(a)(g)</sup> <br>| 4000000 | &nbsp;&nbsp; 4003471 |
|  |  | &nbsp;&nbsp; 18010506 |
| Total Commercial Paper (Cost $35,000,000) | Total Commercial Paper (Cost $35,000,000) | &nbsp;&nbsp; 35021021 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Asset-Backed Securities–6.32%**<sup>(h)</sup>  | **Asset-Backed Securities–6.32%**<sup>(h)</sup>  | **Asset-Backed Securities–6.32%**<sup>(h)</sup>  | **Asset-Backed Securities–6.32%**<sup>(h)</sup>  |
| Angel Oak Mortgage Trust, <br> Series 2025-HB1, Class A1, 6.11% <br> (30 Day Average SOFR + 1.80%), <br> 02/25/2055<sup>(a)(g)</sup> <br>|  | $614145 | &nbsp;&nbsp; $618367 |
| Banc of America Commercial Mortgage <br> Trust, Series 2015-UBS7, Class XA, <br> IO, 0.82%, 09/15/2048<sup>(i)</sup> <br>|  | 8912328 | &nbsp;&nbsp; 144 |
| Bank, Series 2017-BNK5, Class AS, <br> 3.62%, 06/15/2060<br>|  | 1800000 | &nbsp;&nbsp; 1752571 |
| Bear Stearns Adjustable Rate Mortgage <br> Trust, Series 2004-10, Class 12A1, <br> 0.00%, 01/25/2035<sup>(b)(j)</sup> <br>|  | 157826 | &nbsp;&nbsp; 153781 |
| Chase Mortgage Finance Corp., | Chase Mortgage Finance Corp., |  |  |
| Series 2016-SH1, Class M3, <br> 3.75%, 04/25/2045<sup>(b)(g)</sup> <br>|  | 666853 | &nbsp;&nbsp; 607393 |
| Series 2016-SH2, Class M3, <br> 3.75%, 12/25/2045<sup>(b)(g)</sup> <br>|  | 904101 | &nbsp;&nbsp; 836609 |
| CHNGE Mortgage Trust, <br> Series 2023-3, Class A1, 7.10%, <br> 07/25/2058<sup>(g)</sup> <br>|  | 1296855 | &nbsp;&nbsp; 1308653 |
| FRESB Mortgage Trust, Series 2019-<br> SB63, Class A5, 5.13% (30 Day <br> Average SOFR + 0.81%), <br> 02/25/2039<sup>(a)</sup> <br>|  | 2289401 | &nbsp;&nbsp; 2255497 |
| GCAT Trust, Series 2020-NQM1, <br> Class A3, 3.55%, 01/25/2060<sup>(g)</sup> <br>|  | 1498997 | &nbsp;&nbsp; 1465604 |
| GS Mortgage-Backed Securities Trust, <br> Series 2025-PJ4, Class A4, <br> 6.00%, 09/25/2055<sup>(b)(g)</sup> <br>|  | 1767692 | &nbsp;&nbsp; 1790648 |
| New Residential Mortgage Loan Trust, <br> Series 2018-4A, Class A1S, 5.18% <br> (1 mo. Term SOFR + 0.86%), <br> 01/25/2048<sup>(a)(g)</sup> <br>|  | 661276 | &nbsp;&nbsp; 647859 |
| SMB Private Education Loan Trust, <br> Series 2021-D, Class A1A, 1.34%, <br> 03/17/2053<sup>(g)</sup> <br>|  | 1058675 | &nbsp;&nbsp; 989228 |
| Textainer Marine Containers VII Ltd. <br> (China), | Textainer Marine Containers VII Ltd. <br> (China), |  |  |
| Series 2020-3A, Class A, 2.11%, <br> 09/20/2045<sup>(g)</sup> <br>|  | 1417104 | &nbsp;&nbsp; 1330937 |
| Series 2021-2A, Class B, 2.82%, <br> 04/20/2046<sup>(g)</sup> <br>|  | 2666667 | &nbsp;&nbsp; 2463416 |
| Verus Securitization Trust, <br> Series 2023-INV3, Class A3, <br> 7.73%, 11/25/2068<sup>(b)(g)</sup> <br>|  | 3353456 | &nbsp;&nbsp; 3423559 |
| Total Asset-Backed Securities (Cost $20,187,945) | Total Asset-Backed Securities (Cost $20,187,945) | Total Asset-Backed Securities (Cost $20,187,945) | &nbsp;&nbsp; 19644266 |
| **Agency Credit Risk Transfer Notes–0.98%** | **Agency Credit Risk Transfer Notes–0.98%** | **Agency Credit Risk Transfer Notes–0.98%** | **Agency Credit Risk Transfer Notes–0.98%** |
| Freddie Mac, Series 2022-HQA3, <br> Class M1, STACR<sup>®</sup>, 6.61% (30 Day <br> Average SOFR + 2.30%), <br> 08/25/2042 <br>(Cost $2,987,894)<sup>(a)(g)</sup> <br>|  | 2970499 | &nbsp;&nbsp; 3026268 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–4.13%** | **Money Market Funds–4.13%** | **Money Market Funds–4.13%** | **Money Market Funds–4.13%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(k)(l)</sup> <br>(Cost $12,843,184) | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(k)(l)</sup> <br>(Cost $12,843,184) | 12843184 | &nbsp;&nbsp; 12843184 |
| TOTAL INVESTMENTS IN SECURITIES–122.90% <br> (Cost $391,318,209) | TOTAL INVESTMENTS IN SECURITIES–122.90% <br> (Cost $391,318,209) | TOTAL INVESTMENTS IN SECURITIES–122.90% <br> (Cost $391,318,209) | &nbsp;&nbsp; 381914209 |
| OTHER ASSETS LESS LIABILITIES—(22.90)% | OTHER ASSETS LESS LIABILITIES—(22.90)% | OTHER ASSETS LESS LIABILITIES—(22.90)% | &nbsp;&nbsp; (71159015)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $310755194 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco V.I. Government Securities Fund**

------

Investment Abbreviations:

---

| | |
|:---|:---|
| ACES | – Automatically Convertible Extendable Security |
| ARM | – Adjustable Rate Mortgage |
| Ctfs. | – Certificates |
| IBOR | – Interbank Offered Rate |
| IO | – Interest Only |
| REMICs | – Real Estate Mortgage Investment Conduits |
| SOFR | – Secured Overnight Financing Rate |
| 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 June 30, 2025.

<sup>(b)</sup> Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2025. 

<sup>(c)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

<sup>(d)</sup> Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1M.

<sup>(e)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(f)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1L.

<sup>(g)</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 June 30, 2025 was $45,526,194, which represented 14.65% of the Fund's Net Assets. 

<sup>(h)</sup> Non-U.S. government sponsored securities.

<sup>(i)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2025. 

<sup>(j)</sup> Zero coupon bond issued at a discount.

<sup>(k)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $2935626 | &nbsp;&nbsp; $90890012 | &nbsp;&nbsp; $(80982454) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $12843184 | &nbsp;&nbsp; $162535 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | - | &nbsp;&nbsp; 123899 | &nbsp;&nbsp; (123899) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 135\* |
| Invesco Private Prime Fund | - | &nbsp;&nbsp; 319861 | &nbsp;&nbsp; (319861) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 351\* |
| Total | $2935626 | &nbsp;&nbsp; $91333772 | &nbsp;&nbsp; $(81426214) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $12843184 | &nbsp;&nbsp; $163021 |

---

\* 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>(l)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 346 | September-2025 | &nbsp;&nbsp;&nbsp; $71976109 | &nbsp;&nbsp;&nbsp; $239854 | &nbsp;&nbsp;&nbsp; $239854 |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 719 | September-2025 | &nbsp;&nbsp;&nbsp; 78371000 | &nbsp;&nbsp;&nbsp; 937882 | &nbsp;&nbsp;&nbsp; 937882 |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 393 | September-2025 | &nbsp;&nbsp;&nbsp; 44065125 | &nbsp;&nbsp;&nbsp; 859023 | &nbsp;&nbsp;&nbsp; 859023 |
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 30 | September-2025 | &nbsp;&nbsp;&nbsp; 3427969 | &nbsp;&nbsp;&nbsp; 53856 | &nbsp;&nbsp;&nbsp; 53856 |
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; 2090615 | &nbsp;&nbsp;&nbsp; 2090615 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco V.I. Government Securities Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** |
| **Short Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 204 | September-2025 | &nbsp;&nbsp;&nbsp; $(23555625)<br>| &nbsp;&nbsp;&nbsp; $(844018)<br>| &nbsp;&nbsp;&nbsp; $(844018)<br>|
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 13 | September-2025 | &nbsp;&nbsp;&nbsp; (1548625)<br>| &nbsp;&nbsp;&nbsp; (41969)<br>| &nbsp;&nbsp;&nbsp; (41969)<br>|
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; (885987)<br>| &nbsp;&nbsp;&nbsp; (885987)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $1204628 | &nbsp;&nbsp;&nbsp; $1204628 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco V.I. Government Securities Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $378,475,025)<br>| &nbsp;&nbsp; $369071025 |
| Investments in affiliated money market funds, at value <br> (Cost $12,843,184)<br>| &nbsp;&nbsp; 12843184 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 30325 |
| Receivable for: |  |
| TBA sales commitment | &nbsp;&nbsp; 9095745 |
| Fund shares sold | &nbsp;&nbsp; 88772 |
| Dividends | &nbsp;&nbsp; 45965 |
| Interest | &nbsp;&nbsp; 1159231 |
| Principal paydowns | &nbsp;&nbsp; 70757 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 198023 |
| Other assets | &nbsp;&nbsp; 124 |
| Total assets | &nbsp;&nbsp; 392603151 |
| **Liabilities:** |  |
| Payable for: |  |
| TBA sales commitment | &nbsp;&nbsp; 80809174 |
| Fund shares reacquired | &nbsp;&nbsp; 430288 |
| Amount due custodian | &nbsp;&nbsp; 205823 |
| Accrued fees to affiliates | &nbsp;&nbsp; 170717 |
| Accrued other operating expenses | &nbsp;&nbsp; 28199 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 203756 |
| Total liabilities | &nbsp;&nbsp; 81847957 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $310755194 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $341205169 |
| Distributable earnings (loss) | &nbsp;&nbsp; (30449975)<br>|
|  | &nbsp;&nbsp; $310755194 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $162936023 |
| Series II | &nbsp;&nbsp; $147819171 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 15245865 |
| Series II | &nbsp;&nbsp; 13978896 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $10.69 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $10.57 |

---

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $5386529 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $104)<br>| &nbsp;&nbsp; 162639 |
| Total investment income | &nbsp;&nbsp; 5549168 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 769209 |
| Administrative services fees | &nbsp;&nbsp; 259505 |
| Custodian fees | &nbsp;&nbsp; 20194 |
| Distribution fees - Series II | &nbsp;&nbsp; 186484 |
| Transfer agent fees | &nbsp;&nbsp; 8116 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 10627 |
| Reports to shareholders | &nbsp;&nbsp; 4685 |
| Professional services fees | &nbsp;&nbsp; 20229 |
| Other | &nbsp;&nbsp; 2637 |
| Total expenses | &nbsp;&nbsp; 1281686 |
| Less: Fees waived | &nbsp;&nbsp; (3704)<br>|
| Net expenses | &nbsp;&nbsp; 1277982 |
| Net investment income | &nbsp;&nbsp; 4271186 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (658239)<br>|
| Futures contracts | &nbsp;&nbsp; 1653321 |
|  | &nbsp;&nbsp; 995082 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 6576443 |
| Futures contracts | &nbsp;&nbsp; 1704579 |
|  | &nbsp;&nbsp; 8281022 |
| Net realized and unrealized gain | &nbsp;&nbsp; 9276104 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $13547290 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco V.I. Government Securities Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $4271186 | &nbsp;&nbsp; $8892076 |
| Net realized gain (loss) | &nbsp;&nbsp; 995082 | &nbsp;&nbsp; (3098637)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 8281022 | &nbsp;&nbsp; (409590)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 13547290 | &nbsp;&nbsp; 5383849 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (4444155)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (3562016)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (8006171)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (14186895)<br>| &nbsp;&nbsp; (9504805)<br>|
| Series II | &nbsp;&nbsp; (10055162)<br>| &nbsp;&nbsp; (2728411)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (24242057)<br>| &nbsp;&nbsp; (12233216)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (10694767)<br>| &nbsp;&nbsp; (14855538)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 321449961 | &nbsp;&nbsp; 336305499 |
| End of period | &nbsp;&nbsp; $310755194 | &nbsp;&nbsp; $321449961 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco V.I. Government Securities Fund**

------

**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $10.23 | $0.15 | $0.31 | $0.46 | $— | $10.69 | 4.50<br> %<br>| $162936 | 0.70 %<sup>(d)</sup><br>| 0.70 %<sup>(d)</sup><br>| 2.83 %<sup>(d)</sup><br>| 179<br> %<br>|
| Year ended 12/31/24 | 10.32 | 0.29 | (0.11)<br>| 0.18 | (0.27)<br>| 10.23 | 1.72 | 169900 | 0.70 | 0.70 | 2.80 | 314 |
| Year ended 12/31/23 | 10.08 | 0.22 | 0.23 | 0.45 | (0.21)<br>| 10.32 | 4.62 | 180715 | 0.69 | 0.69 | 2.18 | 233 |
| Year ended 12/31/22 | 11.48 | 0.15 | (1.33)<br>| (1.18)<br>| (0.22)<br>| 10.08 | (10.29)<br>| 177203 | 0.68 | 0.68 | 1.38 | 168 |
| Year ended 12/31/21 | 12.04 | 0.11 | (0.38)<br>| (0.27)<br>| (0.29)<br>| 11.48 | (2.27)<br>| 235924 | 0.68 | 0.68 | 0.92 | 170 |
| Year ended 12/31/20 | 11.61 | 0.20 | 0.53 | 0.73 | (0.30)<br>| 12.04 | 6.27 | 257369 | 0.67 | 0.67 | 1.64 | 346 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 10.14 | 0.13 | 0.30 | 0.43 |  | 10.57 | 4.24 | 147819 | 0.95 <br><sup>(d)</sup><br>| 0.95 <br><sup>(d)</sup><br>| 2.58 <br><sup>(d)</sup><br>| 179 |
| Year ended 12/31/24 | 10.23 | 0.26 | (0.11)<br>| 0.15 | (0.24)<br>| 10.14 | 1.48 | 151550 | 0.95 | 0.95 | 2.55 | 314 |
| Year ended 12/31/23 | 9.98 | 0.19 | 0.24 | 0.43 | (0.18)<br>| 10.23 | 4.46 | 155590 | 0.94 | 0.94 | 1.93 | 233 |
| Year ended 12/31/22 | 11.37 | 0.12 | (1.32)<br>| (1.20)<br>| (0.19)<br>| 9.98 | (10.58)<br>| 159919 | 0.93 | 0.93 | 1.13 | 168 |
| Year ended 12/31/21 | 11.92 | 0.08 | (0.37)<br>| (0.29)<br>| (0.26)<br>| 11.37 | (2.43)<br>| 196932 | 0.93 | 0.93 | 0.67 | 170 |
| Year ended 12/31/20 | 11.50 | 0.17 | 0.52 | 0.69 | (0.27)<br>| 11.92 | 5.97 | 185071 | 0.92 | 0.92 | 1.39 | 346 |

---

<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> Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**Invesco V.I. Government Securities Fund**

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. Government Securities Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is total return, comprised of current income and capital appreciation.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following policy.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse

**10**

**Invesco V.I. Government Securities Fund**

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investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **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.

**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.

**11**

**Invesco V.I. Government Securities Fund**

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Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**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 two parties ("Counterparties") to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

**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.** **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. This practice does not apply to securities pledged as collateral for securities lending transactions.

**P.** **Other Risks** - Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund's ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Over $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |

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For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.49%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $3,704.

**12**

**Invesco V.I. Government Securities 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 six months ended June 30, 2025, Invesco was paid $23,884 for accounting and fund administrative services and was reimbursed $235,621 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $208597317 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $208597317 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65766246 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65766246 |
| Certificates of Deposit | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37015907 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37015907 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35021021 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35021021 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19644266 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19644266 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3026268 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3026268 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 12843184 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12843184 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 12843184 | &nbsp;&nbsp;&nbsp;&nbsp; 369071025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 381914209 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2090615 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2090615 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (885987)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (885987)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 1204628 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1204628 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $14047812 | &nbsp;&nbsp;&nbsp;&nbsp; $369071025 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $383118837 |

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\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**13**

**Invesco V.I. Government Securities Fund**

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**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of June 30, 2025:

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| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $2090615 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (2090615)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(885987)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 885987 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

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<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

**Effect of Derivative Investments for the six months ended June 30, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1653321 |
| Change in Net Unrealized Appreciation: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1704579 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $3357900 |

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $234830255 |

---

**NOTE 5—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 6—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 7—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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.

**14**

**Invesco V.I. Government Securities Fund**

------

The Fund had a capital loss carryforward as of December 31, 2024, 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; $16465680 | &nbsp;&nbsp;&nbsp;&nbsp; $20986792 | &nbsp;&nbsp;&nbsp;&nbsp; $37452472 |

---

\*

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 six months ended June 30, 2025 was $2,502,407 and $1,821,372, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3727459 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (11508501)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(7781042)<br>|

---

Cost of investments for tax purposes is $390,899,879.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 714470 | &nbsp;&nbsp;&nbsp; $7463392 | &nbsp;&nbsp;&nbsp; 1835595 | &nbsp;&nbsp;&nbsp; $18961763 |
| Series II | &nbsp;&nbsp;&nbsp; 528550 | &nbsp;&nbsp;&nbsp; 5465466 | &nbsp;&nbsp;&nbsp; 1743236 | &nbsp;&nbsp;&nbsp; 17807302 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 431891 | &nbsp;&nbsp;&nbsp; 4444155 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 349217 | &nbsp;&nbsp;&nbsp; 3562016 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (2069548)<br>| &nbsp;&nbsp;&nbsp; (21650287)<br>| &nbsp;&nbsp;&nbsp; (3171033)<br>| &nbsp;&nbsp;&nbsp; (32910723)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (1497038)<br>| &nbsp;&nbsp;&nbsp; (15520628)<br>| &nbsp;&nbsp;&nbsp; (2355412)<br>| &nbsp;&nbsp;&nbsp; (24097729)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (2323566)<br>| &nbsp;&nbsp;&nbsp; $(24242057)<br>| &nbsp;&nbsp;&nbsp; (1166506)<br>| &nbsp;&nbsp;&nbsp; $(12233216)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 81% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**15**

**Invesco V.I. Government Securities Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Government Securities Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.&nbsp;&nbsp;&nbsp;&nbsp;

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Bloomberg Intermediate U.S. Government Index (Index). The Board noted that performance of Series I shares of the Fund was in the first quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other

**16**

**Invesco V.I. Government Securities Fund**

------

performance metrics, which did not change its conclusions.

*C Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were the same as and reasonably comparable to, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board requested and received additional information regarding the Fund's actual and contractual management fees and the levels of the Fund's breakpoints in light of current asset levels. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between the Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level

and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund's breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement

and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through "soft dollar" arrangements to any significant degree.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the

**17**

**Invesco V.I. Government Securities Fund**

------

federal securities laws and consistent with best execution obligations.

**18**

**Invesco V.I. Government Securities Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**19**

**Invesco V.I. Government Securities Fund**

------

![](img641b88911.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. Growth and Income Fund**

------

---

| | |
|:---|:---|
| [2](#xx_6a4e3b89-c3a2-4f9c-ba8e-7efcc9bbc153_SOI-Continued-75_1) | Schedule of Investments |
| [5](#xx_6a4e3b89-c3a2-4f9c-ba8e-7efcc9bbc153_FS-Continued-75_1) | Financial Statements |
| [7](#xx_6a4e3b89-c3a2-4f9c-ba8e-7efcc9bbc153_FS-Continued-75_3) | Financial Highlights |
| [8](#xx_6a4e3b89-c3a2-4f9c-ba8e-7efcc9bbc153_NTF-Continued-75_1) | Notes to Financial Statements |
| [14](#xx_6a4e3b89-c3a2-4f9c-ba8e-7efcc9bbc153_AOC-Continued-75_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [17](#xx_6a4e3b89-c3a2-4f9c-ba8e-7efcc9bbc153_OIRSR-Continued-75_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VK-VIGRI-NCSRS

------

**Schedule of Investments**<sup>(a)</sup> 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–93.40%** | **Common Stocks & Other Equity Interests–93.40%** | **Common Stocks & Other Equity Interests–93.40%** |
| **Aerospace & Defense–2.06%** | **Aerospace & Defense–2.06%** | **Aerospace & Defense–2.06%** |
| RTX Corp. | 114414 | &nbsp;&nbsp; $16706733 |
| Textron, Inc. | 121418 | &nbsp;&nbsp; 9748651 |
|  |  | &nbsp;&nbsp; 26455384 |
| **Air Freight & Logistics–1.10%** | **Air Freight & Logistics–1.10%** | **Air Freight & Logistics–1.10%** |
| FedEx Corp. | 62502 | &nbsp;&nbsp; 14207330 |
| **Application Software–1.10%** | **Application Software–1.10%** | **Application Software–1.10%** |
| Salesforce, Inc. | 51822 | &nbsp;&nbsp; 14131341 |
| **Asset Management & Custody Banks–1.25%** | **Asset Management & Custody Banks–1.25%** | **Asset Management & Custody Banks–1.25%** |
| KKR & Co., Inc., Class A | 120844 | &nbsp;&nbsp; 16075877 |
| **Automobile Manufacturers–0.73%** | **Automobile Manufacturers–0.73%** | **Automobile Manufacturers–0.73%** |
| General Motors Co. | 190874 | &nbsp;&nbsp; 9392910 |
| **Broadline Retail–2.45%** | **Broadline Retail–2.45%** | **Broadline Retail–2.45%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 143667 | &nbsp;&nbsp; 31519103 |
| **Building Products–1.68%** | **Building Products–1.68%** | **Building Products–1.68%** |
| Johnson Controls International PLC | 204972 | &nbsp;&nbsp; 21649143 |
| **Communications Equipment–1.38%** | **Communications Equipment–1.38%** | **Communications Equipment–1.38%** |
| Cisco Systems, Inc. | 256251 | &nbsp;&nbsp; 17778694 |
| **Diversified Banks–8.10%** | **Diversified Banks–8.10%** | **Diversified Banks–8.10%** |
| Bank of America Corp. | 902448 | &nbsp;&nbsp; 42703839 |
| PNC Financial Services Group, Inc. <br> (The) | 92192 | &nbsp;&nbsp; 17186433 |
| Wells Fargo & Co. | 553870 | &nbsp;&nbsp; 44376064 |
|  |  | &nbsp;&nbsp; 104266336 |
| **Electric Utilities–3.17%** | **Electric Utilities–3.17%** | **Electric Utilities–3.17%** |
| American Electric Power Co., Inc.<sup>(c)</sup>  | 113248 | &nbsp;&nbsp; 11750613 |
| FirstEnergy Corp. | 237666 | &nbsp;&nbsp; 9568433 |
| PPL Corp.<sup>(c)</sup>  | 573996 | &nbsp;&nbsp; 19452724 |
|  |  | &nbsp;&nbsp; 40771770 |
| **Electrical Components & Equipment–2.34%** | **Electrical Components & Equipment–2.34%** | **Electrical Components & Equipment–2.34%** |
| Emerson Electric Co. | 144383 | &nbsp;&nbsp; 19250585 |
| Vertiv Holdings Co., Class A | 84266 | &nbsp;&nbsp; 10820597 |
|  |  | &nbsp;&nbsp; 30071182 |
| **Electronic Components–1.08%** | **Electronic Components–1.08%** | **Electronic Components–1.08%** |
| Coherent Corp.<sup>(b)</sup>  | 156368 | &nbsp;&nbsp; 13949589 |
| **Electronic Equipment & Instruments–1.40%** | **Electronic Equipment & Instruments–1.40%** | **Electronic Equipment & Instruments–1.40%** |
| Ralliant Corp. | 131656 | &nbsp;&nbsp; 6384032 |
| Zebra Technologies Corp., Class A<sup>(b)</sup>  | 37911 | &nbsp;&nbsp; 11690236 |
|  |  | &nbsp;&nbsp; 18074268 |
| **Fertilizers & Agricultural Chemicals–0.96%** | **Fertilizers & Agricultural Chemicals–0.96%** | **Fertilizers & Agricultural Chemicals–0.96%** |
| Corteva, Inc. | 164888 | &nbsp;&nbsp; 12289103 |
| **Food Distributors–3.35%** | **Food Distributors–3.35%** | **Food Distributors–3.35%** |
| Sysco Corp. | 297237 | &nbsp;&nbsp; 22512730 |
| US Foods Holding Corp.<sup>(b)</sup>  | 266874 | &nbsp;&nbsp; 20551967 |
|  |  | &nbsp;&nbsp; 43064697 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Footwear–1.17%** | **Footwear–1.17%** | **Footwear–1.17%** |
| NIKE, Inc., Class B | 211347 | &nbsp;&nbsp; $15014091 |
| **Health Care Equipment–2.45%** | **Health Care Equipment–2.45%** | **Health Care Equipment–2.45%** |
| GE HealthCare Technologies, Inc. | 116295 | &nbsp;&nbsp; 8613971 |
| Medtronic PLC | 263478 | &nbsp;&nbsp; 22967377 |
|  |  | &nbsp;&nbsp; 31581348 |
| **Health Care Services–1.45%** | **Health Care Services–1.45%** | **Health Care Services–1.45%** |
| CVS Health Corp. | 270626 | &nbsp;&nbsp; 18667781 |
| **Household Products–1.15%** | **Household Products–1.15%** | **Household Products–1.15%** |
| Procter & Gamble Co. (The) | 92629 | &nbsp;&nbsp; 14757652 |
| **Industrial Machinery & Supplies & Components–3.02%** | **Industrial Machinery & Supplies & Components–3.02%** | **Industrial Machinery & Supplies & Components–3.02%** |
| Fortive Corp. | 272681 | &nbsp;&nbsp; 14214861 |
| Parker-Hannifin Corp. | 35298 | &nbsp;&nbsp; 24654594 |
|  |  | &nbsp;&nbsp; 38869455 |
| **Insurance Brokers–1.79%** | **Insurance Brokers–1.79%** | **Insurance Brokers–1.79%** |
| Willis Towers Watson PLC | 75300 | &nbsp;&nbsp; 23079451 |
| **Integrated Oil & Gas–4.99%** | **Integrated Oil & Gas–4.99%** | **Integrated Oil & Gas–4.99%** |
| Chevron Corp. | 129251 | &nbsp;&nbsp; 18507451 |
| Exxon Mobil Corp. | 169018 | &nbsp;&nbsp; 18220140 |
| Shell PLC (United Kingdom) | 476262 | &nbsp;&nbsp; 16616551 |
| Suncor Energy, Inc. (Canada) | 291183 | &nbsp;&nbsp; 10907468 |
|  |  | &nbsp;&nbsp; 64251610 |
| **Interactive Media & Services–2.18%** | **Interactive Media & Services–2.18%** | **Interactive Media & Services–2.18%** |
| Alphabet, Inc., Class A | 93795 | &nbsp;&nbsp; 16529493 |
| Meta Platforms, Inc., Class A | 15545 | &nbsp;&nbsp; 11473609 |
|  |  | &nbsp;&nbsp; 28003102 |
| **Investment Banking & Brokerage–3.19%** | **Investment Banking & Brokerage–3.19%** | **Investment Banking & Brokerage–3.19%** |
| Charles Schwab Corp. (The) | 272866 | &nbsp;&nbsp; 24896294 |
| Goldman Sachs Group, Inc. (The) | 22841 | &nbsp;&nbsp; 16165718 |
|  |  | &nbsp;&nbsp; 41062012 |
| **IT Consulting & Other Services–0.87%** | **IT Consulting & Other Services–0.87%** | **IT Consulting & Other Services–0.87%** |
| Cognizant Technology Solutions Corp., <br> Class A | 143528 | &nbsp;&nbsp; 11199490 |
| **Managed Health Care–3.38%** | **Managed Health Care–3.38%** | **Managed Health Care–3.38%** |
| Centene Corp.<sup>(b)</sup>  | 255664 | &nbsp;&nbsp; 13877442 |
| Elevance Health, Inc. | 22087 | &nbsp;&nbsp; 8590959 |
| Humana, Inc. | 33074 | &nbsp;&nbsp; 8085932 |
| UnitedHealth Group, Inc. | 41623 | &nbsp;&nbsp; 12985127 |
|  |  | &nbsp;&nbsp; 43539460 |
| **Movies & Entertainment–1.97%** | **Movies & Entertainment–1.97%** | **Movies & Entertainment–1.97%** |
| Walt Disney Co. (The) | 204820 | &nbsp;&nbsp; 25399728 |
| **Multi-line Insurance–1.35%** | **Multi-line Insurance–1.35%** | **Multi-line Insurance–1.35%** |
| American International Group, Inc. | 203708 | &nbsp;&nbsp; 17435368 |
| **Oil & Gas Exploration & Production–2.28%** | **Oil & Gas Exploration & Production–2.28%** | **Oil & Gas Exploration & Production–2.28%** |
| ConocoPhillips | 199978 | &nbsp;&nbsp; 17946026 |
| EQT Corp. | 195769 | &nbsp;&nbsp; 11417248 |
|  |  | &nbsp;&nbsp; 29363274 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco V.I. Growth and Income Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Pharmaceuticals–5.38%** | **Pharmaceuticals–5.38%** | **Pharmaceuticals–5.38%** |
| Bristol-Myers Squibb Co. | 231421 | &nbsp;&nbsp; $10712478 |
| Johnson & Johnson | 163375 | &nbsp;&nbsp; 24955531 |
| Merck & Co., Inc. | 117717 | &nbsp;&nbsp; 9318478 |
| Pfizer, Inc. | 325642 | &nbsp;&nbsp; 7893562 |
| Sanofi S.A. | 168608 | &nbsp;&nbsp; 16323574 |
|  |  | &nbsp;&nbsp; 69203623 |
| **Property & Casualty Insurance–0.74%** | **Property & Casualty Insurance–0.74%** | **Property & Casualty Insurance–0.74%** |
| Allstate Corp. (The) | 47463 | &nbsp;&nbsp; 9554777 |
| **Rail Transportation–1.17%** | **Rail Transportation–1.17%** | **Rail Transportation–1.17%** |
| Norfolk Southern Corp. | 58820 | &nbsp;&nbsp; 15056155 |
| **Real Estate Services–1.48%** | **Real Estate Services–1.48%** | **Real Estate Services–1.48%** |
| CBRE Group, Inc., Class A<sup>(b)</sup>  | 135951 | &nbsp;&nbsp; 19049454 |
| **Regional Banks–1.59%** | **Regional Banks–1.59%** | **Regional Banks–1.59%** |
| Citizens Financial Group, Inc. | 456383 | &nbsp;&nbsp; 20423139 |
| **Restaurants–1.19%** | **Restaurants–1.19%** | **Restaurants–1.19%** |
| Starbucks Corp. | 167241 | &nbsp;&nbsp; 15324293 |
| **Semiconductor Materials & Equipment–1.12%** | **Semiconductor Materials & Equipment–1.12%** | **Semiconductor Materials & Equipment–1.12%** |
| Lam Research Corp. | 147899 | &nbsp;&nbsp; 14396489 |
| **Semiconductors–4.66%** | **Semiconductors–4.66%** | **Semiconductors–4.66%** |
| Microchip Technology, Inc. | 391076 | &nbsp;&nbsp; 27520018 |
| NVIDIA Corp. | 111013 | &nbsp;&nbsp; 17538944 |
| NXP Semiconductors N.V. (Netherlands) | 68471 | &nbsp;&nbsp; 14960229 |
|  |  | &nbsp;&nbsp; 60019191 |
| **Specialty Chemicals–1.37%** | **Specialty Chemicals–1.37%** | **Specialty Chemicals–1.37%** |
| DuPont de Nemours, Inc. | 124065 | &nbsp;&nbsp; 8509618 |
| PPG Industries, Inc. | 80397 | &nbsp;&nbsp; 9145159 |
|  |  | &nbsp;&nbsp; 17654777 |
| **Systems Software–3.84%** | **Systems Software–3.84%** | **Systems Software–3.84%** |
| Microsoft Corp. | 65154 | &nbsp;&nbsp; 32408251 |
| Oracle Corp. | 77986 | &nbsp;&nbsp; 17050079 |
|  |  | &nbsp;&nbsp; 49458330 |
| **Tobacco–2.14%** | **Tobacco–2.14%** | **Tobacco–2.14%** |
| Philip Morris International, Inc. <br> (Switzerland) | 151273 | &nbsp;&nbsp; 27551351 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Trading Companies & Distributors–1.51%** | **Trading Companies & Distributors–1.51%** | **Trading Companies & Distributors–1.51%** | **Trading Companies & Distributors–1.51%** |
| Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | 89379 | &nbsp;&nbsp; $19462277 |
| **Transaction & Payment Processing Services–2.77%** | **Transaction & Payment Processing Services–2.77%** | **Transaction & Payment Processing Services–2.77%** | **Transaction & Payment Processing Services–2.77%** |
| Fidelity National Information Services, <br> Inc. | Fidelity National Information Services, <br> Inc. | 208872 | &nbsp;&nbsp; 17004270 |
| Fiserv, Inc.<sup>(b)</sup>  | Fiserv, Inc.<sup>(b)</sup>  | 108208 | &nbsp;&nbsp; 18656141 |
|  |  |  | &nbsp;&nbsp; 35660411 |
| **Wireless Telecommunication Services–1.05%** | **Wireless Telecommunication Services–1.05%** | **Wireless Telecommunication Services–1.05%** | **Wireless Telecommunication Services–1.05%** |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 56666 | &nbsp;&nbsp; 13501241 |
| Total Common Stocks & Other Equity Interests <br> (Cost $822,271,801) | Total Common Stocks & Other Equity Interests <br> (Cost $822,271,801) | Total Common Stocks & Other Equity Interests <br> (Cost $822,271,801) | &nbsp;&nbsp; 1202236057 |
| **Money Market Funds–5.54%** | **Money Market Funds–5.54%** | **Money Market Funds–5.54%** | **Money Market Funds–5.54%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 24967905 | &nbsp;&nbsp; 24967905 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 46369064 | &nbsp;&nbsp; 46369064 |
| Total Money Market Funds (Cost $71,336,969) | Total Money Market Funds (Cost $71,336,969) | Total Money Market Funds (Cost $71,336,969) | &nbsp;&nbsp; 71336969 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-98.94% <br> (Cost $893,608,770)<br>|  |  | &nbsp;&nbsp; 1273573026 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–1.14%** | **Money Market Funds–1.14%** | **Money Market Funds–1.14%** | **Money Market Funds–1.14%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 4052980 | &nbsp;&nbsp; 4052980 |
| Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | 10560246 | &nbsp;&nbsp; 10563414 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $14,615,338) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $14,615,338) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $14,615,338) | &nbsp;&nbsp; 14616394 |
| TOTAL INVESTMENTS IN SECURITIES–100.08% <br> (Cost $908,224,108) | TOTAL INVESTMENTS IN SECURITIES–100.08% <br> (Cost $908,224,108) | TOTAL INVESTMENTS IN SECURITIES–100.08% <br> (Cost $908,224,108) | &nbsp;&nbsp; 1288189420 |
| OTHER ASSETS LESS LIABILITIES—(0.08)% | OTHER ASSETS LESS LIABILITIES—(0.08)% | OTHER ASSETS LESS LIABILITIES—(0.08)% | &nbsp;&nbsp; (1042835)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1287146585 |

---

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 June 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $7396188 | &nbsp;&nbsp; $96037009 | &nbsp;&nbsp; $(78465292) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $24967905 | &nbsp;&nbsp; $215479 |
| Invesco Treasury Portfolio, Institutional Class | 13738066 | &nbsp;&nbsp; 178354443 | &nbsp;&nbsp; (145723445) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 46369064 | &nbsp;&nbsp; 397952 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco V.I. Growth and Income Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **December 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **June 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | $3843875 | &nbsp;&nbsp; $170111554 | &nbsp;&nbsp; $(169902449) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4052980 | &nbsp;&nbsp; $148,071\* |
| Invesco Private Prime Fund | 10014865 | &nbsp;&nbsp; 308783964 | &nbsp;&nbsp; (308235874) | &nbsp;&nbsp; 1056 | (597) | &nbsp;&nbsp; 10563414 | &nbsp;&nbsp; 398,533\* |
| Total | $34992994 | &nbsp;&nbsp; $753286970 | &nbsp;&nbsp; $(702327060) | &nbsp;&nbsp; $1056 | &nbsp;&nbsp; $(597) | &nbsp;&nbsp; $85953363 | &nbsp;&nbsp; $1160035 |

---

\* 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 June 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 07/09/2025 | State Street Bank & Trust Co. | CAD | 921593 | USD | 679304 | &nbsp;&nbsp;&nbsp; $2291 |
| 07/09/2025 | State Street Bank & Trust Co. | USD | 622805 | CAD | 853894 | &nbsp;&nbsp;&nbsp; 4475 |
| 07/09/2025 | State Street Bank & Trust Co. | USD | 1572685 | EUR | 1368327 | &nbsp;&nbsp;&nbsp; 39879 |
| 07/09/2025 | State Street Bank & Trust Co. | USD | 554160 | GBP | 405418 | &nbsp;&nbsp;&nbsp; 2354 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 48999 |
| **Currency Risk** |  |  |  |  |  |  |
| 07/09/2025 | Bank of New York Mellon (The) | CAD | 10415576 | USD | 7614065 | &nbsp;&nbsp;&nbsp; (37336)<br>|
| 07/09/2025 | Bank of New York Mellon (The) | EUR | 11194204 | USD | 12838118 | &nbsp;&nbsp;&nbsp; (354169)<br>|
| 07/09/2025 | State Street Bank & Trust Co. | CAD | 820449 | USD | 600313 | &nbsp;&nbsp;&nbsp; (2399)<br>|
| 07/09/2025 | State Street Bank & Trust Co. | EUR | 685145 | USD | 784148 | &nbsp;&nbsp;&nbsp; (23290)<br>|
| 07/09/2025 | State Street Bank & Trust Co. | GBP | 9637162 | USD | 13055322 | &nbsp;&nbsp;&nbsp; (173539)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (590733)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $(541734)<br>|

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CAD | – Canadian Dollar |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| USD | – U.S. Dollar |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco V.I. Growth and Income Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $822,271,801)\*<br>| &nbsp;&nbsp; $1202236057 |
| Investments in affiliated money market funds, at value <br> (Cost $85,952,307)<br>| &nbsp;&nbsp; 85953363 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 48999 |
| Cash | &nbsp;&nbsp; 1388 |
| Foreign currencies, at value (Cost $250,630) | &nbsp;&nbsp; 254571 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 6383956 |
| Fund shares sold | &nbsp;&nbsp; 8981365 |
| Dividends | &nbsp;&nbsp; 1565777 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 204559 |
| Other assets | &nbsp;&nbsp; 484 |
| Total assets | &nbsp;&nbsp; 1305630519 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 590733 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 2013596 |
| Fund shares reacquired | &nbsp;&nbsp; 349710 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 14615338 |
| Accrued fees to affiliates | &nbsp;&nbsp; 684729 |
| Accrued other operating expenses | &nbsp;&nbsp; 15717 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 214111 |
| Total liabilities | &nbsp;&nbsp; 18483934 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1287146585 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $759610356 |
| Distributable earnings | &nbsp;&nbsp; 527536229 |
|  | &nbsp;&nbsp; $1287146585 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $222144261 |
| Series II | &nbsp;&nbsp; $1065002324 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 10344985 |
| Series II | &nbsp;&nbsp; 49643257 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $21.47 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $21.45 |

---

\* At June 30, 2025, securities with an aggregate value of $14,473,088 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $154,360) | &nbsp;&nbsp; $12076321 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $17,586)<br>| &nbsp;&nbsp; 631017 |
| Total investment income | &nbsp;&nbsp; 12707338 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3461290 |
| Administrative services fees | &nbsp;&nbsp; 1011996 |
| Custodian fees | &nbsp;&nbsp; 6073 |
| Distribution fees - Series II | &nbsp;&nbsp; 1253127 |
| Transfer agent fees | &nbsp;&nbsp; 33655 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 14184 |
| Reports to shareholders | &nbsp;&nbsp; 4449 |
| Professional services fees | &nbsp;&nbsp; 20817 |
| Other | &nbsp;&nbsp; 7982 |
| Total expenses | &nbsp;&nbsp; 5813573 |
| Less: Fees waived | &nbsp;&nbsp; (17012)<br>|
| Net expenses | &nbsp;&nbsp; 5796561 |
| Net investment income | &nbsp;&nbsp; 6910777 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 70657499 |
| Affiliated investment securities | &nbsp;&nbsp; (597)<br>|
| Foreign currencies | &nbsp;&nbsp; 23621 |
| Forward foreign currency contracts | &nbsp;&nbsp; (2025999)<br>|
|  | &nbsp;&nbsp; 68654524 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (16702224)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 1056 |
| Foreign currencies | &nbsp;&nbsp; 3407 |
| Forward foreign currency contracts | &nbsp;&nbsp; (1201210)<br>|
|  | &nbsp;&nbsp; (17898971)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 50755553 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $57666330 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco V.I. Growth and Income Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $6910777 | &nbsp;&nbsp; $15397738 |
| Net realized gain | &nbsp;&nbsp; 68654524 | &nbsp;&nbsp; 111893976 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (17898971)<br>| &nbsp;&nbsp; 69665643 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 57666330 | &nbsp;&nbsp; 196957357 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (15744049)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (82619056)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (98363105)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (3917654)<br>| &nbsp;&nbsp; 17049710 |
| Series II | &nbsp;&nbsp; (72616356)<br>| &nbsp;&nbsp; (130256125)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (76534010)<br>| &nbsp;&nbsp; (113206415)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (18867680)<br>| &nbsp;&nbsp; (14612163)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1306014265 | &nbsp;&nbsp; 1320626428 |
| End of period | &nbsp;&nbsp; $1287146585 | &nbsp;&nbsp; $1306014265 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco V.I. Growth and Income Fund**

------

**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $20.25 | $0.14 | $1.08 | $1.22 | $— | $— | $— | $21.47 | 6.03<br> %<br>| &nbsp;&nbsp; $222144 | 0.75 %<sup>(d)</sup><br>| 0.75 %<sup>(d)</sup><br>| 1.34 %<sup>(d)</sup><br>| 22<br> %<br>|
| Year ended 12/31/24 | 18.86 | 0.28 | 2.75 | 3.03 | (0.31)<br>| (1.33)<br>| (1.64)<br>| 20.25 | 16.00 | &nbsp;&nbsp; 213402 | 0.76 | 0.76 | 1.36 | 23 |
| Year ended 12/31/23 | 19.77 | 0.30 | 1.80 | 2.10 | (0.34)<br>| (2.67)<br>| (3.01)<br>| 18.86 | 12.72 | &nbsp;&nbsp; 183178 | 0.75 | 0.75 | 1.51 | 70 |
| Year ended 12/31/22 | 23.70 | 0.31 | (1.72)<br>| (1.41)<br>| (0.38)<br>| (2.14)<br>| (2.52)<br>| 19.77 | (5.80)<br>| &nbsp;&nbsp; 168516 | 0.75 | 0.75 | 1.42 | 36 |
| Year ended 12/31/21 | 18.72 | 0.26 | 5.07 | 5.33 | (0.35)<br>|  | (0.35)<br>| 23.70 | 28.51 | &nbsp;&nbsp; 186508 | 0.74 | 0.74 | 1.17 | 29 |
| Year ended 12/31/20 | 19.09 | 0.31 | (0.01)<br>| 0.30 | (0.39)<br>| (0.28)<br>| (0.67)<br>| 18.72 | 2.09 | &nbsp;&nbsp; 157478 | 0.75 | 0.75 | 1.90 | 46 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 20.26 | 0.11 | 1.08 | 1.19 |  |  |  | 21.45 | 5.87 | &nbsp;&nbsp; 1065002 | 1.00 <br><sup>(d)</sup><br>| 1.00 <br><sup>(d)</sup><br>| 1.09 <br><sup>(d)</sup><br>| 22 |
| Year ended 12/31/24 | 18.87 | 0.23 | 2.75 | 2.98 | (0.26)<br>| (1.33)<br>| (1.59)<br>| 20.26 | 15.72 | &nbsp;&nbsp; 1092612 | 1.01 | 1.01 | 1.11 | 23 |
| Year ended 12/31/23 | 19.77 | 0.25 | 1.79 | 2.04 | (0.27)<br>| (2.67)<br>| (2.94)<br>| 18.87 | 12.41 | &nbsp;&nbsp; 1137448 | 1.00 | 1.00 | 1.26 | 70 |
| Year ended 12/31/22 | 23.66 | 0.26 | (1.72)<br>| (1.46)<br>| (0.29)<br>| (2.14)<br>| (2.43)<br>| 19.77 | (6.00)<br>| &nbsp;&nbsp; 1027754 | 1.00 | 1.00 | 1.17 | 36 |
| Year ended 12/31/21 | 18.70 | 0.20 | 5.07 | 5.27 | (0.31)<br>|  | (0.31)<br>| 23.66 | 28.19 | &nbsp;&nbsp; 1475584 | 0.99 | 0.99 | 0.92 | 29 |
| Year ended 12/31/20 | 19.06 | 0.27 | (0.01)<br>| 0.26 | (0.34)<br>| (0.28)<br>| (0.62)<br>| 18.70 | 1.85 | &nbsp;&nbsp; 1415923 | 1.00 | 1.00 | 1.65 | 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.

<sup>(d)</sup> Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco V.I. Growth and Income Fund**

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. Growth and Income Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is to seek long-term growth of capital and income.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**8**

**Invesco V.I. Growth and Income Fund**

------

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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**9**

**Invesco V.I. Growth and Income Fund**

------

compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $1,078 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**K.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**L.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Over $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |

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For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.57%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $17,012.

**10**

**Invesco V.I. Growth and Income Fund**

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The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2025, Invesco was paid $102,426 for accounting and fund administrative services and was reimbursed $909,570 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the six months ended June 30, 2025, the Fund incurred $94,223 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $1169295932 | &nbsp;&nbsp;&nbsp;&nbsp; $32940125 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1202236057 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 71336969 | &nbsp;&nbsp;&nbsp;&nbsp; 14616394 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85953363 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 1240632901 | &nbsp;&nbsp;&nbsp;&nbsp; 47556519 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1288189420 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48999 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48999 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (590733)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (590733)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (541734)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (541734)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1240632901 | &nbsp;&nbsp;&nbsp;&nbsp; $47014785 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1287647686 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**11**

**Invesco V.I. Growth and Income Fund**

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**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of June 30, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $48999 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $48999 |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $(590733)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(590733)<br>|

---

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Bank of New York Mellon (The) | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $(391505)<br>| &nbsp;&nbsp;&nbsp; $(391505)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(391505)<br>|
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; 48999 | &nbsp;&nbsp;&nbsp; (199228)<br>| &nbsp;&nbsp;&nbsp; (150229)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (150229)<br>|
| Total | &nbsp;&nbsp;&nbsp; $48999 | &nbsp;&nbsp;&nbsp; $(590733)<br>| &nbsp;&nbsp;&nbsp; $(541734)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(541734)<br>|

---

**Effect of Derivative Investments for the six months ended June 30, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(2025999)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; (1201210)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(3227209)<br>|

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $94769256 |

---

**NOTE 5—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 6—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**12**

**Invesco V.I. Growth and Income Fund**

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**NOTE 7—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $270,711,299 and $409,947,337, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $363157901 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (19955841)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $343202060 |

---

Cost of investments for tax purposes is $944,445,626.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 336844 | &nbsp;&nbsp;&nbsp; $6841494 | &nbsp;&nbsp;&nbsp; 976102 | &nbsp;&nbsp;&nbsp; $20175239 |
| Series II | &nbsp;&nbsp;&nbsp; 8324852 | &nbsp;&nbsp;&nbsp; 171000444 | &nbsp;&nbsp;&nbsp; 666367 | &nbsp;&nbsp;&nbsp; 13566011 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 771767 | &nbsp;&nbsp;&nbsp; 15744049 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4047969 | &nbsp;&nbsp;&nbsp; 82619056 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (527912)<br>| &nbsp;&nbsp;&nbsp; (10759148)<br>| &nbsp;&nbsp;&nbsp; (925395)<br>| &nbsp;&nbsp;&nbsp; (18869578)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (12609900)<br>| &nbsp;&nbsp;&nbsp; (243616800)<br>| &nbsp;&nbsp;&nbsp; (11076814)<br>| &nbsp;&nbsp;&nbsp; (226441192)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (4476116)<br>| &nbsp;&nbsp;&nbsp; $(76534010)<br>| &nbsp;&nbsp;&nbsp; (5540004)<br>| &nbsp;&nbsp;&nbsp; $(113206415)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 73% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**13**

**Invesco V.I. Growth and Income Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Growth and Income Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 1000® Value Index (Index). The Board noted that performance of Series I shares of the Fund was in the second quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

**14**

**Invesco V.I. Growth and Income Fund**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board requested and received additional information regarding the Fund's actual and contractual management fees and the levels of the Fund's breakpoints in light of current asset levels. The Board noted that the Fund's total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such total expenses. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee

waivers/expense limitations of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund's breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The

Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities

**15**

**Invesco V.I. Growth and Income Fund**

------

lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers. The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**16**

**Invesco V.I. Growth and Income Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**17**

**Invesco V.I. Growth and Income Fund**

------

![](imgd43cffd01.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. Health Care Fund**

------

---

| | |
|:---|:---|
| [2](#xx_52c43f9d-cb33-456a-b21b-552c1575060a_SOI-Continued-76_1) | Schedule of Investments |
| [4](#xx_52c43f9d-cb33-456a-b21b-552c1575060a_FS-Continued-76_1) | Financial Statements |
| [6](#xx_52c43f9d-cb33-456a-b21b-552c1575060a_FS-Continued-76_3) | Financial Highlights |
| [7](#xx_52c43f9d-cb33-456a-b21b-552c1575060a_NTF-Continued-76_1) | Notes to Financial Statements |
| [12](#xx_52c43f9d-cb33-456a-b21b-552c1575060a_AOC-Continued-76_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [15](#xx_52c43f9d-cb33-456a-b21b-552c1575060a_OIRSR-Continued-76_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

I-VIGHC-NCSRS

------

**Schedule of Investments**<sup>(a)</sup> 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–96.29%** | **Common Stocks & Other Equity Interests–96.29%** | **Common Stocks & Other Equity Interests–96.29%** |
| **Biotechnology–22.11%** | **Biotechnology–22.11%** | **Biotechnology–22.11%** |
| AbbVie, Inc. | 33564 | &nbsp;&nbsp; $6230150 |
| ADMA Biologics, Inc.<sup>(b)</sup>  | 47833 | &nbsp;&nbsp; 871039 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup>  | 7798 | &nbsp;&nbsp; 2542850 |
| argenx SE, ADR (Netherlands)<sup>(b)</sup>  | 6161 | &nbsp;&nbsp; 3396066 |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(b)</sup>  | 10941 | &nbsp;&nbsp; 1888416 |
| Blueprint Medicines Corp.<sup>(b)</sup>  | 7765 | &nbsp;&nbsp; 995318 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup>  | 24578 | &nbsp;&nbsp; 1061278 |
| Caris Life Sciences, Inc.<sup>(b)</sup>  | 6614 | &nbsp;&nbsp; 176726 |
| Exelixis, Inc.<sup>(b)</sup>  | 34978 | &nbsp;&nbsp; 1541655 |
| Gilead Sciences, Inc. | 32956 | &nbsp;&nbsp; 3653832 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup>  | 14536 | &nbsp;&nbsp; 756163 |
| Insmed, Inc.<sup>(b)</sup>  | 14937 | &nbsp;&nbsp; 1503260 |
| Madrigal Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 1239 | &nbsp;&nbsp; 374971 |
| Merus N.V. (Netherlands)<sup>(b)</sup>  | 10957 | &nbsp;&nbsp; 576338 |
| Natera, Inc.<sup>(b)</sup>  | 12988 | &nbsp;&nbsp; 2194193 |
| Protagonist Therapeutics, Inc.<sup>(b)</sup>  | 12877 | &nbsp;&nbsp; 711712 |
| Soleno Therapeutics, Inc.<sup>(b)</sup>  | 5464 | &nbsp;&nbsp; 457774 |
| Twist Bioscience Corp.<sup>(b)</sup>  | 13677 | &nbsp;&nbsp; 503177 |
| Vericel Corp.<sup>(b)</sup>  | 9693 | &nbsp;&nbsp; 412437 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup>  | 11648 | &nbsp;&nbsp; 5185689 |
|  |  | &nbsp;&nbsp; 35033044 |
| **Health Care Distributors–6.38%** | **Health Care Distributors–6.38%** | **Health Care Distributors–6.38%** |
| Cencora, Inc. | 21417 | &nbsp;&nbsp; 6421888 |
| McKesson Corp. | 5039 | &nbsp;&nbsp; 3692478 |
|  |  | &nbsp;&nbsp; 10114366 |
| **Health Care Equipment–28.28%** | **Health Care Equipment–28.28%** | **Health Care Equipment–28.28%** |
| Abbott Laboratories | 43036 | &nbsp;&nbsp; 5853326 |
| Boston Scientific Corp.<sup>(b)</sup>  | 149514 | &nbsp;&nbsp; 16059299 |
| Glaukos Corp.<sup>(b)</sup>  | 5964 | &nbsp;&nbsp; 616022 |
| IDEXX Laboratories, Inc.<sup>(b)</sup>  | 2686 | &nbsp;&nbsp; 1440609 |
| Insulet Corp.<sup>(b)</sup>  | 7468 | &nbsp;&nbsp; 2346296 |
| Integer Holdings Corp.<sup>(b)</sup>  | 6657 | &nbsp;&nbsp; 818611 |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 9617 | &nbsp;&nbsp; 5225974 |
| iRhythm Technologies, Inc.<sup>(b)</sup>  | 4859 | &nbsp;&nbsp; 748092 |
| Kestra Medical Technologies Ltd.<sup>(b)</sup>  | 20018 | &nbsp;&nbsp; 331898 |
| LeMaitre Vascular, Inc. | 5494 | &nbsp;&nbsp; 456277 |
| Penumbra, Inc.<sup>(b)</sup>  | 4219 | &nbsp;&nbsp; 1082722 |
| PROCEPT BioRobotics Corp.<sup>(b)</sup>  | 4493 | &nbsp;&nbsp; 258797 |
| ResMed, Inc. | 5995 | &nbsp;&nbsp; 1546710 |
| Stryker Corp. | 20293 | &nbsp;&nbsp; 8028520 |
|  |  | &nbsp;&nbsp; 44813153 |
| **Health Care Facilities–5.87%** | **Health Care Facilities–5.87%** | **Health Care Facilities–5.87%** |
| Concentra Group Holdings Parent, Inc. | 14053 | &nbsp;&nbsp; 289070 |
| Encompass Health Corp. | 31324 | &nbsp;&nbsp; 3841262 |
| HCA Healthcare, Inc. | 5628 | &nbsp;&nbsp; 2156087 |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 17145 | &nbsp;&nbsp; 3017520 |
|  |  | &nbsp;&nbsp; 9303939 |
| **Health Care REITs–1.90%** | **Health Care REITs–1.90%** | **Health Care REITs–1.90%** |
| Welltower, Inc. | 19603 | &nbsp;&nbsp; 3013569 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Health Care Services–4.64%** | **Health Care Services–4.64%** | **Health Care Services–4.64%** |
| BrightSpring Health Services, Inc.<sup>(b)</sup>  | 48256 | &nbsp;&nbsp; $1138359 |
| Cigna Group (The) | 3226 | &nbsp;&nbsp; 1066451 |
| GeneDx Holdings Corp.<sup>(b)(c)</sup>  | 7407 | &nbsp;&nbsp; 683740 |
| Guardant Health, Inc.<sup>(b)</sup>  | 21689 | &nbsp;&nbsp; 1128696 |
| Labcorp Holdings, Inc. | 8738 | &nbsp;&nbsp; 2293812 |
| Quest Diagnostics, Inc.<sup>(c)</sup>  | 3467 | &nbsp;&nbsp; 622777 |
| RadNet, Inc.<sup>(b)(c)</sup>  | 7423 | &nbsp;&nbsp; 422443 |
|  |  | &nbsp;&nbsp; 7356278 |
| **Health Care Supplies–1.37%** | **Health Care Supplies–1.37%** | **Health Care Supplies–1.37%** |
| Alcon AG | 13360 | &nbsp;&nbsp; 1184804 |
| Lantheus Holdings, Inc.<sup>(b)(c)</sup>  | 5319 | &nbsp;&nbsp; 435413 |
| Merit Medical Systems, Inc.<sup>(b)</sup>  | 5926 | &nbsp;&nbsp; 553963 |
|  |  | &nbsp;&nbsp; 2174180 |
| **Health Care Technology–1.04%** | **Health Care Technology–1.04%** | **Health Care Technology–1.04%** |
| Certara, Inc.<sup>(b)</sup>  | 12371 | &nbsp;&nbsp; 144741 |
| Doximity, Inc., Class A<sup>(b)</sup>  | 6985 | &nbsp;&nbsp; 428460 |
| Waystar Holding Corp.<sup>(b)</sup>  | 26228 | &nbsp;&nbsp; 1071938 |
|  |  | &nbsp;&nbsp; 1645139 |
| **Life Sciences Tools & Services–3.79%** | **Life Sciences Tools & Services–3.79%** | **Life Sciences Tools & Services–3.79%** |
| BioLife Solutions, Inc.<sup>(b)</sup>  | 18973 | &nbsp;&nbsp; 408679 |
| Lonza Group AG (Switzerland) | 3870 | &nbsp;&nbsp; 2767682 |
| Mettler-Toledo International, Inc.<sup>(b)(c)</sup>  | 576 | &nbsp;&nbsp; 676639 |
| Repligen Corp.<sup>(b)</sup>  | 8260 | &nbsp;&nbsp; 1027379 |
| Thermo Fisher Scientific, Inc. | 2789 | &nbsp;&nbsp; 1130828 |
|  |  | &nbsp;&nbsp; 6011207 |
| **Managed Health Care–4.23%** | **Managed Health Care–4.23%** | **Managed Health Care–4.23%** |
| Alignment Healthcare, Inc.<sup>(b)</sup>  | 27430 | &nbsp;&nbsp; 384020 |
| HealthEquity, Inc.<sup>(b)</sup>  | 17063 | &nbsp;&nbsp; 1787520 |
| Molina Healthcare, Inc.<sup>(b)</sup>  | 2496 | &nbsp;&nbsp; 743558 |
| UnitedHealth Group, Inc. | 12114 | &nbsp;&nbsp; 3779205 |
|  |  | &nbsp;&nbsp; 6694303 |
| **Pharmaceuticals–16.68%** | **Pharmaceuticals–16.68%** | **Pharmaceuticals–16.68%** |
| AstraZeneca PLC, ADR (United Kingdom) | 46148 | &nbsp;&nbsp; 3224822 |
| Axsome Therapeutics, Inc.<sup>(b)</sup>  | 9589 | &nbsp;&nbsp; 1000995 |
| Eli Lilly and Co. | 17856 | &nbsp;&nbsp; 13919288 |
| Ligand Pharmaceuticals, Inc.<sup>(b)</sup>  | 4982 | &nbsp;&nbsp; 566354 |
| Royalty Pharma PLC, Class A | 43164 | &nbsp;&nbsp; 1555199 |
| Sandoz Group AG (Switzerland) | 10025 | &nbsp;&nbsp; 549404 |
| Sanofi S.A., ADR | 58530 | &nbsp;&nbsp; 2827584 |
| Tarsus Pharmaceuticals, Inc.<sup>(b)</sup>  | 11847 | &nbsp;&nbsp; 479922 |
| UCB S.A. (Belgium) | 7693 | &nbsp;&nbsp; 1513657 |
| Verona Pharma PLC, ADR (United Kingdom)<sup>(b)</sup>  | 3469 | &nbsp;&nbsp; 328098 |
| Zoetis, Inc. | 2998 | &nbsp;&nbsp; 467538 |
|  |  | &nbsp;&nbsp; 26432861 |
| Total Common Stocks & Other Equity Interests <br> (Cost $99,731,762) | Total Common Stocks & Other Equity Interests <br> (Cost $99,731,762) | &nbsp;&nbsp; 152592039 |
| **Money Market Funds–3.65%** | **Money Market Funds–3.65%** | **Money Market Funds–3.65%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 1983666 | &nbsp;&nbsp; 1983666 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco V.I. Health Care Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Treasury Portfolio, Institutional Class, <br> 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional Class, <br> 4.23%<sup>(d)(e)</sup>  | 3800187 | &nbsp;&nbsp; $3800187 |
| Total Money Market Funds (Cost $5,783,853) | Total Money Market Funds (Cost $5,783,853) | Total Money Market Funds (Cost $5,783,853) | &nbsp;&nbsp; 5783853 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased with <br> cash collateral from securities on <br> loan)-99.94% (Cost $105,515,615)<br>|  |  | &nbsp;&nbsp; 158375892 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–2.43%** | **Money Market Funds–2.43%** | **Money Market Funds–2.43%** | **Money Market Funds–2.43%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 1067616 | &nbsp;&nbsp; 1067616 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | 2777063 | &nbsp;&nbsp; $2777896 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $3,845,295) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $3,845,295) | &nbsp;&nbsp; 3845512 |
| TOTAL INVESTMENTS IN SECURITIES–102.37% <br> (Cost $109,360,910) | TOTAL INVESTMENTS IN SECURITIES–102.37% <br> (Cost $109,360,910) | &nbsp;&nbsp; 162221404 |
| OTHER ASSETS LESS LIABILITIES—(2.37)% | OTHER ASSETS LESS LIABILITIES—(2.37)% | &nbsp;&nbsp; (3752954)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $158468450 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $2629544 | &nbsp;&nbsp; $6944603 | &nbsp;&nbsp; $(7590481) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1983666 | &nbsp;&nbsp; $46925 |
| Invesco Treasury Portfolio, Institutional Class | 4999673 | &nbsp;&nbsp; 12897120 | &nbsp;&nbsp; (14096606) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3800187 | &nbsp;&nbsp; 88954 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 1738968 | &nbsp;&nbsp; 29233692 | &nbsp;&nbsp; (29905044) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1067616 | &nbsp;&nbsp; 44,893\* |
| Invesco Private Prime Fund | 4528763 | &nbsp;&nbsp; 69040870 | &nbsp;&nbsp; (70791280) | &nbsp;&nbsp; 217 | (674) | &nbsp;&nbsp; 2777896 | &nbsp;&nbsp; 120,022\* |
| Total | $13896948 | &nbsp;&nbsp; $118116285 | &nbsp;&nbsp; $(122383411) | &nbsp;&nbsp; $217 | &nbsp;&nbsp; $(674) | &nbsp;&nbsp; $9629365 | &nbsp;&nbsp; $300794 |

---

\* 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 June 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco V.I. Health Care Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $99,731,762)\*<br>| &nbsp;&nbsp; $152592039 |
| Investments in affiliated money market funds, at value <br> (Cost $9,629,148)<br>| &nbsp;&nbsp; 9629365 |
| Foreign currencies, at value (Cost $19,185) | &nbsp;&nbsp; 20158 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 321807 |
| Fund shares sold | &nbsp;&nbsp; 92998 |
| Dividends | &nbsp;&nbsp; 106666 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 63606 |
| Other assets | &nbsp;&nbsp; 70 |
| Total assets | &nbsp;&nbsp; 162826709 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 256661 |
| Fund shares reacquired | &nbsp;&nbsp; 83124 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 3845295 |
| Accrued fees to affiliates | &nbsp;&nbsp; 81700 |
| Accrued other operating expenses | &nbsp;&nbsp; 24145 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 67334 |
| Total liabilities | &nbsp;&nbsp; 4358259 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $158468450 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $95511891 |
| Distributable earnings | &nbsp;&nbsp; 62956559 |
|  | &nbsp;&nbsp; $158468450 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $107623690 |
| Series II | &nbsp;&nbsp; $50844760 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 3867177 |
| Series II | &nbsp;&nbsp; 1998502 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $27.83 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $25.44 |

---

\* At June 30, 2025, securities with an aggregate value of $3,730,273 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $25,017) | &nbsp;&nbsp; $668319 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $7,745)<br>| &nbsp;&nbsp; 143624 |
| Total investment income | &nbsp;&nbsp; 811943 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 608388 |
| Administrative services fees | &nbsp;&nbsp; 134377 |
| Custodian fees | &nbsp;&nbsp; 3141 |
| Distribution fees - Series II | &nbsp;&nbsp; 65530 |
| Transfer agent fees | &nbsp;&nbsp; 4396 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 10115 |
| Reports to shareholders | &nbsp;&nbsp; 4474 |
| Professional services fees | &nbsp;&nbsp; 25719 |
| Other | &nbsp;&nbsp; 1164 |
| Total expenses | &nbsp;&nbsp; 857304 |
| Less: Fees waived | &nbsp;&nbsp; (3663)<br>|
| Net expenses | &nbsp;&nbsp; 853641 |
| Net investment income (loss) | &nbsp;&nbsp; (41698)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 4085421 |
| Affiliated investment securities | &nbsp;&nbsp; (674)<br>|
| Foreign currencies | &nbsp;&nbsp; 2010 |
|  | &nbsp;&nbsp; 4086757 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1055125 |
| Affiliated investment securities | &nbsp;&nbsp; 217 |
| Foreign currencies | &nbsp;&nbsp; 5000 |
|  | &nbsp;&nbsp; 1060342 |
| Net realized and unrealized gain | &nbsp;&nbsp; 5147099 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $5105401 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco V.I. Health Care Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(41698)<br>| &nbsp;&nbsp; $(493600)<br>|
| Net realized gain | &nbsp;&nbsp; 4086757 | &nbsp;&nbsp; 11167224 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 1060342 | &nbsp;&nbsp; (2533849)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 5105401 | &nbsp;&nbsp; 8139775 |
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (7190851)<br>| &nbsp;&nbsp; (9842764)<br>|
| Series II | &nbsp;&nbsp; (4128034)<br>| &nbsp;&nbsp; (8163514)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (11318885)<br>| &nbsp;&nbsp; (18006278)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (6213484)<br>| &nbsp;&nbsp; (9866503)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 164681934 | &nbsp;&nbsp; 174548437 |
| End of period | &nbsp;&nbsp; $158468450 | &nbsp;&nbsp; $164681934 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco V.I. Health Care Fund**

------

**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $26.99 | $0.00 | $0.84 | $0.84 | $— | $— | $— | $27.83 | 3.11<br> %<br>| &nbsp;&nbsp; $107624 | 0.98 %<sup>(d)</sup><br>| 0.98 %<sup>(d)</sup><br>| 0.02 %<sup>(d)</sup><br>| 26<br> %<br>|
| Year ended 12/31/24 | 25.91 | (0.05)<br>| 1.13 | 1.08 |  |  |  | 26.99 | 4.17 | &nbsp;&nbsp; 111306 | 1.00 | 1.00 | (0.19)<br>| 57 |
| Year ended 12/31/23 | 25.15 | 0.01 | 0.75 | 0.76 |  |  |  | 25.91 | 3.02 | &nbsp;&nbsp; 115851 | 0.97 | 0.97 | 0.02 | 57 |
| Year ended 12/31/22 | 33.86 | 0.01 | (4.68)<br>| (4.67)<br>|  | (4.04)<br>| (4.04)<br>| 25.15 | (13.32)<br>| &nbsp;&nbsp; 130673 | 0.96 | 0.96 | 0.04 | 47 |
| Year ended 12/31/21 | 33.69 | (0.08)<br>| 4.17 | 4.09 | (0.07)<br>| (3.85)<br>| (3.92)<br>| 33.86 | 12.30 | &nbsp;&nbsp; 158669 | 0.97 | 0.97 | (0.25)<br>| 55 |
| Year ended 12/31/20 | 30.23 | 0.04 | 4.26 | 4.30 | (0.10)<br>| (0.74)<br>| (0.84)<br>| 33.69 | 14.46 | &nbsp;&nbsp; 155598 | 0.98 | 0.98 | 0.13 | 46 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 24.70 | (0.03)<br>| 0.77 | 0.74 |  |  |  | 25.44 | 3.00 | &nbsp;&nbsp; 50845 | 1.23 <br><sup>(d)</sup><br>| 1.23 <br><sup>(d)</sup><br>| (0.23 )<sup>(d)</sup><br>| 26 |
| Year ended 12/31/24 | 23.78 | (0.11)<br>| 1.03 | 0.92 |  |  |  | 24.70 | 3.87 | &nbsp;&nbsp; 53376 | 1.25 | 1.25 | (0.44)<br>| 57 |
| Year ended 12/31/23 | 23.14 | (0.05)<br>| 0.69 | 0.64 |  |  |  | 23.78 | 2.77 | &nbsp;&nbsp; 58698 | 1.22 | 1.22 | (0.23)<br>| 57 |
| Year ended 12/31/22 | 31.62 | (0.05)<br>| (4.39)<br>| (4.44)<br>|  | (4.04)<br>| (4.04)<br>| 23.14 | (13.54)<br>| &nbsp;&nbsp; 65285 | 1.21 | 1.21 | (0.21)<br>| 47 |
| Year ended 12/31/21 | 31.70 | (0.16)<br>| 3.93 | 3.77 | (0.00 )<sup>(e)</sup><br>| (3.85)<br>| (3.85)<br>| 31.62 | 12.05 | &nbsp;&nbsp; 81524 | 1.22 | 1.22 | (0.50)<br>| 55 |
| Year ended 12/31/20 | 28.49 | (0.03)<br>| 4.01 | 3.98 | (0.03)<br>| (0.74)<br>| (0.77)<br>| 31.70 | 14.20 | &nbsp;&nbsp; 75986 | 1.23 | 1.23 | (0.12)<br>| 46 |

---

<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> Annualized.

<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.

**6**

**Invesco V.I. Health Care Fund**

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. Health Care Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is long-term growth of capital.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund

**7**

**Invesco V.I. Health Care Fund**

------

securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**8**

**Invesco V.I. Health Care Fund**

------

compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $661 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**K.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**L.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**M.** **Other Risks** - The Fund's performance is vulnerable to factors affecting the health care industry, including government regulation, obsolescence caused by scientific advances and technological innovations.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.740% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.730% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.710% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.680% |

---

For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.75%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5)

**9**

**Invesco V.I. Health Care Fund**

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expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $3,663.

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 six months ended June 30, 2025, Invesco was paid $12,819 for accounting and fund administrative services and was reimbursed $121,558 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the six months ended June 30, 2025, the Fund incurred $5,923 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $146576492 | &nbsp;&nbsp;&nbsp;&nbsp; $6015547 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $152592039 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 5783853 | &nbsp;&nbsp;&nbsp;&nbsp; 3845512 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9629365 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $152360345 | &nbsp;&nbsp;&nbsp;&nbsp; $9861059 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $162221404 |

---

**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.

**10**

**Invesco V.I. Health Care Fund**

------

**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $40,652,948 and $49,942,866, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $54086924 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (1584895)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $52502029 |

---

Cost of investments for tax purposes is $109,719,375.

**NOTE 8—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 205686 | &nbsp;&nbsp;&nbsp; $5713769 | &nbsp;&nbsp;&nbsp; 713656 | &nbsp;&nbsp;&nbsp; $20388917 |
| Series II | &nbsp;&nbsp;&nbsp; 64103 | &nbsp;&nbsp;&nbsp; 1620458 | &nbsp;&nbsp;&nbsp; 204066 | &nbsp;&nbsp;&nbsp; 5226355 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (462981)<br>| &nbsp;&nbsp;&nbsp; (12904620)<br>| &nbsp;&nbsp;&nbsp; (1059844)<br>| &nbsp;&nbsp;&nbsp; (30231681)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (226481)<br>| &nbsp;&nbsp;&nbsp; (5748492)<br>| &nbsp;&nbsp;&nbsp; (511756)<br>| &nbsp;&nbsp;&nbsp; (13389869)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (419673)<br>| &nbsp;&nbsp;&nbsp; $(11318885)<br>| &nbsp;&nbsp;&nbsp; (653878)<br>| &nbsp;&nbsp;&nbsp; $(18006278)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**11**

**Invesco V.I. Health Care Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Health Care Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the S&P Composite 1500 Health Care Index (Index). The Board noted that performance of Series I shares of the Fund was in the first quintile of its performance universe for the one year period, the third quintile for the three year period, and the fifth quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board considered that stock selection in, and overweight exposure to, certain health care sub-sectors detracted from Fund five-year performance. The Board recognized that

**12**

**Invesco V.I. Health Care Fund**

------

the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were below and reasonably comparable to, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such total expenses. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer

agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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

**13**

**Invesco V.I. Health Care Fund**

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direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**14**

**Invesco V.I. Health Care Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**15**

**Invesco V.I. Health Care Fund**

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![](imgd0618fe11.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. High Yield Fund**

------

---

| | |
|:---|:---|
| [2](#xx_18622d94-399b-4ecd-985a-ad8e0b2ff8af_SOI-Continued-77_1) | Schedule of Investments |
| [11](#xx_18622d94-399b-4ecd-985a-ad8e0b2ff8af_FS-Continued-77_1) | Financial Statements |
| [13](#xx_18622d94-399b-4ecd-985a-ad8e0b2ff8af_FS-Continued-77_3) | Financial Highlights |
| [14](#xx_18622d94-399b-4ecd-985a-ad8e0b2ff8af_NTF-Continued-77_1) | Notes to Financial Statements |
| [22](#xx_18622d94-399b-4ecd-985a-ad8e0b2ff8af_AOC-Continued-77_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [25](#xx_18622d94-399b-4ecd-985a-ad8e0b2ff8af_OIRSR-Continued-77_1) | Other Information Required in Form N-CSR (Items 8-11) |

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Invesco Distributors, Inc.

VIHYI-NCSRS

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**Schedule of Investments**<sup>(a)</sup> 

*June 30, 2025*

*(Unaudited)*

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–84.80%** | **U.S. Dollar Denominated Bonds & Notes–84.80%** | **U.S. Dollar Denominated Bonds & Notes–84.80%** | **U.S. Dollar Denominated Bonds & Notes–84.80%** |
| **Advertising–0.24%** | **Advertising–0.24%** | **Advertising–0.24%** | **Advertising–0.24%** |
| Clear Channel Outdoor Holdings, Inc., | Clear Channel Outdoor Holdings, Inc., |  |  |
| 5.13%, 08/15/2027<sup>(b)</sup> <br>|  | $290000 | &nbsp;&nbsp; $286882 |
| 7.50%, 06/01/2029<sup>(b)</sup> <br>|  | 82000 | &nbsp;&nbsp; 75909 |
|  |  |  | &nbsp;&nbsp; 362791 |
| **Aerospace & Defense–0.47%** | **Aerospace & Defense–0.47%** | **Aerospace & Defense–0.47%** | **Aerospace & Defense–0.47%** |
| TransDigm, Inc., 6.00%, <br> 01/15/2033<sup>(b)</sup> <br>|  | 708000 | &nbsp;&nbsp; 712304 |
| **Alternative Carriers–0.79%** | **Alternative Carriers–0.79%** | **Alternative Carriers–0.79%** | **Alternative Carriers–0.79%** |
| Lumen Technologies, Inc., | Lumen Technologies, Inc., |  |  |
| 4.50%, 01/15/2029<sup>(b)</sup> <br>|  | 43000 | &nbsp;&nbsp; 38741 |
| 5.38%, 06/15/2029<sup>(b)</sup> <br>|  | 24000 | &nbsp;&nbsp; 21523 |
| 10.00%, 10/15/2032<sup>(b)</sup> <br>|  | 70000 | &nbsp;&nbsp; 71575 |
| Series P, 7.60%, 09/15/2039 |  | 43000 | &nbsp;&nbsp; 36737 |
| Series U, 7.65%, 03/15/2042 |  | 37000 | &nbsp;&nbsp; 31139 |
| Windstream Services LLC/Windstream <br> Escrow Finance Corp., 8.25%, <br> 10/01/2031<sup>(b)</sup> <br>|  | 692000 | &nbsp;&nbsp; 725313 |
| Zayo Group Holdings, Inc., | Zayo Group Holdings, Inc., |  |  |
| 4.00%, 03/01/2027(Acquired <br> 02/06/2024-12/03/2024; <br> Cost $158,015)<sup>(b)(c)</sup> <br>|  | 180000 | &nbsp;&nbsp; 168969 |
| 6.13%, 03/01/2028(Acquired <br> 08/01/2024-12/03/2024; <br> Cost $86,065)<sup>(b)(c)</sup> <br>|  | 110000 | &nbsp;&nbsp; 95027 |
|  |  |  | &nbsp;&nbsp; 1189024 |
| **Application Software–1.31%** | **Application Software–1.31%** | **Application Software–1.31%** | **Application Software–1.31%** |
| Clarivate Science Holdings Corp., <br> 4.88%, 07/01/2029<sup>(b)</sup> <br>|  | 794000 | &nbsp;&nbsp; 748414 |
| Cloud Software Group, Inc., 9.00%, <br> 09/30/2029<sup>(b)</sup> <br>|  | 467000 | &nbsp;&nbsp; 484492 |
| SS&C Technologies, Inc., | SS&C Technologies, Inc., |  |  |
| 5.50%, 09/30/2027<sup>(b)</sup> <br>|  | 252000 | &nbsp;&nbsp; 252396 |
| 6.50%, 06/01/2032<sup>(b)</sup> <br>|  | 469000 | &nbsp;&nbsp; 487303 |
|  |  |  | &nbsp;&nbsp; 1972605 |
| **Automobile Manufacturers–0.98%** | **Automobile Manufacturers–0.98%** | **Automobile Manufacturers–0.98%** | **Automobile Manufacturers–0.98%** |
| Allison Transmission, Inc., | Allison Transmission, Inc., |  |  |
| 4.75%, 10/01/2027<sup>(b)</sup> <br>|  | 733000 | &nbsp;&nbsp; 726791 |
| 3.75%, 01/30/2031<sup>(b)</sup> <br>|  | 813000 | &nbsp;&nbsp; 745689 |
|  |  |  | &nbsp;&nbsp; 1472480 |
| **Automotive Parts & Equipment–2.33%** | **Automotive Parts & Equipment–2.33%** | **Automotive Parts & Equipment–2.33%** | **Automotive Parts & Equipment–2.33%** |
| Clarios Global L.P./Clarios US Finance <br> Co., 6.75%, 02/15/2030<sup>(b)</sup> <br>|  | 57000 | &nbsp;&nbsp; 59313 |
| Cougar JV Subsidiary LLC, 8.00%, <br> 05/15/2032<sup>(b)</sup> <br>|  | 744000 | &nbsp;&nbsp; 793786 |
| Forvia SE (France), 8.00%, <br> 06/15/2030<sup>(b)(d)</sup> <br>|  | 768000 | &nbsp;&nbsp; 787842 |
| NESCO Holdings II, Inc., 5.50%, <br> 04/15/2029<sup>(b)(d)</sup> <br>|  | 774000 | &nbsp;&nbsp; 754588 |
| PHINIA, Inc., | PHINIA, Inc., |  |  |
| 6.75%, 04/15/2029<sup>(b)</sup> <br>|  | 660000 | &nbsp;&nbsp; 682064 |
| 6.63%, 10/15/2032<sup>(b)</sup> <br>|  | 421000 | &nbsp;&nbsp; 427862 |
|  |  |  | &nbsp;&nbsp; 3505455 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Automotive Retail–2.53%** | **Automotive Retail–2.53%** | **Automotive Retail–2.53%** | **Automotive Retail–2.53%** |
| Carvana Co., 14.00% PIK Rate, 9.00% <br> Cash Rate, 06/01/2031<sup>(b)(e)</sup> <br>|  | $699460 | &nbsp;&nbsp; $829309 |
| Group 1 Automotive, Inc., 6.38%, <br> 01/15/2030<sup>(b)</sup> <br>|  | 727000 | &nbsp;&nbsp; 747892 |
| LCM Investments Holdings II LLC, | LCM Investments Holdings II LLC, |  |  |
| 4.88%, 05/01/2029<sup>(b)</sup> <br>|  | 376000 | &nbsp;&nbsp; 365952 |
| 8.25%, 08/01/2031<sup>(b)</sup> <br>|  | 698000 | &nbsp;&nbsp; 742685 |
| Lithia Motors, Inc., | Lithia Motors, Inc., |  |  |
| 4.63%, 12/15/2027<sup>(b)</sup> <br>|  | 365000 | &nbsp;&nbsp; 362431 |
| 4.38%, 01/15/2031<sup>(b)(d)</sup> <br>|  | 801000 | &nbsp;&nbsp; 762195 |
|  |  |  | &nbsp;&nbsp; 3810464 |
| **Broadcasting–0.70%** | **Broadcasting–0.70%** | **Broadcasting–0.70%** | **Broadcasting–0.70%** |
| AMC Networks, Inc., 4.25%, <br> 02/15/2029<br>|  | 93000 | &nbsp;&nbsp; 74592 |
| Gray Media, Inc., 5.38%, <br> 11/15/2031<sup>(b)</sup> <br>|  | 143000 | &nbsp;&nbsp; 107350 |
| iHeartCommunications, Inc., | iHeartCommunications, Inc., |  |  |
| 4.75%, 01/15/2028<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 40454 |
| 9.13%, 05/01/2029<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 82500 |
| 10.88%, 05/01/2030<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 36937 |
| Univision Communications, Inc., | Univision Communications, Inc., |  |  |
| 6.63%, 06/01/2027<sup>(b)</sup> <br>|  | 569000 | &nbsp;&nbsp; 567971 |
| 7.38%, 06/30/2030<sup>(b)</sup> <br>|  | 149000 | &nbsp;&nbsp; 146542 |
|  |  |  | &nbsp;&nbsp; 1056346 |
| **Building Products–0.59%** | **Building Products–0.59%** | **Building Products–0.59%** | **Building Products–0.59%** |
| Cornerstone Building Brands, Inc., <br> 9.50%, 08/15/2029<sup>(b)</sup> <br>|  | 81000 | &nbsp;&nbsp; 74536 |
| New Enterprise Stone & Lime Co., Inc., <br> 5.25%, 07/15/2028<sup>(b)</sup> <br>|  | 743000 | &nbsp;&nbsp; 745449 |
| Park River Holdings, Inc., 6.75%, <br> 08/01/2029<sup>(b)</sup> <br>|  | 88000 | &nbsp;&nbsp; 71842 |
|  |  |  | &nbsp;&nbsp; 891827 |
| **Cable & Satellite–6.43%** | **Cable & Satellite–6.43%** | **Cable & Satellite–6.43%** | **Cable & Satellite–6.43%** |
| Altice Financing S.A. (Luxembourg), <br> 5.75%, 08/15/2029<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 219359 |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp., | CCO Holdings LLC/CCO Holdings Capital <br> Corp., |  |  |
| 5.13%, 05/01/2027<sup>(b)</sup> <br>|  | 711000 | &nbsp;&nbsp; 709200 |
| 5.38%, 06/01/2029<sup>(b)</sup> <br>|  | 539000 | &nbsp;&nbsp; 537404 |
| 4.75%, 02/01/2032<sup>(b)</sup> <br>|  | 829000 | &nbsp;&nbsp; 786847 |
| 4.50%, 05/01/2032<sup>(d)</sup> <br>|  | 886000 | &nbsp;&nbsp; 825635 |
| 4.50%, 06/01/2033<sup>(b)</sup> <br>|  | 525000 | &nbsp;&nbsp; 480194 |
| 4.25%, 01/15/2034<sup>(b)(d)</sup> <br>|  | 486000 | &nbsp;&nbsp; 432935 |
| CSC Holdings LLC, | CSC Holdings LLC, |  |  |
| 11.75%, 01/31/2029<sup>(b)</sup> <br>|  | 265000 | &nbsp;&nbsp; 252222 |
| 6.50%, 02/01/2029<sup>(b)</sup> <br>|  | 214000 | &nbsp;&nbsp; 174193 |
| 5.75%, 01/15/2030<sup>(b)</sup> <br>|  | 346000 | &nbsp;&nbsp; 171481 |
| 4.13%, 12/01/2030<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 141277 |
| 4.63%, 12/01/2030<sup>(b)</sup> <br>|  | 290000 | &nbsp;&nbsp; 135121 |
| 4.50%, 11/15/2031<sup>(b)</sup> <br>|  | 443000 | &nbsp;&nbsp; 312111 |
| Directv Financing LLC/Directv Financing <br> Co-Obligor, Inc., 10.00%, <br> 02/15/2031<sup>(b)</sup> <br>|  | 380000 | &nbsp;&nbsp; 369177 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco V.I. High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** | **Cable & Satellite–(continued)** |
| DISH DBS Corp., | DISH DBS Corp., |  |  |
| 7.38%, 07/01/2028 |  | $325000 | &nbsp;&nbsp; $234966 |
| 5.75%, 12/01/2028<sup>(b)</sup> <br>|  | 260000 | &nbsp;&nbsp; 225550 |
| 5.13%, 06/01/2029 |  | 231000 | &nbsp;&nbsp; 154192 |
| DISH Network Corp., 11.75%, <br> 11/15/2027<sup>(b)</sup> <br>|  | 370000 | &nbsp;&nbsp; 381690 |
| EchoStar Corp., | EchoStar Corp., |  |  |
| 10.75%, 11/30/2029 |  | 367000 | &nbsp;&nbsp; 378322 |
| 6.75% PIK Rate, 2.00% Cash Rate, <br> 11/30/2030<sup>(e)</sup> <br>|  | 1319961 | &nbsp;&nbsp; 1205607 |
| Sinclair Television Group, Inc., | Sinclair Television Group, Inc., |  |  |
| 5.50%, 03/01/2030<sup>(b)</sup> <br>|  | 53000 | &nbsp;&nbsp; 42996 |
| 8.13%, 02/15/2033<sup>(b)</sup> <br>|  | 145000 | &nbsp;&nbsp; 146608 |
| Sirius XM Radio LLC, 4.00%, <br> 07/15/2028<sup>(b)</sup> <br>|  | 602000 | &nbsp;&nbsp; 578605 |
| Virgin Media Secured Finance PLC <br> (United Kingdom), 4.50%, <br> 08/15/2030<sup>(b)</sup> <br>|  | 825000 | &nbsp;&nbsp; 767262 |
|  |  |  | &nbsp;&nbsp; 9662954 |
| **Casinos & Gaming–0.51%** | **Casinos & Gaming–0.51%** | **Casinos & Gaming–0.51%** | **Casinos & Gaming–0.51%** |
| Studio City Finance Ltd. (Macau), <br> 5.00%, 01/15/2029<sup>(b)</sup> <br>|  | 831000 | &nbsp;&nbsp; 763100 |
| **Commercial & Residential Mortgage Finance–2.48%** | **Commercial & Residential Mortgage Finance–2.48%** | **Commercial & Residential Mortgage Finance–2.48%** | **Commercial & Residential Mortgage Finance–2.48%** |
| Freedom Mortgage Holdings LLC, <br> 8.38%, 04/01/2032<sup>(b)</sup> <br>|  | 301000 | &nbsp;&nbsp; 304483 |
| Nationstar Mortgage Holdings, Inc., | Nationstar Mortgage Holdings, Inc., |  |  |
| 5.50%, 08/15/2028<sup>(b)</sup> <br>|  | 772000 | &nbsp;&nbsp; 767473 |
| 7.13%, 02/01/2032<sup>(b)</sup> <br>|  | 753000 | &nbsp;&nbsp; 782657 |
| PennyMac Financial Services, Inc., <br> 4.25%, 02/15/2029<sup>(b)</sup> <br>|  | 403000 | &nbsp;&nbsp; 387806 |
| Rocket Cos., Inc., 6.13%, <br> 08/01/2030<sup>(b)</sup> <br>|  | 743000 | &nbsp;&nbsp; 757604 |
| Walker & Dunlop, Inc., 6.63%, <br> 04/01/2033<sup>(b)</sup> <br>|  | 707000 | &nbsp;&nbsp; 727222 |
|  |  |  | &nbsp;&nbsp; 3727245 |
| **Commodity Chemicals–0.68%** | **Commodity Chemicals–0.68%** | **Commodity Chemicals–0.68%** | **Commodity Chemicals–0.68%** |
| Cerdia Finanz GmbH (Germany), <br> 9.38%, 10/03/2031<sup>(b)</sup> <br>|  | 991000 | &nbsp;&nbsp; 1029619 |
| **Communications Equipment–0.30%** | **Communications Equipment–0.30%** | **Communications Equipment–0.30%** | **Communications Equipment–0.30%** |
| CommScope LLC, 9.50%, <br> 12/15/2031<sup>(b)</sup> <br>|  | 362000 | &nbsp;&nbsp; 379357 |
| Viasat, Inc., 7.50%, 05/30/2031<sup>(b)</sup> <br>|  | 88000 | &nbsp;&nbsp; 76316 |
|  |  |  | &nbsp;&nbsp; 455673 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.49%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.49%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.49%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.49%** |
| Northriver Midstream Finance L.P. <br> (Canada), 6.75%, 07/15/2032<sup>(b)</sup> <br>|  | 705000 | &nbsp;&nbsp; 730643 |
| **Construction Materials–0.05%** | **Construction Materials–0.05%** | **Construction Materials–0.05%** | **Construction Materials–0.05%** |
| Camelot Return Merger Sub, Inc., <br> 8.75%, 08/01/2028<sup>(b)</sup> <br>|  | 80000 | &nbsp;&nbsp; 73838 |
| **Consumer Finance–3.14%** | **Consumer Finance–3.14%** | **Consumer Finance–3.14%** | **Consumer Finance–3.14%** |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(b)</sup> <br>|  | 1373000 | &nbsp;&nbsp; 1448665 |
| FirstCash, Inc., | FirstCash, Inc., |  |  |
| 5.63%, 01/01/2030<sup>(b)</sup> <br>|  | 309000 | &nbsp;&nbsp; 308613 |
| 6.88%, 03/01/2032<sup>(b)</sup> <br>|  | 1085000 | &nbsp;&nbsp; 1124107 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Consumer Finance–(continued)** | **Consumer Finance–(continued)** | **Consumer Finance–(continued)** | **Consumer Finance–(continued)** |
| Navient Corp., | Navient Corp., |  |  |
| 5.00%, 03/15/2027 |  | $468000 | &nbsp;&nbsp; $466433 |
| 9.38%, 07/25/2030 |  | 208000 | &nbsp;&nbsp; 229589 |
| OneMain Finance Corp., | OneMain Finance Corp., |  |  |
| 3.50%, 01/15/2027 |  | 342000 | &nbsp;&nbsp; 335042 |
| 6.63%, 05/15/2029 |  | 307000 | &nbsp;&nbsp; 315688 |
| 4.00%, 09/15/2030 |  | 7000 | &nbsp;&nbsp; 6464 |
| 7.13%, 09/15/2032 |  | 465000 | &nbsp;&nbsp; 481981 |
|  |  |  | &nbsp;&nbsp; 4716582 |
| **Copper–0.76%** | **Copper–0.76%** | **Copper–0.76%** | **Copper–0.76%** |
| First Quantum Minerals Ltd. (Zambia), | First Quantum Minerals Ltd. (Zambia), |  |  |
| 8.63%, 06/01/2031<sup>(b)</sup> <br>|  | 750000 | &nbsp;&nbsp; 779060 |
| 8.00%, 03/01/2033<sup>(b)</sup> <br>|  | 350000 | &nbsp;&nbsp; 359429 |
|  |  |  | &nbsp;&nbsp; 1138489 |
| **Diversified Financial Services–4.81%** | **Diversified Financial Services–4.81%** | **Diversified Financial Services–4.81%** | **Diversified Financial Services–4.81%** |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland), <br> 6.95%, 03/10/2055<sup>(f)</sup> <br>|  | 1073000 | &nbsp;&nbsp; 1115678 |
| Avation Capital S.A. (Singapore), <br> 9.00% PIK Rate, 8.25% Cash Rate, <br> 10/31/2026<sup>(b)(e)</sup> <br>|  | 1555000 | &nbsp;&nbsp; 1514788 |
| GGAM Finance Ltd. (Ireland), 6.88%, <br> 04/15/2029<sup>(b)</sup> <br>|  | 1088000 | &nbsp;&nbsp; 1127525 |
| Jane Street Group/JSG Finance, Inc., | Jane Street Group/JSG Finance, Inc., |  |  |
| 7.13%, 04/30/2031<sup>(b)</sup> <br>|  | 390000 | &nbsp;&nbsp; 410624 |
| 6.13%, 11/01/2032<sup>(b)</sup> <br>|  | 1069000 | &nbsp;&nbsp; 1079873 |
| 6.75%, 05/01/2033<sup>(b)</sup> <br>|  | 720000 | &nbsp;&nbsp; 740758 |
| Provident Funding Associates L.P./PFG <br> Finance Corp., 9.75%, <br> 09/15/2029<sup>(b)</sup> <br>|  | 1051000 | &nbsp;&nbsp; 1105954 |
| SGUS LLC, 11.00%, 12/15/2029<sup>(b)</sup> <br>|  | 138000 | &nbsp;&nbsp; 132480 |
|  |  |  | &nbsp;&nbsp; 7227680 |
| **Diversified Metals & Mining–0.53%** | **Diversified Metals & Mining–0.53%** | **Diversified Metals & Mining–0.53%** | **Diversified Metals & Mining–0.53%** |
| Hudbay Minerals, Inc. (Canada), <br> 6.13%, 04/01/2029<sup>(b)</sup> <br>|  | 734000 | &nbsp;&nbsp; 745980 |
| Vibrantz Technologies, Inc., 9.00%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 87000 | &nbsp;&nbsp; 58685 |
|  |  |  | &nbsp;&nbsp; 804665 |
| **Diversified REITs–1.04%** | **Diversified REITs–1.04%** | **Diversified REITs–1.04%** | **Diversified REITs–1.04%** |
| Iron Mountain Information Management <br> Services, Inc., 5.00%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 826000 | &nbsp;&nbsp; 793236 |
| Uniti Group L.P./Uniti Fiber Holdings, <br> Inc./CSL Capital LLC, 6.00%, <br> 01/15/2030<sup>(b)</sup> <br>|  | 159000 | &nbsp;&nbsp; 149119 |
| Uniti Group L.P./Uniti Group Finance 2019, <br> Inc./CSL Capital LLC, | Uniti Group L.P./Uniti Group Finance 2019, <br> Inc./CSL Capital LLC, |  |  |
| 10.50%, 02/15/2028<sup>(b)</sup> <br>|  | 313000 | &nbsp;&nbsp; 332028 |
| 8.63%, 06/15/2032<sup>(b)</sup> <br>|  | 128000 | &nbsp;&nbsp; 129409 |
| Uniti Group L.P./Uniti Group Finance, <br> Inc./CSL Capital LLC, 6.50%, <br> 02/15/2029<sup>(b)</sup> <br>|  | 162000 | &nbsp;&nbsp; 156734 |
|  |  |  | &nbsp;&nbsp; 1560526 |
| **Diversified Support Services–1.62%** | **Diversified Support Services–1.62%** | **Diversified Support Services–1.62%** | **Diversified Support Services–1.62%** |
| RB Global Holdings, Inc. (Canada), | RB Global Holdings, Inc. (Canada), |  |  |
| 6.75%, 03/15/2028<sup>(b)</sup> <br>|  | 1044000 | &nbsp;&nbsp; 1072209 |
| 7.75%, 03/15/2031<sup>(b)</sup> <br>|  | 1011000 | &nbsp;&nbsp; 1064087 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco V.I. High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Diversified Support Services–(continued)** | **Diversified Support Services–(continued)** | **Diversified Support Services–(continued)** | **Diversified Support Services–(continued)** |
| Sabre GLBL, Inc., | Sabre GLBL, Inc., |  |  |
| 8.63%, 06/01/2027<sup>(b)</sup> <br>|  | $70000 | &nbsp;&nbsp; $71707 |
| 10.75%, 11/15/2029<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 77347 |
| 11.13%, 07/15/2030<sup>(b)</sup> <br>|  | 143000 | &nbsp;&nbsp; 149757 |
|  |  |  | &nbsp;&nbsp; 2435107 |
| **Drug Retail–0.12%** | **Drug Retail–0.12%** | **Drug Retail–0.12%** | **Drug Retail–0.12%** |
| Walgreen Co., 4.40%, 09/15/2042 |  | 25000 | &nbsp;&nbsp; 23072 |
| Walgreens Boots Alliance, Inc., | Walgreens Boots Alliance, Inc., |  |  |
| 4.80%, 11/18/2044 |  | 78000 | &nbsp;&nbsp; 74561 |
| 4.65%, 06/01/2046 |  | 25000 | &nbsp;&nbsp; 23393 |
| 4.10%, 04/15/2050 |  | 75000 | &nbsp;&nbsp; 65254 |
|  |  |  | &nbsp;&nbsp; 186280 |
| **Electric Utilities–2.59%** | **Electric Utilities–2.59%** | **Electric Utilities–2.59%** | **Electric Utilities–2.59%** |
| Brookfield Infrastructure Finance ULC <br> (Canada), 6.75%, 03/15/2055<sup>(f)</sup> <br>|  | 779000 | &nbsp;&nbsp; 783854 |
| Duke Energy Corp., 6.45%, <br> 09/01/2054<sup>(d)(f)</sup> <br>|  | 753000 | &nbsp;&nbsp; 775825 |
| Entergy Corp., 7.13%, 12/01/2054<sup>(f)</sup> <br>|  | 717000 | &nbsp;&nbsp; 743641 |
| Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |  |
| 5.00%, 07/31/2027<sup>(b)</sup> <br>|  | 331000 | &nbsp;&nbsp; 330814 |
| 7.75%, 10/15/2031<sup>(b)</sup> <br>|  | 473000 | &nbsp;&nbsp; 503061 |
| 6.88%, 04/15/2032<sup>(b)</sup> <br>|  | 719000 | &nbsp;&nbsp; 752169 |
|  |  |  | &nbsp;&nbsp; 3889364 |
| **Electrical Components & Equipment–0.48%** | **Electrical Components & Equipment–0.48%** | **Electrical Components & Equipment–0.48%** | **Electrical Components & Equipment–0.48%** |
| EnerSys, 6.63%, 01/15/2032<sup>(b)</sup> <br>|  | 708000 | &nbsp;&nbsp; 724833 |
| **Electronic Components–0.53%** | **Electronic Components–0.53%** | **Electronic Components–0.53%** | **Electronic Components–0.53%** |
| Sensata Technologies, Inc., | Sensata Technologies, Inc., |  |  |
| 3.75%, 02/15/2031<sup>(b)</sup> <br>|  | 355000 | &nbsp;&nbsp; 323933 |
| 6.63%, 07/15/2032<sup>(b)</sup> <br>|  | 456000 | &nbsp;&nbsp; 469666 |
|  |  |  | &nbsp;&nbsp; 793599 |
| **Environmental & Facilities Services–0.99%** | **Environmental & Facilities Services–0.99%** | **Environmental & Facilities Services–0.99%** | **Environmental & Facilities Services–0.99%** |
| GFL Environmental, Inc., | GFL Environmental, Inc., |  |  |
| 4.00%, 08/01/2028<sup>(b)</sup> <br>|  | 769000 | &nbsp;&nbsp; 746438 |
| 3.50%, 09/01/2028<sup>(b)</sup> <br>|  | 421000 | &nbsp;&nbsp; 406387 |
| Wrangler Holdco Corp. (Canada), <br> 6.63%, 04/01/2032<sup>(b)</sup> <br>|  | 321000 | &nbsp;&nbsp; 334434 |
|  |  |  | &nbsp;&nbsp; 1487259 |
| **Gas Utilities–0.29%** | **Gas Utilities–0.29%** | **Gas Utilities–0.29%** | **Gas Utilities–0.29%** |
| Venture Global Plaquemines LNG LLC, <br> 6.50%, 01/15/2034<sup>(b)</sup> <br>|  | 435000 | &nbsp;&nbsp; 435000 |
| **Gold–1.00%** | **Gold–1.00%** | **Gold–1.00%** | **Gold–1.00%** |
| New Gold, Inc. (Canada), 6.88%, <br> 04/01/2032<sup>(b)</sup> <br>|  | 1458000 | &nbsp;&nbsp; 1503551 |
| **Health Care Facilities–1.47%** | **Health Care Facilities–1.47%** | **Health Care Facilities–1.47%** | **Health Care Facilities–1.47%** |
| Select Medical Corp., 6.25%, <br> 12/01/2032<sup>(b)(d)</sup> <br>|  | 729000 | &nbsp;&nbsp; 733834 |
| Tenet Healthcare Corp., | Tenet Healthcare Corp., |  |  |
| 6.13%, 10/01/2028 |  | 639000 | &nbsp;&nbsp; 640295 |
| 4.25%, 06/01/2029 |  | 580000 | &nbsp;&nbsp; 562934 |
| 6.75%, 05/15/2031 |  | 270000 | &nbsp;&nbsp; 279512 |
|  |  |  | &nbsp;&nbsp; 2216575 |
| **Health Care REITs–0.83%** | **Health Care REITs–0.83%** | **Health Care REITs–0.83%** | **Health Care REITs–0.83%** |
| Diversified Healthcare Trust, 0.00%, <br> 01/15/2026<sup>(b)(g)</sup> <br>|  | 1133000 | &nbsp;&nbsp; 1099681 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Health Care REITs–(continued)** | **Health Care REITs–(continued)** | **Health Care REITs–(continued)** | **Health Care REITs–(continued)** |
| MPT Operating Partnership L.P./MPT Finance <br> Corp., | MPT Operating Partnership L.P./MPT Finance <br> Corp., |  |  |
| 4.63%, 08/01/2029 |  | $95000 | &nbsp;&nbsp; $74936 |
| 3.50%, 03/15/2031 |  | 109000 | &nbsp;&nbsp; 77164 |
|  |  |  | &nbsp;&nbsp; 1251781 |
| **Health Care Services–1.54%** | **Health Care Services–1.54%** | **Health Care Services–1.54%** | **Health Care Services–1.54%** |
| Community Health Systems, Inc., | Community Health Systems, Inc., |  |  |
| 6.88%, 04/15/2029<sup>(b)</sup> <br>|  | 198000 | &nbsp;&nbsp; 158040 |
| 5.25%, 05/15/2030<sup>(b)</sup> <br>|  | 678000 | &nbsp;&nbsp; 601859 |
| 4.75%, 02/15/2031<sup>(b)</sup> <br>|  | 441000 | &nbsp;&nbsp; 377376 |
| DaVita, Inc., | DaVita, Inc., |  |  |
| 6.88%, 09/01/2032<sup>(b)</sup> <br>|  | 353000 | &nbsp;&nbsp; 365992 |
| 6.75%, 07/15/2033<sup>(b)</sup> <br>|  | 375000 | &nbsp;&nbsp; 387458 |
| MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, |  |  |
| 5.75%, 12/31/2030<sup>(b)</sup> <br>|  | 309000 | &nbsp;&nbsp; 254798 |
| 5.00% PIK Rate, 6.50% Cash Rate, <br> 12/31/2030<sup>(b)(e)</sup> <br>|  | 174000 | &nbsp;&nbsp; 172688 |
|  |  |  | &nbsp;&nbsp; 2318211 |
| **Health Care Supplies–0.50%** | **Health Care Supplies–0.50%** | **Health Care Supplies–0.50%** | **Health Care Supplies–0.50%** |
| Medline Borrower L.P., | Medline Borrower L.P., |  |  |
| 3.88%, 04/01/2029<sup>(b)</sup> <br>|  | 395000 | &nbsp;&nbsp; 379175 |
| 5.25%, 10/01/2029<sup>(b)</sup> <br>|  | 378000 | &nbsp;&nbsp; 375329 |
|  |  |  | &nbsp;&nbsp; 754504 |
| **Home Improvement Retail–0.05%** | **Home Improvement Retail–0.05%** | **Home Improvement Retail–0.05%** | **Home Improvement Retail–0.05%** |
| LBM Acquisition LLC, 6.25%, <br> 01/15/2029<sup>(b)</sup> <br>|  | 82000 | &nbsp;&nbsp; 71205 |
| **Hotel & Resort REITs–0.99%** | **Hotel & Resort REITs–0.99%** | **Hotel & Resort REITs–0.99%** | **Hotel & Resort REITs–0.99%** |
| RHP Hotel Properties L.P./RHP Finance <br> Corp., 6.50%, 06/15/2033<sup>(b)</sup> <br>|  | 733000 | &nbsp;&nbsp; 754529 |
| RLJ Lodging Trust L.P., | RLJ Lodging Trust L.P., |  |  |
| 3.75%, 07/01/2026<sup>(b)</sup> <br>|  | 370000 | &nbsp;&nbsp; 366521 |
| 4.00%, 09/15/2029<sup>(b)(d)</sup> <br>|  | 402000 | &nbsp;&nbsp; 375410 |
|  |  |  | &nbsp;&nbsp; 1496460 |
| **Hotels, Resorts & Cruise Lines–1.24%** | **Hotels, Resorts & Cruise Lines–1.24%** | **Hotels, Resorts & Cruise Lines–1.24%** | **Hotels, Resorts & Cruise Lines–1.24%** |
| Carnival Corp., | Carnival Corp., |  |  |
| 5.88%, 06/15/2031<sup>(b)</sup> <br>|  | 498000 | &nbsp;&nbsp; 507649 |
| 6.13%, 02/15/2033<sup>(b)(d)</sup> <br>|  | 593000 | &nbsp;&nbsp; 607100 |
| Hilton Domestic Operating Co., Inc., <br> 5.88%, 03/15/2033<sup>(b)</sup> <br>|  | 734000 | &nbsp;&nbsp; 748333 |
|  |  |  | &nbsp;&nbsp; 1863082 |
| **Housewares & Specialties–0.75%** | **Housewares & Specialties–0.75%** | **Housewares & Specialties–0.75%** | **Housewares & Specialties–0.75%** |
| Newell Brands, Inc., | Newell Brands, Inc., |  |  |
| 6.63%, 09/15/2029<sup>(d)</sup> <br>|  | 360000 | &nbsp;&nbsp; 357028 |
| 6.38%, 05/15/2030 |  | 788000 | &nbsp;&nbsp; 768555 |
|  |  |  | &nbsp;&nbsp; 1125583 |
| **Independent Power Producers & Energy Traders–1.37%** | **Independent Power Producers & Energy Traders–1.37%** | **Independent Power Producers & Energy Traders–1.37%** | **Independent Power Producers & Energy Traders–1.37%** |
| Vistra Corp., | Vistra Corp., |  |  |
| 8.00%<sup>(b)(f)(h)</sup> <br>|  | 377000 | &nbsp;&nbsp; 386377 |
| Series C, 8.88%<sup>(b)(f)(h)</sup> <br>|  | 1538000 | &nbsp;&nbsp; 1675480 |
|  |  |  | &nbsp;&nbsp; 2061857 |
| **Industrial Machinery & Supplies & Components–1.73%** | **Industrial Machinery & Supplies & Components–1.73%** | **Industrial Machinery & Supplies & Components–1.73%** | **Industrial Machinery & Supplies & Components–1.73%** |
| Enpro, Inc., 6.13%, 06/01/2033<sup>(b)</sup> <br>|  | 750000 | &nbsp;&nbsp; 768616 |
| ESAB Corp., 6.25%, 04/15/2029<sup>(b)</sup> <br>|  | 1055000 | &nbsp;&nbsp; 1081492 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco V.I. High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Industrial Machinery & Supplies & Components–(continued)** | **Industrial Machinery & Supplies & Components–(continued)** | **Industrial Machinery & Supplies & Components–(continued)** | **Industrial Machinery & Supplies & Components–(continued)** |
| Roller Bearing Co. of America, Inc., <br> 4.38%, 10/15/2029<sup>(b)</sup> <br>|  | $775000 | &nbsp;&nbsp; $751439 |
|  |  |  | &nbsp;&nbsp; 2601547 |
| **Insurance Brokers–1.74%** | **Insurance Brokers–1.74%** | **Insurance Brokers–1.74%** | **Insurance Brokers–1.74%** |
| Alliant Holdings Intermediate LLC/<br> Alliant Holdings Co-Issuer, 7.00%, <br> 01/15/2031<sup>(b)</sup> <br>|  | 742000 | &nbsp;&nbsp; 768092 |
| HUB International Ltd., | HUB International Ltd., |  |  |
| 7.25%, 06/15/2030<sup>(b)</sup> <br>|  | 322000 | &nbsp;&nbsp; 336738 |
| 7.38%, 01/31/2032<sup>(b)</sup> <br>|  | 742000 | &nbsp;&nbsp; 776840 |
| USI, Inc., 7.50%, 01/15/2032<sup>(b)</sup> <br>|  | 689000 | &nbsp;&nbsp; 727866 |
|  |  |  | &nbsp;&nbsp; 2609536 |
| **Integrated Telecommunication Services–5.32%** | **Integrated Telecommunication Services–5.32%** | **Integrated Telecommunication Services–5.32%** | **Integrated Telecommunication Services–5.32%** |
| Altice France Holding S.A. (Luxembourg), | Altice France Holding S.A. (Luxembourg), |  |  |
| 10.50%, 05/15/2027<sup>(b)</sup> <br>|  | 300000 | &nbsp;&nbsp; 104486 |
| 6.00%, 02/15/2028<sup>(b)</sup> <br>|  | 200000 | &nbsp;&nbsp; 71010 |
| Altice France S.A. (France), | Altice France S.A. (France), |  |  |
| 5.50%, 01/15/2028<sup>(b)</sup> <br>|  | 765000 | &nbsp;&nbsp; 644513 |
| 5.50%, 10/15/2029<sup>(b)</sup> <br>|  | 900000 | &nbsp;&nbsp; 747000 |
| FIBERCOP S.p.A. (Italy), 6.00%, <br> 09/30/2034<sup>(b)</sup> <br>|  | 375000 | &nbsp;&nbsp; 352815 |
| Iliad Holding S.A.S. (France), 7.00%, <br> 04/15/2032<sup>(b)</sup> <br>|  | 633000 | &nbsp;&nbsp; 649351 |
| Iliad Holding S.A.S.U. (France), 8.50%, <br> 04/15/2031<sup>(b)</sup> <br>|  | 1128000 | &nbsp;&nbsp; 1207552 |
| Level 3 Financing, Inc., | Level 3 Financing, Inc., |  |  |
| 3.63%, 01/15/2029<sup>(b)</sup> <br>|  | 44000 | &nbsp;&nbsp; 37840 |
| 4.88%, 06/15/2029<sup>(b)</sup> <br>|  | 223000 | &nbsp;&nbsp; 209341 |
| 3.75%, 07/15/2029<sup>(b)</sup> <br>|  | 76000 | &nbsp;&nbsp; 64315 |
| 4.50%, 04/01/2030<sup>(b)</sup> <br>|  | 316000 | &nbsp;&nbsp; 287560 |
| 3.88%, 10/15/2030<sup>(b)</sup> <br>|  | 96000 | &nbsp;&nbsp; 83760 |
| 4.00%, 04/15/2031<sup>(b)</sup> <br>|  | 95000 | &nbsp;&nbsp; 81700 |
| 6.88%, 06/30/2033<sup>(b)</sup> <br>|  | 354000 | &nbsp;&nbsp; 360458 |
| Optics Bidco S.p.A. (Italy), 7.20%, <br> 07/18/2036<sup>(b)</sup> <br>|  | 400000 | &nbsp;&nbsp; 391833 |
| Telecom Italia Capital S.A. (Italy), | Telecom Italia Capital S.A. (Italy), |  |  |
| 6.38%, 11/15/2033 |  | 368000 | &nbsp;&nbsp; 384194 |
| 7.72%, 06/04/2038 |  | 1081000 | &nbsp;&nbsp; 1166525 |
| Zegona Finance PLC (United Kingdom), <br> 8.63%, 07/15/2029<sup>(b)</sup> <br>|  | 1078000 | &nbsp;&nbsp; 1152916 |
|  |  |  | &nbsp;&nbsp; 7997169 |
| **Interactive Media & Services–0.09%** | **Interactive Media & Services–0.09%** | **Interactive Media & Services–0.09%** | **Interactive Media & Services–0.09%** |
| CMG Media Corp., 8.88%, <br> 06/18/2029<sup>(b)</sup> <br>|  | 64000 | &nbsp;&nbsp; 60491 |
| Scripps Escrow II, Inc., | Scripps Escrow II, Inc., |  |  |
| 3.88%, 01/15/2029<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 43572 |
| 5.38%, 01/15/2031<sup>(b)</sup> <br>|  | 42000 | &nbsp;&nbsp; 29119 |
|  |  |  | &nbsp;&nbsp; 133182 |
| **Investment Banking & Brokerage–0.65%** | **Investment Banking & Brokerage–0.65%** | **Investment Banking & Brokerage–0.65%** | **Investment Banking & Brokerage–0.65%** |
| Boost Newco Borrower LLC, 7.50%, <br> 01/15/2031<sup>(b)</sup> <br>|  | 668000 | &nbsp;&nbsp; 709566 |
| Saks Global Enterprises LLC, 11.00%, <br> 12/15/2029<sup>(b)</sup> <br>|  | 470000 | &nbsp;&nbsp; 260850 |
|  |  |  | &nbsp;&nbsp; 970416 |
| **Leisure Products–0.49%** | **Leisure Products–0.49%** | **Leisure Products–0.49%** | **Leisure Products–0.49%** |
| Amer Sports Co. (Finland), 6.75%, <br> 02/16/2031<sup>(b)</sup> <br>|  | 709000 | &nbsp;&nbsp; 738726 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Marine Transportation–0.48%** | **Marine Transportation–0.48%** | **Marine Transportation–0.48%** | **Marine Transportation–0.48%** |
| Viking Cruises Ltd., 7.00%, <br> 02/15/2029<sup>(b)</sup> <br>|  | $720000 | &nbsp;&nbsp; $726764 |
| **Metal, Glass & Plastic Containers–1.04%** | **Metal, Glass & Plastic Containers–1.04%** | **Metal, Glass & Plastic Containers–1.04%** | **Metal, Glass & Plastic Containers–1.04%** |
| Ardagh Metal Packaging Finance <br> USA LLC/Ardagh Metal Packaging <br> Finance PLC, 6.00%, <br> 06/15/2027<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 702602 |
| LABL, Inc., 10.50%, 07/15/2027<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 71822 |
| OI European Group B.V., 4.75%, <br> 02/15/2030<sup>(b)(d)</sup> <br>|  | 821000 | &nbsp;&nbsp; 790322 |
|  |  |  | &nbsp;&nbsp; 1564746 |
| **Movies & Entertainment–1.47%** | **Movies & Entertainment–1.47%** | **Movies & Entertainment–1.47%** | **Movies & Entertainment–1.47%** |
| Lions Gate Capital Holdings 1, Inc., <br> 5.50%, 04/15/2029<sup>(b)</sup> <br>|  | 1252000 | &nbsp;&nbsp; 1091206 |
| WarnerMedia Holdings, Inc., | WarnerMedia Holdings, Inc., |  |  |
| 4.28%, 03/15/2032 |  | 719000 | &nbsp;&nbsp; 607318 |
| 5.05%, 03/15/2042 |  | 536000 | &nbsp;&nbsp; 360605 |
| 5.14%, 03/15/2052 |  | 237000 | &nbsp;&nbsp; 146373 |
|  |  |  | &nbsp;&nbsp; 2205502 |
| **Multi-line Insurance–0.74%** | **Multi-line Insurance–0.74%** | **Multi-line Insurance–0.74%** | **Multi-line Insurance–0.74%** |
| Acrisure LLC/Acrisure Finance, Inc., <br> 7.50%, 11/06/2030<sup>(b)</sup> <br>|  | 1080000 | &nbsp;&nbsp; 1116379 |
| **Multi-Utilities–0.47%** | **Multi-Utilities–0.47%** | **Multi-Utilities–0.47%** | **Multi-Utilities–0.47%** |
| CenterPoint Energy, Inc., 6.70%, <br> 05/15/2055<sup>(f)</sup> <br>|  | 700000 | &nbsp;&nbsp; 708189 |
| **Office REITs–0.49%** | **Office REITs–0.49%** | **Office REITs–0.49%** | **Office REITs–0.49%** |
| Office Properties Income Trust, 9.00%, <br> 03/31/2029<sup>(b)</sup> <br>|  | 749000 | &nbsp;&nbsp; 730244 |
| **Oil & Gas Drilling–0.97%** | **Oil & Gas Drilling–0.97%** | **Oil & Gas Drilling–0.97%** | **Oil & Gas Drilling–0.97%** |
| Summit Midstream Holdings LLC, <br> 8.63%, 10/31/2029<sup>(b)</sup> <br>|  | 710000 | &nbsp;&nbsp; 726931 |
| Transocean, Inc., 8.50%, <br> 05/15/2031<sup>(b)</sup> <br>|  | 813000 | &nbsp;&nbsp; 726389 |
|  |  |  | &nbsp;&nbsp; 1453320 |
| **Oil & Gas Equipment & Services–0.51%** | **Oil & Gas Equipment & Services–0.51%** | **Oil & Gas Equipment & Services–0.51%** | **Oil & Gas Equipment & Services–0.51%** |
| Tidewater, Inc., 9.13%, <br> 07/15/2030<sup>(b)</sup> <br>|  | 741000 | &nbsp;&nbsp; 762937 |
| **Oil & Gas Exploration & Production–2.26%** | **Oil & Gas Exploration & Production–2.26%** | **Oil & Gas Exploration & Production–2.26%** | **Oil & Gas Exploration & Production–2.26%** |
| Aethon United BR L.P./Aethon United <br> Finance Corp., 7.50%, <br> 10/01/2029<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 734775 |
| Civitas Resources, Inc., | Civitas Resources, Inc., |  |  |
| 8.75%, 07/01/2031<sup>(b)(d)</sup> <br>|  | 356000 | &nbsp;&nbsp; 360400 |
| 9.63%, 06/15/2033<sup>(b)</sup> <br>|  | 363000 | &nbsp;&nbsp; 372409 |
| Comstock Resources, Inc., 6.75%, <br> 03/01/2029<sup>(b)</sup> <br>|  | 735000 | &nbsp;&nbsp; 737201 |
| Kimmeridge Texas Gas LLC, 8.50%, <br> 02/15/2030<sup>(b)</sup> <br>|  | 735000 | &nbsp;&nbsp; 761293 |
| Venture Global Plaquemines LNG LLC, <br> 6.75%, 01/15/2036<sup>(b)</sup> <br>|  | 435000 | &nbsp;&nbsp; 435000 |
|  |  |  | &nbsp;&nbsp; 3401078 |
| **Oil & Gas Refining & Marketing–0.52%** | **Oil & Gas Refining & Marketing–0.52%** | **Oil & Gas Refining & Marketing–0.52%** | **Oil & Gas Refining & Marketing–0.52%** |
| Sunoco L.P., 6.25%, 07/01/2033<sup>(b)</sup> <br>|  | 762000 | &nbsp;&nbsp; 775201 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco V.I. High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation–5.06%** | **Oil & Gas Storage & Transportation–5.06%** | **Oil & Gas Storage & Transportation–5.06%** | **Oil & Gas Storage & Transportation–5.06%** |
| Antero Midstream Partners L.P./Antero <br> Midstream Finance Corp., 6.63%, <br> 02/01/2032<sup>(b)</sup> <br>|  | $706000 | &nbsp;&nbsp; $729693 |
| Delek Logistics Partners L.P./Delek <br> Logistics Finance Corp., 7.38%, <br> 06/30/2033<sup>(b)</sup> <br>|  | 765000 | &nbsp;&nbsp; 762097 |
| Excelerate Energy L.P., 8.00%, <br> 05/15/2030<sup>(b)</sup> <br>|  | 715000 | &nbsp;&nbsp; 754281 |
| Genesis Energy L.P./Genesis Energy Finance <br> Corp., | Genesis Energy L.P./Genesis Energy Finance <br> Corp., |  |  |
| 7.88%, 05/15/2032 |  | 545000 | &nbsp;&nbsp; 567130 |
| 8.00%, 05/15/2033 |  | 533000 | &nbsp;&nbsp; 557711 |
| Global Partners L.P./GLP Finance Corp., <br> 7.13%, 07/01/2033<sup>(b)</sup> <br>|  | 765000 | &nbsp;&nbsp; 776279 |
| Howard Midstream Energy <br> Partners LLC, 7.38%, <br> 07/15/2032<sup>(b)</sup> <br>|  | 511000 | &nbsp;&nbsp; 537796 |
| Tallgrass Energy Partners <br> L.P./Tallgrass Energy Finance Corp., <br> 7.38%, 02/15/2029<sup>(b)</sup> <br>|  | 741000 | &nbsp;&nbsp; 762056 |
| Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |  |
| 9.88%, 02/01/2032<sup>(b)</sup> <br>|  | 676000 | &nbsp;&nbsp; 730478 |
| 9.00%<sup>(b)(f)(h)</sup> <br>|  | 1464500 | &nbsp;&nbsp; 1425177 |
|  |  |  | &nbsp;&nbsp; 7602698 |
| **Other Specialized REITs–0.50%** | **Other Specialized REITs–0.50%** | **Other Specialized REITs–0.50%** | **Other Specialized REITs–0.50%** |
| Iron Mountain, Inc., 4.50%, <br> 02/15/2031<sup>(b)</sup> <br>|  | 784000 | &nbsp;&nbsp; 747576 |
| **Other Specialty Retail–0.54%** | **Other Specialty Retail–0.54%** | **Other Specialty Retail–0.54%** | **Other Specialty Retail–0.54%** |
| Macy's Retail Holdings LLC, 6.70%, <br> 07/15/2034<sup>(b)</sup> <br>|  | 865000 | &nbsp;&nbsp; 727649 |
| Michaels Cos., Inc. (The), 7.88%, <br> 05/01/2029<sup>(b)</sup> <br>|  | 136000 | &nbsp;&nbsp; 89760 |
|  |  |  | &nbsp;&nbsp; 817409 |
| **Packaged Foods & Meats–0.51%** | **Packaged Foods & Meats–0.51%** | **Packaged Foods & Meats–0.51%** | **Packaged Foods & Meats–0.51%** |
| Lamb Weston Holdings, Inc., 4.38%, <br> 01/31/2032<sup>(b)</sup> <br>|  | 821000 | &nbsp;&nbsp; 771982 |
| **Paper & Plastic Packaging Products & Materials–0.98%** | **Paper & Plastic Packaging Products & Materials–0.98%** | **Paper & Plastic Packaging Products & Materials–0.98%** | **Paper & Plastic Packaging Products & Materials–0.98%** |
| Clydesdale Acquisition Holdings, Inc., <br> 6.75%, 04/15/2032<sup>(b)</sup> <br>|  | 722000 | &nbsp;&nbsp; 741417 |
| Sealed Air Corp., | Sealed Air Corp., |  |  |
| 5.00%, 04/15/2029<sup>(b)</sup> <br>|  | 366000 | &nbsp;&nbsp; 362294 |
| 6.88%, 07/15/2033<sup>(b)</sup> <br>|  | 339000 | &nbsp;&nbsp; 366212 |
|  |  |  | &nbsp;&nbsp; 1469923 |
| **Passenger Airlines–0.70%** | **Passenger Airlines–0.70%** | **Passenger Airlines–0.70%** | **Passenger Airlines–0.70%** |
| American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., 5.75%, <br> 04/20/2029<sup>(b)</sup> <br>|  | 1049000 | &nbsp;&nbsp; 1048735 |
| **Passenger Ground Transportation–0.10%** | **Passenger Ground Transportation–0.10%** | **Passenger Ground Transportation–0.10%** | **Passenger Ground Transportation–0.10%** |
| Hertz Corp. (The), 4.63%, <br> 12/01/2026<sup>(b)</sup> <br>|  | 172000 | &nbsp;&nbsp; 154271 |
| **Personal Care Products–0.43%** | **Personal Care Products–0.43%** | **Personal Care Products–0.43%** | **Personal Care Products–0.43%** |
| Opal Bidco SAS (France), 6.50%, <br> 03/31/2032<sup>(b)</sup> <br>|  | 640000 | &nbsp;&nbsp; 653608 |
| **Pharmaceuticals–1.05%** | **Pharmaceuticals–1.05%** | **Pharmaceuticals–1.05%** | **Pharmaceuticals–1.05%** |
| 1261229 BC Ltd., 10.00%, <br> 04/15/2032<sup>(b)</sup> <br>|  | 735000 | &nbsp;&nbsp; 741975 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** | **Pharmaceuticals–(continued)** |
| Bausch Health Americas, Inc., 9.25%, <br> 04/01/2026<sup>(b)</sup> <br>|  | $370000 | &nbsp;&nbsp; $369386 |
| Bausch Health Cos., Inc., | Bausch Health Cos., Inc., |  |  |
| 5.00%, 02/15/2029<sup>(b)</sup> <br>|  | 130000 | &nbsp;&nbsp; 91108 |
| 6.25%, 02/15/2029<sup>(b)</sup> <br>|  | 144000 | &nbsp;&nbsp; 101340 |
| 5.25%, 01/30/2030<sup>(b)</sup> <br>|  | 174000 | &nbsp;&nbsp; 110332 |
| 5.25%, 02/15/2031<sup>(b)</sup> <br>|  | 142000 | &nbsp;&nbsp; 83894 |
| HLF Financing S.a.r.l. LLC/Herbalife <br> International, Inc., 4.88%, <br> 06/01/2029<sup>(b)</sup> <br>|  | 91000 | &nbsp;&nbsp; 76972 |
| Par Pharmaceutical, Inc., 0.00%, <br> 04/01/2027<sup>(g)(i)</sup> <br>|  | 329000 | &nbsp;&nbsp; 0 |
|  |  |  | &nbsp;&nbsp; 1575007 |
| **Reinsurance–0.53%** | **Reinsurance–0.53%** | **Reinsurance–0.53%** | **Reinsurance–0.53%** |
| Global Atlantic (Fin) Co., 4.70%, <br> 10/15/2051<sup>(b)(f)</sup> <br>|  | 812000 | &nbsp;&nbsp; 797344 |
| **Renewable Electricity–0.50%** | **Renewable Electricity–0.50%** | **Renewable Electricity–0.50%** | **Renewable Electricity–0.50%** |
| California Buyer Ltd./Atlantica <br> Sustainable Infrastructure PLC <br> (United Kingdom), 6.38%, <br> 02/15/2032<sup>(b)</sup> <br>|  | 745000 | &nbsp;&nbsp; 746877 |
| **Retail REITs–0.05%** | **Retail REITs–0.05%** | **Retail REITs–0.05%** | **Retail REITs–0.05%** |
| Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co., Inc., <br> 6.75%, 01/15/2030<sup>(b)</sup> <br>|  | 80000 | &nbsp;&nbsp; 73889 |
| **Security & Alarm Services–0.47%** | **Security & Alarm Services–0.47%** | **Security & Alarm Services–0.47%** | **Security & Alarm Services–0.47%** |
| Brink's Co. (The), 6.75%, <br> 06/15/2032<sup>(b)(d)</sup> <br>|  | 683000 | &nbsp;&nbsp; 711804 |
| **Single-Family Residential REITs–0.50%** | **Single-Family Residential REITs–0.50%** | **Single-Family Residential REITs–0.50%** | **Single-Family Residential REITs–0.50%** |
| Ashton Woods USA LLC/Ashton Woods <br> Finance Co., 6.63%, <br> 01/15/2028<sup>(b)</sup> <br>|  | 752000 | &nbsp;&nbsp; 755575 |
| **Specialized Consumer Services–0.74%** | **Specialized Consumer Services–0.74%** | **Specialized Consumer Services–0.74%** | **Specialized Consumer Services–0.74%** |
| Carriage Services, Inc., 4.25%, <br> 05/15/2029<sup>(b)</sup> <br>|  | 1172000 | &nbsp;&nbsp; 1108128 |
| **Specialized Finance–0.76%** | **Specialized Finance–0.76%** | **Specialized Finance–0.76%** | **Specialized Finance–0.76%** |
| CD&R Smokey Buyer, Inc./Radio <br> Systems Corp., 9.50%, <br> 10/15/2029<sup>(b)</sup> <br>|  | 88000 | &nbsp;&nbsp; 71821 |
| TrueNoord Capital DAC (Ireland), <br> 8.75%, 03/01/2030<sup>(b)</sup> <br>|  | 1037000 | &nbsp;&nbsp; 1077653 |
|  |  |  | &nbsp;&nbsp; 1149474 |
| **Specialty Chemicals–0.49%** | **Specialty Chemicals–0.49%** | **Specialty Chemicals–0.49%** | **Specialty Chemicals–0.49%** |
| Celanese US Holdings LLC, 7.20%, <br> 11/15/2033<sup>(d)</sup> <br>|  | 690000 | &nbsp;&nbsp; 732908 |
| **Steel–0.49%** | **Steel–0.49%** | **Steel–0.49%** | **Steel–0.49%** |
| Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |  |  |
| 5.88%, 06/01/2027<sup>(d)</sup> <br>|  | 358000 | &nbsp;&nbsp; 357935 |
| 7.00%, 03/15/2032<sup>(b)(d)</sup> <br>|  | 399000 | &nbsp;&nbsp; 376621 |
|  |  |  | &nbsp;&nbsp; 734556 |
| **Systems Software–0.10%** | **Systems Software–0.10%** | **Systems Software–0.10%** | **Systems Software–0.10%** |
| McAfee Corp., 7.38%, 02/15/2030<sup>(b)</sup> <br>|  | 159000 | &nbsp;&nbsp; 150313 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco V.I. High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Technology Hardware, Storage & Peripherals–0.14%** | **Technology Hardware, Storage & Peripherals–0.14%** | **Technology Hardware, Storage & Peripherals–0.14%** | **Technology Hardware, Storage & Peripherals–0.14%** |
| Xerox Corp., | Xerox Corp., |  |  |
| 10.25%, 10/15/2030<sup>(b)</sup> <br>|  | $28000 | &nbsp;&nbsp; $29342 |
| 13.50%, 04/15/2031<sup>(b)</sup> <br>|  | 43000 | &nbsp;&nbsp; 44181 |
| 4.80%, 03/01/2035 |  | 31000 | &nbsp;&nbsp; 17111 |
| 6.75%, 12/15/2039 |  | 27000 | &nbsp;&nbsp; 15160 |
| Xerox Holdings Corp., | Xerox Holdings Corp., |  |  |
| 5.50%, 08/15/2028<sup>(b)</sup> <br>|  | 76000 | &nbsp;&nbsp; 58167 |
| 8.88%, 11/30/2029<sup>(b)</sup> <br>|  | 64000 | &nbsp;&nbsp; 48386 |
|  |  |  | &nbsp;&nbsp; 212347 |
| **Telecom Tower REITs–0.48%** | **Telecom Tower REITs–0.48%** | **Telecom Tower REITs–0.48%** | **Telecom Tower REITs–0.48%** |
| SBA Communications Corp., 3.13%, <br> 02/01/2029<br>|  | 769000 | &nbsp;&nbsp; 726942 |
| **Trading Companies & Distributors–1.73%** | **Trading Companies & Distributors–1.73%** | **Trading Companies & Distributors–1.73%** | **Trading Companies & Distributors–1.73%** |
| Air Lease Corp., Series B, 4.65%<sup>(f)(h)</sup> <br>|  | 1125000 | &nbsp;&nbsp; 1121327 |
| Aircastle Ltd., 5.25%<sup>(b)(f)(h)</sup> <br>|  | 1488000 | &nbsp;&nbsp; 1476544 |
|  |  |  | &nbsp;&nbsp; 2597871 |
| **Wireless Telecommunication Services–1.46%** | **Wireless Telecommunication Services–1.46%** | **Wireless Telecommunication Services–1.46%** | **Wireless Telecommunication Services–1.46%** |
| VMED O2 UK Financing I PLC (United <br> Kingdom), 4.75%, 07/15/2031<sup>(b)</sup> <br>|  | 800000 | &nbsp;&nbsp; 740521 |
| Vodafone Group PLC (United Kingdom), <br> 4.13%, 06/04/2081<sup>(f)</sup> <br>|  | 1591000 | &nbsp;&nbsp; 1455821 |
|  |  |  | &nbsp;&nbsp; 2196342 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $124,275,360) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $124,275,360) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $124,275,360) | &nbsp;&nbsp; 127509076 |
| **Variable Rate Senior Loan Interests–7.27%**<sup>(j)(k)</sup>  | **Variable Rate Senior Loan Interests–7.27%**<sup>(j)(k)</sup>  | **Variable Rate Senior Loan Interests–7.27%**<sup>(j)(k)</sup>  | **Variable Rate Senior Loan Interests–7.27%**<sup>(j)(k)</sup>  |
| **Advertising–0.30%** | **Advertising–0.30%** | **Advertising–0.30%** | **Advertising–0.30%** |
| Clear Channel Outdoor Holdings, Inc., <br> Term Loan B, 8.44% (1 mo. Term <br> SOFR + 4.11%), 08/23/2028<br>|  | 461188 | &nbsp;&nbsp; 458469 |
| **Aerospace & Defense–1.00%** | **Aerospace & Defense–1.00%** | **Aerospace & Defense–1.00%** | **Aerospace & Defense–1.00%** |
| TransDigm, Inc., Term Loan L, -% (3 <br> mo. Term SOFR + 2.50%), <br> 01/19/2032<sup>(l)</sup> <br>|  | 1506436 | &nbsp;&nbsp; 1510405 |
| **Application Software–0.49%** | **Application Software–0.49%** | **Application Software–0.49%** | **Application Software–0.49%** |
| Cloud Software Group, Inc., Term Loan <br> B, 7.80% (TSFR3M + 3.50%), <br> 03/30/2029<br>|  | 730000 | &nbsp;&nbsp; 731617 |
| **Automobile Manufacturers–0.47%** | **Automobile Manufacturers–0.47%** | **Automobile Manufacturers–0.47%** | **Automobile Manufacturers–0.47%** |
| Panther BF Aggregator 2 L.P. (Power <br> Solutions, Clarios POWSOL), Term <br> Loan B, 7.08% (TSFR1M + 2.75%), <br> 01/28/2032<br>|  | 710000 | &nbsp;&nbsp; 711555 |
| **Broadcasting–0.27%** | **Broadcasting–0.27%** | **Broadcasting–0.27%** | **Broadcasting–0.27%** |
| Gray Media, Inc., Term Loan D, -% (1 <br> mo. Term SOFR + 3.00%), <br> 12/01/2028<sup>(l)</sup> <br>|  | 420394 | &nbsp;&nbsp; 408117 |
| **Building Products–0.76%** | **Building Products–0.76%** | **Building Products–0.76%** | **Building Products–0.76%** |
| EMRLD Borrower L.P. (Copeland), <br> Incremental Term Loan B, -% <br> (TSFR3M + 2.50%), 08/04/2031<sup>(l)</sup> <br>|  | 1139261 | &nbsp;&nbsp; 1138856 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Cable & Satellite–0.47%** | **Cable & Satellite–0.47%** | **Cable & Satellite–0.47%** | **Cable & Satellite–0.47%** |
| CSC Holdings LLC, | CSC Holdings LLC, |  |  |
| Term Loan, 9.00% (1 mo. USD <br> LIBOR + 2.50%), 04/15/2027<br>|  | $395822 | &nbsp;&nbsp; $386141 |
| Term Loan B, 8.81% (1 mo. Term <br> SOFR + 4.50%), 01/15/2028<br>|  | 324171 | &nbsp;&nbsp; 320302 |
|  |  |  | &nbsp;&nbsp; 706443 |
| **Diversified REITs–0.44%** | **Diversified REITs–0.44%** | **Diversified REITs–0.44%** | **Diversified REITs–0.44%** |
| Cushman & Wakefield U.S. Borrower <br> LLC, Term Loan, 7.58% (1 mo. Term <br> SOFR + 3.25%), 01/31/2030<br>|  | 651880 | &nbsp;&nbsp; 656225 |
| **Health Care Services–0.52%** | **Health Care Services–0.52%** | **Health Care Services–0.52%** | **Health Care Services–0.52%** |
| MPH Acquisition Holdings LLC, Term <br> Loan, -% (3 mo. Term SOFR + <br> 3.75%), 12/31/2030<sup>(l)</sup> <br>|  | 793012 | &nbsp;&nbsp; 782703 |
| **Health Care Supplies–0.50%** | **Health Care Supplies–0.50%** | **Health Care Supplies–0.50%** | **Health Care Supplies–0.50%** |
| Bausch and Lomb, Inc., Term Loan, <br> 8.57%, 01/30/2031<br>|  | 750000 | &nbsp;&nbsp; 752348 |
| **Hotels, Resorts & Cruise Lines–0.25%** | **Hotels, Resorts & Cruise Lines–0.25%** | **Hotels, Resorts & Cruise Lines–0.25%** | **Hotels, Resorts & Cruise Lines–0.25%** |
| Carnival Corp., Term Loan B, -% <br> (TSFR1M + 2.00%), 10/18/2028<sup>(l)</sup> <br>|  | 375000 | &nbsp;&nbsp; 375761 |
| **Oil & Gas Storage & Transportation–0.49%** | **Oil & Gas Storage & Transportation–0.49%** | **Oil & Gas Storage & Transportation–0.49%** | **Oil & Gas Storage & Transportation–0.49%** |
| Prairie Acquiror L.P., Term Loan B, <br> 8.58% (1 mo. Term SOFR + <br> 4.25%), 08/01/2029<br>|  | 735715 | &nbsp;&nbsp; 741461 |
| **Passenger Airlines–0.30%** | **Passenger Airlines–0.30%** | **Passenger Airlines–0.30%** | **Passenger Airlines–0.30%** |
| AAdvantage Loyality IP Ltd. (American <br> Airlines, Inc.), Term Loan B, 7.58% <br> (TSFR3M + 3.25%), 05/07/2032<br>|  | 445000 | &nbsp;&nbsp; 448449 |
| **Pharmaceuticals–0.50%** | **Pharmaceuticals–0.50%** | **Pharmaceuticals–0.50%** | **Pharmaceuticals–0.50%** |
| Endo Finance Holdings, Inc., Term Loan <br> B, 8.33% (1 mo. Term SOFR + <br> 4.00%), 04/23/2031<br>|  | 744375 | &nbsp;&nbsp; 744840 |
| **Real Estate Development–0.51%** | **Real Estate Development–0.51%** | **Real Estate Development–0.51%** | **Real Estate Development–0.51%** |
| Greystar Real Estate Partners LLC, <br> Term Loan B, 7.05% (3 mo. Term <br> SOFR + 2.75%), 08/21/2030<sup>(i)</sup> <br>|  | 762274 | &nbsp;&nbsp; 765132 |
| Total Variable Rate Senior Loan Interests <br> (Cost $10,858,244) | Total Variable Rate Senior Loan Interests <br> (Cost $10,858,244) | Total Variable Rate Senior Loan Interests <br> (Cost $10,858,244) | &nbsp;&nbsp; 10932381 |
| **Non-U.S. Dollar Denominated Bonds & Notes–2.93%**<sup>(m)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.93%**<sup>(m)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.93%**<sup>(m)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes–2.93%**<sup>(m)</sup>  |
| **Automotive Parts & Equipment–0.24%** | **Automotive Parts & Equipment–0.24%** | **Automotive Parts & Equipment–0.24%** | **Automotive Parts & Equipment–0.24%** |
| Clarios Global L.P./Clarios US Finance <br> Co., 4.75%, 06/15/2031<sup>(b)</sup> <br>| EUR | 300000 | &nbsp;&nbsp; 355389 |
| **Cable & Satellite–0.75%** | **Cable & Satellite–0.75%** | **Cable & Satellite–0.75%** | **Cable & Satellite–0.75%** |
| Sunrise FinCo I B.V. (Netherlands), <br> 4.63%, 05/15/2032<sup>(b)</sup> <br>| EUR | 650000 | &nbsp;&nbsp; 773372 |
| Virgin Media O2 Vendor Financing <br> Notes V DAC (Ireland), 7.84%, <br> 03/15/2032<sup>(b)</sup> <br>| GBP | 250000 | &nbsp;&nbsp; 351665 |
|  |  |  | &nbsp;&nbsp; 1125037 |
| **Health Care Supplies–0.18%** | **Health Care Supplies–0.18%** | **Health Care Supplies–0.18%** | **Health Care Supplies–0.18%** |
| Bausch + Lomb Corp., 5.87% (3 mo. <br> EURIBOR + 3.88%), <br> 01/15/2031<sup>(b)(n)</sup> <br>| EUR | 225000 | &nbsp;&nbsp; 267199 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco V.I. High Yield Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Integrated Telecommunication Services–0.71%** | **Integrated Telecommunication Services–0.71%** | **Integrated Telecommunication Services–0.71%** | **Integrated Telecommunication Services–0.71%** |
| Altice France S.A. (France), 3.38%, <br> 01/15/2028<sup>(b)</sup> <br>| EUR | 275000 | &nbsp;&nbsp; $272032 |
| Eutelsat S.A. (France), 9.75%, <br> 04/13/2029<sup>(b)</sup> <br>| EUR | 625000 | &nbsp;&nbsp; 797123 |
|  |  |  | &nbsp;&nbsp; 1069155 |
| **Metal, Glass & Plastic Containers–0.52%** | **Metal, Glass & Plastic Containers–0.52%** | **Metal, Glass & Plastic Containers–0.52%** | **Metal, Glass & Plastic Containers–0.52%** |
| Ball Corp., 4.25%, 07/01/2032 | EUR | 660000 | &nbsp;&nbsp; 788458 |
| **Transaction & Payment Processing Services–0.53%** | **Transaction & Payment Processing Services–0.53%** | **Transaction & Payment Processing Services–0.53%** | **Transaction & Payment Processing Services–0.53%** |
| Shift4 Payments LLC/Shift4 Payments <br> Finance Sub, Inc., 5.50%, <br> 05/15/2033<sup>(b)</sup> <br>| EUR | 657000 | &nbsp;&nbsp; 802514 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $4,080,781) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $4,080,781) | Total Non-U.S. Dollar Denominated Bonds & Notes <br> (Cost $4,080,781) | &nbsp;&nbsp; 4407752 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Exchange-Traded Funds–0.26%** | **Exchange-Traded Funds–0.26%** | **Exchange-Traded Funds–0.26%** | **Exchange-Traded Funds–0.26%** |
| BondBloxx CCC-Rated USD High Yield <br> Corporate Bond ETF <br>(Cost $380,300)<sup>(d)</sup>  | BondBloxx CCC-Rated USD High Yield <br> Corporate Bond ETF <br>(Cost $380,300)<sup>(d)</sup>  | 10000 | &nbsp;&nbsp; 388200 |
| **Common Stocks & Other Equity Interests–0.02%** | **Common Stocks & Other Equity Interests–0.02%** | **Common Stocks & Other Equity Interests–0.02%** | **Common Stocks & Other Equity Interests–0.02%** |
| **Alternative Carriers–0.01%** | **Alternative Carriers–0.01%** | **Alternative Carriers–0.01%** | **Alternative Carriers–0.01%** |
| Lumen Technologies, Inc.<sup>(o)</sup>  | Lumen Technologies, Inc.<sup>(o)</sup>  | 5000 | &nbsp;&nbsp; 21900 |
| **Broadline Retail–0.01%** | **Broadline Retail–0.01%** | **Broadline Retail–0.01%** | **Broadline Retail–0.01%** |
| Americanas S.A. (Brazil)<sup>(o)</sup>  | Americanas S.A. (Brazil)<sup>(o)</sup>  | 7833 | &nbsp;&nbsp; 8174 |
| Americanas S.A., Wts., expiring <br> 03/19/2027 (Brazil)<sup>(o)</sup>  | Americanas S.A., Wts., expiring <br> 03/19/2027 (Brazil)<sup>(o)</sup>  | 2611 | &nbsp;&nbsp; 2643 |
|  |  |  | &nbsp;&nbsp; 10817 |
| **Casinos & Gaming–0.00%** | **Casinos & Gaming–0.00%** | **Casinos & Gaming–0.00%** | **Casinos & Gaming–0.00%** |
| Codere Online Luxembourg S.A., Wts., <br> expiring 10/15/2034 (Luxembourg)<sup>(i)</sup>  | Codere Online Luxembourg S.A., Wts., <br> expiring 10/15/2034 (Luxembourg)<sup>(i)</sup>  | 3 | &nbsp;&nbsp; 14 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Food Retail–0.00%** | **Food Retail–0.00%** | **Food Retail–0.00%** | **Food Retail–0.00%** |
| Casino Guichard-Perrachon S.A. (France)<sup>(o)</sup>  | Casino Guichard-Perrachon S.A. (France)<sup>(o)</sup>  | 3370 | &nbsp;&nbsp; $1652 |
| Casino Guichard-Perrachon S.A., Wts., <br> expiring 04/27/2029 (France)<sup>(o)</sup>  | Casino Guichard-Perrachon S.A., Wts., <br> expiring 04/27/2029 (France)<sup>(o)</sup>  | 184690 | &nbsp;&nbsp; 109 |
|  |  |  | &nbsp;&nbsp; 1761 |
| Total Common Stocks & Other Equity Interests <br> (Cost $66,102) | Total Common Stocks & Other Equity Interests <br> (Cost $66,102) | Total Common Stocks & Other Equity Interests <br> (Cost $66,102) | &nbsp;&nbsp; 34492 |
| **Money Market Funds–3.91%** | **Money Market Funds–3.91%** | **Money Market Funds–3.91%** | **Money Market Funds–3.91%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(p)(q)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(p)(q)</sup>  | 2058278 | &nbsp;&nbsp; 2058278 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(p)(q)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(p)(q)</sup>  | 3823855 | &nbsp;&nbsp; 3823855 |
| Total Money Market Funds (Cost $5,882,133) | Total Money Market Funds (Cost $5,882,133) | Total Money Market Funds (Cost $5,882,133) | &nbsp;&nbsp; 5882133 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.19% <br> (Cost $145,542,920)<br>|  |  | &nbsp;&nbsp; 149154034 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–5.45%** | **Money Market Funds–5.45%** | **Money Market Funds–5.45%** | **Money Market Funds–5.45%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(p)(q)(r)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(p)(q)(r)</sup>  | 2276287 | &nbsp;&nbsp; 2276287 |
| Invesco Private Prime Fund, 4.49%<sup>(p)(q)(r)</sup>  | Invesco Private Prime Fund, 4.49%<sup>(p)(q)(r)</sup>  | 5916773 | &nbsp;&nbsp; 5918548 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $8,194,314) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $8,194,314) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $8,194,314) | &nbsp;&nbsp; 8194835 |
| TOTAL INVESTMENTS IN SECURITIES–104.64% <br> (Cost $153,737,234) | TOTAL INVESTMENTS IN SECURITIES–104.64% <br> (Cost $153,737,234) | TOTAL INVESTMENTS IN SECURITIES–104.64% <br> (Cost $153,737,234) | &nbsp;&nbsp; 157348869 |
| OTHER ASSETS LESS LIABILITIES—(4.64)% | OTHER ASSETS LESS LIABILITIES—(4.64)% | OTHER ASSETS LESS LIABILITIES—(4.64)% | &nbsp;&nbsp; (6978455)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $150370414 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ETF | – Exchange-Traded Fund |
| EUR | – Euro |
| EURIBOR | – Euro Interbank Offered Rate |
| 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 |
| Wts. | – Warrants |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco V.I. High Yield Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. 

<sup>(b)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2025 was $111,061,032, which represented 73.86% of the Fund's Net Assets. 

<sup>(c)</sup> Restricted security. The aggregate value of these securities at June 30, 2025 was $263,996, which represented less than 1% of the Fund's Net Assets.

<sup>(d)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(e)</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>(f)</sup> Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

<sup>(g)</sup> Zero coupon bond issued at a discount.

<sup>(h)</sup> Perpetual bond with no specified maturity date.

<sup>(i)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(j)</sup> Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. 

<sup>(k)</sup> Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund's portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. 

<sup>(l)</sup> This variable rate interest will settle after June 30, 2025, at which time the interest rate will be determined.

<sup>(m)</sup> Foreign denominated security. Principal amount is denominated in the currency indicated.

<sup>(n)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2025.

<sup>(o)</sup> Non-income producing security.

<sup>(p)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| Invesco Short Term Treasury ETF\* | $- | &nbsp;&nbsp; $1583100 | &nbsp;&nbsp; $(1583656) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $556 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| 1236437 | &nbsp;&nbsp; 22346608 | &nbsp;&nbsp; (21524767) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2058278 | &nbsp;&nbsp; 35600 |
| Invesco Treasury Portfolio, Institutional Class | 2300069 | &nbsp;&nbsp; 41500842 | &nbsp;&nbsp; (39977056) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3823855 | &nbsp;&nbsp; 65684 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 1290 | &nbsp;&nbsp; 18254946 | &nbsp;&nbsp; (15979949) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2276287 | &nbsp;&nbsp; 25,382\*\* |
| Invesco Private Prime Fund | 2507 | &nbsp;&nbsp; 37822352 | &nbsp;&nbsp; (31906604) | &nbsp;&nbsp; 521 | (228) | &nbsp;&nbsp; 5918548 | &nbsp;&nbsp; 69,034\*\* |
| Total | $3540303 | &nbsp;&nbsp; $121507848 | &nbsp;&nbsp; $(110972032) | &nbsp;&nbsp; $521 | &nbsp;&nbsp; $328 | &nbsp;&nbsp; $14076968 | &nbsp;&nbsp; $195700 |

---

\* At June 30, 2025, this security was no longer an affiliate of the Fund.

\*\* 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 June 30, 2025.

<sup>(r)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1L. 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 07/31/2025 | Canadian Imperial Bank of Commerce | EUR | 1885000 | USD | 2129891 | &nbsp;&nbsp;&nbsp; $(94801)<br>|
| 07/31/2025 | Deutsche Bank AG | EUR | 549000 | USD | 626690 | &nbsp;&nbsp;&nbsp; (21244)<br>|
| 07/31/2025 | Goldman Sachs International | EUR | 225000 | USD | 256478 | &nbsp;&nbsp;&nbsp; (9069)<br>|
| 07/31/2025 | State Street Bank & Trust Co. | EUR | 900000 | USD | 1024648 | &nbsp;&nbsp;&nbsp; (37540)<br>|
| 07/31/2025 | State Street Bank & Trust Co. | GBP | 300000 | USD | 401383 | &nbsp;&nbsp;&nbsp; (10465)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $(173119)<br>|

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**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>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  |
| **Reference Entity** | &nbsp;&nbsp; **Buy/Sell** <br>**Protection**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Maturity Date** | **Implied** <br>**Credit** <br>**Spread**<sup>(b)</sup> <br>| **Notional Value** | **Notional Value** | **Upfront** <br>**Payments Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| Markit CDX North America High Yield Index, <br> Series 44, Version 1<br>| Sell | 5.00% | Quarterly | &nbsp;&nbsp; 06/20/2030 | 3.188% | USD | 4500000 | &nbsp;&nbsp; $301332 | &nbsp;&nbsp; $337766 | &nbsp;&nbsp; $36434 |

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $362,943 cash held with Bank of America.

<sup>(b)</sup> Implied credit spreads represent the current level, as of June 30, 2025, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. 

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| EUR | —Euro |
| GBP | —British Pound Sterling |
| USD | —U.S. Dollar |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**10**

**Invesco V.I. High Yield Fund**

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**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $139,660,787)\*<br>| &nbsp;&nbsp; $143271901 |
| Investments in affiliated money market funds, at value <br> (Cost $14,076,447)<br>| &nbsp;&nbsp; 14076968 |
| Other investments: |  |
| Variation margin receivable—centrally cleared swap <br> agreements<br>| &nbsp;&nbsp; 25680 |
| Deposits with brokers: |  |
| Cash collateral — centrally cleared swap agreements | &nbsp;&nbsp; 362943 |
| Cash | &nbsp;&nbsp; 79509 |
| Foreign currencies, at value (Cost $65,351) | &nbsp;&nbsp; 67010 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 6271200 |
| Fund shares sold | &nbsp;&nbsp; 101348 |
| Dividends | &nbsp;&nbsp; 22625 |
| Interest | &nbsp;&nbsp; 2378775 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 44690 |
| Other assets | &nbsp;&nbsp; 772 |
| Total assets | &nbsp;&nbsp; 166703421 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 173119 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 7475164 |
| Fund shares reacquired | &nbsp;&nbsp; 315335 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 8194314 |
| Accrued fees to affiliates | &nbsp;&nbsp; 98221 |
| Accrued other operating expenses | &nbsp;&nbsp; 28665 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 48189 |
| Total liabilities | &nbsp;&nbsp; 16333007 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $150370414 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $173830405 |
| Distributable earnings (loss) | &nbsp;&nbsp; (23459991)<br>|
|  | &nbsp;&nbsp; $150370414 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $31005217 |
| Series II | &nbsp;&nbsp; $119365197 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 6290289 |
| Series II | &nbsp;&nbsp; 24586108 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $4.93 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $4.85 |

---

\* At June 30, 2025, security with a value of $7,919,325 was on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest (net of foreign withholding taxes of $(2)) | &nbsp;&nbsp; $5341686 |
| Dividends | &nbsp;&nbsp; 129339 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $7,752)<br>| &nbsp;&nbsp; 109036 |
| Total investment income | &nbsp;&nbsp; 5580061 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 466745 |
| Administrative services fees | &nbsp;&nbsp; 123770 |
| Custodian fees | &nbsp;&nbsp; 9738 |
| Distribution fees - Series II | &nbsp;&nbsp; 146774 |
| Transfer agent fees | &nbsp;&nbsp; 3957 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 10016 |
| Reports to shareholders | &nbsp;&nbsp; 4438 |
| Professional services fees | &nbsp;&nbsp; 26359 |
| Other | &nbsp;&nbsp; 829 |
| Total expenses | &nbsp;&nbsp; 792626 |
| Less: Fees waived | &nbsp;&nbsp; (2991)<br>|
| Net expenses | &nbsp;&nbsp; 789635 |
| Net investment income | &nbsp;&nbsp; 4790426 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (1618928)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 328 |
| Foreign currencies | &nbsp;&nbsp; 55777 |
| Forward foreign currency contracts | &nbsp;&nbsp; (86305)<br>|
| Swap agreements | &nbsp;&nbsp; (224842)<br>|
|  | &nbsp;&nbsp; (1873970)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1899011 |
| Affiliated investment securities | &nbsp;&nbsp; 521 |
| Foreign currencies | &nbsp;&nbsp; 9047 |
| Forward foreign currency contracts | &nbsp;&nbsp; (230433)<br>|
| Swap agreements | &nbsp;&nbsp; 51940 |
|  | &nbsp;&nbsp; 1730086 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (143884)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $4646542 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**11**

**Invesco V.I. High Yield Fund**

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**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $4790426 | &nbsp;&nbsp; $9612338 |
| Net realized gain (loss) | &nbsp;&nbsp; (1873970)<br>| &nbsp;&nbsp; 1159649 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 1730086 | &nbsp;&nbsp; 254092 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 4646542 | &nbsp;&nbsp; 11026079 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (2248956)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (6372860)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (8621816)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (3244457)<br>| &nbsp;&nbsp; (1399567)<br>|
| Series II | &nbsp;&nbsp; (3181917)<br>| &nbsp;&nbsp; 9013164 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (6426374)<br>| &nbsp;&nbsp; 7613597 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (1779832)<br>| &nbsp;&nbsp; 10017860 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 152150246 | &nbsp;&nbsp; 142132386 |
| End of period | &nbsp;&nbsp; $150370414 | &nbsp;&nbsp; $152150246 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**12**

**Invesco V.I. High Yield Fund**

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**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $4.77 | $0.16 | $0.00 | $0.16 | $— | $4.93 | 3.35<br> %<br>| $31005 | 0.86 %<sup>(d)</sup><br>| 0.86 %<sup>(d)</sup><br>| 6.61 %<sup>(d)</sup><br>| 110<br> %<br>|
| Year ended 12/31/24 | 4.69 | 0.32 | 0.04 | 0.36 | (0.28)<br>| 4.77 | 7.73 | 33329 | 0.91 | 0.91 | 6.56 | 134 |
| Year ended 12/31/23 | 4.50 | 0.31 | 0.13 | 0.44 | (0.25)<br>| 4.69 | 10.18 | 34106 | 0.88 | 0.88 | 6.58 | 151 |
| Year ended 12/31/22 | 5.23 | 0.23 | (0.73)<br>| (0.50)<br>| (0.23)<br>| 4.50 | (9.55)<br>| 46466 | 0.86 | 0.86 | 4.92 | 89 |
| Year ended 12/31/21 | 5.26 | 0.20 | 0.03 | 0.23 | (0.26)<br>| 5.23 | 4.38 | 40989 | 0.94 | 0.94 | 3.83 | 103 |
| Year ended 12/31/20 | 5.41 | 0.28 | (0.12)<br>| 0.16 | (0.31)<br>| 5.26 | 3.32 | 44543 | 0.93 | 0.94 | 5.39 | 89 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 4.70 | 0.15 | 0.00 | 0.15 |  | 4.85 | 3.19 | 119365 | 1.11 <br><sup>(d)</sup><br>| 1.11 <br><sup>(d)</sup><br>| 6.36 <br><sup>(d)</sup><br>| 110 |
| Year ended 12/31/24 | 4.63 | 0.30 | 0.04 | 0.34 | (0.27)<br>| 4.70 | 7.37 | 118821 | 1.16 | 1.16 | 6.31 | 134 |
| Year ended 12/31/23 | 4.45 | 0.29 | 0.13 | 0.42 | (0.24)<br>| 4.63 | 9.77 | 108026 | 1.13 | 1.13 | 6.33 | 151 |
| Year ended 12/31/22 | 5.16 | 0.22 | (0.72)<br>| (0.50)<br>| (0.21)<br>| 4.45 | (9.55)<br>| 99637 | 1.11 | 1.11 | 4.67 | 89 |
| Year ended 12/31/21 | 5.20 | 0.19 | 0.02 | 0.21 | (0.25)<br>| 5.16 | 4.00 | 113869 | 1.19 | 1.19 | 3.58 | 103 |
| Year ended 12/31/20 | 5.36 | 0.26 | (0.12)<br>| 0.14 | (0.30)<br>| 5.20 | 2.90 | 103568 | 1.18 | 1.19 | 5.14 | 89 |

---

<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> Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**13**

**Invesco V.I. High Yield Fund**

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. High Yield Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is total return, comprised of current income and capital appreciation.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following policy.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or

**14**

**Invesco V.I. High Yield Fund**

------

other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

**K.** **Lower-Rated Securities** – The Fund normally invests at least 80% of its net assets in lower-quality debt securities, i.e., "junk bonds". Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors' claims.

**L.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by 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

**15**

**Invesco V.I. High Yield Fund**

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short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser fees for securities lending agent services, which were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**M.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**N.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**O.** **Swap Agreements** — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts ("CDS") for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter ("OTC") between two parties ("uncleared/ OTC") or, in some instances, must be transacted through a future commission merchant ("FCM") and cleared through a clearinghouse that serves as a central Counterparty ("centrally cleared swap"). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund's net asset value ("NAV") per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a "basket" of securities representing a particular index.

In a centrally cleared swap, the Fund's ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a Fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as "initial 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.

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**Invesco V.I. High Yield Fund**

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Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a "variation margin" amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the "par value", of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer "par value" or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund's maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund's exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

A total return swap is an agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income generated and capital gains, if any. The unrealized appreciation (depreciation) on total return swaps includes dividends on the underlying securities and financing rate payable from the Counterparty. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. 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 June 30, 2025, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

**P.** **Bank Loan Risk** — Although the resale, or secondary market for floating rate loans has grown substantially over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated interdealer or interbank resale market. Such a market may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may impair the Fund's ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk than an entity with which the Fund has unsettled or open transactions may fail to or be unable to perform on its commitments. The Fund seeks to manage counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

**Q.** **Other Risks** - The Fund invests in corporate loans from U.S. or non-U.S. companies (the "Borrowers"). The investment of the Fund in a corporate loan may take the form of participation interests or assignments. If the Fund purchases a participation interest from a syndicate of lenders ("Lenders") or one of the participants in the syndicate ("Participant"), one or more of which administers the loan on behalf of all the Lenders (the "Agent Bank"), the Fund would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Fund's rights against the Borrower but also for the receipt and processing of payments due to the Fund under the corporate loans. As such, the Fund is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Fund and a Borrower, together with Agent Banks, are referred to as "Intermediate Participants".

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities, when rates increase. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income

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**Invesco V.I. High Yield Fund**

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dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.625% |
| Next $300 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Over $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |

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For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.63%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I and Series II shares to 1.50% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $2,991.

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 six months ended June 30, 2025, Invesco was paid $11,856 for accounting and fund administrative services and was reimbursed $111,914 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

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**Invesco V.I. High Yield Fund**

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The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $127509076 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $127509076 |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10167249 | &nbsp;&nbsp;&nbsp;&nbsp; 765132 | &nbsp;&nbsp;&nbsp;&nbsp; 10932381 |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4407752 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4407752 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 388200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 388200 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 32826 | &nbsp;&nbsp;&nbsp;&nbsp; 1652 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 34492 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 5882133 | &nbsp;&nbsp;&nbsp;&nbsp; 8194835 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14076968 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 6303159 | &nbsp;&nbsp;&nbsp;&nbsp; 150280564 | &nbsp;&nbsp;&nbsp;&nbsp; 765146 | &nbsp;&nbsp;&nbsp;&nbsp; 157348869 |
| **Other Investments - Assets\*** |  |  |  |  |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36434 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36434 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (173119)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (173119)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (136685)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (136685)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $6303159 | &nbsp;&nbsp;&nbsp;&nbsp; $150143879 | &nbsp;&nbsp;&nbsp;&nbsp; $765146 | &nbsp;&nbsp;&nbsp;&nbsp; $157212184 |

---

\* 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 June 30, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Credit** <br>**Risk**<br>|
| Unrealized appreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $36434 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (36434)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $(173119)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(173119)<br>|

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp; $(94801)<br>| &nbsp;&nbsp;&nbsp; $(94801)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(94801)<br>|
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp; (21244)<br>| &nbsp;&nbsp;&nbsp; (21244)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (21244)<br>|
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; (9069)<br>| &nbsp;&nbsp;&nbsp; (9069)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9069)<br>|
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; (48005)<br>| &nbsp;&nbsp;&nbsp; (48005)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (48005)<br>|
| Total | &nbsp;&nbsp;&nbsp; $(173119)<br>| &nbsp;&nbsp;&nbsp; $(173119)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(173119)<br>|

---

**19**

**Invesco V.I. High Yield Fund**

------

**Effect of Derivative Investments for the six months ended June 30, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(86305)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $(86305)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (192116)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (32726)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (224842)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (230433)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (230433)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; 49337 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 2603 | &nbsp;&nbsp;&nbsp;&nbsp; 51940 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(142779)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(316738)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(30123)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(489640)<br>|

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Swap** <br>**Agreements**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $2862914 | &nbsp;&nbsp;&nbsp;&nbsp; $4500000 |

---

**NOTE 5—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 6—Cash Balances**

The Fund 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.

**NOTE 7—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 had a capital loss carryforward as of December 31, 2024, 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; $8301363 | &nbsp;&nbsp;&nbsp;&nbsp; $31527696 | &nbsp;&nbsp;&nbsp;&nbsp; $39829059 |

---

\*

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 six months ended June 30, 2025 was $160,931,757 and $164,725,021, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3887382 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (666399)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3220983 |

---

Cost of investments for tax purposes is $153,991,201.

**20**

**Invesco V.I. High Yield Fund**

------

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 2110961 | &nbsp;&nbsp;&nbsp; $10153971 | &nbsp;&nbsp;&nbsp; 3378878 | &nbsp;&nbsp;&nbsp; $16141544 |
| Series II | &nbsp;&nbsp;&nbsp; 1504052 | &nbsp;&nbsp;&nbsp; 7127461 | &nbsp;&nbsp;&nbsp; 2871640 | &nbsp;&nbsp;&nbsp; 13645590 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 474463 | &nbsp;&nbsp;&nbsp; 2248956 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1361722 | &nbsp;&nbsp;&nbsp; 6372860 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (2807719)<br>| &nbsp;&nbsp;&nbsp; (13398428)<br>| &nbsp;&nbsp;&nbsp; (4141510)<br>| &nbsp;&nbsp;&nbsp; (19790067)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (2175588)<br>| &nbsp;&nbsp;&nbsp; (10309378)<br>| &nbsp;&nbsp;&nbsp; (2315854)<br>| &nbsp;&nbsp;&nbsp; (11005286)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1368294)<br>| &nbsp;&nbsp;&nbsp; $(6426374)<br>| &nbsp;&nbsp;&nbsp; 1629339 | &nbsp;&nbsp;&nbsp; $7613597 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 73% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**21**

**Invesco V.I. High Yield Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. High Yield Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index (Index). The Board noted that performance of Series I shares of the Fund was in the third quintile of its performance universe for the one and three year periods and the fourth quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results.

**22**

**Invesco V.I. High Yield Fund**

------

The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were reasonably comparable to and the same as, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products and components of the Fund's total expenses driving expenses relative to peers. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to

the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.&nbsp;&nbsp;&nbsp;&nbsp;

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The

Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through "soft dollar" arrangements to any significant degree.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco

**23**

**Invesco V.I. High Yield Fund**

------

Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**24**

**Invesco V.I. High Yield Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**25**

**Invesco V.I. High Yield Fund**

------

![](img7d5ecd3e1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. Main Street Fund**<sup>®</sup>

------

---

| | |
|:---|:---|
| [2](#xx_301767b8-4a9b-4870-afd4-aca591f83fe0_SOI-Continued-720_1) | Schedule of Investments |
| [5](#xx_301767b8-4a9b-4870-afd4-aca591f83fe0_FS-Continued-720_1) | Financial Statements |
| [7](#xx_301767b8-4a9b-4870-afd4-aca591f83fe0_FS-Continued-720_3) | Financial Highlights |
| [8](#xx_301767b8-4a9b-4870-afd4-aca591f83fe0_NTF-Continued-720_1) | Notes to Financial Statements |
| [13](#xx_301767b8-4a9b-4870-afd4-aca591f83fe0_AOC-Continued-720_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [16](#xx_301767b8-4a9b-4870-afd4-aca591f83fe0_OIRSR-Continued-720_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

O-VIMST-NCSRS

------

**Schedule of Investments**<sup>(a)</sup> 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–100.00%** | **Common Stocks & Other Equity Interests–100.00%** | **Common Stocks & Other Equity Interests–100.00%** |
| **Aerospace & Defense–2.75%** | **Aerospace & Defense–2.75%** | **Aerospace & Defense–2.75%** |
| Airbus S.E. (France) | 35546 | &nbsp;&nbsp; $7436247 |
| General Electric Co. | 54792 | &nbsp;&nbsp; 14102913 |
|  |  | &nbsp;&nbsp; 21539160 |
| **Application Software–1.82%** | **Application Software–1.82%** | **Application Software–1.82%** |
| Intuit, Inc. | 7298 | &nbsp;&nbsp; 5748124 |
| Salesforce, Inc. | 24546 | &nbsp;&nbsp; 6693449 |
| Tyler Technologies, Inc.<sup>(b)</sup>  | 3115 | &nbsp;&nbsp; 1846696 |
|  |  | &nbsp;&nbsp; 14288269 |
| **Automobile Manufacturers–0.41%** | **Automobile Manufacturers–0.41%** | **Automobile Manufacturers–0.41%** |
| Tesla, Inc.<sup>(b)</sup>  | 10196 | &nbsp;&nbsp; 3238861 |
| **Automotive Retail–0.49%** | **Automotive Retail–0.49%** | **Automotive Retail–0.49%** |
| Valvoline, Inc.<sup>(b)</sup>  | 101255 | &nbsp;&nbsp; 3834527 |
| **Biotechnology–0.64%** | **Biotechnology–0.64%** | **Biotechnology–0.64%** |
| Gilead Sciences, Inc. | 26507 | &nbsp;&nbsp; 2938831 |
| Natera, Inc.<sup>(b)</sup>  | 12507 | &nbsp;&nbsp; 2112933 |
|  |  | &nbsp;&nbsp; 5051764 |
| **Broadline Retail–5.14%** | **Broadline Retail–5.14%** | **Broadline Retail–5.14%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 183612 | &nbsp;&nbsp; 40282637 |
| **Construction Materials–1.27%** | **Construction Materials–1.27%** | **Construction Materials–1.27%** |
| CRH PLC | 108288 | &nbsp;&nbsp; 9940838 |
| **Consumer Finance–2.14%** | **Consumer Finance–2.14%** | **Consumer Finance–2.14%** |
| American Express Co. | 35599 | &nbsp;&nbsp; 11355369 |
| Capital One Financial Corp. | 25311 | &nbsp;&nbsp; 5385168 |
|  |  | &nbsp;&nbsp; 16740537 |
| **Consumer Staples Merchandise Retail–1.74%** | **Consumer Staples Merchandise Retail–1.74%** | **Consumer Staples Merchandise Retail–1.74%** |
| Walmart, Inc. | 139468 | &nbsp;&nbsp; 13637181 |
| **Diversified Banks–3.89%** | **Diversified Banks–3.89%** | **Diversified Banks–3.89%** |
| Citigroup, Inc. | 103658 | &nbsp;&nbsp; 8823369 |
| JPMorgan Chase & Co. | 74607 | &nbsp;&nbsp; 21629315 |
|  |  | &nbsp;&nbsp; 30452684 |
| **Diversified Financial Services–1.39%** | **Diversified Financial Services–1.39%** | **Diversified Financial Services–1.39%** |
| Equitable Holdings, Inc. | 194058 | &nbsp;&nbsp; 10886654 |
| **Electric Utilities–1.30%** | **Electric Utilities–1.30%** | **Electric Utilities–1.30%** |
| Constellation Energy Corp. | 8945 | &nbsp;&nbsp; 2887088 |
| PPL Corp. | 215019 | &nbsp;&nbsp; 7286994 |
|  |  | &nbsp;&nbsp; 10174082 |
| **Electrical Components & Equipment–1.60%** | **Electrical Components & Equipment–1.60%** | **Electrical Components & Equipment–1.60%** |
| Emerson Electric Co. | 29153 | &nbsp;&nbsp; 3886969 |
| Hubbell, Inc.<sup>(c)</sup>  | 21085 | &nbsp;&nbsp; 8611325 |
|  |  | &nbsp;&nbsp; 12498294 |
| **Gas Utilities–1.13%** | **Gas Utilities–1.13%** | **Gas Utilities–1.13%** |
| Atmos Energy Corp. | 57667 | &nbsp;&nbsp; 8887061 |
| **Health Care Distributors–0.98%** | **Health Care Distributors–0.98%** | **Health Care Distributors–0.98%** |
| Cencora, Inc. | 25620 | &nbsp;&nbsp; 7682157 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Health Care Equipment–3.27%** | **Health Care Equipment–3.27%** | **Health Care Equipment–3.27%** |
| Boston Scientific Corp.<sup>(b)</sup>  | 93840 | &nbsp;&nbsp; $10079355 |
| Medtronic PLC | 120094 | &nbsp;&nbsp; 10468594 |
| Zimmer Biomet Holdings, Inc.<sup>(c)</sup>  | 55697 | &nbsp;&nbsp; 5080123 |
|  |  | &nbsp;&nbsp; 25628072 |
| **Health Care Facilities–0.61%** | **Health Care Facilities–0.61%** | **Health Care Facilities–0.61%** |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 27146 | &nbsp;&nbsp; 4777696 |
| **Health Care Services–1.07%** | **Health Care Services–1.07%** | **Health Care Services–1.07%** |
| CVS Health Corp. | 121339 | &nbsp;&nbsp; 8369964 |
| **Health Care Supplies–1.00%** | **Health Care Supplies–1.00%** | **Health Care Supplies–1.00%** |
| Alcon AG | 40220 | &nbsp;&nbsp; 3550621 |
| Cooper Cos., Inc. (The)<sup>(b)</sup>  | 60499 | &nbsp;&nbsp; 4305109 |
|  |  | &nbsp;&nbsp; 7855730 |
| **Home Improvement Retail–0.42%** | **Home Improvement Retail–0.42%** | **Home Improvement Retail–0.42%** |
| Lowe's Cos., Inc. | 14858 | &nbsp;&nbsp; 3296544 |
| **Homebuilding–0.40%** | **Homebuilding–0.40%** | **Homebuilding–0.40%** |
| D.R. Horton, Inc. | 24268 | &nbsp;&nbsp; 3128631 |
| **Hotels, Resorts & Cruise Lines–1.04%** | **Hotels, Resorts & Cruise Lines–1.04%** | **Hotels, Resorts & Cruise Lines–1.04%** |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup>  | 26028 | &nbsp;&nbsp; 8150408 |
| **Household Products–0.73%** | **Household Products–0.73%** | **Household Products–0.73%** |
| Procter & Gamble Co. (The) | 35664 | &nbsp;&nbsp; 5681988 |
| **Human Resource & Employment Services–0.46%** | **Human Resource & Employment Services–0.46%** | **Human Resource & Employment Services–0.46%** |
| Paylocity Holding Corp.<sup>(b)</sup>  | 19928 | &nbsp;&nbsp; 3610754 |
| **Industrial Machinery & Supplies & Components–1.90%** | **Industrial Machinery & Supplies & Components–1.90%** | **Industrial Machinery & Supplies & Components–1.90%** |
| Otis Worldwide Corp. | 84951 | &nbsp;&nbsp; 8411848 |
| Parker-Hannifin Corp. | 9281 | &nbsp;&nbsp; 6482500 |
|  |  | &nbsp;&nbsp; 14894348 |
| **Industrial REITs–1.35%** | **Industrial REITs–1.35%** | **Industrial REITs–1.35%** |
| Prologis, Inc. | 100950 | &nbsp;&nbsp; 10611864 |
| **Insurance Brokers–1.08%** | **Insurance Brokers–1.08%** | **Insurance Brokers–1.08%** |
| Arthur J. Gallagher & Co. | 26509 | &nbsp;&nbsp; 8486061 |
| **Integrated Oil & Gas–2.31%** | **Integrated Oil & Gas–2.31%** | **Integrated Oil & Gas–2.31%** |
| Chevron Corp. | 72871 | &nbsp;&nbsp; 10434398 |
| Suncor Energy, Inc. (Canada) | 204731 | &nbsp;&nbsp; 7667176 |
|  |  | &nbsp;&nbsp; 18101574 |
| **Integrated Telecommunication Services–1.57%** | **Integrated Telecommunication Services–1.57%** | **Integrated Telecommunication Services–1.57%** |
| AT&T, Inc. | 426262 | &nbsp;&nbsp; 12336022 |
| **Interactive Media & Services–6.64%** | **Interactive Media & Services–6.64%** | **Interactive Media & Services–6.64%** |
| Alphabet, Inc., Class A | 148090 | &nbsp;&nbsp; 26097901 |
| Meta Platforms, Inc., Class A | 35076 | &nbsp;&nbsp; 25889245 |
|  |  | &nbsp;&nbsp; 51987146 |
| **Internet Services & Infrastructure–0.45%** | **Internet Services & Infrastructure–0.45%** | **Internet Services & Infrastructure–0.45%** |
| MongoDB, Inc.<sup>(b)</sup>  | 9593 | &nbsp;&nbsp; 2014434 |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 6721 | &nbsp;&nbsp; 1503958 |
|  |  | &nbsp;&nbsp; 3518392 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco V.I. Main Street Fund**<sup>®</sup>

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investment Banking & Brokerage–1.84%** | **Investment Banking & Brokerage–1.84%** | **Investment Banking & Brokerage–1.84%** |
| Charles Schwab Corp. (The) | 157844 | &nbsp;&nbsp; $14401687 |
| **Life Sciences Tools & Services–1.21%** | **Life Sciences Tools & Services–1.21%** | **Life Sciences Tools & Services–1.21%** |
| Lonza Group AG (Switzerland) | 13221 | &nbsp;&nbsp; 9455176 |
| **Movies & Entertainment–0.81%** | **Movies & Entertainment–0.81%** | **Movies & Entertainment–0.81%** |
| Walt Disney Co. (The) | 51482 | &nbsp;&nbsp; 6384283 |
| **Multi-line Insurance–1.52%** | **Multi-line Insurance–1.52%** | **Multi-line Insurance–1.52%** |
| American International Group, Inc. | 139074 | &nbsp;&nbsp; 11903344 |
| **Multi-Utilities–0.44%** | **Multi-Utilities–0.44%** | **Multi-Utilities–0.44%** |
| Ameren Corp. | 35895 | &nbsp;&nbsp; 3447356 |
| **Oil & Gas Storage & Transportation–0.90%** | **Oil & Gas Storage & Transportation–0.90%** | **Oil & Gas Storage & Transportation–0.90%** |
| Cheniere Energy, Inc. | 28876 | &nbsp;&nbsp; 7031884 |
| **Passenger Ground Transportation–1.57%** | **Passenger Ground Transportation–1.57%** | **Passenger Ground Transportation–1.57%** |
| Uber Technologies, Inc.<sup>(b)</sup>  | 132212 | &nbsp;&nbsp; 12335380 |
| **Pharmaceuticals–1.50%** | **Pharmaceuticals–1.50%** | **Pharmaceuticals–1.50%** |
| AstraZeneca PLC, ADR (United Kingdom) | 38227 | &nbsp;&nbsp; 2671303 |
| Eli Lilly and Co. | 11618 | &nbsp;&nbsp; 9056579 |
|  |  | &nbsp;&nbsp; 11727882 |
| **Restaurants–0.86%** | **Restaurants–0.86%** | **Restaurants–0.86%** |
| McDonald's Corp. | 23059 | &nbsp;&nbsp; 6737148 |
| **Semiconductor Materials & Equipment–0.81%** | **Semiconductor Materials & Equipment–0.81%** | **Semiconductor Materials & Equipment–0.81%** |
| ASML Holding N.V., New York Shares <br> (Netherlands) | 7954 | &nbsp;&nbsp; 6374256 |
| **Semiconductors–12.08%** | **Semiconductors–12.08%** | **Semiconductors–12.08%** |
| Broadcom, Inc. | 83815 | &nbsp;&nbsp; 23103605 |
| NVIDIA Corp. | 403549 | &nbsp;&nbsp; 63756707 |
| Texas Instruments, Inc. | 37631 | &nbsp;&nbsp; 7812948 |
|  |  | &nbsp;&nbsp; 94673260 |
| **Soft Drinks & Non-alcoholic Beverages–0.53%** | **Soft Drinks & Non-alcoholic Beverages–0.53%** | **Soft Drinks & Non-alcoholic Beverages–0.53%** |
| Keurig Dr Pepper, Inc. | 125619 | &nbsp;&nbsp; 4152964 |
| **Specialty Chemicals–0.78%** | **Specialty Chemicals–0.78%** | **Specialty Chemicals–0.78%** |
| DuPont de Nemours, Inc. | 88990 | &nbsp;&nbsp; 6103824 |
| **Systems Software–12.18%** | **Systems Software–12.18%** | **Systems Software–12.18%** |
| Microsoft Corp. | 142976 | &nbsp;&nbsp; 71117692 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** |
| Oracle Corp. | Oracle Corp. | 59482 | &nbsp;&nbsp; $13004550 |
| ServiceNow, Inc.<sup>(b)</sup>  | ServiceNow, Inc.<sup>(b)</sup>  | 10971 | &nbsp;&nbsp; 11279066 |
|  |  |  | &nbsp;&nbsp; 95401308 |
| **Technology Hardware, Storage & Peripherals–5.42%** | **Technology Hardware, Storage & Peripherals–5.42%** | **Technology Hardware, Storage & Peripherals–5.42%** | **Technology Hardware, Storage & Peripherals–5.42%** |
| Apple, Inc. | Apple, Inc. | 206956 | &nbsp;&nbsp; 42461163 |
| **Telecom Tower REITs–0.67%** | **Telecom Tower REITs–0.67%** | **Telecom Tower REITs–0.67%** | **Telecom Tower REITs–0.67%** |
| American Tower Corp. | American Tower Corp. | 23698 | &nbsp;&nbsp; 5237732 |
| **Tobacco–2.41%** | **Tobacco–2.41%** | **Tobacco–2.41%** | **Tobacco–2.41%** |
| Philip Morris International, Inc. (Switzerland) | Philip Morris International, Inc. (Switzerland) | 103821 | &nbsp;&nbsp; 18908919 |
| **Transaction & Payment Processing Services–3.48%** | **Transaction & Payment Processing Services–3.48%** | **Transaction & Payment Processing Services–3.48%** | **Transaction & Payment Processing Services–3.48%** |
| Fiserv, Inc.<sup>(b)</sup>  | Fiserv, Inc.<sup>(b)</sup>  | 67572 | &nbsp;&nbsp; 11650088 |
| Mastercard, Inc., Class A | Mastercard, Inc., Class A | 27791 | &nbsp;&nbsp; 15616875 |
|  |  |  | &nbsp;&nbsp; 27266963 |
| Total Common Stocks & Other Equity Interests <br> (Cost $483,437,121) | Total Common Stocks & Other Equity Interests <br> (Cost $483,437,121) | Total Common Stocks & Other Equity Interests <br> (Cost $483,437,121) | &nbsp;&nbsp; 783574429 |
| **Money Market Funds–0.11%** | **Money Market Funds–0.11%** | **Money Market Funds–0.11%** | **Money Market Funds–0.11%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 295599 | &nbsp;&nbsp; 295599 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 548970 | &nbsp;&nbsp; 548970 |
| Total Money Market Funds (Cost $844,569) | Total Money Market Funds (Cost $844,569) | Total Money Market Funds (Cost $844,569) | &nbsp;&nbsp; 844569 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.11% <br> (Cost $484,281,690)<br>|  |  | &nbsp;&nbsp; 784418998 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–2.51%** | **Money Market Funds–2.51%** | **Money Market Funds–2.51%** | **Money Market Funds–2.51%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 5462455 | &nbsp;&nbsp; 5462455 |
| Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | 14194362 | &nbsp;&nbsp; 14198620 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $19,659,707) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $19,659,707) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $19,659,707) | &nbsp;&nbsp; 19661075 |
| TOTAL INVESTMENTS IN SECURITIES–102.62% <br> (Cost $503,941,397) | TOTAL INVESTMENTS IN SECURITIES–102.62% <br> (Cost $503,941,397) | TOTAL INVESTMENTS IN SECURITIES–102.62% <br> (Cost $503,941,397) | &nbsp;&nbsp; 804080073 |
| OTHER ASSETS LESS LIABILITIES—(2.62)% | OTHER ASSETS LESS LIABILITIES—(2.62)% | OTHER ASSETS LESS LIABILITIES—(2.62)% | &nbsp;&nbsp; (20543264)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $783536809 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco V.I. 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 June 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $1612411 | &nbsp;&nbsp; $26922797 | &nbsp;&nbsp; $(28239609) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $295599 | &nbsp;&nbsp; $31748 |
| Invesco Treasury Portfolio, Institutional Class | 2994479 | &nbsp;&nbsp; 49999481 | &nbsp;&nbsp; (52444990) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 548970 | &nbsp;&nbsp; 58527 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 939637 | &nbsp;&nbsp; 81426145 | &nbsp;&nbsp; (76903327) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5462455 | &nbsp;&nbsp; 89,819\* |
| Invesco Private Prime Fund | 2491576 | &nbsp;&nbsp; 169628121 | &nbsp;&nbsp; (157921896) | &nbsp;&nbsp; 1368 | (549) | &nbsp;&nbsp; 14198620 | &nbsp;&nbsp; 239,391\* |
| Total | $8038103 | &nbsp;&nbsp; $327976544 | &nbsp;&nbsp; $(315509822) | &nbsp;&nbsp; $1368 | &nbsp;&nbsp; $(549) | &nbsp;&nbsp; $20505644 | &nbsp;&nbsp; $419485 |

---

\* 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 June 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco V.I. Main Street Fund**<sup>®</sup>

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $483,437,121)\*<br>| &nbsp;&nbsp; $783574429 |
| Investments in affiliated money market funds, at value <br> (Cost $20,504,276)<br>| &nbsp;&nbsp; 20505644 |
| Cash | &nbsp;&nbsp; 832923 |
| Foreign currencies, at value (Cost $151) | &nbsp;&nbsp; 149 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 148228 |
| Dividends | &nbsp;&nbsp; 480696 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 142874 |
| Other assets | &nbsp;&nbsp; 259 |
| Total assets | &nbsp;&nbsp; 805685202 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 1943137 |
| Due to broker | &nbsp;&nbsp; 12708 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 19659707 |
| Accrued fees to affiliates | &nbsp;&nbsp; 372357 |
| Accrued other operating expenses | &nbsp;&nbsp; 17610 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 142874 |
| Total liabilities | &nbsp;&nbsp; 22148393 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $783536809 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $408182775 |
| Distributable earnings | &nbsp;&nbsp; 375354034 |
|  | &nbsp;&nbsp; $783536809 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $379638725 |
| Series II | &nbsp;&nbsp; $403898084 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 17329229 |
| Series II | &nbsp;&nbsp; 19020439 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $21.91 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $21.23 |

---

\* At June 30, 2025, securities with an aggregate value of $19,378,958 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $53,975) | &nbsp;&nbsp; $4514833 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $12,784)<br>| &nbsp;&nbsp; 103059 |
| Total investment income | &nbsp;&nbsp; 4617892 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 2589554 |
| Administrative services fees | &nbsp;&nbsp; 548653 |
| Custodian fees | &nbsp;&nbsp; 4087 |
| Distribution fees - Series II | &nbsp;&nbsp; 480654 |
| Transfer agent fees | &nbsp;&nbsp; 20910 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 12344 |
| Reports to shareholders | &nbsp;&nbsp; 4402 |
| Professional services fees | &nbsp;&nbsp; 20905 |
| Other | &nbsp;&nbsp; 4543 |
| Total expenses | &nbsp;&nbsp; 3686052 |
| Less: Fees waived | &nbsp;&nbsp; (220553)<br>|
| Net expenses | &nbsp;&nbsp; 3465499 |
| Net investment income | &nbsp;&nbsp; 1152393 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 31266592 |
| Affiliated investment securities | &nbsp;&nbsp; (549)<br>|
| Foreign currencies | &nbsp;&nbsp; 11491 |
|  | &nbsp;&nbsp; 31277534 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 20289892 |
| Affiliated investment securities | &nbsp;&nbsp; 1368 |
| Foreign currencies | &nbsp;&nbsp; 4143 |
|  | &nbsp;&nbsp; 20295403 |
| Net realized and unrealized gain | &nbsp;&nbsp; 51572937 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $52725330 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco V.I. Main Street Fund**<sup>®</sup>

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**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $1152393 | &nbsp;&nbsp; $2986783 |
| Net realized gain | &nbsp;&nbsp; 31277534 | &nbsp;&nbsp; 47610051 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 20295403 | &nbsp;&nbsp; 102656147 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 52725330 | &nbsp;&nbsp; 153252981 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (36859506)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (41185034)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (78044540)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (26006352)<br>| &nbsp;&nbsp; (6675941)<br>|
| Series II | &nbsp;&nbsp; (28982568)<br>| &nbsp;&nbsp; 49608254 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (54988920)<br>| &nbsp;&nbsp; 42932313 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (2263590)<br>| &nbsp;&nbsp; 118140754 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 785800399 | &nbsp;&nbsp; 667659645 |
| End of period | &nbsp;&nbsp; $783536809 | &nbsp;&nbsp; $785800399 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco V.I. Main Street Fund**<sup>®</sup>

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**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $20.41 | $0.04 | $1.46 | $1.50 | $— | $— | $— | $21.91 | 7.35<br> %<br>| &nbsp;&nbsp; $379639 | 0.80 %<sup>(d)</sup><br>| 0.86 %<sup>(d)</sup><br>| 0.44 %<sup>(d)</sup><br>| 25<br> %<br>|
| Year ended 12/31/24 | 18.22 | 0.11 | 4.20 | 4.31 |  | (2.12)<br>| (2.12)<br>| 20.41 | 23.65 | &nbsp;&nbsp; 379900 | 0.80 | 0.87 | 0.53 | 50 |
| Year ended 12/31/23 | 16.12 | 0.12 | 3.40 | 3.52 | (0.16)<br>| (1.26)<br>| (1.42)<br>| 18.22 | 23.22 | &nbsp;&nbsp; 344992 | 0.80 | 0.87 | 0.66 | 63 |
| Year ended 12/31/22 | 35.83 | 0.20 | (7.70)<br>| (7.50)<br>| (0.46)<br>| (11.75)<br>| (12.21)<br>| 16.12 | (20.13)<br>| &nbsp;&nbsp; 312361 | 0.80 | 0.86 | 0.74 | 58 |
| Year ended 12/31/21 | 29.91 | 0.25 | 7.93 | 8.18 | (0.25)<br>| (2.01)<br>| (2.26)<br>| 35.83 | 27.57 | &nbsp;&nbsp; 428274 | 0.79 | 0.79 | 0.73 | 55 |
| Year ended 12/31/20 | 29.44 | 0.22 | 3.63 | 3.85 | (0.45)<br>| (2.93)<br>| (3.38)<br>| 29.91 | 13.94 | &nbsp;&nbsp; 505877 | 0.80 | 0.84 | 0.78 | 46 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 19.81 | 0.02 | 1.40 | 1.42 |  |  |  | 21.23 | 7.17 | &nbsp;&nbsp; 403898 | 1.05 <br><sup>(d)</sup><br>| 1.11 <br><sup>(d)</sup><br>| 0.19 <br><sup>(d)</sup><br>| 25 |
| Year ended 12/31/24 | 17.77 | 0.06 | 4.10 | 4.16 |  | (2.12)<br>| (2.12)<br>| 19.81 | 23.39 | &nbsp;&nbsp; 405901 | 1.05 | 1.12 | 0.28 | 50 |
| Year ended 12/31/23 | 15.74 | 0.07 | 3.31 | 3.38 | (0.09)<br>| (1.26)<br>| (1.35)<br>| 17.77 | 22.83 | &nbsp;&nbsp; 322668 | 1.05 | 1.12 | 0.41 | 63 |
| Year ended 12/31/22 | 35.28 | 0.13 | (7.58)<br>| (7.45)<br>| (0.34)<br>| (11.75)<br>| (12.09)<br>| 15.74 | (20.31)<br>| &nbsp;&nbsp; 384741 | 1.05 | 1.11 | 0.49 | 58 |
| Year ended 12/31/21 | 29.49 | 0.16 | 7.82 | 7.98 | (0.18)<br>| (2.01)<br>| (2.19)<br>| 35.28 | 27.28 | &nbsp;&nbsp; 592530 | 1.04 | 1.04 | 0.48 | 55 |
| Year ended 12/31/20 | 29.05 | 0.15 | 3.57 | 3.72 | (0.35)<br>| (2.93)<br>| (3.28)<br>| 29.49 | 13.65 | &nbsp;&nbsp; 596736 | 1.05 | 1.09 | 0.53 | 46 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America. Total returns are not annualized for periods less than one year, if applicable and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco V.I. Main Street Fund**<sup>®</sup>

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. Main Street Fund<sup>®</sup> (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is to seek capital appreciation.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**8**

**Invesco V.I. Main Street Fund**<sup>®</sup>

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**9**

**Invesco V.I. Main Street Fund**<sup>®</sup>

------

compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $1,244 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**K.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**L.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| Up to $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.560% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.69%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least April 30, 2026, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I and Series II shares to 0.80% and 1.05%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense

**10**

**Invesco V.I. Main Street Fund**<sup>®</sup>

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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, 2026. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.To the extent that the annualized ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $220,553.

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 six months ended June 30, 2025, Invesco was paid $53,505 for accounting and fund administrative services and was reimbursed $495,148 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $766683006 | &nbsp;&nbsp;&nbsp;&nbsp; $16891423 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $783574429 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 844569 | &nbsp;&nbsp;&nbsp;&nbsp; 19661075 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20505644 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $767527575 | &nbsp;&nbsp;&nbsp;&nbsp; $36552498 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $804080073 |

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**NOTE 4—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 5—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**11**

**Invesco V.I. Main Street Fund**<sup>®</sup>

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**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $186,882,965 and $232,914,138, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $300967978 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (6536172)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $294431806 |

---

Cost of investments for tax purposes is $509,648,267.

**NOTE 8—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 128302 | &nbsp;&nbsp;&nbsp; $2583944 | &nbsp;&nbsp;&nbsp; 329367 | &nbsp;&nbsp;&nbsp; $6827535 |
| Series II | &nbsp;&nbsp;&nbsp; 1161730 | &nbsp;&nbsp;&nbsp; 22662915 | &nbsp;&nbsp;&nbsp; 4691085 | &nbsp;&nbsp;&nbsp; 96860077 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1802421 | &nbsp;&nbsp;&nbsp; 36859506 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2073768 | &nbsp;&nbsp;&nbsp; 41185032 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (1412553)<br>| &nbsp;&nbsp;&nbsp; (28590296)<br>| &nbsp;&nbsp;&nbsp; (2453913)<br>| &nbsp;&nbsp;&nbsp; (50362982)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (2633000)<br>| &nbsp;&nbsp;&nbsp; (51645483)<br>| &nbsp;&nbsp;&nbsp; (4426174)<br>| &nbsp;&nbsp;&nbsp; (88436855)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (2755521)<br>| &nbsp;&nbsp;&nbsp; $(54988920)<br>| &nbsp;&nbsp;&nbsp; 2016554 | &nbsp;&nbsp;&nbsp; $42932313 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 73% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**12**

**Invesco V.I. Main Street Fund**<sup>®</sup>

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Main Street Fund's<sup>®</sup> (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The

Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back

office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the S&P 500® Index (Index). The Board noted that performance of Series I shares of the Fund was in the third quintile of its performance universe for the one year period and the fifth quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board considered that stock selection in, and overweight or underweight exposure to, certain sectors and factors detracted from the Fund's relative performance. The

**13**

**Invesco V.I. Main Street Fund**<sup>®</sup>

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Board considered information from management regarding additional research analysts and capabilities added to the investment team at the end of 2024. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were above and reasonably comparable to, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's contractual management fees and total expense ratio were each in the fourth quintile of its expense group and discussed with management reasons for such relative contractual management fees and total expenses. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and

maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to

perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent

**14**

**Invesco V.I. Main Street Fund**<sup>®</sup>

------

and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**15**

**Invesco V.I. Main Street Fund**<sup>®</sup>

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**16**

**Invesco V.I. Main Street Fund**<sup>®</sup>

------

![](img3839670e1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

------

---

| | |
|:---|:---|
| [2](#xx_1d70134d-28cb-434a-b5aa-783db7c878e6_SOI-Continued-80_1) | Schedule of Investments |
| [5](#xx_1d70134d-28cb-434a-b5aa-783db7c878e6_FS-Continued-80_1) | Financial Statements |
| [7](#xx_1d70134d-28cb-434a-b5aa-783db7c878e6_FS-Continued-80_3) | Financial Highlights |
| [8](#xx_1d70134d-28cb-434a-b5aa-783db7c878e6_NTF-Continued-80_1) | Notes to Financial Statements |
| [13](#xx_1d70134d-28cb-434a-b5aa-783db7c878e6_AOC-Continued-80_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [16](#xx_1d70134d-28cb-434a-b5aa-783db7c878e6_OIRSR-Continued-80_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VIMCCE-NCSRS

------

**Schedule of Investments**<sup>(a)</sup> 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.56%** | **Common Stocks & Other Equity Interests–98.56%** | **Common Stocks & Other Equity Interests–98.56%** |
| **Advertising–1.44%** | **Advertising–1.44%** | **Advertising–1.44%** |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup>  | 41666 | &nbsp;&nbsp; $2999535 |
| **Aerospace & Defense–3.52%** | **Aerospace & Defense–3.52%** | **Aerospace & Defense–3.52%** |
| Curtiss-Wright Corp.<sup>(c)</sup>  | 6565 | &nbsp;&nbsp; 3207331 |
| Howmet Aerospace, Inc. | 22163 | &nbsp;&nbsp; 4125199 |
|  |  | &nbsp;&nbsp; 7332530 |
| **Agricultural & Farm Machinery–0.54%** | **Agricultural & Farm Machinery–0.54%** | **Agricultural & Farm Machinery–0.54%** |
| AGCO Corp. | 10940 | &nbsp;&nbsp; 1128570 |
| **Apparel Retail–1.00%** | **Apparel Retail–1.00%** | **Apparel Retail–1.00%** |
| Burlington Stores, Inc.<sup>(b)(c)</sup>  | 8932 | &nbsp;&nbsp; 2077941 |
| **Apparel, Accessories & Luxury Goods–0.71%** | **Apparel, Accessories & Luxury Goods–0.71%** | **Apparel, Accessories & Luxury Goods–0.71%** |
| Tapestry, Inc. | 16889 | &nbsp;&nbsp; 1483023 |
| **Application Software–4.37%** | **Application Software–4.37%** | **Application Software–4.37%** |
| HubSpot, Inc.<sup>(b)</sup>  | 4333 | &nbsp;&nbsp; 2411878 |
| Informatica, Inc., Class A<sup>(b)</sup>  | 82702 | &nbsp;&nbsp; 2013794 |
| Tyler Technologies, Inc.<sup>(b)</sup>  | 4029 | &nbsp;&nbsp; 2388552 |
| Unity Software, Inc.<sup>(b)(c)</sup>  | 94538 | &nbsp;&nbsp; 2287819 |
|  |  | &nbsp;&nbsp; 9102043 |
| **Asset Management & Custody Banks–1.10%** | **Asset Management & Custody Banks–1.10%** | **Asset Management & Custody Banks–1.10%** |
| Blue Owl Capital, Inc.<sup>(c)</sup>  | 118942 | &nbsp;&nbsp; 2284876 |
| **Automotive Parts & Equipment–0.68%** | **Automotive Parts & Equipment–0.68%** | **Automotive Parts & Equipment–0.68%** |
| Visteon Corp.<sup>(b)(c)</sup>  | 15193 | &nbsp;&nbsp; 1417507 |
| **Automotive Retail–0.80%** | **Automotive Retail–0.80%** | **Automotive Retail–0.80%** |
| AutoNation, Inc.<sup>(b)(c)</sup>  | 8351 | &nbsp;&nbsp; 1658926 |
| **Biotechnology–2.60%** | **Biotechnology–2.60%** | **Biotechnology–2.60%** |
| ADMA Biologics, Inc.<sup>(b)(c)</sup>  | 47540 | &nbsp;&nbsp; 865703 |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(b)</sup>  | 11645 | &nbsp;&nbsp; 2009927 |
| Natera, Inc.<sup>(b)(c)</sup>  | 15009 | &nbsp;&nbsp; 2535621 |
|  |  | &nbsp;&nbsp; 5411251 |
| **Building Products–1.70%** | **Building Products–1.70%** | **Building Products–1.70%** |
| A.O. Smith Corp. | 20044 | &nbsp;&nbsp; 1314285 |
| Johnson Controls International PLC | 21042 | &nbsp;&nbsp; 2222456 |
|  |  | &nbsp;&nbsp; 3536741 |
| **Communications Equipment–0.88%** | **Communications Equipment–0.88%** | **Communications Equipment–0.88%** |
| Motorola Solutions, Inc.<sup>(c)</sup>  | 4342 | &nbsp;&nbsp; 1825637 |
| **Construction & Engineering–0.79%** | **Construction & Engineering–0.79%** | **Construction & Engineering–0.79%** |
| WillScot Holdings Corp.<sup>(c)</sup>  | 59750 | &nbsp;&nbsp; 1637150 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **1.24%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.24%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.24%** |
| Allison Transmission Holdings, Inc.<sup>(c)</sup>  | 27301 | &nbsp;&nbsp; 2593322 |
| **Consumer Finance–1.08%** | **Consumer Finance–1.08%** | **Consumer Finance–1.08%** |
| Capital One Financial Corp. | 10607 | &nbsp;&nbsp; 2256745 |
| **Consumer Staples Merchandise Retail–0.99%** | **Consumer Staples Merchandise Retail–0.99%** | **Consumer Staples Merchandise Retail–0.99%** |
| BJ's Wholesale Club Holdings, Inc., <br> Class C<sup>(b)</sup>  | 19211 | &nbsp;&nbsp; 2071522 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Diversified Financial Services–1.49%** | **Diversified Financial Services–1.49%** | **Diversified Financial Services–1.49%** |
| Equitable Holdings, Inc. | 55187 | &nbsp;&nbsp; $3095991 |
| **Electric Utilities–1.46%** | **Electric Utilities–1.46%** | **Electric Utilities–1.46%** |
| PPL Corp.<sup>(c)</sup>  | 89717 | &nbsp;&nbsp; 3040509 |
| **Electrical Components & Equipment–3.63%** | **Electrical Components & Equipment–3.63%** | **Electrical Components & Equipment–3.63%** |
| Hubbell, Inc.<sup>(c)</sup>  | 6436 | &nbsp;&nbsp; 2628527 |
| Rockwell Automation, Inc. | 7921 | &nbsp;&nbsp; 2631118 |
| Vertiv Holdings Co., Class A | 17982 | &nbsp;&nbsp; 2309069 |
|  |  | &nbsp;&nbsp; 7568714 |
| **Electronic Equipment & Instruments–0.99%** | **Electronic Equipment & Instruments–0.99%** | **Electronic Equipment & Instruments–0.99%** |
| Keysight Technologies, Inc.<sup>(b)(c)</sup>  | 12617 | &nbsp;&nbsp; 2067422 |
| **Environmental & Facilities Services–0.98%** | **Environmental & Facilities Services–0.98%** | **Environmental & Facilities Services–0.98%** |
| Casella Waste Systems, Inc., Class A<sup>(b)(c)</sup>  | 17617 | &nbsp;&nbsp; 2032650 |
| **Fertilizers & Agricultural Chemicals–1.16%** | **Fertilizers & Agricultural Chemicals–1.16%** | **Fertilizers & Agricultural Chemicals–1.16%** |
| Corteva, Inc. | 32467 | &nbsp;&nbsp; 2419766 |
| **Financial Exchanges & Data–1.05%** | **Financial Exchanges & Data–1.05%** | **Financial Exchanges & Data–1.05%** |
| Cboe Global Markets, Inc. | 9342 | &nbsp;&nbsp; 2178648 |
| **Food Distributors–1.22%** | **Food Distributors–1.22%** | **Food Distributors–1.22%** |
| Sysco Corp. | 33641 | &nbsp;&nbsp; 2547969 |
| **Footwear–0.64%** | **Footwear–0.64%** | **Footwear–0.64%** |
| Deckers Outdoor Corp.<sup>(b)</sup>  | 12992 | &nbsp;&nbsp; 1339085 |
| **Health Care Distributors–1.36%** | **Health Care Distributors–1.36%** | **Health Care Distributors–1.36%** |
| Cencora, Inc. | 9442 | &nbsp;&nbsp; 2831184 |
| **Health Care Equipment–0.87%** | **Health Care Equipment–0.87%** | **Health Care Equipment–0.87%** |
| Zimmer Biomet Holdings, Inc.<sup>(c)</sup>  | 19794 | &nbsp;&nbsp; 1805411 |
| **Health Care Facilities–2.29%** | **Health Care Facilities–2.29%** | **Health Care Facilities–2.29%** |
| Encompass Health Corp.<sup>(c)</sup>  | 19740 | &nbsp;&nbsp; 2420716 |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 13311 | &nbsp;&nbsp; 2342736 |
|  |  | &nbsp;&nbsp; 4763452 |
| **Health Care REITs–0.99%** | **Health Care REITs–0.99%** | **Health Care REITs–0.99%** |
| American Healthcare REIT, Inc.<sup>(c)</sup>  | 56310 | &nbsp;&nbsp; 2068829 |
| **Homebuilding–2.32%** | **Homebuilding–2.32%** | **Homebuilding–2.32%** |
| D.R. Horton, Inc. | 19778 | &nbsp;&nbsp; 2549780 |
| TopBuild Corp.<sup>(b)(c)</sup>  | 7029 | &nbsp;&nbsp; 2275568 |
|  |  | &nbsp;&nbsp; 4825348 |
| **Hotels, Resorts & Cruise Lines–3.25%** | **Hotels, Resorts & Cruise Lines–3.25%** | **Hotels, Resorts & Cruise Lines–3.25%** |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup>  | 14622 | &nbsp;&nbsp; 4578733 |
| Wyndham Hotels & Resorts, Inc.<sup>(c)</sup>  | 26989 | &nbsp;&nbsp; 2191777 |
|  |  | &nbsp;&nbsp; 6770510 |
| **Human Resource & Employment Services–1.72%** | **Human Resource & Employment Services–1.72%** | **Human Resource & Employment Services–1.72%** |
| Korn Ferry<sup>(c)</sup>  | 25922 | &nbsp;&nbsp; 1900860 |
| Paylocity Holding Corp.<sup>(b)</sup>  | 9246 | &nbsp;&nbsp; 1675283 |
|  |  | &nbsp;&nbsp; 3576143 |
| **Independent Power Producers & Energy Traders–1.36%** | **Independent Power Producers & Energy Traders–1.36%** | **Independent Power Producers & Energy Traders–1.36%** |
| Vistra Corp. | 14637 | &nbsp;&nbsp; 2836797 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Industrial Machinery & Supplies & Components–2.37%** | **Industrial Machinery & Supplies & Components–2.37%** | **Industrial Machinery & Supplies & Components–2.37%** |
| Lincoln Electric Holdings, Inc.<sup>(c)</sup>  | 10767 | &nbsp;&nbsp; $2232215 |
| Xylem, Inc.<sup>(c)</sup>  | 20937 | &nbsp;&nbsp; 2708410 |
|  |  | &nbsp;&nbsp; 4940625 |
| **Industrial REITs–1.30%** | **Industrial REITs–1.30%** | **Industrial REITs–1.30%** |
| First Industrial Realty Trust, Inc. | 56279 | &nbsp;&nbsp; 2708708 |
| **Insurance Brokers–1.09%** | **Insurance Brokers–1.09%** | **Insurance Brokers–1.09%** |
| Arthur J. Gallagher & Co. | 7098 | &nbsp;&nbsp; 2272212 |
| **Interactive Home Entertainment–1.56%** | **Interactive Home Entertainment–1.56%** | **Interactive Home Entertainment–1.56%** |
| Electronic Arts, Inc. | 20318 | &nbsp;&nbsp; 3244785 |
| **Internet Services & Infrastructure–2.58%** | **Internet Services & Infrastructure–2.58%** | **Internet Services & Infrastructure–2.58%** |
| MongoDB, Inc.<sup>(b)</sup>  | 11831 | &nbsp;&nbsp; 2484392 |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 12965 | &nbsp;&nbsp; 2901178 |
|  |  | &nbsp;&nbsp; 5385570 |
| **Investment Banking & Brokerage–1.68%** | **Investment Banking & Brokerage–1.68%** | **Investment Banking & Brokerage–1.68%** |
| Raymond James Financial, Inc. | 22805 | &nbsp;&nbsp; 3497603 |
| **IT Consulting & Other Services–0.82%** | **IT Consulting & Other Services–0.82%** | **IT Consulting & Other Services–0.82%** |
| Amdocs Ltd.<sup>(c)</sup>  | 18778 | &nbsp;&nbsp; 1713305 |
| **Life Sciences Tools & Services–1.67%** | **Life Sciences Tools & Services–1.67%** | **Life Sciences Tools & Services–1.67%** |
| Lonza Group AG (Switzerland) | 2818 | &nbsp;&nbsp; 2015331 |
| Repligen Corp.<sup>(b)(c)</sup>  | 11777 | &nbsp;&nbsp; 1464823 |
|  |  | &nbsp;&nbsp; 3480154 |
| **Managed Health Care–0.77%** | **Managed Health Care–0.77%** | **Managed Health Care–0.77%** |
| HealthEquity, Inc.<sup>(b)(c)</sup>  | 15283 | &nbsp;&nbsp; 1601047 |
| **Metal, Glass & Plastic Containers–0.69%** | **Metal, Glass & Plastic Containers–0.69%** | **Metal, Glass & Plastic Containers–0.69%** |
| Silgan Holdings, Inc.<sup>(c)</sup>  | 26695 | &nbsp;&nbsp; 1446335 |
| **Multi-Family Residential REITs–0.98%** | **Multi-Family Residential REITs–0.98%** | **Multi-Family Residential REITs–0.98%** |
| AvalonBay Communities, Inc. | 10072 | &nbsp;&nbsp; 2049652 |
| **Multi-line Insurance–1.32%** | **Multi-line Insurance–1.32%** | **Multi-line Insurance–1.32%** |
| American International Group, Inc. | 32194 | &nbsp;&nbsp; 2755485 |
| **Multi-Utilities–2.71%** | **Multi-Utilities–2.71%** | **Multi-Utilities–2.71%** |
| Ameren Corp.<sup>(c)</sup>  | 28604 | &nbsp;&nbsp; 2747128 |
| CMS Energy Corp. | 41763 | &nbsp;&nbsp; 2893341 |
|  |  | &nbsp;&nbsp; 5640469 |
| **Oil & Gas Exploration & Production–2.45%** | **Oil & Gas Exploration & Production–2.45%** | **Oil & Gas Exploration & Production–2.45%** |
| Expand Energy Corp. | 22628 | &nbsp;&nbsp; 2646118 |
| Permian Resources Corp.<sup>(c)</sup>  | 180477 | &nbsp;&nbsp; 2458097 |
|  |  | &nbsp;&nbsp; 5104215 |
| **Oil & Gas Refining & Marketing–0.96%** | **Oil & Gas Refining & Marketing–0.96%** | **Oil & Gas Refining & Marketing–0.96%** |
| Valero Energy Corp. | 14829 | &nbsp;&nbsp; 1993314 |
| **Oil & Gas Storage & Transportation–2.25%** | **Oil & Gas Storage & Transportation–2.25%** | **Oil & Gas Storage & Transportation–2.25%** |
| Cheniere Energy, Inc. | 12580 | &nbsp;&nbsp; 3063482 |
| Williams Cos., Inc. (The) | 25871 | &nbsp;&nbsp; 1624957 |
|  |  | &nbsp;&nbsp; 4688439 |
| **Other Specialized REITs–1.14%** | **Other Specialized REITs–1.14%** | **Other Specialized REITs–1.14%** |
| Lamar Advertising Co., Class A<sup>(c)</sup>  | 19598 | &nbsp;&nbsp; 2378413 |
| **Paper & Plastic Packaging Products & Materials–0.79%** | **Paper & Plastic Packaging Products & Materials–0.79%** | **Paper & Plastic Packaging Products & Materials–0.79%** |
| Smurfit WestRock PLC | 38060 | &nbsp;&nbsp; 1642289 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Personal Care Products–1.52%** | **Personal Care Products–1.52%** | **Personal Care Products–1.52%** |
| BellRing Brands, Inc.<sup>(b)(c)</sup>  | 35217 | &nbsp;&nbsp; $2040121 |
| Estee Lauder Cos., Inc. (The), Class A | 13949 | &nbsp;&nbsp; 1127079 |
|  |  | &nbsp;&nbsp; 3167200 |
| **Property & Casualty Insurance–1.51%** | **Property & Casualty Insurance–1.51%** | **Property & Casualty Insurance–1.51%** |
| Hartford Insurance Group, Inc. (The) | 24829 | &nbsp;&nbsp; 3150055 |
| **Regional Banks–3.96%** | **Regional Banks–3.96%** | **Regional Banks–3.96%** |
| Citizens Financial Group, Inc. | 45134 | &nbsp;&nbsp; 2019747 |
| M&T Bank Corp. | 17953 | &nbsp;&nbsp; 3482702 |
| Wintrust Financial Corp.<sup>(c)</sup>  | 22187 | &nbsp;&nbsp; 2750744 |
|  |  | &nbsp;&nbsp; 8253193 |
| **Reinsurance–0.91%** | **Reinsurance–0.91%** | **Reinsurance–0.91%** |
| Reinsurance Group of America, Inc. | 9515 | &nbsp;&nbsp; 1887395 |
| **Research & Consulting Services–1.75%** | **Research & Consulting Services–1.75%** | **Research & Consulting Services–1.75%** |
| CACI International, Inc., Class A<sup>(b)(c)</sup>  | 3049 | &nbsp;&nbsp; 1453458 |
| TransUnion<sup>(c)</sup>  | 24968 | &nbsp;&nbsp; 2197184 |
|  |  | &nbsp;&nbsp; 3650642 |
| **Restaurants–1.81%** | **Restaurants–1.81%** | **Restaurants–1.81%** |
| Domino's Pizza, Inc. | 3756 | &nbsp;&nbsp; 1692454 |
| Texas Roadhouse, Inc.<sup>(c)</sup>  | 11130 | &nbsp;&nbsp; 2085873 |
|  |  | &nbsp;&nbsp; 3778327 |
| **Retail REITs–1.06%** | **Retail REITs–1.06%** | **Retail REITs–1.06%** |
| Brixmor Property Group, Inc. | 84612 | &nbsp;&nbsp; 2203297 |
| **Semiconductors–3.23%** | **Semiconductors–3.23%** | **Semiconductors–3.23%** |
| Astera Labs, Inc.<sup>(b)(c)</sup>  | 22814 | &nbsp;&nbsp; 2062842 |
| Marvell Technology, Inc. | 24578 | &nbsp;&nbsp; 1902337 |
| Microchip Technology, Inc. | 39137 | &nbsp;&nbsp; 2754071 |
|  |  | &nbsp;&nbsp; 6719250 |
| **Single-Family Residential REITs–1.07%** | **Single-Family Residential REITs–1.07%** | **Single-Family Residential REITs–1.07%** |
| American Homes 4 Rent, Class A<sup>(c)</sup>  | 62003 | &nbsp;&nbsp; 2236448 |
| **Soft Drinks & Non-alcoholic Beverages–0.73%** | **Soft Drinks & Non-alcoholic Beverages–0.73%** | **Soft Drinks & Non-alcoholic Beverages–0.73%** |
| Keurig Dr Pepper, Inc. | 46056 | &nbsp;&nbsp; 1522611 |
| **Specialty Chemicals–2.09%** | **Specialty Chemicals–2.09%** | **Specialty Chemicals–2.09%** |
| DuPont de Nemours, Inc. | 29587 | &nbsp;&nbsp; 2029372 |
| International Flavors & Fragrances, Inc. | 31588 | &nbsp;&nbsp; 2323298 |
|  |  | &nbsp;&nbsp; 4352670 |
| **Steel–0.98%** | **Steel–0.98%** | **Steel–0.98%** |
| ATI, Inc.<sup>(b)(c)</sup>  | 23757 | &nbsp;&nbsp; 2051179 |
| **Trading Companies & Distributors–0.59%** | **Trading Companies & Distributors–0.59%** | **Trading Companies & Distributors–0.59%** |
| Air Lease Corp., Class A | 20924 | &nbsp;&nbsp; 1223845 |
| Total Common Stocks & Other Equity Interests <br> (Cost $147,980,790) | Total Common Stocks & Other Equity Interests <br> (Cost $147,980,790) | &nbsp;&nbsp; 205324479 |
| **Money Market Funds–1.47%** | **Money Market Funds–1.47%** | **Money Market Funds–1.47%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 1069176 | &nbsp;&nbsp; 1069176 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 1985586 | &nbsp;&nbsp; $1985586 |
| Total Money Market Funds (Cost $3,054,762) | Total Money Market Funds (Cost $3,054,762) | Total Money Market Funds (Cost $3,054,762) | &nbsp;&nbsp; 3054762 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.03% <br> (Cost $151,035,552)<br>|  |  | &nbsp;&nbsp; 208379241 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–18.60%** | **Money Market Funds–18.60%** | **Money Market Funds–18.60%** | **Money Market Funds–18.60%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 10645811 | &nbsp;&nbsp; 10645811 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | 28104439 | &nbsp;&nbsp; $28112870 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $38,756,405) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $38,756,405) | &nbsp;&nbsp; 38758681 |
| TOTAL INVESTMENTS IN SECURITIES–118.63% <br> (Cost $189,791,957) | TOTAL INVESTMENTS IN SECURITIES–118.63% <br> (Cost $189,791,957) | &nbsp;&nbsp; 247137922 |
| OTHER ASSETS LESS LIABILITIES—(18.63)% | OTHER ASSETS LESS LIABILITIES—(18.63)% | &nbsp;&nbsp; (38815059)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $208322863 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $631958 | &nbsp;&nbsp; $6350827 | &nbsp;&nbsp; $(5913609) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1069176 | &nbsp;&nbsp; $10165 |
| Invesco Treasury Portfolio, Institutional Class | 1173576 | &nbsp;&nbsp; 11794392 | &nbsp;&nbsp; (10982382) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1985586 | &nbsp;&nbsp; 18744 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 9820599 | &nbsp;&nbsp; 69491857 | &nbsp;&nbsp; (68666645) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 10645811 | &nbsp;&nbsp; 226,178\* |
| Invesco Private Prime Fund | 25593248 | &nbsp;&nbsp; 159454551 | &nbsp;&nbsp; (156934792) | &nbsp;&nbsp; 2276 | &nbsp;&nbsp; (2413) | &nbsp;&nbsp; 28112870 | &nbsp;&nbsp; 592,348\* |
| Total | $37219381 | &nbsp;&nbsp; $247091627 | &nbsp;&nbsp; $(242497428) | &nbsp;&nbsp; $2276 | &nbsp;&nbsp; $(2413) | &nbsp;&nbsp; $41813443 | &nbsp;&nbsp; $847435 |

---

\* 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 June 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

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**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $147,980,790)\*<br>| &nbsp;&nbsp; $205324479 |
| Investments in affiliated money market funds, at value <br> (Cost $41,811,167)<br>| &nbsp;&nbsp; 41813443 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 80523 |
| Dividends | &nbsp;&nbsp; 216286 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 97744 |
| Other assets | &nbsp;&nbsp; 4013 |
| Total assets | &nbsp;&nbsp; 247536488 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 202942 |
| Amount due custodian | &nbsp;&nbsp; 20454 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 38756405 |
| Accrued fees to affiliates | &nbsp;&nbsp; 115476 |
| Accrued other operating expenses | &nbsp;&nbsp; 16710 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 101638 |
| Total liabilities | &nbsp;&nbsp; 39213625 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $208322863 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $123587610 |
| Distributable earnings | &nbsp;&nbsp; 84735253 |
|  | &nbsp;&nbsp; $208322863 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $117004431 |
| Series II | &nbsp;&nbsp; $91318432 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 10069094 |
| Series II | &nbsp;&nbsp; 8210142 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $11.62 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $11.12 |

---

\* At June 30, 2025, securities with an aggregate value of $37,993,809 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $1,022) | &nbsp;&nbsp; $1384087 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $20,625)<br>| &nbsp;&nbsp; 49534 |
| Total investment income | &nbsp;&nbsp; 1433621 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 738552 |
| Administrative services fees | &nbsp;&nbsp; 169403 |
| Custodian fees | &nbsp;&nbsp; 1352 |
| Distribution fees - Series II | &nbsp;&nbsp; 112202 |
| Transfer agent fees | &nbsp;&nbsp; 5515 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 10208 |
| Reports to shareholders | &nbsp;&nbsp; 4510 |
| Professional services fees | &nbsp;&nbsp; 21799 |
| Other | &nbsp;&nbsp; 1267 |
| Total expenses | &nbsp;&nbsp; 1064808 |
| Less: Fees waived | &nbsp;&nbsp; (759)<br>|
| Net expenses | &nbsp;&nbsp; 1064049 |
| Net investment income | &nbsp;&nbsp; 369572 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 7231233 |
| Affiliated investment securities | &nbsp;&nbsp; (2413)<br>|
| Foreign currencies | &nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp; 7228963 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 427374 |
| Affiliated investment securities | &nbsp;&nbsp; 2276 |
| Foreign currencies | &nbsp;&nbsp; 221 |
|  | &nbsp;&nbsp; 429871 |
| Net realized and unrealized gain | &nbsp;&nbsp; 7658834 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $8028406 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $369572 | &nbsp;&nbsp; $445995 |
| Net realized gain | &nbsp;&nbsp; 7228963 | &nbsp;&nbsp; 20012278 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 429871 | &nbsp;&nbsp; 12054595 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 8028406 | &nbsp;&nbsp; 32512868 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (3231280)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (2368195)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (5599475)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (7485152)<br>| &nbsp;&nbsp; (13836037)<br>|
| Series II | &nbsp;&nbsp; (5673666)<br>| &nbsp;&nbsp; (2589662)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (13158818)<br>| &nbsp;&nbsp; (16425699)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (5130412)<br>| &nbsp;&nbsp; 10487694 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 213453275 | &nbsp;&nbsp; 202965581 |
| End of period | &nbsp;&nbsp; $208322863 | &nbsp;&nbsp; $213453275 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

------

**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $11.16 | $0.03 | $0.43 | $0.46 | $— | $— | $— | $11.62 | 4.12<br> %<br>| &nbsp;&nbsp; $117004 | 0.94 %<sup>(d)</sup><br>| 0.94 %<sup>(d)</sup><br>| 0.47 %<sup>(d)</sup><br>| 20<br> %<br>|
| Year ended 12/31/24 | 9.79 | 0.03 | 1.64 | 1.67 | (0.04)<br>| (0.26)<br>| (0.30)<br>| 11.16 | 17.07 | &nbsp;&nbsp; 119877 | 0.95 | 0.95 | 0.32 | 41 |
| Year ended 12/31/23 | 8.58 | 0.04 | 1.20 | 1.24 | (0.03)<br>|  | (0.03)<br>| 9.79 | 14.47 | &nbsp;&nbsp; 117983 | 0.94 | 0.94 | 0.39 | 34 |
| Year ended 12/31/22 | 12.97 | 0.06 | (1.97)<br>| (1.91)<br>| (0.04)<br>| (2.44)<br>| (2.48)<br>| 8.58 | (14.26)<br>| &nbsp;&nbsp; 116146 | 0.93 | 0.93 | 0.51 | 60 |
| Year ended 12/31/21 | 10.57 | 0.00 | 2.46 | 2.46 | (0.06)<br>|  | (0.06)<br>| 12.97 | 23.24 | &nbsp;&nbsp; 155200 | 0.93 | 0.93 | 0.01 | 58 |
| Year ended 12/31/20 | 12.18 | 0.05 | 0.80 | 0.85 | (0.08)<br>| (2.38)<br>| (2.46)<br>| 10.57 | 9.25 | &nbsp;&nbsp; 150990 | 0.94 | 0.94 | 0.49 | 75 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 10.69 | 0.01 | 0.42 | 0.43 |  |  |  | 11.12 | 4.02 | &nbsp;&nbsp; 91318 | 1.19 <br><sup>(d)</sup><br>| 1.19 <br><sup>(d)</sup><br>| 0.22 <br><sup>(d)</sup><br>| 20 |
| Year ended 12/31/24 | 9.39 | 0.01 | 1.56 | 1.57 | (0.01)<br>| (0.26)<br>| (0.27)<br>| 10.69 | 16.79 | &nbsp;&nbsp; 93576 | 1.20 | 1.20 | 0.07 | 41 |
| Year ended 12/31/23 | 8.23 | 0.01 | 1.15 | 1.16 | (0.00)<br>|  |  | 9.39 | 14.14 | &nbsp;&nbsp; 84983 | 1.19 | 1.19 | 0.14 | 34 |
| Year ended 12/31/22 | 12.55 | 0.03 | (1.90)<br>| (1.87)<br>| (0.01)<br>| (2.44)<br>| (2.45)<br>| 8.23 | (14.45)<br>| &nbsp;&nbsp; 77988 | 1.18 | 1.18 | 0.26 | 60 |
| Year ended 12/31/21 | 10.24 | (0.03)<br>| 2.37 | 2.34 | (0.03)<br>|  | (0.03)<br>| 12.55 | 22.86 | &nbsp;&nbsp; 99770 | 1.18 | 1.18 | (0.24)<br>| 58 |
| Year ended 12/31/20 | 11.88 | 0.02 | 0.78 | 0.80 | (0.06)<br>| (2.38)<br>| (2.44)<br>| 10.24 | 8.94 | &nbsp;&nbsp; 90788 | 1.19 | 1.19 | 0.24 | 75 |

---

<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> Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is long-term growth of capital.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**8**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

------

unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower

**9**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

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to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $2,188 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**K.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**L.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.725% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.675% |
| Over $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% |

---

For the six months ended June 30, 2025, 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at

**10**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

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any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2025, the Adviser waived advisory fees of $759.

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 six months ended June 30, 2025, Invesco was paid $16,676 for accounting and fund administrative services and was reimbursed $152,727 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $203309148 | &nbsp;&nbsp;&nbsp;&nbsp; $2015331 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $205324479 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 3054762 | &nbsp;&nbsp;&nbsp;&nbsp; 38758681 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41813443 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $206363910 | &nbsp;&nbsp;&nbsp;&nbsp; $40774012 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $247137922 |

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**NOTE 4—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 5—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**11**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

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**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $41,848,908 and $56,060,047, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $60424974 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (3419618)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $57005356 |

---

Cost of investments for tax purposes is $190,132,566.

**NOTE 8—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 150790 | &nbsp;&nbsp;&nbsp; $1645681 | &nbsp;&nbsp;&nbsp; 275949 | &nbsp;&nbsp;&nbsp; $2933343 |
| Series II | &nbsp;&nbsp;&nbsp; 543766 | &nbsp;&nbsp;&nbsp; 5816807 | &nbsp;&nbsp;&nbsp; 1087158 | &nbsp;&nbsp;&nbsp; 11189873 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 291632 | &nbsp;&nbsp;&nbsp; 3231280 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 222784 | &nbsp;&nbsp;&nbsp; 2368195 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (825770)<br>| &nbsp;&nbsp;&nbsp; (9130833)<br>| &nbsp;&nbsp;&nbsp; (1877177)<br>| &nbsp;&nbsp;&nbsp; (20000660)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (1084800)<br>| &nbsp;&nbsp;&nbsp; (11490473)<br>| &nbsp;&nbsp;&nbsp; (1604766)<br>| &nbsp;&nbsp;&nbsp; (16147730)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1216014)<br>| &nbsp;&nbsp;&nbsp; $(13158818)<br>| &nbsp;&nbsp;&nbsp; (1604420)<br>| &nbsp;&nbsp;&nbsp; $(16425699)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**12**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Main Street Mid Cap Fund's<sup>®</sup> (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell Midcap® Index (Index). The Board noted that performance of Series I shares of the Fund was in the first quintile of its performance universe for the one and three year periods, and the fourth quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was above the performance of the Index for the one and three year periods and reasonably comparable to the performance of the Index for the five year period. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed

**13**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

------

more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The independent Trustees reviewed and considered additional information provided by management, including with respect to components of the Fund's total expense ratio driving total expenses relative to peers. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer

agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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

**14**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

------

direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**15**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**16**

**Invesco V.I. Main Street Mid Cap Fund**<sup>®</sup>

------

![](img51bfb79b1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

------

---

| | |
|:---|:---|
| [2](#xx_399e9f3e-90c7-430d-b2f0-2a62d4860657_SOI-Continued-721_1) | Schedule of Investments |
| [5](#xx_399e9f3e-90c7-430d-b2f0-2a62d4860657_FS-Continued-721_1) | Financial Statements |
| [7](#xx_399e9f3e-90c7-430d-b2f0-2a62d4860657_FS-Continued-721_3) | Financial Highlights |
| [8](#xx_399e9f3e-90c7-430d-b2f0-2a62d4860657_NTF-Continued-721_1) | Notes to Financial Statements |
| [13](#xx_399e9f3e-90c7-430d-b2f0-2a62d4860657_AOC-Continued-721_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [16](#xx_399e9f3e-90c7-430d-b2f0-2a62d4860657_OIRSR-Continued-721_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

O-VIMSS-NCSRS

------

**Schedule of Investments**<sup>(a)</sup> 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.54%** | **Common Stocks & Other Equity Interests–98.54%** | **Common Stocks & Other Equity Interests–98.54%** |
| **Aerospace & Defense–1.22%** | **Aerospace & Defense–1.22%** | **Aerospace & Defense–1.22%** |
| AAR Corp.<sup>(b)</sup>  | 190560 | &nbsp;&nbsp; $13108622 |
| **Agricultural & Farm Machinery–0.55%** | **Agricultural & Farm Machinery–0.55%** | **Agricultural & Farm Machinery–0.55%** |
| AGCO Corp. | 57797 | &nbsp;&nbsp; 5962339 |
| **Air Freight & Logistics–1.16%** | **Air Freight & Logistics–1.16%** | **Air Freight & Logistics–1.16%** |
| Hub Group, Inc., Class A<sup>(c)</sup>  | 372653 | &nbsp;&nbsp; 12457790 |
| **Application Software–2.88%** | **Application Software–2.88%** | **Application Software–2.88%** |
| Informatica, Inc., Class A<sup>(b)</sup>  | 559134 | &nbsp;&nbsp; 13614913 |
| MARA Holdings, Inc.<sup>(b)(c)</sup>  | 490725 | &nbsp;&nbsp; 7694568 |
| Unity Software, Inc.<sup>(b)(c)</sup>  | 404221 | &nbsp;&nbsp; 9782148 |
|  |  | &nbsp;&nbsp; 31091629 |
| **Asset Management & Custody Banks–1.95%** | **Asset Management & Custody Banks–1.95%** | **Asset Management & Custody Banks–1.95%** |
| DigitalBridge Group, Inc.<sup>(c)</sup>  | 794897 | &nbsp;&nbsp; 8227184 |
| Federated Hermes, Inc., Class B<sup>(c)</sup>  | 289455 | &nbsp;&nbsp; 12828646 |
|  |  | &nbsp;&nbsp; 21055830 |
| **Automotive Parts & Equipment–2.66%** | **Automotive Parts & Equipment–2.66%** | **Automotive Parts & Equipment–2.66%** |
| Dorman Products, Inc.<sup>(b)</sup>  | 128857 | &nbsp;&nbsp; 15806888 |
| Visteon Corp.<sup>(b)</sup>  | 138595 | &nbsp;&nbsp; 12930914 |
|  |  | &nbsp;&nbsp; 28737802 |
| **Automotive Retail–2.21%** | **Automotive Retail–2.21%** | **Automotive Retail–2.21%** |
| AutoNation, Inc.<sup>(b)</sup>  | 120270 | &nbsp;&nbsp; 23891636 |
| **Biotechnology–5.68%** | **Biotechnology–5.68%** | **Biotechnology–5.68%** |
| ADMA Biologics, Inc.<sup>(b)(c)</sup>  | 891133 | &nbsp;&nbsp; 16227532 |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(b)</sup>  | 58600 | &nbsp;&nbsp; 10114360 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup>  | 211473 | &nbsp;&nbsp; 9131404 |
| Caris Life Sciences, Inc.<sup>(b)(c)</sup>  | 45342 | &nbsp;&nbsp; 1211538 |
| LENZ Therapeutics, Inc.<sup>(b)(c)</sup>  | 59880 | &nbsp;&nbsp; 1755083 |
| Merus N.V. (Netherlands)<sup>(b)</sup>  | 69522 | &nbsp;&nbsp; 3656857 |
| Soleno Therapeutics, Inc.<sup>(b)(c)</sup>  | 65248 | &nbsp;&nbsp; 5466477 |
| Twist Bioscience Corp.<sup>(b)</sup>  | 240425 | &nbsp;&nbsp; 8845236 |
| Ultragenyx Pharmaceutical, Inc.<sup>(b)</sup>  | 134105 | &nbsp;&nbsp; 4876058 |
|  |  | &nbsp;&nbsp; 61284545 |
| **Building Products–2.42%** | **Building Products–2.42%** | **Building Products–2.42%** |
| Hayward Holdings, Inc.<sup>(b)</sup>  | 570849 | &nbsp;&nbsp; 7877716 |
| Zurn Elkay Water Solutions Corp. | 497895 | &nbsp;&nbsp; 18208020 |
|  |  | &nbsp;&nbsp; 26085736 |
| **Commercial & Residential Mortgage Finance–1.57%** | **Commercial & Residential Mortgage Finance–1.57%** | **Commercial & Residential Mortgage Finance–1.57%** |
| PennyMac Financial Services, Inc.<sup>(c)</sup>  | 170407 | &nbsp;&nbsp; 16979354 |
| **Construction & Engineering–0.67%** | **Construction & Engineering–0.67%** | **Construction & Engineering–0.67%** |
| WillScot Holdings Corp.<sup>(c)</sup>  | 262738 | &nbsp;&nbsp; 7199021 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **3.17%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **3.17%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **3.17%** |
| Allison Transmission Holdings, Inc. | 146428 | &nbsp;&nbsp; 13909195 |
| Atmus Filtration Technologies, Inc. | 274100 | &nbsp;&nbsp; 9982722 |
| Federal Signal Corp.<sup>(c)</sup>  | 96847 | &nbsp;&nbsp; 10306458 |
|  |  | &nbsp;&nbsp; 34198375 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Construction Materials–1.02%** | **Construction Materials–1.02%** | **Construction Materials–1.02%** |
| Knife River Corp.<sup>(b)</sup>  | 134209 | &nbsp;&nbsp; $10956823 |
| **Diversified Banks–0.78%** | **Diversified Banks–0.78%** | **Diversified Banks–0.78%** |
| Bank of N.T. Butterfield & Son Ltd. (The) <br> (Bermuda) | 189793 | &nbsp;&nbsp; 8404034 |
| **Diversified REITs–1.46%** | **Diversified REITs–1.46%** | **Diversified REITs–1.46%** |
| Essential Properties Realty Trust, Inc.<sup>(c)</sup>  | 494443 | &nbsp;&nbsp; 15777676 |
| **Education Services–1.45%** | **Education Services–1.45%** | **Education Services–1.45%** |
| Stride, Inc.<sup>(b)(c)</sup>  | 107871 | &nbsp;&nbsp; 15661791 |
| **Electric Utilities–1.10%** | **Electric Utilities–1.10%** | **Electric Utilities–1.10%** |
| Portland General Electric Co.<sup>(c)</sup>  | 292460 | &nbsp;&nbsp; 11882650 |
| **Electronic Components–1.65%** | **Electronic Components–1.65%** | **Electronic Components–1.65%** |
| Belden, Inc. | 153618 | &nbsp;&nbsp; 17788964 |
| **Electronic Equipment & Instruments–2.06%** | **Electronic Equipment & Instruments–2.06%** | **Electronic Equipment & Instruments–2.06%** |
| Itron, Inc.<sup>(b)(c)</sup>  | 168502 | &nbsp;&nbsp; 22179918 |
| **Environmental & Facilities Services–2.91%** | **Environmental & Facilities Services–2.91%** | **Environmental & Facilities Services–2.91%** |
| ABM Industries, Inc. | 258048 | &nbsp;&nbsp; 12182446 |
| Casella Waste Systems, Inc., Class A<sup>(b)</sup>  | 166526 | &nbsp;&nbsp; 19213770 |
|  |  | &nbsp;&nbsp; 31396216 |
| **Footwear–0.66%** | **Footwear–0.66%** | **Footwear–0.66%** |
| Steven Madden Ltd.<sup>(c)</sup>  | 294699 | &nbsp;&nbsp; 7066882 |
| **Gas Utilities–1.25%** | **Gas Utilities–1.25%** | **Gas Utilities–1.25%** |
| Chesapeake Utilities Corp. | 112194 | &nbsp;&nbsp; 13487963 |
| **Health Care Equipment–1.78%** | **Health Care Equipment–1.78%** | **Health Care Equipment–1.78%** |
| Inspire Medical Systems, Inc.<sup>(b)(c)</sup>  | 57681 | &nbsp;&nbsp; 7485263 |
| Integer Holdings Corp.<sup>(b)(c)</sup>  | 95143 | &nbsp;&nbsp; 11699735 |
|  |  | &nbsp;&nbsp; 19184998 |
| **Health Care Facilities–1.80%** | **Health Care Facilities–1.80%** | **Health Care Facilities–1.80%** |
| Encompass Health Corp. | 94843 | &nbsp;&nbsp; 11630597 |
| Surgery Partners, Inc.<sup>(b)(c)</sup>  | 352278 | &nbsp;&nbsp; 7831140 |
|  |  | &nbsp;&nbsp; 19461737 |
| **Health Care REITs–1.53%** | **Health Care REITs–1.53%** | **Health Care REITs–1.53%** |
| American Healthcare REIT, Inc.<sup>(c)</sup>  | 447700 | &nbsp;&nbsp; 16448498 |
| **Health Care Services–2.91%** | **Health Care Services–2.91%** | **Health Care Services–2.91%** |
| Addus HomeCare Corp.<sup>(b)</sup>  | 64515 | &nbsp;&nbsp; 7431483 |
| BrightSpring Health Services, Inc.<sup>(b)(c)</sup>  | 451469 | &nbsp;&nbsp; 10650154 |
| Guardant Health, Inc.<sup>(b)</sup>  | 256738 | &nbsp;&nbsp; 13360645 |
|  |  | &nbsp;&nbsp; 31442282 |
| **Homebuilding–1.96%** | **Homebuilding–1.96%** | **Homebuilding–1.96%** |
| Champion Homes, Inc.<sup>(b)</sup>  | 112041 | &nbsp;&nbsp; 7014887 |
| KB Home | 267350 | &nbsp;&nbsp; 14161530 |
|  |  | &nbsp;&nbsp; 21176417 |
| **Hotels, Resorts & Cruise Lines–1.00%** | **Hotels, Resorts & Cruise Lines–1.00%** | **Hotels, Resorts & Cruise Lines–1.00%** |
| Wyndham Hotels & Resorts, Inc. | 133259 | &nbsp;&nbsp; 10821963 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Human Resource & Employment Services–2.16%** | **Human Resource & Employment Services–2.16%** | **Human Resource & Employment Services–2.16%** |
| Korn Ferry | 203822 | &nbsp;&nbsp; $14946267 |
| Upwork, Inc.<sup>(b)(c)</sup>  | 624368 | &nbsp;&nbsp; 8391506 |
|  |  | &nbsp;&nbsp; 23337773 |
| **Industrial Machinery & Supplies & Components–4.34%** | **Industrial Machinery & Supplies & Components–4.34%** | **Industrial Machinery & Supplies & Components–4.34%** |
| Enpro, Inc.<sup>(c)</sup>  | 89087 | &nbsp;&nbsp; 17064615 |
| ESAB Corp.<sup>(c)</sup>  | 141252 | &nbsp;&nbsp; 17027928 |
| Gates Industrial Corp. PLC<sup>(b)</sup>  | 554629 | &nbsp;&nbsp; 12773106 |
|  |  | &nbsp;&nbsp; 46865649 |
| **Industrial REITs–1.41%** | **Industrial REITs–1.41%** | **Industrial REITs–1.41%** |
| Terreno Realty Corp.<sup>(c)</sup>  | 272031 | &nbsp;&nbsp; 15252778 |
| **Investment Banking & Brokerage–2.02%** | **Investment Banking & Brokerage–2.02%** | **Investment Banking & Brokerage–2.02%** |
| BGC Group, Inc., Class A<sup>(c)</sup>  | 1148244 | &nbsp;&nbsp; 11746536 |
| Stifel Financial Corp. | 97231 | &nbsp;&nbsp; 10090633 |
|  |  | &nbsp;&nbsp; 21837169 |
| **IT Consulting & Other Services–0.85%** | **IT Consulting & Other Services–0.85%** | **IT Consulting & Other Services–0.85%** |
| ASGN, Inc.<sup>(b)(c)</sup>  | 184125 | &nbsp;&nbsp; 9193361 |
| **Life Sciences Tools & Services–1.48%** | **Life Sciences Tools & Services–1.48%** | **Life Sciences Tools & Services–1.48%** |
| BioLife Solutions, Inc.<sup>(b)</sup>  | 350705 | &nbsp;&nbsp; 7554186 |
| Repligen Corp.<sup>(b)</sup>  | 67285 | &nbsp;&nbsp; 8368908 |
|  |  | &nbsp;&nbsp; 15923094 |
| **Metal, Glass & Plastic Containers–1.39%** | **Metal, Glass & Plastic Containers–1.39%** | **Metal, Glass & Plastic Containers–1.39%** |
| Silgan Holdings, Inc.<sup>(c)</sup>  | 277409 | &nbsp;&nbsp; 15030020 |
| **Oil & Gas Drilling–0.79%** | **Oil & Gas Drilling–0.79%** | **Oil & Gas Drilling–0.79%** |
| Helmerich & Payne, Inc.<sup>(c)</sup>  | 561259 | &nbsp;&nbsp; 8508686 |
| **Oil & Gas Equipment & Services–0.99%** | **Oil & Gas Equipment & Services–0.99%** | **Oil & Gas Equipment & Services–0.99%** |
| Kodiak Gas Services, Inc.<sup>(c)</sup>  | 310297 | &nbsp;&nbsp; 10633878 |
| **Oil & Gas Exploration & Production–2.30%** | **Oil & Gas Exploration & Production–2.30%** | **Oil & Gas Exploration & Production–2.30%** |
| Northern Oil and Gas, Inc.<sup>(c)</sup>  | 547935 | &nbsp;&nbsp; 15533957 |
| SM Energy Co.<sup>(c)</sup>  | 374512 | &nbsp;&nbsp; 9254192 |
|  |  | &nbsp;&nbsp; 24788149 |
| **Other Specialized REITs–1.26%** | **Other Specialized REITs–1.26%** | **Other Specialized REITs–1.26%** |
| Outfront Media, Inc.<sup>(c)</sup>  | 829331 | &nbsp;&nbsp; 13534682 |
| **Personal Care Products–1.92%** | **Personal Care Products–1.92%** | **Personal Care Products–1.92%** |
| BellRing Brands, Inc.<sup>(b)</sup>  | 203815 | &nbsp;&nbsp; 11807003 |
| Interparfums, Inc. | 68055 | &nbsp;&nbsp; 8936302 |
|  |  | &nbsp;&nbsp; 20743305 |
| **Pharmaceuticals–1.37%** | **Pharmaceuticals–1.37%** | **Pharmaceuticals–1.37%** |
| Collegium Pharmaceutical, Inc.<sup>(b)(c)</sup>  | 233451 | &nbsp;&nbsp; 6903146 |
| Structure Therapeutics, Inc., ADR<sup>(b)(c)</sup>  | 97157 | &nbsp;&nbsp; 2015036 |
| Tarsus Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 144662 | &nbsp;&nbsp; 5860258 |
|  |  | &nbsp;&nbsp; 14778440 |
| **Property & Casualty Insurance–2.11%** | **Property & Casualty Insurance–2.11%** | **Property & Casualty Insurance–2.11%** |
| Definity Financial Corp. (Canada)<sup>(c)</sup>  | 258626 | &nbsp;&nbsp; 15074093 |
| Skyward Specialty Insurance Group, <br> Inc.<sup>(b)</sup>  | 132256 | &nbsp;&nbsp; 7643074 |
|  |  | &nbsp;&nbsp; 22717167 |
| **Regional Banks–10.28%** | **Regional Banks–10.28%** | **Regional Banks–10.28%** |
| Banc of California, Inc.<sup>(c)</sup>  | 710778 | &nbsp;&nbsp; 9986431 |
| Berkshire Hills Bancorp, Inc.<sup>(c)</sup>  | 249632 | &nbsp;&nbsp; 6250785 |
| Cathay General Bancorp | 299311 | &nbsp;&nbsp; 13627630 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Regional Banks–(continued)** | **Regional Banks–(continued)** | **Regional Banks–(continued)** | **Regional Banks–(continued)** |
| Columbia Banking System, Inc.<sup>(c)</sup>  | Columbia Banking System, Inc.<sup>(c)</sup>  | 553029 | &nbsp;&nbsp; $12929818 |
| OceanFirst Financial Corp. | OceanFirst Financial Corp. | 379675 | &nbsp;&nbsp; 6686077 |
| Pacific Premier Bancorp, Inc. | Pacific Premier Bancorp, Inc. | 483435 | &nbsp;&nbsp; 10195644 |
| United Community Banks, Inc. | United Community Banks, Inc. | 270909 | &nbsp;&nbsp; 8070379 |
| Webster Financial Corp. | Webster Financial Corp. | 234408 | &nbsp;&nbsp; 12798677 |
| Wintrust Financial Corp. | Wintrust Financial Corp. | 169104 | &nbsp;&nbsp; 20965514 |
| WSFS Financial Corp. | WSFS Financial Corp. | 170245 | &nbsp;&nbsp; 9363475 |
|  |  |  | &nbsp;&nbsp; 110874430 |
| **Research & Consulting Services–0.63%** | **Research & Consulting Services–0.63%** | **Research & Consulting Services–0.63%** | **Research & Consulting Services–0.63%** |
| CACI International, Inc., Class A<sup>(b)(c)</sup>  | CACI International, Inc., Class A<sup>(b)(c)</sup>  | 14279 | &nbsp;&nbsp; 6806799 |
| **Restaurants–1.64%** | **Restaurants–1.64%** | **Restaurants–1.64%** | **Restaurants–1.64%** |
| Cheesecake Factory, Inc. (The)<sup>(c)</sup>  | Cheesecake Factory, Inc. (The)<sup>(c)</sup>  | 160787 | &nbsp;&nbsp; 10074913 |
| Texas Roadhouse, Inc. | Texas Roadhouse, Inc. | 40690 | &nbsp;&nbsp; 7625713 |
|  |  |  | &nbsp;&nbsp; 17700626 |
| **Semiconductor Materials & Equipment–0.56%** | **Semiconductor Materials & Equipment–0.56%** | **Semiconductor Materials & Equipment–0.56%** | **Semiconductor Materials & Equipment–0.56%** |
| MKS Instruments, Inc.<sup>(c)</sup>  | MKS Instruments, Inc.<sup>(c)</sup>  | 61245 | &nbsp;&nbsp; 6085303 |
| **Semiconductors–4.62%** | **Semiconductors–4.62%** | **Semiconductors–4.62%** | **Semiconductors–4.62%** |
| Allegro MicroSystems, Inc. (Japan)<sup>(b)(c)</sup>  | Allegro MicroSystems, Inc. (Japan)<sup>(b)(c)</sup>  | 421658 | &nbsp;&nbsp; 14416487 |
| Lattice Semiconductor Corp.<sup>(b)(c)</sup>  | Lattice Semiconductor Corp.<sup>(b)(c)</sup>  | 177983 | &nbsp;&nbsp; 8719387 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 100461 | &nbsp;&nbsp; 14395057 |
| Silicon Laboratories, Inc.<sup>(b)(c)</sup>  | Silicon Laboratories, Inc.<sup>(b)(c)</sup>  | 83874 | &nbsp;&nbsp; 12359673 |
|  |  |  | &nbsp;&nbsp; 49890604 |
| **Steel–2.13%** | **Steel–2.13%** | **Steel–2.13%** | **Steel–2.13%** |
| ATI, Inc.<sup>(b)(c)</sup>  | ATI, Inc.<sup>(b)(c)</sup>  | 95573 | &nbsp;&nbsp; 8251773 |
| Commercial Metals Co.<sup>(c)</sup>  | Commercial Metals Co.<sup>(c)</sup>  | 300152 | &nbsp;&nbsp; 14680434 |
|  |  |  | &nbsp;&nbsp; 22932207 |
| **Systems Software–0.93%** | **Systems Software–0.93%** | **Systems Software–0.93%** | **Systems Software–0.93%** |
| Progress Software Corp.<sup>(c)</sup>  | Progress Software Corp.<sup>(c)</sup>  | 156808 | &nbsp;&nbsp; 10010623 |
| **Trading Companies & Distributors–1.22%** | **Trading Companies & Distributors–1.22%** | **Trading Companies & Distributors–1.22%** | **Trading Companies & Distributors–1.22%** |
| Air Lease Corp., Class A | Air Lease Corp., Class A | 225688 | &nbsp;&nbsp; 13200491 |
| **Transaction & Payment Processing Services–0.68%** | **Transaction & Payment Processing Services–0.68%** | **Transaction & Payment Processing Services–0.68%** | **Transaction & Payment Processing Services–0.68%** |
| Marqeta, Inc., Class A<sup>(b)</sup>  | Marqeta, Inc., Class A<sup>(b)</sup>  | 1259351 | &nbsp;&nbsp; 7342016 |
| Total Common Stocks & Other Equity Interests <br> (Cost $854,238,553) | Total Common Stocks & Other Equity Interests <br> (Cost $854,238,553) | Total Common Stocks & Other Equity Interests <br> (Cost $854,238,553) | &nbsp;&nbsp; 1063178741 |
| **Money Market Funds–1.28%** | **Money Market Funds–1.28%** | **Money Market Funds–1.28%** | **Money Market Funds–1.28%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 4847441 | &nbsp;&nbsp; 4847441 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 8998223 | &nbsp;&nbsp; 8998223 |
| Total Money Market Funds (Cost $13,845,664) | Total Money Market Funds (Cost $13,845,664) | Total Money Market Funds (Cost $13,845,664) | &nbsp;&nbsp; 13845664 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-99.82% <br> (Cost $868,084,217)<br>|  |  | &nbsp;&nbsp; 1077024405 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–21.66%** | **Money Market Funds–21.66%** | **Money Market Funds–21.66%** | **Money Market Funds–21.66%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 66000925 | &nbsp;&nbsp; 66000925 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, <br> 4.49%<sup>(d)(e)(f)</sup>  | 167661812 | &nbsp;&nbsp; $167712110 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $233,696,683) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $233,696,683) | &nbsp;&nbsp; 233713035 |
| TOTAL INVESTMENTS IN SECURITIES–121.48% <br> (Cost $1,101,780,900) | TOTAL INVESTMENTS IN SECURITIES–121.48% <br> (Cost $1,101,780,900) | &nbsp;&nbsp; 1310737440 |
| OTHER ASSETS LESS LIABILITIES—(21.48)% | OTHER ASSETS LESS LIABILITIES—(21.48)% | &nbsp;&nbsp; (231775852)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1078961588 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $5818076 | &nbsp;&nbsp; $67922516 | &nbsp;&nbsp; $(68893151) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4847441 | &nbsp;&nbsp; $131110 |
| Invesco Treasury Portfolio, Institutional Class | 10800832 | &nbsp;&nbsp; 126141814 | &nbsp;&nbsp; (127944423) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 8998223 | &nbsp;&nbsp; 241735 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 76835293 | &nbsp;&nbsp; 230681195 | &nbsp;&nbsp; (241515563) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 66000925 | &nbsp;&nbsp; 1,221,879\* |
| Invesco Private Prime Fund | 200053567 | &nbsp;&nbsp; 487861869 | &nbsp;&nbsp; (520210972) | &nbsp;&nbsp; 16352 | &nbsp;&nbsp; (8706) | &nbsp;&nbsp; 167712110 | &nbsp;&nbsp; 3,281,936\* |
| Total | $293507768 | &nbsp;&nbsp; $912607394 | &nbsp;&nbsp; $(958564109) | &nbsp;&nbsp; $16352 | &nbsp;&nbsp; $(8706) | &nbsp;&nbsp; $247558699 | &nbsp;&nbsp; $4876660 |

---

\* 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 June 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $854,238,553)\*<br>| &nbsp;&nbsp; $1063178741 |
| Investments in affiliated money market funds, at value <br> (Cost $247,542,347)<br>| &nbsp;&nbsp; 247558699 |
| Cash | &nbsp;&nbsp; 1241222 |
| Foreign currencies, at value (Cost $30,046) | &nbsp;&nbsp; 30269 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 512053 |
| Dividends | &nbsp;&nbsp; 1221097 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 84228 |
| Other assets | &nbsp;&nbsp; 327 |
| Total assets | &nbsp;&nbsp; 1313826636 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 467449 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 233696683 |
| Accrued fees to affiliates | &nbsp;&nbsp; 598180 |
| Accrued other operating expenses | &nbsp;&nbsp; 18508 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 84228 |
| Total liabilities | &nbsp;&nbsp; 234865048 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1078961588 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $710947420 |
| Distributable earnings | &nbsp;&nbsp; 368014168 |
|  | &nbsp;&nbsp; $1078961588 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $316122380 |
| Series II | &nbsp;&nbsp; $762839208 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 10698505 |
| Series II | &nbsp;&nbsp; 26537510 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $29.55 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $28.75 |

---

\* At June 30, 2025, securities with an aggregate value of $227,785,925 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $11,227) | &nbsp;&nbsp; $6286652 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $125,386)<br>| &nbsp;&nbsp; 498231 |
| Total investment income | &nbsp;&nbsp; 6784883 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3241747 |
| Administrative services fees | &nbsp;&nbsp; 792730 |
| Custodian fees | &nbsp;&nbsp; 4339 |
| Distribution fees - Series II | &nbsp;&nbsp; 915880 |
| Transfer agent fees | &nbsp;&nbsp; 25102 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 12871 |
| Reports to shareholders | &nbsp;&nbsp; 4421 |
| Professional services fees | &nbsp;&nbsp; 21138 |
| Other | &nbsp;&nbsp; 5776 |
| Total expenses | &nbsp;&nbsp; 5024004 |
| Less: Fees waived | &nbsp;&nbsp; (10569)<br>|
| Net expenses | &nbsp;&nbsp; 5013435 |
| Net investment income | &nbsp;&nbsp; 1771448 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 46809514 |
| Affiliated investment securities | &nbsp;&nbsp; (8706)<br>|
| Foreign currencies | &nbsp;&nbsp; 2972 |
|  | &nbsp;&nbsp; 46803780 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (36418204)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 16352 |
| Foreign currencies | &nbsp;&nbsp; 155 |
|  | &nbsp;&nbsp; (36401697)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 10402083 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $12173531 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $1771448 | &nbsp;&nbsp; $3278375 |
| Net realized gain | &nbsp;&nbsp; 46803780 | &nbsp;&nbsp; 112187615 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (36401697)<br>| &nbsp;&nbsp; (10412221)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 12173531 | &nbsp;&nbsp; 105053769 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (7337261)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (27012158)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (34349419)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; 98451912 | &nbsp;&nbsp; 23344941 |
| Series II | &nbsp;&nbsp; (1231303)<br>| &nbsp;&nbsp; 35263594 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 97220609 | &nbsp;&nbsp; 58608535 |
| Net increase in net assets | &nbsp;&nbsp; 109394140 | &nbsp;&nbsp; 129312885 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 969567448 | &nbsp;&nbsp; 840254563 |
| End of period | &nbsp;&nbsp; $1078961588 | &nbsp;&nbsp; $969567448 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

------

**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $29.25 | $0.08 | $0.22 | $0.30 | $— | $— | $— | $29.55 | 1.03<br> %<br>| &nbsp;&nbsp; $316122 | 0.85 %<sup>(d)</sup><br>| 0.85 %<sup>(d)</sup><br>| 0.56 %<sup>(d)</sup><br>| 22<br> %<br>|
| Year ended 12/31/24 | 26.91 | 0.16 | 3.24 | 3.40 |  | (1.06)<br>| (1.06)<br>| 29.25 | 12.69 | &nbsp;&nbsp; 213154 | 0.87 | 0.87 | 0.56 | 42 |
| Year ended 12/31/23 | 23.08 | 0.11 | 4.01 | 4.12 | (0.29)<br>|  | (0.29)<br>| 26.91 | 18.13 | &nbsp;&nbsp; 174202 | 0.88 | 0.88 | 0.44 | 42 |
| Year ended 12/31/22 | 31.47 | 0.11 | (5.12)<br>| (5.01)<br>| (0.15)<br>| (3.23)<br>| (3.38)<br>| 23.08 | (15.83)<br>| &nbsp;&nbsp; 142703 | 0.84 | 0.87 | 0.41 | 32 |
| Year ended 12/31/21 | 27.42 | 0.01 | 6.19 | 6.20 | (0.12)<br>| (2.03)<br>| (2.15)<br>| 31.47 | 22.55 | &nbsp;&nbsp; 158060 | 0.80 | 0.84 | 0.03 | 32 |
| Year ended 12/31/20 | 23.32 | 0.09 | 4.47 | 4.56 | (0.14)<br>| (0.32)<br>| (0.46)<br>| 27.42 | 19.93 | &nbsp;&nbsp; 119377 | 0.80 | 0.91 | 0.41 | 35 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 28.49 | 0.04 | 0.22 | 0.26 |  |  |  | 28.75 | 0.91 | &nbsp;&nbsp; 762839 | 1.10 <br><sup>(d)</sup><br>| 1.10 <br><sup>(d)</sup><br>| 0.31 <br><sup>(d)</sup><br>| 22 |
| Year ended 12/31/24 | 26.30 | 0.09 | 3.16 | 3.25 |  | (1.06)<br>| (1.06)<br>| 28.49 | 12.41 | &nbsp;&nbsp; 756414 | 1.12 | 1.12 | 0.31 | 42 |
| Year ended 12/31/23 | 22.56 | 0.05 | 3.92 | 3.97 | (0.23)<br>|  | (0.23)<br>| 26.30 | 17.82 | &nbsp;&nbsp; 666053 | 1.13 | 1.13 | 0.19 | 42 |
| Year ended 12/31/22 | 30.83 | 0.04 | (5.01)<br>| (4.97)<br>| (0.07)<br>| (3.23)<br>| (3.30)<br>| 22.56 | (16.04)<br>| &nbsp;&nbsp; 562756 | 1.09 | 1.12 | 0.16 | 32 |
| Year ended 12/31/21 | 26.91 | (0.07)<br>| 6.08 | 6.01 | (0.06)<br>| (2.03)<br>| (2.09)<br>| 30.83 | 22.26 | &nbsp;&nbsp; 709699 | 1.05 | 1.09 | (0.22)<br>| 32 |
| Year ended 12/31/20 | 22.89 | 0.03 | 4.39 | 4.42 | (0.08)<br>| (0.32)<br>| (0.40)<br>| 26.91 | 19.63 | &nbsp;&nbsp; 650386 | 1.05 | 1.16 | 0.16 | 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> Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. Main Street Small Cap Fund<sup>®</sup> (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is to seek capital appreciation.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

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unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower

**9**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

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to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $10,374 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**K.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**L.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.560% |

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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 six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.67%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

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**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

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The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2025, the Adviser waived advisory fees of $10,569.

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 six months ended June 30, 2025, Invesco was paid $69,144 for accounting and fund administrative services and was reimbursed $723,586 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $1063178741 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1063178741 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 13845664 | &nbsp;&nbsp;&nbsp;&nbsp; 233713035 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 247558699 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1077024405 | &nbsp;&nbsp;&nbsp;&nbsp; $233713035 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1310737440 |

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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

**11**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

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may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $313,906,056 and $212,407,065, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $255802397 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (50641733)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $205160664 |

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Cost of investments for tax purposes is $1,105,576,776.

**NOTE 8—Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 4116065 | &nbsp;&nbsp;&nbsp; $118880528 | &nbsp;&nbsp;&nbsp; 1570250 | &nbsp;&nbsp;&nbsp; $45007834 |
| Series II | &nbsp;&nbsp;&nbsp; 1796442 | &nbsp;&nbsp;&nbsp; 49618057 | &nbsp;&nbsp;&nbsp; 4097751 | &nbsp;&nbsp;&nbsp; 115174331 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 254324 | &nbsp;&nbsp;&nbsp; 7337261 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 960603 | &nbsp;&nbsp;&nbsp; 27012156 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (704763)<br>| &nbsp;&nbsp;&nbsp; (20428616)<br>| &nbsp;&nbsp;&nbsp; (1011610)<br>| &nbsp;&nbsp;&nbsp; (29000154)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (1806803)<br>| &nbsp;&nbsp;&nbsp; (50849360)<br>| &nbsp;&nbsp;&nbsp; (3836222)<br>| &nbsp;&nbsp;&nbsp; (106922893)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 3400941 | &nbsp;&nbsp;&nbsp; $97220609 | &nbsp;&nbsp;&nbsp; 2035096 | &nbsp;&nbsp;&nbsp; $58608535 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**12**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Main Street Small Cap Fund's<sup>®</sup> (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 2000® Index (Index). The Board noted that performance of Series I shares of the Fund was in the second quintile of its performance universe for the one year period and the first quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was reasonably comparable to the performance of the Index for the one year period, and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed

**13**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

------

more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly

managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related

**14**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

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responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**15**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**16**

**Invesco V.I. Main Street Small Cap Fund**<sup>®</sup>

------

![](imgd86492ac1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

------

---

| | |
|:---|:---|
| [2](#xx_eb30da44-3254-4c95-a38c-479854b266f2_SOI-Continued-864_1) | Schedule of Investments |
| [3](#xx_eb30da44-3254-4c95-a38c-479854b266f2_FS-Continued-864_1) | Financial Statements |
| [5](#xx_eb30da44-3254-4c95-a38c-479854b266f2_FS-Continued-864_3) | Financial Highlights |
| [6](#xx_eb30da44-3254-4c95-a38c-479854b266f2_NTF-Continued-864_1) | Notes to Financial Statements |
| [12](#xx_eb30da44-3254-4c95-a38c-479854b266f2_AOC-Continued-864_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [15](#xx_eb30da44-3254-4c95-a38c-479854b266f2_OIRSR-Continued-864_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VISP500D-NCSRS

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–5.00%** | **Money Market Funds–5.00%** | **Money Market Funds–5.00%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.26%<sup>(a)(b)</sup>  | 982273 | &nbsp;&nbsp; $982273 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(a)(b)</sup>  | 1824021 | &nbsp;&nbsp; 1824021 |
| Total Money Market Funds (Cost $2,806,294) | Total Money Market Funds (Cost $2,806,294) | &nbsp;&nbsp; 2806294 |

---

---

| | |
|:---|:---|
|  | **Value** |
| **Options Purchased–97.83%** | **Options Purchased–97.83%** |
| (Cost $53,200,960)<sup>(c)</sup>  | &nbsp;&nbsp; $54949240 |
| TOTAL INVESTMENTS IN SECURITIES–102.83% <br> (Cost $56,007,254) | &nbsp;&nbsp; 57755534 |
| OTHER ASSETS LESS LIABILITIES—(2.83)% | &nbsp;&nbsp; (1588338)<br>|
| NET ASSETS–100.00% | &nbsp;&nbsp; $56167196 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $993772 | &nbsp;&nbsp; $7051936 | &nbsp;&nbsp; $(7063435) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $982273 | &nbsp;&nbsp; $16968 |
| Invesco Treasury Portfolio, Institutional Class | 1845270 | &nbsp;&nbsp; 13096454 | &nbsp;&nbsp; (13117703) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1824021 | &nbsp;&nbsp; 31276 |
| Total | $2839042 | &nbsp;&nbsp; $20148390 | &nbsp;&nbsp; $(20181138) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2806294 | &nbsp;&nbsp; $48244 |

---

<sup>(b)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 2025. <br> <sup>(c)</sup> The table below details options purchased.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Mini Index | Call | &nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp; 892 | USD | 17.64 | USD | 1573488 | &nbsp;&nbsp;&nbsp; $53572823 |
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp;&nbsp; 892 | USD | 588.16 | USD | 52463872 | &nbsp;&nbsp;&nbsp; 1376417 |
| Total Open Index Options Purchased | Total Open Index Options Purchased | Total Open Index Options Purchased |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $54949240 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** |
| **Description** | &nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Exercise** <br>**Price** | **Exercise** <br>**Price** | **Notional** <br>**Value**<sup>(a)</sup>  | **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |
| S&P 500<sup>®</sup> Mini Index | Call | &nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp; 892 | &nbsp;&nbsp; USD | 664.15 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 59242180 | $(966209)<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp; 892 | &nbsp;&nbsp; USD | 529.34 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 47217128 | (659943)<br>|
| Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written |  |  |  |  | $(1626152)<br>|

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

Abbreviations: <br> USD —U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $53,200,960)<br>| &nbsp;&nbsp; $54949240 |
| Investments in affiliated money market funds, at value <br> (Cost $2,806,294)<br>| &nbsp;&nbsp; 2806294 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 93979 |
| Dividends | &nbsp;&nbsp; 7953 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 14099 |
| Other assets | &nbsp;&nbsp; 15 |
| Total assets | &nbsp;&nbsp; 57871580 |
| **Liabilities:** |  |
| Other investments: |  |
| Options written, at value (premiums received <br> $2,279,951)<br>| &nbsp;&nbsp; 1626152 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 1880 |
| Accrued fees to affiliates | &nbsp;&nbsp; 31470 |
| Accrued other operating expenses | &nbsp;&nbsp; 30783 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 14099 |
| Total liabilities | &nbsp;&nbsp; 1704384 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $56167196 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $50060040 |
| Distributable earnings | &nbsp;&nbsp; 6107156 |
|  | &nbsp;&nbsp; $56167196 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $795415 |
| Series II | &nbsp;&nbsp; $55371781 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 65468 |
| Series II | &nbsp;&nbsp; 4597300 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $12.15 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $12.04 |

---

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated money market funds | &nbsp;&nbsp; $48244 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 103468 |
| Administrative services fees | &nbsp;&nbsp; 40101 |
| Custodian fees | &nbsp;&nbsp; 1150 |
| Distribution fees - Series II | &nbsp;&nbsp; 60473 |
| Transfer agent fees | &nbsp;&nbsp; 868 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 9559 |
| Licensing fees | &nbsp;&nbsp; 10312 |
| Reports to shareholders | &nbsp;&nbsp; 4534 |
| Professional services fees | &nbsp;&nbsp; 20097 |
| Other | &nbsp;&nbsp; 281 |
| Total expenses | &nbsp;&nbsp; 250843 |
| Less: Fees waived | &nbsp;&nbsp; (19177)<br>|
| Net expenses | &nbsp;&nbsp; 231666 |
| Net investment income (loss) | &nbsp;&nbsp; (183422)<br>|
| **Realized and unrealized gain from:** |  |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1645432 |
| Option contracts written | &nbsp;&nbsp; 697117 |
|  | &nbsp;&nbsp; 2342549 |
| Net realized and unrealized gain | &nbsp;&nbsp; 2342549 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $2159127 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

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**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(183422)<br>| &nbsp;&nbsp; $(233244)<br>|
| Net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp; 4131055 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 2342549 | &nbsp;&nbsp; 57354 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2159127 | &nbsp;&nbsp; 3955165 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (16641)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (1114574)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (1131215)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; 228672 | &nbsp;&nbsp; 167333 |
| Series II | &nbsp;&nbsp; 19454976 | &nbsp;&nbsp; 12170007 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 19683648 | &nbsp;&nbsp; 12337340 |
| Net increase in net assets | &nbsp;&nbsp; 21842775 | &nbsp;&nbsp; 15161290 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 34324421 | &nbsp;&nbsp; 19163131 |
| End of period | &nbsp;&nbsp; $56167196 | &nbsp;&nbsp; $34324421 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

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**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $11.63 | $(0.03)<br>| $0.55 | $0.52 | $— | $12.15 | 4.47<br> %<br>| $795 | 0.69 %<sup>(d)</sup><br>| 0.77 %<sup>(d)</sup><br>| (0.49 )%<sup>(d)</sup><br>| 0<br> %<br>|
| Year ended 12/31/24 | 10.48 | (0.06)<br>| 1.61 | 1.55 | (0.40)<br>| 11.63 | 14.89 | 560 | 0.70 | 0.92 | (0.51)<br>| 0 |
| Year ended 12/31/23 | 8.96 | (0.05)<br>| 1.68 | 1.63 | (0.11)<br>| 10.48 | 18.17 | 359 | 0.70 | 1.03 | (0.53)<br>| 0 |
| Year ended 12/31/22 | 10.00 | (0.06)<br>| (0.98)<br>| (1.04)<br>|  | 8.96 | (10.40)<br>| 477 | 0.70 | 1.90 | (0.64)<br>| 0 |
| Period ended 12/31/21<sup>(e)</sup> <br>| 10.00 | (0.00)<br>|  | (0.00)<br>|  | 10.00 |  | 1000 | 0.70 <br><sup>(d)</sup><br>| 643.01 <br><sup>(d)</sup><br>| (0.70 )<sup>(d)</sup><br>| 0 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 11.54 | (0.04)<br>| 0.54 | 0.50 |  | 12.04 | 4.33 | 55372 | 0.94 <br><sup>(d)</sup><br>| 1.02 <br><sup>(d)</sup><br>| (0.74 )<sup>(d)</sup><br>| 0 |
| Year ended 12/31/24 | 10.50 | (0.08)<br>| 1.52 | 1.44 | (0.40)<br>| 11.54 | 13.82 | 33765 | 0.95 | 1.17 | (0.76)<br>| 0 |
| Year ended 12/31/23 | 8.93 | (0.08)<br>| 1.76 | 1.68 | (0.11)<br>| 10.50 | 18.80 | 18804 | 0.95 | 1.28 | (0.78)<br>| 0 |
| Year ended 12/31/22 | 10.00 | (0.08)<br>| (0.99)<br>| (1.07)<br>|  | 8.93 | (10.70)<br>| 8748 | 0.95 | 2.15 | (0.89)<br>| 0 |
| Period ended 12/31/21<sup>(e)</sup> <br>| 10.00 | (0.00)<br>|  | (0.00)<br>|  | 10.00 |  | 1000 | 0.95 <br><sup>(d)</sup><br>| 643.26 <br><sup>(d)</sup><br>| (0.95 )<sup>(d)</sup><br>| 0 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Commencement date of December 31, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - December (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund seeks, over a specified annual outcome period, to provide investors with returns that match those of the S&P 500<sup>®</sup> Index (the "Underlying Index") up to an upside cap, while providing a buffer against the first 10% (prior to taking into account any fees and expenses of the Fund) of Underlying Index losses. The Fund invests, under normal circumstances, at least 80% its net assets (plus any borrowings for investment purposes) in options that reference the Underlying Index or options that reference the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust, which is an exchange-traded unit investment trust that seeks to track the Underlying Index.

The Fund employs a "Defined Outcome" strategy, which seeks to replicate the performance of the Underlying Index over a designated period of 12 months (the "Outcome Period") up to a predetermined cap (the "Cap"), while providing a buffer against the first 10% of Underlying Index losses over the Outcome Period (the "Buffer"). Following the conclusion of the initial Outcome Period, each subsequent Outcome Period will be a one-year period that begins on the trading day that immediately follows the day that the preceding Outcome Period concluded. New Cap levels will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period and will change depending on market conditions. The Buffer for each Outcome Period will be 10%. The Fund's Cap represents the maximum percentage return, expressed as a percentage of the value of the Underlying Index determined at the start of the relevant Outcome Period (the "Underlying Index Start Value"), that can be achieved from an investment in the Fund over an Outcome Period, prior to taking into account any fees and expenses of the Fund. The Fund's Buffer represents the amount of losses, expressed as a percentage of the Underlying Index Start Value, that the Fund will buffer against if the Underlying Index experiences losses over an Outcome Period, prior to taking into account any fees and expenses of the Fund. Underlying Index losses over an Outcome Period that exceed the Buffer will be borne by shareholders.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

**6**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

------

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Flex Options Purchased and Written** - The Fund invests primarily in FLexible EXchange<sup>®</sup> Options ("FLEX<sup>®</sup> Options"), which are non-standard Options that allow users to negotiate key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes as well as individual equities.

**7**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

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Other benefits of FLEX<sup>®</sup> Options, include guarantee for settlement by the Options Clearing Corporation (the "OCC"), a market clearinghouse that guarantees performance by two parties ("Counterparties") to certain derivatives contracts and protection from Counterparty risk that is associated with Over-the-counter trading.

The Fund will purchase and sell put and call FLEX<sup>®</sup> Options. Put options give the holder (the buyer of the put) the right to sell an asset (or deliver the cash value of the Underlying Index, in case of an index put option) and gives the seller of the put (the writer) of the put the obligation to buy the asset (or receive cash value of the Underlying Index, in case of an index put option) at a certain defined price. Call options give the holder (the buyer of the call) the right to buy an asset (or receive cash value of the Underlying Index, in case of an index call option) and gives the seller of the call (the writer) the obligation to sell the asset (or deliver cash value of the Underlying Index, in case of an index call option) at a certain defined price.

When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities. Options purchased are reported as Investments in unaffiliated securities on the Statement of Assets and Liabilities. Realized and unrealized gains and losses on options purchased are included on Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities.

When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as the writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Options written are reported as a liability on the Statement of Assets and Liabilities. Realized and unrealized gains and losses on options written are included on the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written.

The Fund bears the risk that the OCC could be unable or unwilling to perform its obligations under the FLEX<sup>®</sup> Options contracts, which could cause significant losses. Additionally, FLEX<sup>®</sup> Options may be less liquid than certain other securities such as standardized options. In less liquid markets for the FLEX<sup>®</sup> Options, the Fund may have difficulty closing out certain FLEX<sup>®</sup> Options positions under the customized terms. The Fund may experience substantial downside from specific FLEX<sup>®</sup> Option positions and certain FLEX<sup>®</sup> Option positions may expire worthless. The value of the underlying FLEX<sup>®</sup> Options will be affected by, among others, changes in the value of the exchange, changes in interest rates, changes in the actual and implied volatility of the Underlying Index and the remaining time to until the FLEX<sup>®</sup> Options expire. The value of the FLEX<sup>®</sup> Options does not increase or decrease at the same rate as the level of the Underlying Index (although they generally move in the same direction). However, as a FLEX<sup>®</sup> Option approaches its expiration date, its value typically increasingly moves with the value of the Underlying Index.

**K.** **Leverage Risk** — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

**L.** **Buffered Loss Risk** - The term "buffer" is a generic term that is widely used in the investment management and financial services industries to describe an investment product or strategy that is designed to mitigate or alleviate downside risk. The Buffer for the Fund is designed to limit downside losses for shares purchased at the beginning and held until the end of the Outcome Period; however, there is no guarantee that the Fund will be successful in implementing its stated Buffer strategy in an Outcome Period or that the Buffer will effectively protect against any or all losses. If the Underlying Index declines over an Outcome Period by more than the Buffer, shareholders will bear the amount of the loss in excess of the Buffer at the end of the Outcome Period (plus Fund fees and expenses). If an investor purchases shares of the Fund during an Outcome Period after the Underlying Index's value has decreased, the investor may receive less, or none, of the intended benefit of the Buffer. The Fund does not provide principal protection or protection of gains and shareholders could experience significant losses, including loss of their entire investment.

**M.** **Capped Return Risk** - If the Underlying Index experiences returns over the Outcome Period in excess of the Cap, the Fund will not participate in such returns beyond the Cap. In this way, the Fund is unlike other investment companies that seek to replicate the performance of the Underlying Index in all cases. If shares are purchased after the beginning of the Outcome Period, and the Fund's net asset value has already achieved returns at or near the Cap, there may be no ability to experience any return on investment, but such purchaser remains vulnerable to risk of loss. Additionally, the Fund's Defined Outcome strategy may not be successful in replicating the returns (before Fund fees and expenses) of the Underlying Index up to the level of the Cap.

**N.** **Cap Level Change Risk** - At the end of the trading day immediately preceding the first day of each Outcome Period, a new Cap is established, depending on the market conditions and the prices for options contracts on the Underlying Index at the time. Therefore, the level of the Cap may rise or fall for subsequent Outcome Periods and is unlikely to remain the same. If the Caps for future Outcome Periods of the Fund were to decrease, shareholders in the Fund would have less opportunity to participate in any future positive returns of the Underlying Index.

**O.** **Non-Diversification Risk -** Under the 1940 Act, a fund designated as "diversified" must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is classified as "diversified" for purposes of the 1940 Act. However, the Fund may be "non-diversified," as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund can invest a greater portion of its assets in the securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers' securities will therefore affect the value of the Fund more than if it was a diversified fund. As such, the Fund's performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.420% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |

---

For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.42%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to

**8**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

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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, 2026, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I and Series II shares to 0.70% and 0.95%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause 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, 2026. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.To the extent that the annualized ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $19,177.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related 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 six months ended June 30, 2025, Invesco was paid $3,201 for accounting and fund administrative services and was reimbursed $36,900 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; $2806294 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2806294 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54949240 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54949240 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 2806294 | &nbsp;&nbsp;&nbsp;&nbsp; 54949240 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57755534 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1626152)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1626152)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $2806294 | &nbsp;&nbsp;&nbsp;&nbsp; $53323088 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $56129382 |

---

\* Options written are shown at value.

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

**9**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

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For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of June 30, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Options purchased, at value<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $54949240 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (54949240)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Options written, at value | &nbsp;&nbsp;&nbsp;&nbsp; $(1626152)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 1626152 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> Options purchased, at value as reported in the Schedule of Investments.

**Effect of Derivative Investments for the six months ended June 30, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Change in Net Unrealized Appreciation: |  |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $1645432 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 697117 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $2342549 |

---

<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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Written**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $52149283 | &nbsp;&nbsp;&nbsp;&nbsp; $102739598 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1722 | &nbsp;&nbsp;&nbsp;&nbsp; 1722 |

---

**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.

**NOTE 7—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**10**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

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**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 six months ended June 30, 2025 was $0 and $0, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3448820 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (1106271)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2342549 |

---

Cost of investments for tax purposes is $53,786,833.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 59442 | &nbsp;&nbsp;&nbsp; $705791 | &nbsp;&nbsp;&nbsp; 51754 | &nbsp;&nbsp;&nbsp; $578535 |
| Series II | &nbsp;&nbsp;&nbsp; 1894291 | &nbsp;&nbsp;&nbsp; 21948215 | &nbsp;&nbsp;&nbsp; 1536664 | &nbsp;&nbsp;&nbsp; 16743221 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1415 | &nbsp;&nbsp;&nbsp; 16160 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 98248 | &nbsp;&nbsp;&nbsp; 1114136 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (42128)<br>| &nbsp;&nbsp;&nbsp; (477119)<br>| &nbsp;&nbsp;&nbsp; (39234)<br>| &nbsp;&nbsp;&nbsp; (427362)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (223087)<br>| &nbsp;&nbsp;&nbsp; (2493239)<br>| &nbsp;&nbsp;&nbsp; (500361)<br>| &nbsp;&nbsp;&nbsp; (5687350)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 1688518 | &nbsp;&nbsp;&nbsp; $19683648 | &nbsp;&nbsp;&nbsp; 1148486 | &nbsp;&nbsp;&nbsp; $12337340 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 99% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**11**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – December's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Asset Management Limited currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the S&P 500 Index (Price Only). The Board noted that the Fund had recently commenced operations in December 2021 and that therefore performance information for the Fund was limited. The Board noted that performance of Series I shares of the Fund was in the third quintile of its performance universe for the one, two and three year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one and two year periods and reasonably comparable to the performance of the Index for the three year period. The Board considered that the Fund's unique investment strategy seeks to match the returns of the Index up to an upside cap, while providing a

**12**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

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buffer against a certain amount of Index losses. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between the Fund's investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe, and specifically that the Fund's peer group includes funds that are not managed pursuant to the same buffered strategy as the Fund. The Board also considered that the Fund underwent a change in portfolio management in 2023. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were below and above, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that there were only two funds (including the Fund) in the expense group, therefore, Broadridge did not provide quintile rankings. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management regarding the Fund's limited peer group. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco

Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however,

solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the

**13**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

------

advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**14**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**15**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - December**

------

![](img0c57c5011.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

------

---

| | |
|:---|:---|
| [2](#xx_47bf8b36-9a0d-476e-a8fe-342a82aef328_SOI-Continued-885_1) | Schedule of Investments |
| [3](#xx_47bf8b36-9a0d-476e-a8fe-342a82aef328_FS-Continued-885_1) | Financial Statements |
| [5](#xx_47bf8b36-9a0d-476e-a8fe-342a82aef328_FS-Continued-885_3) | Financial Highlights |
| [6](#xx_47bf8b36-9a0d-476e-a8fe-342a82aef328_NTF-Continued-885_1) | Notes to Financial Statements |
| [12](#xx_47bf8b36-9a0d-476e-a8fe-342a82aef328_AOC-Continued-885_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [15](#xx_47bf8b36-9a0d-476e-a8fe-342a82aef328_OIRSR-Continued-885_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VISP500J-NCSRS

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–3.62%** | **Money Market Funds–3.62%** | **Money Market Funds–3.62%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.26%<sup>(a)(b)</sup>  | 589022 | &nbsp;&nbsp; $589022 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(a)(b)</sup>  | 1093897 | &nbsp;&nbsp; 1093897 |
| Total Money Market Funds (Cost $1,682,919) | Total Money Market Funds (Cost $1,682,919) | &nbsp;&nbsp; 1682919 |

---

---

| | |
|:---|:---|
|  | **Value** |
| **Options Purchased–100.43%** | **Options Purchased–100.43%** |
| (Cost $46,642,762)<sup>(c)</sup>  | &nbsp;&nbsp; $46740466 |
| TOTAL INVESTMENTS IN SECURITIES–104.05% <br> (Cost $48,325,681) | &nbsp;&nbsp; 48423385 |
| OTHER ASSETS LESS LIABILITIES—(4.05)% | &nbsp;&nbsp; (1884184)<br>|
| NET ASSETS–100.00% | &nbsp;&nbsp; $46539201 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $663268 | &nbsp;&nbsp; $1756175 | &nbsp;&nbsp; $(1830421) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $589022 | &nbsp;&nbsp; $11808 |
| Invesco Treasury Portfolio, Institutional Class | 1231782 | &nbsp;&nbsp; 3261468 | &nbsp;&nbsp; (3399353) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1093897 | &nbsp;&nbsp; 21773 |
| Total | $1895050 | &nbsp;&nbsp; $5017643 | &nbsp;&nbsp; $(5229774) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1682919 | &nbsp;&nbsp; $33581 |

---

<sup>(b)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 2025. <br> <sup>(c)</sup> The table below details options purchased.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Mini Index | Call | &nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp; 740 | USD | 18.62 | USD | 1377880 | &nbsp;&nbsp;&nbsp; $44328599 |
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp; 740 | USD | 620.50 | USD | 45917000 | &nbsp;&nbsp;&nbsp; 2411867 |
| Total Open Index Options Purchased | Total Open Index Options Purchased | Total Open Index Options Purchased |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $46740466 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** |
| **Description** | &nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Exercise** <br>**Price** | **Exercise** <br>**Price** | **Notional** <br>**Value**<sup>(a)</sup>  | **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |
| S&P 500<sup>®</sup> Mini Index | Call | &nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp; 740 | &nbsp;&nbsp; USD | 703.96 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 52093040 | $(872444)<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp; 740 | &nbsp;&nbsp; USD | 558.45 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 41325300 | (1364624)<br>|
| Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written |  |  |  |  | $(2237068)<br>|

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

Abbreviations: <br> USD —U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $46,642,762)<br>| &nbsp;&nbsp; $46740466 |
| Investments in affiliated money market funds, at value <br> (Cost $1,682,919)<br>| &nbsp;&nbsp; 1682919 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 46698951 |
| Fund shares sold | &nbsp;&nbsp; 361311 |
| Fund expenses absorbed | &nbsp;&nbsp; 434 |
| Dividends | &nbsp;&nbsp; 5925 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 11731 |
| Other assets | &nbsp;&nbsp; 8 |
| Total assets | &nbsp;&nbsp; 95501745 |
| **Liabilities:** |  |
| Other investments: |  |
| Options written, at value (premiums received <br> $2,235,718)<br>| &nbsp;&nbsp; 2237068 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 46642762 |
| Fund shares reacquired | &nbsp;&nbsp; 5551 |
| Accrued fees to affiliates | &nbsp;&nbsp; 25807 |
| Accrued other operating expenses | &nbsp;&nbsp; 39625 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 11731 |
| Total liabilities | &nbsp;&nbsp; 48962544 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $46539201 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $39784545 |
| Distributable earnings | &nbsp;&nbsp; 6754656 |
|  | &nbsp;&nbsp; $46539201 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $1593280 |
| Series II | &nbsp;&nbsp; $44945921 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 116379 |
| Series II | &nbsp;&nbsp; 3311075 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $13.69 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $13.57 |

---

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated money market funds | &nbsp;&nbsp; $33581 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 90396 |
| Administrative services fees | &nbsp;&nbsp; 35702 |
| Custodian fees | &nbsp;&nbsp; 1696 |
| Distribution fees - Series II | &nbsp;&nbsp; 51916 |
| Transfer agent fees | &nbsp;&nbsp; 1189 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 9603 |
| Licensing fees | &nbsp;&nbsp; 7794 |
| Reports to shareholders | &nbsp;&nbsp; 4980 |
| Professional services fees | &nbsp;&nbsp; 19814 |
| Other | &nbsp;&nbsp; 273 |
| Total expenses | &nbsp;&nbsp; 223363 |
| Less: Fees waived | &nbsp;&nbsp; (21692)<br>|
| Net expenses | &nbsp;&nbsp; 201671 |
| Net investment income (loss) | &nbsp;&nbsp; (168090)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 4051709 |
| Option contracts written | &nbsp;&nbsp; 1247588 |
|  | &nbsp;&nbsp; 5299297 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (2435492)<br>|
| Option contracts written | &nbsp;&nbsp; (130710)<br>|
|  | &nbsp;&nbsp; (2566202)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 2733095 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $2565005 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(168090)<br>| &nbsp;&nbsp; $(251644)<br>|
| Net realized gain | &nbsp;&nbsp; 5299297 | &nbsp;&nbsp; 3576103 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (2566202)<br>| &nbsp;&nbsp; 986909 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2565005 | &nbsp;&nbsp; 4311368 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (86814)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (2356500)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (2443314)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (80648)<br>| &nbsp;&nbsp; (96818)<br>|
| Series II | &nbsp;&nbsp; 203327 | &nbsp;&nbsp; 13921905 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 122679 | &nbsp;&nbsp; 13825087 |
| Net increase in net assets | &nbsp;&nbsp; 2687684 | &nbsp;&nbsp; 15693141 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 43851517 | &nbsp;&nbsp; 28158376 |
| End of period | &nbsp;&nbsp; $46539201 | &nbsp;&nbsp; $43851517 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

------

**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $12.88 | $(0.03)<br>| $0.84 | $0.81 | $— | $13.69 | 6.29<br> %<br>| $1593 | 0.70 %<sup>(d)</sup><br>| 0.80 %<sup>(d)</sup><br>| (0.54 )%<sup>(d)</sup><br>| 0<br> %<br>|
| Year ended 12/31/24 | 11.96 | (0.06)<br>| 1.73 | 1.67 | (0.75)<br>| 12.88 | 14.03 | 1580 | 0.70 | 0.90 | (0.50)<br>| 0 |
| Year ended 12/31/23 | 10.18 | (0.05)<br>| 2.00 | 1.95 | (0.17)<br>| 11.96 | 19.20 | 1565 | 0.70 | 1.03 | (0.47)<br>| 0 |
| Period ended 12/31/22<sup>(e)</sup> <br>| 10.00 | (0.03)<br>| 0.29 | 0.26 | (0.08)<br>| 10.18 | 2.56 | 1018 | 0.70 <br><sup>(d)</sup><br>| 2.52 <br><sup>(d)</sup><br>| (0.59 )<sup>(d)</sup><br>| 0 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 12.79 | (0.05)<br>| 0.83 | 0.78 |  | 13.57 | 6.10 | 44946 | 0.95 <br><sup>(d)</sup><br>| 1.05 <br><sup>(d)</sup><br>| (0.79 )<sup>(d)</sup><br>| 0 |
| Year ended 12/31/24 | 11.91 | (0.09)<br>| 1.72 | 1.63 | (0.75)<br>| 12.79 | 13.76 | 42271 | 0.95 | 1.15 | (0.75)<br>| 0 |
| Year ended 12/31/23 | 10.16 | (0.08)<br>| 2.00 | 1.92 | (0.17)<br>| 11.91 | 18.95 | 26594 | 0.95 | 1.28 | (0.72)<br>| 0 |
| Period ended 12/31/22<sup>(e)</sup> <br>| 10.00 | (0.04)<br>| 0.28 | 0.24 | (0.08)<br>| 10.16 | 2.36 | 9321 | 0.95 <br><sup>(d)</sup><br>| 2.77 <br><sup>(d)</sup><br>| (0.84 )<sup>(d)</sup><br>| 0 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Commencement date of June 30, 2022.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund seeks, over a specified annual outcome period, to provide investors with returns that match those of the S&P 500<sup>®</sup> Index (the "Underlying Index") up to an upside cap, while providing a buffer against the first 10% (prior to taking into account any fees and expenses of the Fund) of Underlying Index losses. The Fund invests, under normal circumstances, at least 80% its net assets (plus any borrowings for investment purposes) in options that reference the Underlying Index or options that reference the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust, which is an exchange-traded unit investment trust that seeks to track the Underlying Index.

The Fund employs a "Defined Outcome" strategy, which seeks to replicate the performance of the Underlying Index over a designated period of 12 months (the "Outcome Period") up to a predetermined cap (the "Cap"), while providing a buffer against the first 10% of Underlying Index losses over the Outcome Period (the "Buffer"). Following the conclusion of the initial Outcome Period, each subsequent Outcome Period will be a one-year period that begins on the trading day that immediately follows the day that the preceding Outcome Period concluded. New Cap levels will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period and will change depending on market conditions. The Buffer for each Outcome Period will be 10%. The Fund's Cap represents the maximum percentage return, expressed as a percentage of the value of the Underlying Index determined at the start of the relevant Outcome Period (the "Underlying Index Start Value"), that can be achieved from an investment in the Fund over an Outcome Period, prior to taking into account any fees and expenses of the Fund. The Fund's Buffer represents the amount of losses, expressed as a percentage of the Underlying Index Start Value, that the Fund will buffer against if the Underlying Index experiences losses over an Outcome Period, prior to taking into account any fees and expenses of the Fund. Underlying Index losses over an Outcome Period that exceed the Buffer will be borne by shareholders.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

**6**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

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Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Flex Options Purchased and Written** - The Fund invests primarily in FLexible EXchange<sup>®</sup> Options ("FLEX<sup>®</sup> Options"), which are non-standard Options that allow users to negotiate key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes as well as individual equities.

**7**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

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Other benefits of FLEX<sup>®</sup> Options, include guarantee for settlement by the Options Clearing Corporation (the "OCC"), a market clearinghouse that guarantees performance by two parties ("Counterparties") to certain derivatives contracts and protection from Counterparty risk that is associated with Over-the-counter trading.

The Fund will purchase and sell put and call FLEX<sup>®</sup> Options. Put options give the holder (the buyer of the put) the right to sell an asset (or deliver the cash value of the Underlying Index, in case of an index put option) and gives the seller of the put (the writer) of the put the obligation to buy the asset (or receive cash value of the Underlying Index, in case of an index put option) at a certain defined price. Call options give the holder (the buyer of the call) the right to buy an asset (or receive cash value of the Underlying Index, in case of an index call option) and gives the seller of the call (the writer) the obligation to sell the asset (or deliver cash value of the Underlying Index, in case of an index call option) at a certain defined price.

When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities. Options purchased are reported as Investments in unaffiliated securities on the Statement of Assets and Liabilities. Realized and unrealized gains and losses on options purchased are included on Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities.

When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as the writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Options written are reported as a liability on the Statement of Assets and Liabilities. Realized and unrealized gains and losses on options written are included on the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written.

The Fund bears the risk that the OCC could be unable or unwilling to perform its obligations under the FLEX<sup>®</sup> Options contracts, which could cause significant losses. Additionally, FLEX<sup>®</sup> Options may be less liquid than certain other securities such as standardized options. In less liquid markets for the FLEX<sup>®</sup> Options, the Fund may have difficulty closing out certain FLEX<sup>®</sup> Options positions under the customized terms. The Fund may experience substantial downside from specific FLEX<sup>®</sup> Option positions and certain FLEX<sup>®</sup> Option positions may expire worthless. The value of the underlying FLEX<sup>®</sup> Options will be affected by, among others, changes in the value of the exchange, changes in interest rates, changes in the actual and implied volatility of the Underlying Index and the remaining time to until the FLEX<sup>®</sup> Options expire. The value of the FLEX<sup>®</sup> Options does not increase or decrease at the same rate as the level of the Underlying Index (although they generally move in the same direction). However, as a FLEX<sup>®</sup> Option approaches its expiration date, its value typically increasingly moves with the value of the Underlying Index.

**K.** **Leverage Risk** — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

**L.** **Buffered Loss Risk** - The term "buffer" is a generic term that is widely used in the investment management and financial services industries to describe an investment product or strategy that is designed to mitigate or alleviate downside risk. The Buffer for the Fund is designed to limit downside losses for shares purchased at the beginning and held until the end of the Outcome Period; however, there is no guarantee that the Fund will be successful in implementing its stated Buffer strategy in an Outcome Period or that the Buffer will effectively protect against any or all losses. If the Underlying Index declines over an Outcome Period by more than the Buffer, shareholders will bear the amount of the loss in excess of the Buffer at the end of the Outcome Period (plus Fund fees and expenses). If an investor purchases shares of the Fund during an Outcome Period after the Underlying Index's value has decreased, the investor may receive less, or none, of the intended benefit of the Buffer. The Fund does not provide principal protection or protection of gains and shareholders could experience significant losses, including loss of their entire investment.

**M.** **Capped Return Risk** - If the Underlying Index experiences returns over the Outcome Period in excess of the Cap, the Fund will not participate in such returns beyond the Cap. In this way, the Fund is unlike other investment companies that seek to replicate the performance of the Underlying Index in all cases. If shares are purchased after the beginning of the Outcome Period, and the Fund's net asset value has already achieved returns at or near the Cap, there may be no ability to experience any return on investment, but such purchaser remains vulnerable to risk of loss. Additionally, the Fund's Defined Outcome strategy may not be successful in replicating the returns (before Fund fees and expenses) of the Underlying Index up to the level of the Cap.

**N.** **Cap Level Change Risk** - At the end of the trading day immediately preceding the first day of each Outcome Period, a new Cap is established, depending on the market conditions and the prices for options contracts on the Underlying Index at the time. Therefore, the level of the Cap may rise or fall for subsequent Outcome Periods and is unlikely to remain the same. If the Caps for future Outcome Periods of the Fund were to decrease, shareholders in the Fund would have less opportunity to participate in any future positive returns of the Underlying Index.

**O.** **Non-Diversification Risk -** Under the 1940 Act, a fund designated as "diversified" must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is classified as "diversified" for purposes of the 1940 Act. However, the Fund may be "non-diversified," as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund can invest a greater portion of its assets in the securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers' securities will therefore affect the value of the Fund more than if it was a diversified fund. As such, the Fund's performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.420% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |

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For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.42%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to

**8**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

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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, 2026, 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 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, 2026. 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. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $21,692.

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 six months ended June 30, 2025, Invesco was paid $3,439 for accounting and fund administrative services and was reimbursed $32,263 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; $1682919 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1682919 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46740466 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46740466 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 1682919 | &nbsp;&nbsp;&nbsp;&nbsp; 46740466 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48423385 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2237068)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2237068)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1682919 | &nbsp;&nbsp;&nbsp;&nbsp; $44503398 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $46186317 |

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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.

**9**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

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For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of June 30, 2025:

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| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Options purchased, at value<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $46740466 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (46740466)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Options written, at value | &nbsp;&nbsp;&nbsp;&nbsp; $(2237068)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 2237068 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> Options purchased, at value as reported in the Schedule of Investments.

**Effect of Derivative Investments for the six months ended June 30, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $4051709 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 1247588 |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2435492)<br>|
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; (130710)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $2733095 |

---

<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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Written**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $42650028 | &nbsp;&nbsp;&nbsp;&nbsp; $84767918 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1483 | &nbsp;&nbsp;&nbsp;&nbsp; 1483 |

---

**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.

**NOTE 7—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

**10**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

------

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $109273 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (2675473)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(2566200)<br>|

---

Cost of investments for tax purposes is $48,752,517.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 6042 | &nbsp;&nbsp;&nbsp; $77746 | &nbsp;&nbsp;&nbsp; 18914 | &nbsp;&nbsp;&nbsp; $246115 |
| Series II | &nbsp;&nbsp;&nbsp; 322826 | &nbsp;&nbsp;&nbsp; 4141761 | &nbsp;&nbsp;&nbsp; 1731319 | &nbsp;&nbsp;&nbsp; 22216557 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6771 | &nbsp;&nbsp;&nbsp; 86065 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 186668 | &nbsp;&nbsp;&nbsp; 2355752 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (12323)<br>| &nbsp;&nbsp;&nbsp; (158394)<br>| &nbsp;&nbsp;&nbsp; (33846)<br>| &nbsp;&nbsp;&nbsp; (428998)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (316925)<br>| &nbsp;&nbsp;&nbsp; (3938434)<br>| &nbsp;&nbsp;&nbsp; (846091)<br>| &nbsp;&nbsp;&nbsp; (10650404)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (380)<br>| &nbsp;&nbsp;&nbsp; $122679 | &nbsp;&nbsp;&nbsp; 1063735 | &nbsp;&nbsp;&nbsp; $13825087 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 99% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**11**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund – June's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Asset Management Limited currently manages assets of the Fund.

The Board compared the Fund's investment performance over the year ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the S&P 500 Index (Price Only) (Index). The Board noted that the Fund had recently commenced operations in June 2022 and has limited performance history. The Board noted that performance of Series I shares of the Fund was in the third quintile of its performance universe for the one and two year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one and two year periods. The Board considered that the Fund's unique investment strategy seeks to match the returns of the Index up to an upside cap, while providing a buffer against a certain amount of Index losses. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may

**12**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

------

exist between the Fund's investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe, and specifically that the Fund's peer group includes funds that are not managed pursuant to the same buffered strategy as the Fund. The Board also considered that the Fund underwent a change in portfolio management in 2023. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were below and above, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that there were only two funds (including the Fund) in the expense group, therefore, Broadridge did not provide quintile rankings. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management regarding the Fund's actual and contractual management fees in light of its limited peer group. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds

relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits

realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any

**13**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

------

securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**14**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**15**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund – June**

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![](img47945da71.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

------

---

| | |
|:---|:---|
| [2](#xx_ab257814-be70-4023-b265-21ba32da1f92_SOI-Continued-877_1) | Schedule of Investments |
| [3](#xx_ab257814-be70-4023-b265-21ba32da1f92_FS-Continued-877_1) | Financial Statements |
| [5](#xx_ab257814-be70-4023-b265-21ba32da1f92_FS-Continued-877_3) | Financial Highlights |
| [6](#xx_ab257814-be70-4023-b265-21ba32da1f92_NTF-Continued-877_1) | Notes to Financial Statements |
| [12](#xx_ab257814-be70-4023-b265-21ba32da1f92_AOC-Continued-877_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [15](#xx_ab257814-be70-4023-b265-21ba32da1f92_OIRSR-Continued-877_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VISP500M-NCSRS

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–4.95%** | **Money Market Funds–4.95%** | **Money Market Funds–4.95%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.26%<sup>(a)(b)</sup>  | 856337 | &nbsp;&nbsp; $856337 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(a)(b)</sup>  | 1615190 | &nbsp;&nbsp; 1615190 |
| Total Money Market Funds (Cost $2,471,527) | Total Money Market Funds (Cost $2,471,527) | &nbsp;&nbsp; 2471527 |

---

---

| | |
|:---|:---|
|  | **Value** |
| **Options Purchased–101.83%** | **Options Purchased–101.83%** |
| (Cost $46,856,961)<sup>(c)</sup>  | &nbsp;&nbsp; $50771825 |
| TOTAL INVESTMENTS IN SECURITIES–106.78% <br> (Cost $49,328,488) | &nbsp;&nbsp; 53243352 |
| OTHER ASSETS LESS LIABILITIES—(6.78)% | &nbsp;&nbsp; (3382409)<br>|
| NET ASSETS–100.00% | &nbsp;&nbsp; $49860943 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $239823 | &nbsp;&nbsp; $7836644 | &nbsp;&nbsp; $(7220130) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $856337 | &nbsp;&nbsp; $11688 |
| Invesco Treasury Portfolio, Institutional Class | 516386 | &nbsp;&nbsp; 14553768 | &nbsp;&nbsp; (13454964) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1615190 | &nbsp;&nbsp; 22564 |
| Total | $756209 | &nbsp;&nbsp; $22390412 | &nbsp;&nbsp; $(20675094) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2471527 | &nbsp;&nbsp; $34252 |

---

<sup>(b)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 2025. <br> <sup>(c)</sup> The table below details options purchased.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Mini Index | Call | &nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp; 824 | USD | 16.84 | USD | 1387616 | &nbsp;&nbsp;&nbsp; $49509055 |
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp; 824 | USD | 561.19 | USD | 46242056 | &nbsp;&nbsp;&nbsp; 1262770 |
| Total Open Index Options Purchased | Total Open Index Options Purchased | Total Open Index Options Purchased |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $50771825 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** |
| **Description** | &nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Exercise** <br>**Price** | **Exercise** <br>**Price** | **Notional** <br>**Value**<sup>(a)</sup>  | **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |
| S&P 500<sup>®</sup> Mini Index | Call | &nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp; 824 | &nbsp;&nbsp; USD | 639.20 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 52670080 | $(2613540)<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp; 824 | &nbsp;&nbsp; USD | 505.07 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 41617768 | (700213)<br>|
| Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written |  |  |  |  | $(3313753)<br>|

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

Abbreviations: <br> USD —U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $46,856,961)<br>| &nbsp;&nbsp; $50771825 |
| Investments in affiliated money market funds, at value <br> (Cost $2,471,527)<br>| &nbsp;&nbsp; 2471527 |
| Receivable for: |  |
| Dividends | &nbsp;&nbsp; 6592 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 12913 |
| Other assets | &nbsp;&nbsp; 13 |
| Total assets | &nbsp;&nbsp; 53262870 |
| **Liabilities:** |  |
| Other investments: |  |
| Options written, at value (premiums received <br> $2,485,327)<br>| &nbsp;&nbsp; 3313753 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 12154 |
| Accrued fees to affiliates | &nbsp;&nbsp; 28438 |
| Accrued other operating expenses | &nbsp;&nbsp; 34669 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 12913 |
| Total liabilities | &nbsp;&nbsp; 3401927 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $49860943 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $44774504 |
| Distributable earnings | &nbsp;&nbsp; 5086439 |
|  | &nbsp;&nbsp; $49860943 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $414192 |
| Series II | &nbsp;&nbsp; $49446751 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 35297 |
| Series II | &nbsp;&nbsp; 4251063 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $11.73 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $11.63 |

---

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated money market funds | &nbsp;&nbsp; $34252 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 86329 |
| Administrative services fees | &nbsp;&nbsp; 33509 |
| Custodian fees | &nbsp;&nbsp; 1064 |
| Distribution fees - Series II | &nbsp;&nbsp; 51085 |
| Transfer agent fees | &nbsp;&nbsp; 903 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 9577 |
| Licensing fees | &nbsp;&nbsp; 8033 |
| Reports to shareholders | &nbsp;&nbsp; 4449 |
| Professional services fees | &nbsp;&nbsp; 20101 |
| Other | &nbsp;&nbsp; 282 |
| Total expenses | &nbsp;&nbsp; 215332 |
| Less: Fees waived and/or expenses reimbursed | &nbsp;&nbsp; (21296)<br>|
| Net expenses | &nbsp;&nbsp; 194036 |
| Net investment income (loss) | &nbsp;&nbsp; (159784)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 931010 |
| Option contracts written | &nbsp;&nbsp; 1021177 |
|  | &nbsp;&nbsp; 1952187 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 900617 |
| Option contracts written | &nbsp;&nbsp; (1336664)<br>|
|  | &nbsp;&nbsp; (436047)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 1516140 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $1356356 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(159784)<br>| &nbsp;&nbsp; $(224131)<br>|
| Net realized gain | &nbsp;&nbsp; 1952187 | &nbsp;&nbsp; 3158723 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (436047)<br>| &nbsp;&nbsp; 896485 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1356356 | &nbsp;&nbsp; 3831077 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (4946)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (1974514)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (1979460)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; 307441 | &nbsp;&nbsp; 61827 |
| Series II | &nbsp;&nbsp; 12780512 | &nbsp;&nbsp; 12873754 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 13087953 | &nbsp;&nbsp; 12935581 |
| Net increase in net assets | &nbsp;&nbsp; 14444309 | &nbsp;&nbsp; 14787198 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 35416634 | &nbsp;&nbsp; 20629436 |
| End of period | &nbsp;&nbsp; $49860943 | &nbsp;&nbsp; $35416634 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

------

**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $11.51 | $(0.03)<br>| $0.25 | $0.22 | $— | $11.73 | 1.91<br> %<br>| $414 | 0.70 %<sup>(d)</sup><br>| 0.80 %<sup>(d)</sup><br>| (0.53 )%<sup>(d)</sup><br>| 0<br> %<br>|
| Year ended 12/31/24 | 10.76 | (0.06)<br>| 1.48 | 1.42 | (0.67)<br>| 11.51 | 13.28 | 89 | 0.70 | 0.94 | (0.52)<br>| 0 |
| Year ended 12/31/23 | 9.20 | (0.05)<br>| 1.94 | 1.89 | (0.33)<br>| 10.76 | 20.54 | 16 | 0.70 | 0.91 | (0.54)<br>| 0 |
| Period ended 12/31/22<sup>(e)</sup> <br>| 10.00 | (0.04)<br>| (0.76)<br>| (0.80)<br>|  | 9.20 | (8.00)<br>| 920 | 0.70 <br><sup>(d)</sup><br>| 1.96 <br><sup>(d)</sup><br>| (0.64 )<sup>(d)</sup><br>| 0 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 11.43 | (0.04)<br>| 0.24 | 0.20 |  | 11.63 | 1.75 | 49447 | 0.95 <br><sup>(d)</sup><br>| 1.05 <br><sup>(d)</sup><br>| (0.78 )<sup>(d)</sup><br>| 0 |
| Year ended 12/31/24 | 10.71 | (0.09)<br>| 1.48 | 1.39 | (0.67)<br>| 11.43 | 13.06 | 35327 | 0.95 | 1.19 | (0.77)<br>| 0 |
| Year ended 12/31/23 | 9.18 | (0.08)<br>| 1.94 | 1.86 | (0.33)<br>| 10.71 | 20.25 | 20613 | 0.95 | 1.16 | (0.79)<br>| 0 |
| Period ended 12/31/22<sup>(e)</sup> <br>| 10.00 | (0.06)<br>| (0.76)<br>| (0.82)<br>|  | 9.18 | (8.20)<br>| 10142 | 0.95 <br><sup>(d)</sup><br>| 2.21 <br><sup>(d)</sup><br>| (0.89 )<sup>(d)</sup><br>| 0 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Commencement date of March 31, 2022.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund seeks, over a specified annual outcome period, to provide investors with returns that match those of the S&P 500<sup>®</sup> Index (the "Underlying Index") up to an upside cap, while providing a buffer against the first 10% (prior to taking into account any fees and expenses of the Fund) of Underlying Index losses. The Fund invests, under normal circumstances, at least 80% its net assets (plus any borrowings for investment purposes) in options that reference the Underlying Index or options that reference the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust, which is an exchange-traded unit investment trust that seeks to track the Underlying Index.

The Fund employs a "Defined Outcome" strategy, which seeks to replicate the performance of the Underlying Index over a designated period of 12 months (the "Outcome Period") up to a predetermined cap (the "Cap"), while providing a buffer against the first 10% of Underlying Index losses over the Outcome Period (the "Buffer"). Following the conclusion of the initial Outcome Period, each subsequent Outcome Period will be a one-year period that begins on the trading day that immediately follows the day that the preceding Outcome Period concluded. New Cap levels will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period and will change depending on market conditions. The Buffer for each Outcome Period will be 10%. The Fund's Cap represents the maximum percentage return, expressed as a percentage of the value of the Underlying Index determined at the start of the relevant Outcome Period (the "Underlying Index Start Value"), that can be achieved from an investment in the Fund over an Outcome Period, prior to taking into account any fees and expenses of the Fund. The Fund's Buffer represents the amount of losses, expressed as a percentage of the Underlying Index Start Value, that the Fund will buffer against if the Underlying Index experiences losses over an Outcome Period, prior to taking into account any fees and expenses of the Fund. Underlying Index losses over an Outcome Period that exceed the Buffer will be borne by shareholders.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

**6**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

------

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Flex Options Purchased and Written** - The Fund invests primarily in FLexible EXchange<sup>®</sup> Options ("FLEX<sup>®</sup> Options"), which are non-standard Options that allow users to negotiate key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes as well as individual equities.

**7**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

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Other benefits of FLEX<sup>®</sup> Options, include guarantee for settlement by the Options Clearing Corporation (the "OCC"), a market clearinghouse that guarantees performance by two parties ("Counterparties") to certain derivatives contracts and protection from Counterparty risk that is associated with Over-the-counter trading.

The Fund will purchase and sell put and call FLEX<sup>®</sup> Options. Put options give the holder (the buyer of the put) the right to sell an asset (or deliver the cash value of the Underlying Index, in case of an index put option) and gives the seller of the put (the writer) of the put the obligation to buy the asset (or receive cash value of the Underlying Index, in case of an index put option) at a certain defined price. Call options give the holder (the buyer of the call) the right to buy an asset (or receive cash value of the Underlying Index, in case of an index call option) and gives the seller of the call (the writer) the obligation to sell the asset (or deliver cash value of the Underlying Index, in case of an index call option) at a certain defined price.

When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities. Options purchased are reported as Investments in unaffiliated securities on the Statement of Assets and Liabilities. Realized and unrealized gains and losses on options purchased are included on Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities.

When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as the writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Options written are reported as a liability on the Statement of Assets and Liabilities. Realized and unrealized gains and losses on options written are included on the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written.

The Fund bears the risk that the OCC could be unable or unwilling to perform its obligations under the FLEX<sup>®</sup> Options contracts, which could cause significant losses. Additionally, FLEX<sup>®</sup> Options may be less liquid than certain other securities such as standardized options. In less liquid markets for the FLEX<sup>®</sup> Options, the Fund may have difficulty closing out certain FLEX<sup>®</sup> Options positions under the customized terms. The Fund may experience substantial downside from specific FLEX<sup>®</sup> Option positions and certain FLEX<sup>®</sup> Option positions may expire worthless. The value of the underlying FLEX<sup>®</sup> Options will be affected by, among others, changes in the value of the exchange, changes in interest rates, changes in the actual and implied volatility of the Underlying Index and the remaining time to until the FLEX<sup>®</sup> Options expire. The value of the FLEX<sup>®</sup> Options does not increase or decrease at the same rate as the level of the Underlying Index (although they generally move in the same direction). However, as a FLEX<sup>®</sup> Option approaches its expiration date, its value typically increasingly moves with the value of the Underlying Index.

**K.** **Leverage Risk** — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

**L.** **Buffered Loss Risk** - The term "buffer" is a generic term that is widely used in the investment management and financial services industries to describe an investment product or strategy that is designed to mitigate or alleviate downside risk. The Buffer for the Fund is designed to limit downside losses for shares purchased at the beginning and held until the end of the Outcome Period; however, there is no guarantee that the Fund will be successful in implementing its stated Buffer strategy in an Outcome Period or that the Buffer will effectively protect against any or all losses. If the Underlying Index declines over an Outcome Period by more than the Buffer, shareholders will bear the amount of the loss in excess of the Buffer at the end of the Outcome Period (plus Fund fees and expenses). If an investor purchases shares of the Fund during an Outcome Period after the Underlying Index's value has decreased, the investor may receive less, or none, of the intended benefit of the Buffer. The Fund does not provide principal protection or protection of gains and shareholders could experience significant losses, including loss of their entire investment.

**M.** **Capped Return Risk** - If the Underlying Index experiences returns over the Outcome Period in excess of the Cap, the Fund will not participate in such returns beyond the Cap. In this way, the Fund is unlike other investment companies that seek to replicate the performance of the Underlying Index in all cases. If shares are purchased after the beginning of the Outcome Period, and the Fund's net asset value has already achieved returns at or near the Cap, there may be no ability to experience any return on investment, but such purchaser remains vulnerable to risk of loss. Additionally, the Fund's Defined Outcome strategy may not be successful in replicating the returns (before Fund fees and expenses) of the Underlying Index up to the level of the Cap.

**N.** **Cap Level Change Risk** - At the end of the trading day immediately preceding the first day of each Outcome Period, a new Cap is established, depending on the market conditions and the prices for options contracts on the Underlying Index at the time. Therefore, the level of the Cap may rise or fall for subsequent Outcome Periods and is unlikely to remain the same. If the Caps for future Outcome Periods of the Fund were to decrease, shareholders in the Fund would have less opportunity to participate in any future positive returns of the Underlying Index.

**O.** **Non-Diversification Risk -** Under the 1940 Act, a fund designated as "diversified" must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is classified as "diversified" for purposes of the 1940 Act. However, the Fund may be "non-diversified," as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund can invest a greater portion of its assets in the securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers' securities will therefore affect the value of the Fund more than if it was a diversified fund. As such, the Fund's performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.420% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |

---

For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.42%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to

**8**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

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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, 2026, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I and Series II shares to 0.70% and 0.95%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause 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, 2026. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waivers without approval of the Board of Trustees.To the extent that the annualized ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $21,296.

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 six months ended June 30, 2025, Invesco was paid $2,711 for accounting and fund administrative services and was reimbursed $30,798 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; $2471527 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2471527 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50771825 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50771825 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 2471527 | &nbsp;&nbsp;&nbsp;&nbsp; 50771825 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53243352 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3313753)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3313753)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $2471527 | &nbsp;&nbsp;&nbsp;&nbsp; $47458072 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $49929599 |

---

\* Options written are shown at value.

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

**9**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

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For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of June 30, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Options purchased, at value<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $50771825 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (50771825)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Options written, at value | &nbsp;&nbsp;&nbsp;&nbsp; $(3313753)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 3313753 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> Options purchased, at value as reported in the Schedule of Investments.

**Effect of Derivative Investments for the six months ended June 30, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $931010 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 1021177 |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 900617 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; (1336664)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $1516140 |

---

<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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Written**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $41075891 | &nbsp;&nbsp;&nbsp;&nbsp; $81537332 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1447 | &nbsp;&nbsp;&nbsp;&nbsp; 1447 |

---

**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.

**NOTE 7—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

**10**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

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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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2645853 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (3081907)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(436054)<br>|

---

Cost of investments for tax purposes is $50,365,653.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 28251 | &nbsp;&nbsp;&nbsp; $315347 | &nbsp;&nbsp;&nbsp; 15901 | &nbsp;&nbsp;&nbsp; $172798 |
| Series II | &nbsp;&nbsp;&nbsp; 1773351 | &nbsp;&nbsp;&nbsp; 19537061 | &nbsp;&nbsp;&nbsp; 1989555 | &nbsp;&nbsp;&nbsp; 21904350 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 348 | &nbsp;&nbsp;&nbsp; 3944 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 175267 | &nbsp;&nbsp;&nbsp; 1973512 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (702)<br>| &nbsp;&nbsp;&nbsp; (7906)<br>| &nbsp;&nbsp;&nbsp; (10001)<br>| &nbsp;&nbsp;&nbsp; (114915)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (613138)<br>| &nbsp;&nbsp;&nbsp; (6756549)<br>| &nbsp;&nbsp;&nbsp; (998267)<br>| &nbsp;&nbsp;&nbsp; (11004108)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 1187762 | &nbsp;&nbsp;&nbsp; $13087953 | &nbsp;&nbsp;&nbsp; 1172803 | &nbsp;&nbsp;&nbsp; $12935581 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 99% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**11**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - March's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Asset Management Limited currently manages assets of the Fund.

The Board compared the Fund's investment performance over the year ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the S&P 500 Index (Price Only) (Index). The Board noted that the Fund had recently commenced operations in March 2022 and has limited performance history. The Board noted that performance of Series I shares of the Fund was in the fourth quintile of its performance universe for the one year period and the third quintile for the two year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one and two year periods. The Board considered that the Fund's unique investment strategy seeks to match the returns of the Index up to an upside cap, while providing a buffer against a certain amount of Index losses. The Board acknowledged limitations regarding the Broadridge data, in particular that

**12**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

------

differences may exist between the Fund's investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe, and specifically that the Fund's peer group includes funds that are not managed pursuant to the same buffered strategy as the Fund. The Board considered that the Fund underwent a change in portfolio management in 2023. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were below and above, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that there were only two funds (including the Fund) in the expense group, therefore, Broadridge did not provide quintile rankings. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management regarding the Fund's limited peer group. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its

affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from

providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated

**13**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

------

money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**14**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**15**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - March**

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![](imgbf88e5771.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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---

| | |
|:---|:---|
| [2](#xx_2e91782d-dc3b-40e3-add1-d5daccf8d2af_SOI-Continued-839_1) | Schedule of Investments |
| [3](#xx_2e91782d-dc3b-40e3-add1-d5daccf8d2af_FS-Continued-839_1) | Financial Statements |
| [5](#xx_2e91782d-dc3b-40e3-add1-d5daccf8d2af_FS-Continued-839_3) | Financial Highlights |
| [6](#xx_2e91782d-dc3b-40e3-add1-d5daccf8d2af_NTF-Continued-839_1) | Notes to Financial Statements |
| [12](#xx_2e91782d-dc3b-40e3-add1-d5daccf8d2af_AOC-Continued-839_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [15](#xx_2e91782d-dc3b-40e3-add1-d5daccf8d2af_OIRSR-Continued-839_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VISP500S-NCSRS

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–2.31%** | **Money Market Funds–2.31%** | **Money Market Funds–2.31%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.26%<sup>(a)(b)</sup>  | 423292 | &nbsp;&nbsp; $423292 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(a)(b)</sup>  | 786118 | &nbsp;&nbsp; 786118 |
| Total Money Market Funds (Cost $1,209,410) | Total Money Market Funds (Cost $1,209,410) | &nbsp;&nbsp; 1209410 |

---

---

| | |
|:---|:---|
|  | **Value** |
| **Options Purchased–99.56%** | **Options Purchased–99.56%** |
| (Cost $50,071,813)<sup>(c)</sup>  | &nbsp;&nbsp; $52289216 |
| TOTAL INVESTMENTS IN SECURITIES–101.87% <br> (Cost $51,281,223) | &nbsp;&nbsp; 53498626 |
| OTHER ASSETS LESS LIABILITIES—(1.87)% | &nbsp;&nbsp; (979490)<br>|
| NET ASSETS–100.00% | &nbsp;&nbsp; $52519136 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $844918 | &nbsp;&nbsp; $2032754 | &nbsp;&nbsp; $(2454380) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $423292 | &nbsp;&nbsp; $12500 |
| Invesco Treasury Portfolio, Institutional Class | 1569139 | &nbsp;&nbsp; 3775114 | &nbsp;&nbsp; (4558135) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 786118 | &nbsp;&nbsp; 23041 |
| Total | $2414057 | &nbsp;&nbsp; $5807868 | &nbsp;&nbsp; $(7012515) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1209410 | &nbsp;&nbsp; $35541 |

---

<sup>(b)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 2025. <br> <sup>(c)</sup> The table below details options purchased.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** | **Open Index Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Type of** <br>**Contract**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Mini Index | Call | &nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp; 859 | USD | 17.29 | USD | 1485211 | &nbsp;&nbsp;&nbsp; $51691859 |
| **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp; 859 | USD | 576.25 | USD | 49499875 | &nbsp;&nbsp;&nbsp; 597357 |
| Total Open Index Options Purchased | Total Open Index Options Purchased | Total Open Index Options Purchased |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $52289216 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** | **Open Index Options Written** |
| **Description** | &nbsp;&nbsp; **Type of** <br>**Contract**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Exercise** <br>**Price** | **Exercise** <br>**Price** | **Notional** <br>**Value**<sup>(a)</sup>  | **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |
| S&P 500<sup>®</sup> Mini Index | Call | &nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp; 859 | &nbsp;&nbsp; USD | 649.43 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 55786037 | $(576367)<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |  |  |  |  |  |
| S&P 500<sup>®</sup> Mini Index | Put | &nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp; 859 | &nbsp;&nbsp; USD | 518.63 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 44550317 | (217379)<br>|
| Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written | Total Open Index Options Written |  |  |  |  | $(793746)<br>|

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

Abbreviations: <br> USD —U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $50,071,813)<br>| &nbsp;&nbsp; $52289216 |
| Investments in affiliated money market funds, at value <br> (Cost $1,209,410)<br>| &nbsp;&nbsp; 1209410 |
| Receivable for: |  |
| Dividends | &nbsp;&nbsp; 4780 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 15545 |
| Other assets | &nbsp;&nbsp; 16 |
| Total assets | &nbsp;&nbsp; 53518967 |
| **Liabilities:** |  |
| Other investments: |  |
| Options written, at value (premiums received <br> $2,321,144)<br>| &nbsp;&nbsp; 793746 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 119746 |
| Accrued fees to affiliates | &nbsp;&nbsp; 29090 |
| Accrued other operating expenses | &nbsp;&nbsp; 41704 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 15545 |
| Total liabilities | &nbsp;&nbsp; 999831 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $52519136 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $46581860 |
| Distributable earnings | &nbsp;&nbsp; 5937276 |
|  | &nbsp;&nbsp; $52519136 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $587868 |
| Series II | &nbsp;&nbsp; $51931268 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 49460 |
| Series II | &nbsp;&nbsp; 4411710 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $11.89 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $11.77 |

---

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated money market funds | &nbsp;&nbsp; $35541 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 108945 |
| Administrative services fees | &nbsp;&nbsp; 43075 |
| Custodian fees | &nbsp;&nbsp; 1021 |
| Distribution fees - Series II | &nbsp;&nbsp; 64175 |
| Transfer agent fees | &nbsp;&nbsp; 1240 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 9606 |
| Licensing fees | &nbsp;&nbsp; 12733 |
| Reports to shareholders | &nbsp;&nbsp; 5097 |
| Professional services fees | &nbsp;&nbsp; 19803 |
| Other | &nbsp;&nbsp; 320 |
| Total expenses | &nbsp;&nbsp; 266015 |
| Less: Fees waived | &nbsp;&nbsp; (21226)<br>|
| Net expenses | &nbsp;&nbsp; 244789 |
| Net investment income (loss) | &nbsp;&nbsp; (209248)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (183125)<br>|
| Option contracts written | &nbsp;&nbsp; (7941)<br>|
|  | &nbsp;&nbsp; (191066)<br>|
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1693432 |
| Option contracts written | &nbsp;&nbsp; 986177 |
|  | &nbsp;&nbsp; 2679609 |
| Net realized and unrealized gain | &nbsp;&nbsp; 2488543 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $2279295 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(209248)<br>| &nbsp;&nbsp; $(300384)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (191066)<br>| &nbsp;&nbsp; 5180381 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 2679609 | &nbsp;&nbsp; (1176384)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2279295 | &nbsp;&nbsp; 3703613 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (27750)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (2540381)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (2568131)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; 40649 | &nbsp;&nbsp; 65529 |
| Series II | &nbsp;&nbsp; (3041226)<br>| &nbsp;&nbsp; 16418857 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (3000577)<br>| &nbsp;&nbsp; 16484386 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (721282)<br>| &nbsp;&nbsp; 17619868 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 53240418 | &nbsp;&nbsp; 35620550 |
| End of period | &nbsp;&nbsp; $52519136 | &nbsp;&nbsp; $53240418 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $11.35 | $(0.03)<br>| $0.57 | $0.54 | $— | $11.89 | 4.76<br> %<br>| $588 | 0.70 %<sup>(d)</sup><br>| 0.78 %<sup>(d)</sup><br>| (0.56 )%<sup>(d)</sup><br>| 0<br> %<br>|
| Year ended 12/31/24 | 10.86 | (0.06)<br>| 1.19 | 1.13 | (0.64)<br>| 11.35 | 10.44 | 518 | 0.70 | 0.86 | (0.52)<br>| 0 |
| Year ended 12/31/23 | 9.27 | (0.05)<br>| 1.92 | 1.87 | (0.28)<br>| 10.86 | 20.20 | 433 | 0.70 | 0.84 | (0.51)<br>| 0 |
| Year ended 12/31/22 | 10.29 | (0.06)<br>| (0.92)<br>| (0.98)<br>| (0.04)<br>| 9.27 | (9.53)<br>| 1311 | 0.70 | 1.60 | (0.63)<br>| 0 |
| Period ended 12/31/21<sup>(e)</sup> <br>| 10.00 | (0.02)<br>| 0.60 | 0.58 | (0.29)<br>| 10.29 | 5.84 | 1048 | 0.70 <br><sup>(d)</sup><br>| 7.68 <br><sup>(d)</sup><br>| (0.70 )<sup>(d)</sup><br>| 0 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 11.25 | (0.05)<br>| 0.57 | 0.52 |  | 11.77 | 4.62 | 51931 | 0.95 <br><sup>(d)</sup><br>| 1.03 <br><sup>(d)</sup><br>| (0.81 )<sup>(d)</sup><br>| 0 |
| Year ended 12/31/24 | 10.80 | (0.09)<br>| 1.18 | 1.09 | (0.64)<br>| 11.25 | 10.12 | 52722 | 0.95 | 1.11 | (0.77)<br>| 0 |
| Year ended 12/31/23 | 9.24 | (0.08)<br>| 1.92 | 1.84 | (0.28)<br>| 10.80 | 19.93 | 35188 | 0.95 | 1.09 | (0.76)<br>| 0 |
| Year ended 12/31/22 | 10.29 | (0.08)<br>| (0.93)<br>| (1.01)<br>| (0.04)<br>| 9.24 | (9.82)<br>| 13418 | 0.95 | 1.85 | (0.88)<br>| 0 |
| Period ended 12/31/21<sup>(e)</sup> <br>| 10.00 | (0.02)<br>| 0.60 | 0.58 | (0.29)<br>| 10.29 | 5.84 | 5332 | 0.95 <br><sup>(d)</sup><br>| 7.93 <br><sup>(d)</sup><br>| (0.95 )<sup>(d)</sup><br>| 0 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Commencement date of September 30, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund seeks, over a specified annual outcome period, to provide investors with returns that match those of the S&P 500<sup>®</sup> Index (the "Underlying Index") up to an upside cap, while providing a buffer against the first 10% (prior to taking into account any fees and expenses of the Fund) of Underlying Index losses. The Fund invests, under normal circumstances, at least 80% its net assets (plus any borrowings for investment purposes) in options that reference the Underlying Index or options that reference the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust, which is an exchange-traded unit investment trust that seeks to track the Underlying Index.

The Fund employs a "Defined Outcome" strategy, which seeks to replicate the performance of the Underlying Index over a designated period of 12 months (the "Outcome Period") up to a predetermined cap (the "Cap"), while providing a buffer against the first 10% of Underlying Index losses over the Outcome Period (the "Buffer"). Following the conclusion of the initial Outcome Period, each subsequent Outcome Period will be a one-year period that begins on the trading day that immediately follows the day that the preceding Outcome Period concluded. New Cap levels will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period and will change depending on market conditions. The Buffer for each Outcome Period will be 10%. The Fund's Cap represents the maximum percentage return, expressed as a percentage of the value of the Underlying Index determined at the start of the relevant Outcome Period (the "Underlying Index Start Value"), that can be achieved from an investment in the Fund over an Outcome Period, prior to taking into account any fees and expenses of the Fund. The Fund's Buffer represents the amount of losses, expressed as a percentage of the Underlying Index Start Value, that the Fund will buffer against if the Underlying Index experiences losses over an Outcome Period, prior to taking into account any fees and expenses of the Fund. Underlying Index losses over an Outcome Period that exceed the Buffer will be borne by shareholders.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

**6**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Flex Options Purchased and Written** - The Fund invests primarily in FLexible EXchange<sup>®</sup> Options ("FLEX<sup>®</sup> Options"), which are non-standard Options that allow users to negotiate key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes as well as individual equities.

**7**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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Other benefits of FLEX<sup>®</sup> Options, include guarantee for settlement by the Options Clearing Corporation (the "OCC"), a market clearinghouse that guarantees performance by two parties ("Counterparties") to certain derivatives contracts and protection from Counterparty risk that is associated with Over-the-counter trading.

The Fund will purchase and sell put and call FLEX<sup>®</sup> Options. Put options give the holder (the buyer of the put) the right to sell an asset (or deliver the cash value of the Underlying Index, in case of an index put option) and gives the seller of the put (the writer) of the put the obligation to buy the asset (or receive cash value of the Underlying Index, in case of an index put option) at a certain defined price. Call options give the holder (the buyer of the call) the right to buy an asset (or receive cash value of the Underlying Index, in case of an index call option) and gives the seller of the call (the writer) the obligation to sell the asset (or deliver cash value of the Underlying Index, in case of an index call option) at a certain defined price.

When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities. Options purchased are reported as Investments in unaffiliated securities on the Statement of Assets and Liabilities. Realized and unrealized gains and losses on options purchased are included on Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities.

When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as the writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Options written are reported as a liability on the Statement of Assets and Liabilities. Realized and unrealized gains and losses on options written are included on the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written.

The Fund bears the risk that the OCC could be unable or unwilling to perform its obligations under the FLEX<sup>®</sup> Options contracts, which could cause significant losses. Additionally, FLEX<sup>®</sup> Options may be less liquid than certain other securities such as standardized options. In less liquid markets for the FLEX<sup>®</sup> Options, the Fund may have difficulty closing out certain FLEX<sup>®</sup> Options positions under the customized terms. The Fund may experience substantial downside from specific FLEX<sup>®</sup> Option positions and certain FLEX<sup>®</sup> Option positions may expire worthless. The value of the underlying FLEX<sup>®</sup> Options will be affected by, among others, changes in the value of the exchange, changes in interest rates, changes in the actual and implied volatility of the Underlying Index and the remaining time to until the FLEX<sup>®</sup> Options expire. The value of the FLEX<sup>®</sup> Options does not increase or decrease at the same rate as the level of the Underlying Index (although they generally move in the same direction). However, as a FLEX<sup>®</sup> Option approaches its expiration date, its value typically increasingly moves with the value of the Underlying Index.

**K.** **Leverage Risk** — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

**L.** **Buffered Loss Risk** - The term "buffer" is a generic term that is widely used in the investment management and financial services industries to describe an investment product or strategy that is designed to mitigate or alleviate downside risk. The Buffer for the Fund is designed to limit downside losses for shares purchased at the beginning and held until the end of the Outcome Period; however, there is no guarantee that the Fund will be successful in implementing its stated Buffer strategy in an Outcome Period or that the Buffer will effectively protect against any or all losses. If the Underlying Index declines over an Outcome Period by more than the Buffer, shareholders will bear the amount of the loss in excess of the Buffer at the end of the Outcome Period (plus Fund fees and expenses). If an investor purchases shares of the Fund during an Outcome Period after the Underlying Index's value has decreased, the investor may receive less, or none, of the intended benefit of the Buffer. The Fund does not provide principal protection or protection of gains and shareholders could experience significant losses, including loss of their entire investment.

**M.** **Capped Return Risk** - If the Underlying Index experiences returns over the Outcome Period in excess of the Cap, the Fund will not participate in such returns beyond the Cap. In this way, the Fund is unlike other investment companies that seek to replicate the performance of the Underlying Index in all cases. If shares are purchased after the beginning of the Outcome Period, and the Fund's net asset value has already achieved returns at or near the Cap, there may be no ability to experience any return on investment, but such purchaser remains vulnerable to risk of loss. Additionally, the Fund's Defined Outcome strategy may not be successful in replicating the returns (before Fund fees and expenses) of the Underlying Index up to the level of the Cap.

**N.** **Cap Level Change Risk** - At the end of the trading day immediately preceding the first day of each Outcome Period, a new Cap is established, depending on the market conditions and the prices for options contracts on the Underlying Index at the time. Therefore, the level of the Cap may rise or fall for subsequent Outcome Periods and is unlikely to remain the same. If the Caps for future Outcome Periods of the Fund were to decrease, shareholders in the Fund would have less opportunity to participate in any future positive returns of the Underlying Index.

**O.** **Non-Diversification Risk -** Under the 1940 Act, a fund designated as "diversified" must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is classified as "diversified" for purposes of the 1940 Act. However, the Fund may be "non-diversified," as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund can invest a greater portion of its assets in the securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers' securities will therefore affect the value of the Fund more than if it was a diversified fund. As such, the Fund's performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.420% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |

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For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.42%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to

**8**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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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, 2026, 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 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, 2026. 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. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $21,226.

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 six months ended June 30, 2025, Invesco was paid $4,198 for accounting and fund administrative services and was reimbursed $38,877 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; $1209410 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1209410 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52289216 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52289216 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 1209410 | &nbsp;&nbsp;&nbsp;&nbsp; 52289216 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53498626 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (793746)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (793746)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1209410 | &nbsp;&nbsp;&nbsp;&nbsp; $51495470 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $52704880 |

---

\* Options written are shown at value.

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

**9**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of June 30, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Options purchased, at value<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $52289216 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (52289216)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Options written, at value | &nbsp;&nbsp;&nbsp;&nbsp; $(793746)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 793746 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> Options purchased, at value as reported in the Schedule of Investments.

**Effect of Derivative Investments for the six months ended June 30, 2025**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(183125)<br>|
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; (7941)<br>|
| Change in Net Unrealized Appreciation: |  |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1693432 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 986177 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $2488543 |

---

<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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Written**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $52557967 | &nbsp;&nbsp;&nbsp;&nbsp; $103431713 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1771 | &nbsp;&nbsp;&nbsp;&nbsp; 1771 |

---

**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.

**NOTE 7—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $4665629 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (1986020)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $2679609 |

---

Cost of investments for tax purposes is $50,025,271.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 6704 | &nbsp;&nbsp;&nbsp; $72808 | &nbsp;&nbsp;&nbsp; 4342 | &nbsp;&nbsp;&nbsp; $48968 |
| Series II | &nbsp;&nbsp;&nbsp; 245791 | &nbsp;&nbsp;&nbsp; 2731800 | &nbsp;&nbsp;&nbsp; 2274130 | &nbsp;&nbsp;&nbsp; 26201615 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2390 | &nbsp;&nbsp;&nbsp; 26796 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 228366 | &nbsp;&nbsp;&nbsp; 2539427 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (2904)<br>| &nbsp;&nbsp;&nbsp; (32159)<br>| &nbsp;&nbsp;&nbsp; (903)<br>| &nbsp;&nbsp;&nbsp; (10235)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (519618)<br>| &nbsp;&nbsp;&nbsp; (5773026)<br>| &nbsp;&nbsp;&nbsp; (1073584)<br>| &nbsp;&nbsp;&nbsp; (12322185)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (270027)<br>| &nbsp;&nbsp;&nbsp; $(3000577)<br>| &nbsp;&nbsp;&nbsp; 1434741 | &nbsp;&nbsp;&nbsp; $16484386 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 100% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**11**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco<sup>®</sup> V.I. S&P 500 Buffer Fund - September's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Asset Management Limited currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the S&P 500 Index (Price Only) (Index). The Board noted that the Fund had recently commenced operations in September 2021 and that therefore performance information for the Fund was limited. The Board noted that performance of Series I shares of the Fund was in the fourth quintile of its performance universe for the one, two and three year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was below the performance of the Index for the one, two and three year periods. The Board considered that the Fund's unique investment strategy seeks to match the returns of the Index up to an upside cap, while providing a buffer against a certain amount of Index losses. The Board acknowledged limitations regarding

**12**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

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the Broadridge data, in particular that differences may exist between the Fund's investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe, and specifically that the Fund's peer group includes funds that are not managed pursuant to the same buffered strategy as the Fund. The Board also considered that the Fund underwent a change in portfolio management in 2023. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were below and above, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that there were only two funds (including the Fund) in the expense group, therefore, Broadridge did not provide quintile rankings. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board requested and considered additional information regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management regarding the Fund's actual and contractual management fees in light of its limited peer group. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the

scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such

Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the

**13**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

------

Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**14**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**15**

**Invesco**<sup>®</sup> **V.I. S&P 500 Buffer Fund - September**

------

![](img98c848c81.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. Small Cap Equity Fund**

------

---

| | |
|:---|:---|
| [2](#xx_b165a6d9-9e52-4979-9040-5e4a9458436a_SOI-Continued-83_1) | Schedule of Investments |
| [5](#xx_b165a6d9-9e52-4979-9040-5e4a9458436a_FS-Continued-83_1) | Financial Statements |
| [7](#xx_b165a6d9-9e52-4979-9040-5e4a9458436a_FS-Continued-83_3) | Financial Highlights |
| [8](#xx_b165a6d9-9e52-4979-9040-5e4a9458436a_NTF-Continued-83_1) | Notes to Financial Statements |
| [13](#xx_b165a6d9-9e52-4979-9040-5e4a9458436a_AOC-Continued-83_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [16](#xx_b165a6d9-9e52-4979-9040-5e4a9458436a_OIRSR-Continued-83_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

VISCE-NCSRS

------

**Schedule of Investments**<sup>(a)</sup> 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–95.28%** | **Common Stocks & Other Equity Interests–95.28%** | **Common Stocks & Other Equity Interests–95.28%** |
| **Aerospace & Defense–3.99%** | **Aerospace & Defense–3.99%** | **Aerospace & Defense–3.99%** |
| AeroVironment, Inc.<sup>(b)(c)</sup>  | 13582 | &nbsp;&nbsp; $3870191 |
| Curtiss-Wright Corp. | 6116 | &nbsp;&nbsp; 2987972 |
| Leonardo DRS, Inc. | 51620 | &nbsp;&nbsp; 2399297 |
|  |  | &nbsp;&nbsp; 9257460 |
| **Apparel Retail–1.05%** | **Apparel Retail–1.05%** | **Apparel Retail–1.05%** |
| Abercrombie & Fitch Co., Class A<sup>(b)</sup>  | 29473 | &nbsp;&nbsp; 2441838 |
| **Apparel, Accessories & Luxury Goods–0.99%** | **Apparel, Accessories & Luxury Goods–0.99%** | **Apparel, Accessories & Luxury Goods–0.99%** |
| Kontoor Brands, Inc.<sup>(c)</sup>  | 34690 | &nbsp;&nbsp; 2288499 |
| **Application Software–3.11%** | **Application Software–3.11%** | **Application Software–3.11%** |
| AppFolio, Inc., Class A<sup>(b)(c)</sup>  | 9656 | &nbsp;&nbsp; 2223584 |
| Descartes Systems Group, Inc. (The) <br> (Canada)<sup>(b)</sup>  | 22997 | &nbsp;&nbsp; 2337530 |
| Q2 Holdings, Inc.<sup>(b)</sup>  | 28386 | &nbsp;&nbsp; 2656646 |
|  |  | &nbsp;&nbsp; 7217760 |
| **Asset Management & Custody Banks–1.13%** | **Asset Management & Custody Banks–1.13%** | **Asset Management & Custody Banks–1.13%** |
| StepStone Group, Inc., Class A | 47372 | &nbsp;&nbsp; 2629146 |
| **Automotive Parts & Equipment–0.96%** | **Automotive Parts & Equipment–0.96%** | **Automotive Parts & Equipment–0.96%** |
| Patrick Industries, Inc.<sup>(c)</sup>  | 24272 | &nbsp;&nbsp; 2239577 |
| **Automotive Retail–0.82%** | **Automotive Retail–0.82%** | **Automotive Retail–0.82%** |
| Murphy USA, Inc. | 4684 | &nbsp;&nbsp; 1905451 |
| **Biotechnology–4.37%** | **Biotechnology–4.37%** | **Biotechnology–4.37%** |
| ADMA Biologics, Inc.<sup>(b)</sup>  | 124877 | &nbsp;&nbsp; 2274010 |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(b)</sup>  | 12773 | &nbsp;&nbsp; 2204620 |
| CareDx, Inc.<sup>(b)</sup>  | 122902 | &nbsp;&nbsp; 2401506 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup>  | 20052 | &nbsp;&nbsp; 1043105 |
| Vericel Corp.<sup>(b)</sup>  | 52161 | &nbsp;&nbsp; 2219451 |
|  |  | &nbsp;&nbsp; 10142692 |
| **Broadline Retail–1.15%** | **Broadline Retail–1.15%** | **Broadline Retail–1.15%** |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup>  | 20309 | &nbsp;&nbsp; 2676320 |
| **Building Products–1.14%** | **Building Products–1.14%** | **Building Products–1.14%** |
| Griffon Corp. | 36653 | &nbsp;&nbsp; 2652578 |
| **Cargo Ground Transportation–1.44%** | **Cargo Ground Transportation–1.44%** | **Cargo Ground Transportation–1.44%** |
| XPO, Inc.<sup>(b)</sup>  | 26550 | &nbsp;&nbsp; 3353000 |
| **Commercial & Residential Mortgage Finance–1.65%** | **Commercial & Residential Mortgage Finance–1.65%** | **Commercial & Residential Mortgage Finance–1.65%** |
| Merchants Bancorp | 49837 | &nbsp;&nbsp; 1648109 |
| Mr. Cooper Group, Inc.<sup>(b)</sup>  | 14680 | &nbsp;&nbsp; 2190403 |
|  |  | &nbsp;&nbsp; 3838512 |
| **Construction & Engineering–1.12%** | **Construction & Engineering–1.12%** | **Construction & Engineering–1.12%** |
| IES Holdings, Inc.<sup>(b)(c)</sup>  | 8778 | &nbsp;&nbsp; 2600306 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **1.63%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.63%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.63%** |
| REV Group, Inc. | 79604 | &nbsp;&nbsp; 3788354 |
| **Construction Materials–0.88%** | **Construction Materials–0.88%** | **Construction Materials–0.88%** |
| Knife River Corp.<sup>(b)</sup>  | 25014 | &nbsp;&nbsp; 2042143 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Data Processing & Outsourced Services–0.83%** | **Data Processing & Outsourced Services–0.83%** | **Data Processing & Outsourced Services–0.83%** |
| ExlService Holdings, Inc.<sup>(b)</sup>  | 43774 | &nbsp;&nbsp; $1916864 |
| **Education Services–0.94%** | **Education Services–0.94%** | **Education Services–0.94%** |
| Grand Canyon Education, Inc.<sup>(b)</sup>  | 11523 | &nbsp;&nbsp; 2177847 |
| **Electrical Components & Equipment–1.71%** | **Electrical Components & Equipment–1.71%** | **Electrical Components & Equipment–1.71%** |
| EnerSys | 16013 | &nbsp;&nbsp; 1373435 |
| Powell Industries, Inc.<sup>(c)</sup>  | 12337 | &nbsp;&nbsp; 2596322 |
|  |  | &nbsp;&nbsp; 3969757 |
| **Electronic Manufacturing Services–2.86%** | **Electronic Manufacturing Services–2.86%** | **Electronic Manufacturing Services–2.86%** |
| Flex Ltd.<sup>(b)</sup>  | 73733 | &nbsp;&nbsp; 3680751 |
| Sanmina Corp.<sup>(b)</sup>  | 30253 | &nbsp;&nbsp; 2959651 |
|  |  | &nbsp;&nbsp; 6640402 |
| **Environmental & Facilities Services–1.21%** | **Environmental & Facilities Services–1.21%** | **Environmental & Facilities Services–1.21%** |
| Casella Waste Systems, Inc., Class A<sup>(b)</sup>  | 24408 | &nbsp;&nbsp; 2816195 |
| **Financial Exchanges & Data–1.87%** | **Financial Exchanges & Data–1.87%** | **Financial Exchanges & Data–1.87%** |
| Donnelley Financial Solutions, Inc.<sup>(b)(c)</sup>  | 33776 | &nbsp;&nbsp; 2082290 |
| TMX Group Ltd. (Canada) | 53279 | &nbsp;&nbsp; 2258318 |
|  |  | &nbsp;&nbsp; 4340608 |
| **Food Distributors–0.98%** | **Food Distributors–0.98%** | **Food Distributors–0.98%** |
| Chefs' Warehouse, Inc. (The)<sup>(b)</sup>  | 35599 | &nbsp;&nbsp; 2271572 |
| **Food Retail–1.08%** | **Food Retail–1.08%** | **Food Retail–1.08%** |
| Sprouts Farmers Market, Inc.<sup>(b)</sup>  | 15208 | &nbsp;&nbsp; 2503845 |
| **Health Care Equipment–1.20%** | **Health Care Equipment–1.20%** | **Health Care Equipment–1.20%** |
| Masimo Corp.<sup>(b)(c)</sup>  | 16495 | &nbsp;&nbsp; 2774789 |
| **Health Care Facilities–3.02%** | **Health Care Facilities–3.02%** | **Health Care Facilities–3.02%** |
| Encompass Health Corp. | 32664 | &nbsp;&nbsp; 4005586 |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 17031 | &nbsp;&nbsp; 2997456 |
|  |  | &nbsp;&nbsp; 7003042 |
| **Health Care Services–1.52%** | **Health Care Services–1.52%** | **Health Care Services–1.52%** |
| BrightSpring Health Services, Inc.<sup>(b)(c)</sup>  | 149902 | &nbsp;&nbsp; 3536188 |
| **Health Care Supplies–0.82%** | **Health Care Supplies–0.82%** | **Health Care Supplies–0.82%** |
| Lantheus Holdings, Inc.<sup>(b)(c)</sup>  | 23327 | &nbsp;&nbsp; 1909548 |
| **Hotels, Resorts & Cruise Lines–1.23%** | **Hotels, Resorts & Cruise Lines–1.23%** | **Hotels, Resorts & Cruise Lines–1.23%** |
| Travel + Leisure Co. | 55510 | &nbsp;&nbsp; 2864871 |
| **Household Products–0.85%** | **Household Products–0.85%** | **Household Products–0.85%** |
| WD-40 Co. | 8672 | &nbsp;&nbsp; 1977997 |
| **Independent Power Producers & Energy Traders–1.45%** | **Independent Power Producers & Energy Traders–1.45%** | **Independent Power Producers & Energy Traders–1.45%** |
| Talen Energy Corp.<sup>(b)</sup>  | 11570 | &nbsp;&nbsp; 3364209 |
| **Industrial Machinery & Supplies & Components–4.73%** | **Industrial Machinery & Supplies & Components–4.73%** | **Industrial Machinery & Supplies & Components–4.73%** |
| Crane Co. | 13101 | &nbsp;&nbsp; 2487749 |
| Gates Industrial Corp. PLC<sup>(b)</sup>  | 100108 | &nbsp;&nbsp; 2305487 |
| ITT, Inc. | 27389 | &nbsp;&nbsp; 4295417 |
| SPX Technologies, Inc.<sup>(b)</sup>  | 11280 | &nbsp;&nbsp; 1891430 |
|  |  | &nbsp;&nbsp; 10980083 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco V.I. Small Cap Equity Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Industrial REITs–1.96%** | **Industrial REITs–1.96%** | **Industrial REITs–1.96%** |
| EastGroup Properties, Inc.<sup>(c)</sup>  | 14157 | &nbsp;&nbsp; $2365918 |
| STAG Industrial, Inc. | 60376 | &nbsp;&nbsp; 2190441 |
|  |  | &nbsp;&nbsp; 4556359 |
| **Insurance Brokers–0.89%** | **Insurance Brokers–0.89%** | **Insurance Brokers–0.89%** |
| Baldwin Insurance Group, Inc. (The), <br> Class A<sup>(b)(c)</sup>  | 48271 | &nbsp;&nbsp; 2066482 |
| **Investment Banking & Brokerage–6.29%** | **Investment Banking & Brokerage–6.29%** | **Investment Banking & Brokerage–6.29%** |
| BGC Group, Inc., Class A | 287327 | &nbsp;&nbsp; 2939355 |
| Marex Group PLC (United Kingdom) | 53912 | &nbsp;&nbsp; 2127907 |
| Piper Sandler Cos. | 15941 | &nbsp;&nbsp; 4430641 |
| Stifel Financial Corp. | 23593 | &nbsp;&nbsp; 2448482 |
| Virtu Financial, Inc., Class A<sup>(c)</sup>  | 59186 | &nbsp;&nbsp; 2650941 |
|  |  | &nbsp;&nbsp; 14597326 |
| **Leisure Products–1.00%** | **Leisure Products–1.00%** | **Leisure Products–1.00%** |
| Acushnet Holdings Corp.<sup>(c)</sup>  | 31784 | &nbsp;&nbsp; 2314511 |
| **Life Sciences Tools & Services–2.07%** | **Life Sciences Tools & Services–2.07%** | **Life Sciences Tools & Services–2.07%** |
| Repligen Corp.<sup>(b)</sup>  | 16374 | &nbsp;&nbsp; 2036598 |
| Stevanato Group S.p.A. (Italy)<sup>(c)</sup>  | 113104 | &nbsp;&nbsp; 2763131 |
|  |  | &nbsp;&nbsp; 4799729 |
| **Oil & Gas Exploration & Production–2.06%** | **Oil & Gas Exploration & Production–2.06%** | **Oil & Gas Exploration & Production–2.06%** |
| Antero Resources Corp.<sup>(b)</sup>  | 67384 | &nbsp;&nbsp; 2714227 |
| Range Resources Corp. | 51083 | &nbsp;&nbsp; 2077546 |
|  |  | &nbsp;&nbsp; 4791773 |
| **Oil & Gas Storage & Transportation–1.00%** | **Oil & Gas Storage & Transportation–1.00%** | **Oil & Gas Storage & Transportation–1.00%** |
| DT Midstream, Inc.<sup>(b)</sup>  | 21130 | &nbsp;&nbsp; 2322398 |
| **Other Specialized REITs–1.08%** | **Other Specialized REITs–1.08%** | **Other Specialized REITs–1.08%** |
| Gaming and Leisure Properties, Inc. | 53919 | &nbsp;&nbsp; 2516939 |
| **Paper & Plastic Packaging Products & Materials–0.88%** | **Paper & Plastic Packaging Products & Materials–0.88%** | **Paper & Plastic Packaging Products & Materials–0.88%** |
| Graphic Packaging Holding Co.<sup>(c)</sup>  | 97204 | &nbsp;&nbsp; 2048088 |
| **Pharmaceuticals–1.48%** | **Pharmaceuticals–1.48%** | **Pharmaceuticals–1.48%** |
| Axsome Therapeutics, Inc.<sup>(b)</sup>  | 13689 | &nbsp;&nbsp; 1428994 |
| Prestige Consumer Healthcare, Inc.<sup>(b)</sup>  | 25218 | &nbsp;&nbsp; 2013657 |
|  |  | &nbsp;&nbsp; 3442651 |
| **Property & Casualty Insurance–1.59%** | **Property & Casualty Insurance–1.59%** | **Property & Casualty Insurance–1.59%** |
| Skyward Specialty Insurance Group, Inc.<sup>(b)</sup>  | 63845 | &nbsp;&nbsp; 3689603 |
| **Real Estate Services–0.78%** | **Real Estate Services–0.78%** | **Real Estate Services–0.78%** |
| Newmark Group, Inc., Class A | 148112 | &nbsp;&nbsp; 1799561 |
| **Regional Banks–6.91%** | **Regional Banks–6.91%** | **Regional Banks–6.91%** |
| Banc of California, Inc.<sup>(c)</sup>  | 187920 | &nbsp;&nbsp; 2640276 |
| Bancorp, Inc. (The)<sup>(b)</sup>  | 67794 | &nbsp;&nbsp; 3862225 |
| Pinnacle Financial Partners, Inc. | 35998 | &nbsp;&nbsp; 3974539 |
| SouthState Corp. | 28915 | &nbsp;&nbsp; 2661048 |
| Western Alliance Bancorporation | 37189 | &nbsp;&nbsp; 2899998 |
|  |  | &nbsp;&nbsp; 16038086 |
| **Research & Consulting Services–1.26%** | **Research & Consulting Services–1.26%** | **Research & Consulting Services–1.26%** |
| Huron Consulting Group, Inc.<sup>(b)</sup>  | 21204 | &nbsp;&nbsp; 2916398 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Restaurants–1.22%** | **Restaurants–1.22%** | **Restaurants–1.22%** | **Restaurants–1.22%** |
| Cheesecake Factory, Inc. (The)<sup>(c)</sup>  | Cheesecake Factory, Inc. (The)<sup>(c)</sup>  | 45380 | &nbsp;&nbsp; $2843511 |
| **Semiconductors–3.43%** | **Semiconductors–3.43%** | **Semiconductors–3.43%** | **Semiconductors–3.43%** |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 22860 | &nbsp;&nbsp; 3275610 |
| Power Integrations, Inc. | Power Integrations, Inc. | 35176 | &nbsp;&nbsp; 1966338 |
| Silicon Laboratories, Inc.<sup>(b)</sup>  | Silicon Laboratories, Inc.<sup>(b)</sup>  | 18420 | &nbsp;&nbsp; 2714371 |
|  |  |  | &nbsp;&nbsp; 7956319 |
| **Specialized Consumer Services–1.23%** | **Specialized Consumer Services–1.23%** | **Specialized Consumer Services–1.23%** | **Specialized Consumer Services–1.23%** |
| Frontdoor, Inc.<sup>(b)</sup>  | Frontdoor, Inc.<sup>(b)</sup>  | 48248 | &nbsp;&nbsp; 2843737 |
| **Specialty Chemicals–0.62%** | **Specialty Chemicals–0.62%** | **Specialty Chemicals–0.62%** | **Specialty Chemicals–0.62%** |
| Innospec, Inc. | Innospec, Inc. | 17140 | &nbsp;&nbsp; 1441303 |
| **Steel–1.51%** | **Steel–1.51%** | **Steel–1.51%** | **Steel–1.51%** |
| ATI, Inc.<sup>(b)</sup>  | ATI, Inc.<sup>(b)</sup>  | 40477 | &nbsp;&nbsp; 3494784 |
| **Systems Software–1.50%** | **Systems Software–1.50%** | **Systems Software–1.50%** | **Systems Software–1.50%** |
| Commvault Systems, Inc.<sup>(b)</sup>  | Commvault Systems, Inc.<sup>(b)</sup>  | 20013 | &nbsp;&nbsp; 3488866 |
| **Trading Companies & Distributors–3.77%** | **Trading Companies & Distributors–3.77%** | **Trading Companies & Distributors–3.77%** | **Trading Companies & Distributors–3.77%** |
| Applied Industrial Technologies, Inc. | Applied Industrial Technologies, Inc. | 15990 | &nbsp;&nbsp; 3716876 |
| Core & Main, Inc., Class A<sup>(b)</sup>  | Core & Main, Inc., Class A<sup>(b)</sup>  | 45811 | &nbsp;&nbsp; 2764694 |
| WESCO International, Inc. | WESCO International, Inc. | 12201 | &nbsp;&nbsp; 2259625 |
|  |  |  | &nbsp;&nbsp; 8741195 |
| **Transaction & Payment Processing Services–1.02%** | **Transaction & Payment Processing Services–1.02%** | **Transaction & Payment Processing Services–1.02%** | **Transaction & Payment Processing Services–1.02%** |
| Shift4 Payments, Inc., Class A<sup>(b)(c)</sup>  | Shift4 Payments, Inc., Class A<sup>(b)(c)</sup>  | 23784 | &nbsp;&nbsp; 2357232 |
| Total Common Stocks & Other Equity Interests <br> (Cost $156,351,122) | Total Common Stocks & Other Equity Interests <br> (Cost $156,351,122) | Total Common Stocks & Other Equity Interests <br> (Cost $156,351,122) | &nbsp;&nbsp; 221188304 |
| **Money Market Funds–4.07%** | **Money Market Funds–4.07%** | **Money Market Funds–4.07%** | **Money Market Funds–4.07%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 3306417 | &nbsp;&nbsp; 3306417 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 6141090 | &nbsp;&nbsp; 6141090 |
| Total Money Market Funds (Cost $9,447,507) | Total Money Market Funds (Cost $9,447,507) | Total Money Market Funds (Cost $9,447,507) | &nbsp;&nbsp; 9447507 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.35% <br> (Cost $165,798,629)<br>|  |  | &nbsp;&nbsp; 230635811 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–15.76%** | **Money Market Funds–15.76%** | **Money Market Funds–15.76%** | **Money Market Funds–15.76%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 10144643 | &nbsp;&nbsp; 10144643 |
| Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | 26443127 | &nbsp;&nbsp; 26451060 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $36,593,693) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $36,593,693) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $36,593,693) | &nbsp;&nbsp; 36595703 |
| TOTAL INVESTMENTS IN SECURITIES–115.11% <br> (Cost $202,392,322) | TOTAL INVESTMENTS IN SECURITIES–115.11% <br> (Cost $202,392,322) | TOTAL INVESTMENTS IN SECURITIES–115.11% <br> (Cost $202,392,322) | &nbsp;&nbsp; 267231514 |
| OTHER ASSETS LESS LIABILITIES—(15.11)% | OTHER ASSETS LESS LIABILITIES—(15.11)% | OTHER ASSETS LESS LIABILITIES—(15.11)% | &nbsp;&nbsp; (35075556)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $232155958 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco V.I. Small Cap Equity Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at June 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $790218 | &nbsp;&nbsp; $10774839 | &nbsp;&nbsp; $(8258640) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3306417 | &nbsp;&nbsp; $31684 |
| Invesco Treasury Portfolio, Institutional Class | 1468147 | &nbsp;&nbsp; 20010418 | &nbsp;&nbsp; (15337475) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6141090 | &nbsp;&nbsp; 58489 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 9931121 | &nbsp;&nbsp; 51649980 | &nbsp;&nbsp; (51436458) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 10144643 | &nbsp;&nbsp; 191,647\* |
| Invesco Private Prime Fund | 25850724 | &nbsp;&nbsp; 114579968 | &nbsp;&nbsp; (113981536) | &nbsp;&nbsp; 2010 | (106) | &nbsp;&nbsp; 26451060 | &nbsp;&nbsp; 511,851\* |
| Total | $38040210 | &nbsp;&nbsp; $197015205 | &nbsp;&nbsp; $(189014109) | &nbsp;&nbsp; $2010 | &nbsp;&nbsp; $(106) | &nbsp;&nbsp; $46043210 | &nbsp;&nbsp; $793671 |

---

\* 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 June 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco V.I. Small Cap Equity Fund**

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**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $156,351,122)\*<br>| &nbsp;&nbsp; $221188304 |
| Investments in affiliated money market funds, at value <br> (Cost $46,041,200)<br>| &nbsp;&nbsp; 46043210 |
| Foreign currencies, at value (Cost $6,781) | &nbsp;&nbsp; 6808 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1130456 |
| Fund shares sold | &nbsp;&nbsp; 558309 |
| Dividends | &nbsp;&nbsp; 122906 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 60495 |
| Other assets | &nbsp;&nbsp; 79 |
| Total assets | &nbsp;&nbsp; 269110567 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 155370 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 36593693 |
| Accrued fees to affiliates | &nbsp;&nbsp; 124424 |
| Accrued other operating expenses | &nbsp;&nbsp; 16901 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 64221 |
| Total liabilities | &nbsp;&nbsp; 36954609 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $232155958 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $147434884 |
| Distributable earnings | &nbsp;&nbsp; 84721074 |
|  | &nbsp;&nbsp; $232155958 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $110061824 |
| Series II | &nbsp;&nbsp; $122094134 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 5499032 |
| Series II | &nbsp;&nbsp; 6822217 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $20.01 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $17.90 |

---

\* At June 30, 2025, securities with an aggregate value of $35,930,117 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $3,986) | &nbsp;&nbsp; $983117 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $22,314)<br>| &nbsp;&nbsp; 112487 |
| Total investment income | &nbsp;&nbsp; 1095604 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 824484 |
| Administrative services fees | &nbsp;&nbsp; 183649 |
| Custodian fees | &nbsp;&nbsp; 2409 |
| Distribution fees - Series II | &nbsp;&nbsp; 143614 |
| Transfer agent fees | &nbsp;&nbsp; 6059 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 10277 |
| Reports to shareholders | &nbsp;&nbsp; 4741 |
| Professional services fees | &nbsp;&nbsp; 19859 |
| Other | &nbsp;&nbsp; 1378 |
| Total expenses | &nbsp;&nbsp; 1196470 |
| Less: Fees waived | &nbsp;&nbsp; (2446)<br>|
| Net expenses | &nbsp;&nbsp; 1194024 |
| Net investment income (loss) | &nbsp;&nbsp; (98420)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 9965592 |
| Affiliated investment securities | &nbsp;&nbsp; (106)<br>|
| Foreign currencies | &nbsp;&nbsp; 299 |
|  | &nbsp;&nbsp; 9965785 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (2593076)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 2010 |
| Foreign currencies | &nbsp;&nbsp; 271 |
|  | &nbsp;&nbsp; (2590795)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 7374990 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $7276570 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco V.I. Small Cap Equity Fund**

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**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(98420)<br>| &nbsp;&nbsp; $(103696)<br>|
| Net realized gain | &nbsp;&nbsp; 9965785 | &nbsp;&nbsp; 10730652 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (2590795)<br>| &nbsp;&nbsp; 26511792 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 7276570 | &nbsp;&nbsp; 37138748 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (5135616)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (5973043)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (11108659)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (5597151)<br>| &nbsp;&nbsp; (6962178)<br>|
| Series II | &nbsp;&nbsp; (3747928)<br>| &nbsp;&nbsp; (390576)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (9345079)<br>| &nbsp;&nbsp; (7352754)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (2068509)<br>| &nbsp;&nbsp; 18677335 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 234224467 | &nbsp;&nbsp; 215547132 |
| End of period | &nbsp;&nbsp; $232155958 | &nbsp;&nbsp; $234224467 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco V.I. Small Cap Equity Fund**

------

**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $19.37 | $0.00 | $0.64 | $0.64 | $— | $— | $— | $20.01 | 3.30<br> %<br>| &nbsp;&nbsp; $110062 | 0.95 %<sup>(d)</sup><br>| 0.95 %<sup>(d)</sup><br>| 0.04 %<sup>(d)</sup><br>| 24<br> %<br>|
| Year ended 12/31/24 | 17.20 | 0.02 | 3.07 | 3.09 | (0.03)<br>| (0.89)<br>| (0.92)<br>| 19.37 | 18.09 | &nbsp;&nbsp; 112039 | 0.97 | 0.97 | 0.08 | 50 |
| Year ended 12/31/23 | 15.06 | 0.03 | 2.42 | 2.45 |  | (0.31)<br>| (0.31)<br>| 17.20 | 16.57 | &nbsp;&nbsp; 105838 | 0.95 | 0.95 | 0.18 | 43 |
| Year ended 12/31/22 | 23.49 | 0.03 | (4.85)<br>| (4.82)<br>|  | (3.61)<br>| (3.61)<br>| 15.06 | (20.51)<br>| &nbsp;&nbsp; 100267 | 0.95 | 0.95 | 0.14 | 33 |
| Year ended 12/31/21 | 20.62 | 0.01 | 4.19 | 4.20 | (0.04)<br>| (1.29)<br>| (1.33)<br>| 23.49 | 20.41 | &nbsp;&nbsp; 142095 | 0.95 | 0.95 | 0.04 | 21 |
| Year ended 12/31/20 | 17.73 | 0.04 | 4.48 | 4.52 | (0.06)<br>| (1.57)<br>| (1.63)<br>| 20.62 | 27.25 | &nbsp;&nbsp; 129881 | 0.96 | 0.96 | 0.21 | 45 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 17.34 | (0.02)<br>| 0.58 | 0.56 |  |  |  | 17.90 | 3.23 | &nbsp;&nbsp; 122094 | 1.20 <br><sup>(d)</sup><br>| 1.20 <br><sup>(d)</sup><br>| (0.21 )<sup>(d)</sup><br>| 24 |
| Year ended 12/31/24 | 15.49 | (0.03)<br>| 2.77 | 2.74 |  | (0.89)<br>| (0.89)<br>| 17.34 | 17.85 | &nbsp;&nbsp; 122185 | 1.22 | 1.22 | (0.17)<br>| 50 |
| Year ended 12/31/23 | 13.63 | (0.01)<br>| 2.18 | 2.17 |  | (0.31)<br>| (0.31)<br>| 15.49 | 16.26 | &nbsp;&nbsp; 109709 | 1.20 | 1.20 | (0.07)<br>| 43 |
| Year ended 12/31/22 | 21.75 | (0.02)<br>| (4.49)<br>| (4.51)<br>|  | (3.61)<br>| (3.61)<br>| 13.63 | (20.73)<br>| &nbsp;&nbsp; 93808 | 1.20 | 1.20 | (0.11)<br>| 33 |
| Year ended 12/31/21 | 19.19 | (0.04)<br>| 3.89 | 3.85 | (0.00)<br>| (1.29)<br>| (1.29)<br>| 21.75 | 20.09 | &nbsp;&nbsp; 127285 | 1.20 | 1.20 | (0.21)<br>| 21 |
| Year ended 12/31/20 | 16.60 | (0.01)<br>| 4.17 | 4.16 | (0.00)<br>| (1.57)<br>| (1.57)<br>| 19.19 | 26.87 | &nbsp;&nbsp; 114407 | 1.21 | 1.21 | (0.04)<br>| 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> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco V.I. Small Cap Equity Fund**

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. Small Cap Equity Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is long-term growth of capital.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and

**8**

**Invesco V.I. Small Cap Equity Fund**

------

unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower

**9**

**Invesco V.I. Small Cap Equity Fund**

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to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $1,380 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**K.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**L.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.745% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.730% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.715% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.685% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.670% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.655% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.640% |

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For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.74%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to

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**Invesco V.I. Small Cap Equity Fund**

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2.25% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $2,446.

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 six months ended June 30, 2025, Invesco was paid $18,387 for accounting and fund administrative services and was reimbursed $165,262 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the six months ended June 30, 2025, the Fund incurred $5,007 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $221188304 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $221188304 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 9447507 | &nbsp;&nbsp;&nbsp;&nbsp; 36595703 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46043210 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $230635811 | &nbsp;&nbsp;&nbsp;&nbsp; $36595703 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $267231514 |

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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

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**Invesco V.I. Small Cap Equity Fund**

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may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $52,171,041 and $70,375,374, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $69498848 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (4856371)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $64642477 |

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Cost of investments for tax purposes is $202,589,037.

**NOTE 8—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 296828 | &nbsp;&nbsp;&nbsp; $5509449 | &nbsp;&nbsp;&nbsp; 498107 | &nbsp;&nbsp;&nbsp; $9230976 |
| Series II | &nbsp;&nbsp;&nbsp; 691542 | &nbsp;&nbsp;&nbsp; 11729728 | &nbsp;&nbsp;&nbsp; 947288 | &nbsp;&nbsp;&nbsp; 16139455 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 273462 | &nbsp;&nbsp;&nbsp; 5135616 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 355115 | &nbsp;&nbsp;&nbsp; 5973043 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (582554)<br>| &nbsp;&nbsp;&nbsp; (11106600)<br>| &nbsp;&nbsp;&nbsp; (1141698)<br>| &nbsp;&nbsp;&nbsp; (21328770)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (915861)<br>| &nbsp;&nbsp;&nbsp; (15477656)<br>| &nbsp;&nbsp;&nbsp; (1336266)<br>| &nbsp;&nbsp;&nbsp; (22503074)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (510045)<br>| &nbsp;&nbsp;&nbsp; $(9345079)<br>| &nbsp;&nbsp;&nbsp; (403992)<br>| &nbsp;&nbsp;&nbsp; $(7352754)<br>|

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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 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.

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**Invesco V.I. Small Cap Equity Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Small Cap Equity Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 2000® Index (Index). The Board noted that performance of Series I shares of the Fund was in the first quintile of its performance universe for the one and five year periods, and the second quintile for the three year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund

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**Invesco V.I. Small Cap Equity Fund**

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performance as well as other performance metrics, which did not change its conclusions.

*C Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it

grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used

by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the

**14**

**Invesco V.I. Small Cap Equity Fund**

------

federal securities laws and consistent with best execution obligations.

**15**

**Invesco V.I. Small Cap Equity Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**16**

**Invesco V.I. Small Cap Equity Fund**

------

![](imgaadb32ce1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. Technology Fund**

------

---

| | |
|:---|:---|
| [2](#xx_eec03685-c971-49b2-9b6c-c7652178cb26_SOI-Continued-84_1) | Schedule of Investments |
| [4](#xx_eec03685-c971-49b2-9b6c-c7652178cb26_FS-Continued-84_1) | Financial Statements |
| [6](#xx_eec03685-c971-49b2-9b6c-c7652178cb26_FS-Continued-84_3) | Financial Highlights |
| [7](#xx_eec03685-c971-49b2-9b6c-c7652178cb26_NTF-Continued-84_1) | Notes to Financial Statements |
| [12](#xx_eec03685-c971-49b2-9b6c-c7652178cb26_AOC-Continued-84_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [15](#xx_eec03685-c971-49b2-9b6c-c7652178cb26_OIRSR-Continued-84_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

Invesco Distributors, Inc.

I-VITEC-NCSRS

------

**Schedule of Investments**<sup>(a)</sup> 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.55%** | **Common Stocks & Other Equity Interests–99.55%** | **Common Stocks & Other Equity Interests–99.55%** |
| **Aerospace & Defense–6.47%** | **Aerospace & Defense–6.47%** | **Aerospace & Defense–6.47%** |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 4379 | &nbsp;&nbsp; $3625549 |
| BAE Systems PLC (United Kingdom) | 85585 | &nbsp;&nbsp; 2221176 |
| Curtiss-Wright Corp. | 2224 | &nbsp;&nbsp; 1086535 |
| General Electric Co. | 13465 | &nbsp;&nbsp; 3465756 |
| Howmet Aerospace, Inc. | 15069 | &nbsp;&nbsp; 2804793 |
| Rocket Lab Corp.<sup>(b)(c)</sup>  | 31067 | &nbsp;&nbsp; 1111267 |
|  |  | &nbsp;&nbsp; 14315076 |
| **Application Software–6.11%** | **Application Software–6.11%** | **Application Software–6.11%** |
| AppLovin Corp., Class A<sup>(b)</sup>  | 8506 | &nbsp;&nbsp; 2977781 |
| Guidewire Software, Inc.<sup>(b)</sup>  | 9814 | &nbsp;&nbsp; 2310706 |
| Nutanix, Inc., Class A<sup>(b)</sup>  | 31321 | &nbsp;&nbsp; 2394177 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup>  | 19523 | &nbsp;&nbsp; 2661375 |
| Samsara, Inc., Class A<sup>(b)</sup>  | 38500 | &nbsp;&nbsp; 1531530 |
| ServiceTitan, Inc.<sup>(b)</sup>  | 15395 | &nbsp;&nbsp; 1650036 |
|  |  | &nbsp;&nbsp; 13525605 |
| **Automobile Manufacturers–0.47%** | **Automobile Manufacturers–0.47%** | **Automobile Manufacturers–0.47%** |
| Tesla, Inc.<sup>(b)</sup>  | 3282 | &nbsp;&nbsp; 1042560 |
| **Automotive Retail–0.64%** | **Automotive Retail–0.64%** | **Automotive Retail–0.64%** |
| Carvana Co.<sup>(b)</sup>  | 4187 | &nbsp;&nbsp; 1410852 |
| **Broadline Retail–3.85%** | **Broadline Retail–3.85%** | **Broadline Retail–3.85%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 23370 | &nbsp;&nbsp; 5127144 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup>  | 1300 | &nbsp;&nbsp; 3397719 |
|  |  | &nbsp;&nbsp; 8524863 |
| **Communications Equipment–2.81%** | **Communications Equipment–2.81%** | **Communications Equipment–2.81%** |
| Arista Networks, Inc.<sup>(b)</sup>  | 19625 | &nbsp;&nbsp; 2007834 |
| Cisco Systems, Inc. | 60674 | &nbsp;&nbsp; 4209562 |
|  |  | &nbsp;&nbsp; 6217396 |
| **Education Services–0.46%** | **Education Services–0.46%** | **Education Services–0.46%** |
| Duolingo, Inc.<sup>(b)</sup>  | 2506 | &nbsp;&nbsp; 1027510 |
| **Electronic Components–1.77%** | **Electronic Components–1.77%** | **Electronic Components–1.77%** |
| Amphenol Corp., Class A | 39611 | &nbsp;&nbsp; 3911586 |
| **Electronic Manufacturing Services–3.44%** | **Electronic Manufacturing Services–3.44%** | **Electronic Manufacturing Services–3.44%** |
| Flex Ltd.<sup>(b)</sup>  | 85005 | &nbsp;&nbsp; 4243450 |
| Jabil, Inc.<sup>(c)</sup>  | 15460 | &nbsp;&nbsp; 3371826 |
|  |  | &nbsp;&nbsp; 7615276 |
| **Heavy Electrical Equipment–0.75%** | **Heavy Electrical Equipment–0.75%** | **Heavy Electrical Equipment–0.75%** |
| GE Vernova, Inc. | 3151 | &nbsp;&nbsp; 1667352 |
| **Hotels, Resorts & Cruise Lines–1.28%** | **Hotels, Resorts & Cruise Lines–1.28%** | **Hotels, Resorts & Cruise Lines–1.28%** |
| Booking Holdings, Inc. | 491 | &nbsp;&nbsp; 2842517 |
| **Independent Power Producers & Energy Traders–0.91%** | **Independent Power Producers & Energy Traders–0.91%** | **Independent Power Producers & Energy Traders–0.91%** |
| Vistra Corp. | 10393 | &nbsp;&nbsp; 2014267 |
| **Interactive Home Entertainment–1.40%** | **Interactive Home Entertainment–1.40%** | **Interactive Home Entertainment–1.40%** |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 12729 | &nbsp;&nbsp; 3091238 |
| **Interactive Media & Services–6.56%** | **Interactive Media & Services–6.56%** | **Interactive Media & Services–6.56%** |
| Alphabet, Inc., Class A | 23585 | &nbsp;&nbsp; 4156384 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Interactive Media & Services–(continued)** | **Interactive Media & Services–(continued)** | **Interactive Media & Services–(continued)** |
| Meta Platforms, Inc., Class A | 14042 | &nbsp;&nbsp; $10364260 |
|  |  | &nbsp;&nbsp; 14520644 |
| **Internet Services & Infrastructure–5.42%** | **Internet Services & Infrastructure–5.42%** | **Internet Services & Infrastructure–5.42%** |
| Cloudflare, Inc., Class A<sup>(b)</sup>  | 26446 | &nbsp;&nbsp; 5178920 |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup>  | 19261 | &nbsp;&nbsp; 2221757 |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 20503 | &nbsp;&nbsp; 4587956 |
|  |  | &nbsp;&nbsp; 11988633 |
| **Investment Banking & Brokerage–1.58%** | **Investment Banking & Brokerage–1.58%** | **Investment Banking & Brokerage–1.58%** |
| Goldman Sachs Group, Inc. (The) | 4945 | &nbsp;&nbsp; 3499824 |
| **Movies & Entertainment–5.41%** | **Movies & Entertainment–5.41%** | **Movies & Entertainment–5.41%** |
| Netflix, Inc.<sup>(b)</sup>  | 4101 | &nbsp;&nbsp; 5491772 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup>  | 6467 | &nbsp;&nbsp; 4962388 |
| TKO Group Holdings, Inc. | 8320 | &nbsp;&nbsp; 1513824 |
|  |  | &nbsp;&nbsp; 11967984 |
| **Passenger Ground Transportation–0.45%** | **Passenger Ground Transportation–0.45%** | **Passenger Ground Transportation–0.45%** |
| Uber Technologies, Inc.<sup>(b)</sup>  | 10737 | &nbsp;&nbsp; 1001762 |
| **Restaurants–1.59%** | **Restaurants–1.59%** | **Restaurants–1.59%** |
| DoorDash, Inc., Class A<sup>(b)</sup>  | 14287 | &nbsp;&nbsp; 3521888 |
| **Semiconductor Materials & Equipment–5.16%** | **Semiconductor Materials & Equipment–5.16%** | **Semiconductor Materials & Equipment–5.16%** |
| KLA Corp. | 6411 | &nbsp;&nbsp; 5742589 |
| Lam Research Corp. | 58333 | &nbsp;&nbsp; 5678134 |
|  |  | &nbsp;&nbsp; 11420723 |
| **Semiconductors–25.68%** | **Semiconductors–25.68%** | **Semiconductors–25.68%** |
| Advanced Micro Devices, Inc.<sup>(b)(c)</sup>  | 22000 | &nbsp;&nbsp; 3121800 |
| Allegro MicroSystems, Inc. (Japan)<sup>(b)(c)</sup>  | 53150 | &nbsp;&nbsp; 1817199 |
| Analog Devices, Inc. | 4736 | &nbsp;&nbsp; 1127263 |
| Broadcom, Inc. | 38143 | &nbsp;&nbsp; 10514118 |
| Credo Technology Group Holding Ltd.<sup>(b)</sup>  | 23722 | &nbsp;&nbsp; 2196420 |
| Impinj, Inc.<sup>(b)(c)</sup>  | 8798 | &nbsp;&nbsp; 977195 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 23398 | &nbsp;&nbsp; 3352699 |
| Microchip Technology, Inc. | 39014 | &nbsp;&nbsp; 2745415 |
| Monolithic Power Systems, Inc. | 5624 | &nbsp;&nbsp; 4113281 |
| NVIDIA Corp. | 119410 | &nbsp;&nbsp; 18865586 |
| SiTime Corp.<sup>(b)(c)</sup>  | 11815 | &nbsp;&nbsp; 2517540 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR (Taiwan) | 24272 | &nbsp;&nbsp; 5497365 |
|  |  | &nbsp;&nbsp; 56845881 |
| **Systems Software–17.34%** | **Systems Software–17.34%** | **Systems Software–17.34%** |
| Commvault Systems, Inc.<sup>(b)</sup>  | 13346 | &nbsp;&nbsp; 2326608 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup>  | 7874 | &nbsp;&nbsp; 4010307 |
| CyberArk Software Ltd.<sup>(b)</sup>  | 10305 | &nbsp;&nbsp; 4192898 |
| Microsoft Corp. | 23494 | &nbsp;&nbsp; 11686151 |
| Monday.com Ltd.<sup>(b)</sup>  | 8589 | &nbsp;&nbsp; 2701069 |
| Oracle Corp. | 25347 | &nbsp;&nbsp; 5541615 |
| ServiceNow, Inc.<sup>(b)</sup>  | 4829 | &nbsp;&nbsp; 4964598 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco V.I. Technology Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** |
| Zscaler, Inc.<sup>(b)(c)</sup>  | Zscaler, Inc.<sup>(b)(c)</sup>  | 9426 | &nbsp;&nbsp; $2959198 |
|  |  |  | &nbsp;&nbsp; 38382444 |
| Total Common Stocks & Other Equity Interests <br> (Cost $135,026,885) | Total Common Stocks & Other Equity Interests <br> (Cost $135,026,885) | Total Common Stocks & Other Equity Interests <br> (Cost $135,026,885) | &nbsp;&nbsp; 220355881 |
| **Money Market Funds–0.00%** | **Money Market Funds–0.00%** | **Money Market Funds–0.00%** | **Money Market Funds–0.00%** |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup> <br>(Cost $2) | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup> <br>(Cost $2) | 2 | &nbsp;&nbsp; 2 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.55% <br> (Cost $135,026,887)<br>|  |  | &nbsp;&nbsp; 220355883 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–6.83%** | **Money Market Funds–6.83%** | **Money Market Funds–6.83%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 4108247 | &nbsp;&nbsp; $4108247 |
| Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | 10999978 | &nbsp;&nbsp; 11003278 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $15,110,982) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $15,110,982) | &nbsp;&nbsp; 15111525 |
| TOTAL INVESTMENTS IN SECURITIES–106.38% <br> (Cost $150,137,869) | TOTAL INVESTMENTS IN SECURITIES–106.38% <br> (Cost $150,137,869) | &nbsp;&nbsp; 235467408 |
| OTHER ASSETS LESS LIABILITIES—(6.38)% | OTHER ASSETS LESS LIABILITIES—(6.38)% | &nbsp;&nbsp; (14129679)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $221337729 |

---

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 June 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $699723 | &nbsp;&nbsp; $16993107 | &nbsp;&nbsp; $(17692830) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $24868 |
| Invesco Treasury Portfolio, Institutional Class | 1299604 | &nbsp;&nbsp; 31558627 | &nbsp;&nbsp; (32858229) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 45790 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 2779762 | &nbsp;&nbsp; 45500148 | &nbsp;&nbsp; (44171663) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4108247 | &nbsp;&nbsp; 48,180\* |
| Invesco Private Prime Fund | 7285610 | &nbsp;&nbsp; 101804937 | &nbsp;&nbsp; (98087554) | &nbsp;&nbsp; 543 | (258) | &nbsp;&nbsp; 11003278 | &nbsp;&nbsp; 127,584\* |
| Total | $12064699 | &nbsp;&nbsp; $195856819 | &nbsp;&nbsp; $(192810276) | &nbsp;&nbsp; $543 | &nbsp;&nbsp; $(258) | &nbsp;&nbsp; $15111527 | &nbsp;&nbsp; $246422 |

---

\* 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 June 30, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco V.I. Technology Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $135,026,885)\*<br>| &nbsp;&nbsp; $220355881 |
| Investments in affiliated money market funds, at value <br> (Cost $15,110,984)<br>| &nbsp;&nbsp; 15111527 |
| Foreign currencies, at value (Cost $449) | &nbsp;&nbsp; 453 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 4942458 |
| Fund shares sold | &nbsp;&nbsp; 652059 |
| Dividends | &nbsp;&nbsp; 65511 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 49529 |
| Other assets | &nbsp;&nbsp; 76 |
| Total assets | &nbsp;&nbsp; 241177494 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 603684 |
| Amount due custodian | &nbsp;&nbsp; 3953208 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 15110982 |
| Accrued fees to affiliates | &nbsp;&nbsp; 101686 |
| Accrued other operating expenses | &nbsp;&nbsp; 17077 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 53128 |
| Total liabilities | &nbsp;&nbsp; 19839765 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $221337729 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $94611417 |
| Distributable earnings | &nbsp;&nbsp; 126726312 |
|  | &nbsp;&nbsp; $221337729 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $200720923 |
| Series II | &nbsp;&nbsp; $20616806 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Series I | &nbsp;&nbsp; 7854393 |
| Series II | &nbsp;&nbsp; 952087 |
| Series I: |  |
| Net asset value per share | &nbsp;&nbsp; $25.56 |
| Series II: |  |
| Net asset value per share | &nbsp;&nbsp; $21.65 |

---

\* At June 30, 2025, securities with an aggregate value of $14,760,033 were on loan to brokers. 

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $15,325) | &nbsp;&nbsp; $387119 |
| Dividends from affiliated money market funds (includes net <br> securities lending income of $7,744)<br>| &nbsp;&nbsp; 78402 |
| Total investment income | &nbsp;&nbsp; 465521 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 771508 |
| Administrative services fees | &nbsp;&nbsp; 171316 |
| Custodian fees | &nbsp;&nbsp; 1314 |
| Distribution fees - Series II | &nbsp;&nbsp; 22947 |
| Transfer agent fees | &nbsp;&nbsp; 5427 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 10185 |
| Reports to shareholders | &nbsp;&nbsp; 4428 |
| Professional services fees | &nbsp;&nbsp; 19831 |
| Other | &nbsp;&nbsp; 1265 |
| Total expenses | &nbsp;&nbsp; 1008221 |
| Less: Fees waived | &nbsp;&nbsp; (1829)<br>|
| Net expenses | &nbsp;&nbsp; 1006392 |
| Net investment income (loss) | &nbsp;&nbsp; (540871)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 17605528 |
| Affiliated investment securities | &nbsp;&nbsp; (258)<br>|
| Foreign currencies | &nbsp;&nbsp; 1774 |
|  | &nbsp;&nbsp; 17607044 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (2681658)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 543 |
| Foreign currencies | &nbsp;&nbsp; 1375 |
|  | &nbsp;&nbsp; (2679740)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 14927304 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $14386433 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco V.I. Technology Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(540871)<br>| &nbsp;&nbsp; $(1116678)<br>|
| Net realized gain | &nbsp;&nbsp; 17607044 | &nbsp;&nbsp; 26511062 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (2679740)<br>| &nbsp;&nbsp; 31131075 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 14386433 | &nbsp;&nbsp; 56525459 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; — | &nbsp;&nbsp; (7913477)<br>|
| Series II | &nbsp;&nbsp; — | &nbsp;&nbsp; (871214)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (8784691)<br>|
| **Share transactions–net:** |  |  |
| Series I | &nbsp;&nbsp; (13624405)<br>| &nbsp;&nbsp; 9179611 |
| Series II | &nbsp;&nbsp; 33008 | &nbsp;&nbsp; 2425852 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (13591397)<br>| &nbsp;&nbsp; 11605463 |
| Net increase in net assets | &nbsp;&nbsp; 795036 | &nbsp;&nbsp; 59346231 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 220542693 | &nbsp;&nbsp; 161196462 |
| End of period | &nbsp;&nbsp; $221337729 | &nbsp;&nbsp; $220542693 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco V.I. Technology Fund**

------

**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $23.80 | $(0.06)<br>| $1.82 | $1.76 | $— | $25.56 | 7.40<br> %<br>| $200721 | 0.96 %<sup>(d)</sup><br>| 0.96 %<sup>(d)</sup><br>| (0.51 )%<sup>(d)</sup><br>| 90<br> %<br>|
| Year ended 12/31/24 | 18.50 | (0.12)<br>| 6.39 | 6.27 | (0.97)<br>| 23.80 | 34.27 | 201291 | 0.98 | 0.98 | (0.57)<br>| 109 |
| Year ended 12/31/23 | 12.59 | (0.06)<br>| 5.97 | 5.91 |  | 18.50 | 46.94 | 148139 | 0.98 | 0.98 | (0.36)<br>| 137 |
| Year ended 12/31/22 | 38.08 | (0.10)<br>| (14.84)<br>| (14.94)<br>| (10.55)<br>| 12.59 | (39.95)<br>| 104076 | 0.98 | 0.98 | (0.42)<br>| 104 |
| Year ended 12/31/21 | 36.55 | (0.27)<br>| 5.62 | 5.35 | (3.82)<br>| 38.08 | 14.41 | 185270 | 0.98 | 0.98 | (0.68)<br>| 90 |
| Year ended 12/31/20 | 27.23 | (0.17)<br>| 12.49 | 12.32 | (3.00)<br>| 36.55 | 46.11 | 187801 | 0.98 | 0.98 | (0.53)<br>| 56 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 20.19 | (0.07)<br>| 1.53 | 1.46 |  | 21.65 | 7.23 | 20617 | 1.21 <br><sup>(d)</sup><br>| 1.21 <br><sup>(d)</sup><br>| (0.76 )<sup>(d)</sup><br>| 90 |
| Year ended 12/31/24 | 15.86 | (0.15)<br>| 5.45 | 5.30 | (0.97)<br>| 20.19 | 33.86 | 19251 | 1.23 | 1.23 | (0.82)<br>| 109 |
| Year ended 12/31/23 | 10.81 | (0.08)<br>| 5.13 | 5.05 |  | 15.86 | 46.72 | 13057 | 1.23 | 1.23 | (0.61)<br>| 137 |
| Year ended 12/31/22 | 35.20 | (0.15)<br>| (13.69)<br>| (13.84)<br>| (10.55)<br>| 10.81 | (40.11)<br>| 7339 | 1.23 | 1.23 | (0.67)<br>| 104 |
| Year ended 12/31/21 | 34.13 | (0.34)<br>| 5.23 | 4.89 | (3.82)<br>| 35.20 | 14.08 | 13061 | 1.23 | 1.23 | (0.93)<br>| 90 |
| Year ended 12/31/20 | 25.63 | (0.23)<br>| 11.73 | 11.50 | (3.00)<br>| 34.13 | 45.79 | 13215 | 1.23 | 1.23 | (0.78)<br>| 56 |

---

<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> Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco V.I. Technology Fund**

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. Technology Fund (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is long-term growth of capital.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** — Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund

**7**

**Invesco V.I. Technology 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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of

**8**

**Invesco V.I. Technology Fund**

------

compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $654 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**K.** **Foreign Currency Translations** — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**L.** **Forward Foreign Currency Contracts** — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

**M.** **Other Risks** - The Fund's investments are concentrated in a comparatively narrow segment of the economy, which may make the Fund more volatile.

Many products and services offered in technology-related industries are subject to rapid obsolescence, which may lower the value of the issuers in this sector.

The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund's shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.740% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.730% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.710% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.680% |

---

For the six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.75%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

**9**

**Invesco V.I. Technology Fund**

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The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2026, 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 six months ended June 30, 2025, the Adviser waived advisory fees of $1,829.

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 six months ended June 30, 2025, Invesco was paid $17,323 for accounting and fund administrative services and was reimbursed $153,993 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

For the six months ended June 30, 2025, the Fund incurred $5,949 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $218134705 | &nbsp;&nbsp;&nbsp;&nbsp; $2221176 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $220355881 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 15111525 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15111527 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $218134707 | &nbsp;&nbsp;&nbsp;&nbsp; $17332701 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $235467408 |

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**NOTE 4—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**10**

**Invesco V.I. Technology Fund**

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**NOTE 5—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $183,659,555 and $196,978,883, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $85522312 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (390611)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $85131701 |

---

Cost of investments for tax purposes is $150,335,707.

**NOTE 8—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 667187 | &nbsp;&nbsp;&nbsp; $15416564 | &nbsp;&nbsp;&nbsp; 2211339 | &nbsp;&nbsp;&nbsp; $46647519 |
| Series II | &nbsp;&nbsp;&nbsp; 115328 | &nbsp;&nbsp;&nbsp; 2216620 | &nbsp;&nbsp;&nbsp; 253832 | &nbsp;&nbsp;&nbsp; 4661500 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 356302 | &nbsp;&nbsp;&nbsp; 7913477 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 46218 | &nbsp;&nbsp;&nbsp; 871214 |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (1270467)<br>| &nbsp;&nbsp;&nbsp; (29040969)<br>| &nbsp;&nbsp;&nbsp; (2115340)<br>| &nbsp;&nbsp;&nbsp; (45381385)<br>|
| Series II | &nbsp;&nbsp;&nbsp; (116675)<br>| &nbsp;&nbsp;&nbsp; (2183612)<br>| &nbsp;&nbsp;&nbsp; (170077)<br>| &nbsp;&nbsp;&nbsp; (3106862)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (604627)<br>| &nbsp;&nbsp;&nbsp; $(13591397)<br>| &nbsp;&nbsp;&nbsp; 582274 | &nbsp;&nbsp;&nbsp; $11605463 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 63% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**11**

**Invesco V.I. Technology Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. Technology Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the S&P North American Technology Sector Index (Index). The Board noted that performance of Series I shares of the Fund was in the third quintile of its performance universe for the one year period, the fourth quintile for the three year period, and the fifth quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was reasonably comparable to the performance of the Index for the one year period, and below the performance of the Index for the three and five year periods. The Board considered that security selection in certain technology industries negatively impacted Fund performance. The Board recognized that the

**12**

**Invesco V.I. Technology Fund**

------

performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that the Fund's total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty.

The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a

result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the

**13**

**Invesco V.I. Technology Fund**

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Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**14**

**Invesco V.I. Technology Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**15**

**Invesco V.I. Technology Fund**

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![](img188752c41.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco V.I. U.S. Government Money Portfolio**

------

---

| | |
|:---|:---|
| [2](#xx_09dbd3cb-c187-43c2-a05f-8b1fd4e252e7_SOI-Continued-734_1) | Schedule of Investments |
| [5](#xx_09dbd3cb-c187-43c2-a05f-8b1fd4e252e7_FS-Continued-734_1) | Financial Statements |
| [8](#xx_09dbd3cb-c187-43c2-a05f-8b1fd4e252e7_FS-Continued-734_4) | Financial Highlights |
| [9](#xx_09dbd3cb-c187-43c2-a05f-8b1fd4e252e7_NTF-Continued-734_1) | Notes to Financial Statements |
| [13](#xx_09dbd3cb-c187-43c2-a05f-8b1fd4e252e7_AOC-Continued-734_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [15](#xx_09dbd3cb-c187-43c2-a05f-8b1fd4e252e7_OIRSR-Continued-734_1) | Other Information Required in Form N-CSR (Items 8-11) |

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Invesco Distributors, Inc.

O-VIGMKT-NCSRS

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)* 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **U.S. Government Sponsored Agency Securities-21.44%** | **U.S. Government Sponsored Agency Securities-21.44%** | **U.S. Government Sponsored Agency Securities-21.44%** | **U.S. Government Sponsored Agency Securities-21.44%** | **U.S. Government Sponsored Agency Securities-21.44%** | **U.S. Government Sponsored Agency Securities-21.44%** |
| **Federal Farm Credit Bank (FFCB)-18.29%** | **Federal Farm Credit Bank (FFCB)-18.29%** | **Federal Farm Credit Bank (FFCB)-18.29%** | **Federal Farm Credit Bank (FFCB)-18.29%** | **Federal Farm Credit Bank (FFCB)-18.29%** | **Federal Farm Credit Bank (FFCB)-18.29%** |
| Federal Farm Credit Bank (SOFR + 0.05%)<sup>(a)</sup> <br>| 4.44% | 07/18/2025 |  | $2000 | &nbsp;&nbsp; $2000000 |
| Federal Farm Credit Bank (SOFR + 0.13%)<sup>(a)</sup> <br>| 4.52% | 08/13/2025 |  | 750 | &nbsp;&nbsp; 750000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 08/22/2025 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Bank (SOFR + 0.16%)<sup>(a)</sup> <br>| 4.55% | 11/28/2025 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Bank (SOFR + 0.15%)<sup>(a)</sup> <br>| 4.54% | 12/15/2025 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Bank (1 mo. EFFR + 0.06%)<sup>(a)</sup> <br>| 4.39% | 01/16/2026 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.54% | 01/29/2026 |  | 1500 | &nbsp;&nbsp; 1500000 |
| Federal Farm Credit Bank (SOFR + 0.09%)<sup>(a)</sup> <br>| 4.48% | 02/02/2026 |  | 2500 | &nbsp;&nbsp; 2500000 |
| Federal Farm Credit Bank (SOFR + 0.09%)<sup>(a)</sup> <br>| 4.48% | 02/12/2026 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Bank (SOFR + 0.12%)<sup>(a)</sup> <br>| 4.51% | 03/12/2026 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Bank (SOFR + 0.02%)<sup>(a)</sup> <br>| 4.41% | 03/26/2026 |  | 6000 | &nbsp;&nbsp; 6000000 |
| Federal Farm Credit Bank (SOFR + 0.10%)<sup>(a)</sup> <br>| 4.49% | 06/03/2026 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 08/26/2026 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 09/04/2026 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 09/09/2026 |  | 250 | &nbsp;&nbsp; 250000 |
| Federal Farm Credit Bank (1 mo. EFFR + 0.05%)<sup>(a)</sup> <br>| 4.38% | 09/17/2026 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.13%)<sup>(a)</sup> <br>| 4.52% | 10/06/2026 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 10/15/2026 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 11/18/2026 |  | 1500 | &nbsp;&nbsp; 1500000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 11/23/2026 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 12/02/2026 |  | 500 | &nbsp;&nbsp; 500000 |
| Federal Farm Credit Bank (SOFR + 0.07%)<sup>(a)</sup> <br>| 4.46% | 12/07/2026 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 12/09/2026 |  | 1500 | &nbsp;&nbsp; 1500000 |
| Federal Farm Credit Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 12/30/2026 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Farm Credit Bank (SOFR + 0.13%)<sup>(a)</sup> <br>| 4.52% | 01/27/2027 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal Farm Credit Bank (SOFR + 0.13%)<sup>(a)</sup> <br>| 4.52% | 02/03/2027 |  | 500 | &nbsp;&nbsp; 500000 |
| Federal Farm Credit Bank (SOFR + 0.12%)<sup>(a)</sup> <br>| 4.51% | 02/10/2027 |  | 1500 | &nbsp;&nbsp; 1500000 |
| Federal Farm Credit Bank (SOFR + 0.08%)<sup>(a)</sup> <br>| 4.47% | 03/11/2027 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Federal Farm Credit Bank (SOFR + 0.07%)<sup>(a)</sup> <br>| 4.46% | 03/24/2027 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.07%)<sup>(a)</sup> <br>| 4.46% | 03/26/2027 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.12%)<sup>(a)</sup> <br>| 4.51% | 05/06/2027 |  | 6000 | &nbsp;&nbsp; 6000000 |
| Federal Farm Credit Bank (SOFR + 0.11%)<sup>(a)</sup> <br>| 4.50% | 05/13/2027 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Federal Farm Credit Bank (SOFR + 0.11%)<sup>(a)</sup> <br>| 4.50% | 05/14/2027 |  | 2000 | &nbsp;&nbsp; 2000000 |
|  |  |  |  |  | &nbsp;&nbsp; 70500000 |
| **Federal Home Loan Bank (FHLB)-3.15%** | **Federal Home Loan Bank (FHLB)-3.15%** | **Federal Home Loan Bank (FHLB)-3.15%** | **Federal Home Loan Bank (FHLB)-3.15%** | **Federal Home Loan Bank (FHLB)-3.15%** | **Federal Home Loan Bank (FHLB)-3.15%** |
| Federal Home Loan Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 07/24/2025 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Home Loan Bank (SOFR + 0.16%)<sup>(a)</sup> <br>| 4.55% | 08/21/2025 |  | 645 | &nbsp;&nbsp; 644989 |
| Federal Home Loan Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 08/22/2025 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal Home Loan Bank (SOFR + 0.16%)<sup>(a)</sup> <br>| 4.55% | 08/22/2025 |  | 760 | &nbsp;&nbsp; 759987 |
| Federal Home Loan Bank (SOFR + 0.08%)<sup>(a)</sup> <br>| 4.47% | 09/19/2025 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal Home Loan Bank (SOFR + 0.15%)<sup>(a)</sup> <br>| 4.54% | 12/08/2025 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal Home Loan Bank (SOFR + 0.15%)<sup>(a)</sup> <br>| 4.54% | 12/11/2025 |  | 750 | &nbsp;&nbsp; 750000 |
| Federal Home Loan Bank (SOFR + 0.13%)<sup>(a)</sup> <br>| 4.52% | 02/09/2026 |  | 1500 | &nbsp;&nbsp; 1500000 |
| Federal Home Loan Bank (SOFR + 0.10%)<sup>(a)</sup> <br>| 4.49% | 05/13/2026 |  | 1500 | &nbsp;&nbsp; 1500000 |
| Federal Home Loan Bank (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 09/24/2026 |  | 1000 | &nbsp;&nbsp; 1000000 |
|  |  |  |  |  | &nbsp;&nbsp; 12154976 |
| Total U.S. Government Sponsored Agency Securities (Cost $82,654,976) | Total U.S. Government Sponsored Agency Securities (Cost $82,654,976) | Total U.S. Government Sponsored Agency Securities (Cost $82,654,976) | Total U.S. Government Sponsored Agency Securities (Cost $82,654,976) |  | &nbsp;&nbsp; 82654976 |
| **U.S. Treasury Securities-10.38%** | **U.S. Treasury Securities-10.38%** | **U.S. Treasury Securities-10.38%** | **U.S. Treasury Securities-10.38%** | **U.S. Treasury Securities-10.38%** | **U.S. Treasury Securities-10.38%** |
| **U.S. Treasury Bills-7.02%**<sup>(b)</sup> | **U.S. Treasury Bills-7.02%**<sup>(b)</sup> | **U.S. Treasury Bills-7.02%**<sup>(b)</sup> | **U.S. Treasury Bills-7.02%**<sup>(b)</sup> | **U.S. Treasury Bills-7.02%**<sup>(b)</sup> | **U.S. Treasury Bills-7.02%**<sup>(b)</sup> |
| U.S. Treasury Bills | 4.12%-4.22% | 10/02/2025 |  | 4000 | &nbsp;&nbsp; 3958848 |
| U.S. Treasury Bills | 4.05% | 10/09/2025 |  | 3000 | &nbsp;&nbsp; 2966946 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco V.I. U.S. Government Money Portfolio**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **U.S. Treasury Bills**<sup>(b)</sup>**-(continued)** | **U.S. Treasury Bills**<sup>(b)</sup>**-(continued)** | **U.S. Treasury Bills**<sup>(b)</sup>**-(continued)** | **U.S. Treasury Bills**<sup>(b)</sup>**-(continued)** | **U.S. Treasury Bills**<sup>(b)</sup>**-(continued)** | **U.S. Treasury Bills**<sup>(b)</sup>**-(continued)** |
| U.S. Treasury Bills | 4.15% | 10/16/2025 |  | $13000 | &nbsp;&nbsp; $12843126 |
| U.S. Treasury Bills | 4.11% | 03/19/2026 |  | 7000 | &nbsp;&nbsp; 6799791 |
| U.S. Treasury Bills | 4.09% | 04/16/2026 |  | 500 | &nbsp;&nbsp; 484185 |
|  |  |  |  |  | &nbsp;&nbsp; 27052896 |
| **U.S. Treasury Floating Rate Notes-2.59%** | **U.S. Treasury Floating Rate Notes-2.59%** | **U.S. Treasury Floating Rate Notes-2.59%** | **U.S. Treasury Floating Rate Notes-2.59%** | **U.S. Treasury Floating Rate Notes-2.59%** | **U.S. Treasury Floating Rate Notes-2.59%** |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + <br> 0.25%)<sup>(a)</sup> <br>| 4.55% | 01/31/2026 |  | 7000 | &nbsp;&nbsp; 7006744 |
| U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + <br> 0.10%)<sup>(a)</sup> <br>| 4.40% | 01/31/2027 |  | 3000 | &nbsp;&nbsp; 2999745 |
|  |  |  |  |  | &nbsp;&nbsp; 10006489 |
| **U.S. Treasury Notes-0.77%** | **U.S. Treasury Notes-0.77%** | **U.S. Treasury Notes-0.77%** | **U.S. Treasury Notes-0.77%** | **U.S. Treasury Notes-0.77%** | **U.S. Treasury Notes-0.77%** |
| U.S. Treasury Notes | 0.25% | 09/30/2025 |  | 3000 | &nbsp;&nbsp; 2970406 |
| Total U.S. Treasury Securities (Cost $40,029,791) | Total U.S. Treasury Securities (Cost $40,029,791) | Total U.S. Treasury Securities (Cost $40,029,791) | Total U.S. Treasury Securities (Cost $40,029,791) |  | &nbsp;&nbsp; 40029791 |
| **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.37%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.37%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.37%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.37%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.37%** | **U.S. Government Sponsored Agency Mortgage-Backed Securities-3.37%** |
| **Federal Home Loan Mortgage Corp. (FHLMC)-1.94%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.94%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.94%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.94%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.94%** | **Federal Home Loan Mortgage Corp. (FHLMC)-1.94%** |
| Federal Home Loan Mortgage Corp. (SOFR + 0.10%)<sup>(a)</sup> <br>| 4.49% | 02/09/2026 |  | 1500 | &nbsp;&nbsp; 1500000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 09/04/2026 |  | 500 | &nbsp;&nbsp; 500000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 10/29/2026 |  | 500 | &nbsp;&nbsp; 500000 |
| Federal Home Loan Mortgage Corp. (SOFR + 0.13%)<sup>(a)</sup> <br>| 4.52% | 04/23/2027 |  | 5000 | &nbsp;&nbsp; 5000000 |
|  |  |  |  |  | &nbsp;&nbsp; 7500000 |
| **Federal National Mortgage Association (FNMA)-1.43%** | **Federal National Mortgage Association (FNMA)-1.43%** | **Federal National Mortgage Association (FNMA)-1.43%** | **Federal National Mortgage Association (FNMA)-1.43%** | **Federal National Mortgage Association (FNMA)-1.43%** | **Federal National Mortgage Association (FNMA)-1.43%** |
| Federal National Mortgage Association (SOFR + 0.10%)<sup>(a)</sup> <br>| 4.49% | 06/18/2026 |  | 1000 | &nbsp;&nbsp; 1000000 |
| Federal National Mortgage Association (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 08/21/2026 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Federal National Mortgage Association (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 10/23/2026 |  | 1500 | &nbsp;&nbsp; 1500000 |
| Federal National Mortgage Association (SOFR + 0.14%)<sup>(a)</sup> <br>| 4.53% | 11/20/2026 |  | 1000 | &nbsp;&nbsp; 1000000 |
|  |  |  |  |  | &nbsp;&nbsp; 5500000 |
| Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $13,000,000) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $13,000,000) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $13,000,000) | Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $13,000,000) |  | &nbsp;&nbsp; 13000000 |
| TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-35.19% <br>(Cost $135,684,767) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-35.19% <br>(Cost $135,684,767) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-35.19% <br>(Cost $135,684,767) | TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-35.19% <br>(Cost $135,684,767) |  | &nbsp;&nbsp; 135684767 |
|  |  |  | &nbsp;&nbsp; **Repurchase**<br> **Amount** | &nbsp;&nbsp; **Repurchase**<br> **Amount** |  |
| **Repurchase Agreements-76.22%**<sup>(c)</sup>  | **Repurchase Agreements-76.22%**<sup>(c)</sup>  | **Repurchase Agreements-76.22%**<sup>(c)</sup>  | **Repurchase Agreements-76.22%**<sup>(c)</sup>  | **Repurchase Agreements-76.22%**<sup>(c)</sup>  | **Repurchase Agreements-76.22%**<sup>(c)</sup>  |
| Banco Santander, joint agreement dated 06/30/2025, aggregate maturing value of <br> $1,000,121,667 (collateralized by agency mortgage-backed securities valued at <br> $1,020,124,101; 1.50% - 9.00%; 01/01/2027 - 06/15/2060)<br>| 4.38% | 07/01/2025 |  | 50006083 | &nbsp;&nbsp; 50000000 |
| BMO Capital Markets Corp., joint term agreement dated 06/30/2025, aggregate <br> maturing value of $1,506,387,500 (collateralized by agency mortgage-backed <br> securities and U.S. Treasury obligations valued at $1,540,200,403; 0.00% - 6.70%; <br> 07/29/2025 - 11/20/2070)<sup>(d)</sup> <br>| 4.38% | 08/04/2025 |  | 10042583 | &nbsp;&nbsp; 10000000 |
| BofA Securities, Inc., joint agreement dated 06/30/2025, aggregate maturing value of <br> $650,079,444 (collateralized by agency mortgage-backed securities valued at <br> $663,000,001; 2.00% - 6.52%; 11/25/2032 - 08/20/2074)<br>| 4.40% | 07/01/2025 |  | 30003667 | &nbsp;&nbsp; 30000000 |
| ING Financial Markets, LLC, joint agreement dated 06/30/2025, aggregate maturing <br> value of $500,061,111 (collateralized by agency mortgage-backed securities valued <br> at $510,000,000; 2.50% - 7.00%; 10/01/2038 - 02/01/2057)<br>| 4.40% | 07/01/2025 |  | 50006111 | &nbsp;&nbsp; 50000000 |
| Royal Bank of Canada, joint agreement dated 06/30/2025, aggregate maturing value of <br> $3,600,441,000 (collateralized by agency mortgage-backed securities and <br> U.S. Treasury obligations valued at $3,672,449,911; 0.00% - 7.00%; 07/10/2025 <br> - 07/01/2055)<br>| 4.41% | 07/01/2025 |  | 35004288 | &nbsp;&nbsp; 35000000 |
| Royal Bank of Canada, joint term agreement dated 03/13/2025, aggregate maturing <br> value of $1,540,310,000 (collateralized by agency mortgage-backed securities and <br> U.S. Treasury obligations valued at $1,549,495,235; 0.50% - 6.63%; 10/31/2026 <br> - 04/01/2055)<sup>(d)</sup> <br>| 4.17% | 10/31/2025 |  | 4107493 | &nbsp;&nbsp; 4000000 |
| Royal Bank of Canada, joint term agreement dated 03/13/2025, aggregate maturing <br> value of $1,541,315,700 (collateralized by agency mortgage-backed securities and <br> U.S. Treasury obligations valued at $1,555,834,097; 0.00% - 7.00%; 10/23/2025 <br> - 01/07/2062)<sup>(d)</sup> <br>| 4.20% | 09/30/2025 |  | 5117250 | &nbsp;&nbsp; 5000000 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco V.I. U.S. Government Money Portfolio**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Repurchase**<br> **Amount** | &nbsp;&nbsp; **Repurchase**<br> **Amount** | **Value** |
| Standard Chartered Bank, joint agreement dated 06/30/2025, aggregate maturing value <br> of $2,500,305,556 (collateralized by agency mortgage-backed securities and <br> U.S. Treasury obligations valued at $2,550,311,667; 0.00% - 7.00%; 07/10/2025 <br> - 05/20/2055)<br>| 4.40% | 07/01/2025 |  | $50006111 | &nbsp;&nbsp; $50000000 |
| Sumitomo Mitsui Banking Corp., joint agreement dated 06/30/2025, aggregate maturing <br> value of $4,800,585,333 (collateralized by agency mortgage-backed securities <br> valued at $4,968,519,090; 3.00% - 6.50%; 10/20/2042 - 03/20/2055)<br>| 4.39% | 07/01/2025 |  | 14922754 | &nbsp;&nbsp; 14920934 |
| TD Securities (USA) LLC, joint term agreement dated 06/25/2025, aggregate maturing <br> value of $480,406,000 (collateralized by agency mortgage-backed securities valued <br> at $489,600,000; 3.00% - 5.80%; 04/20/2048 - 09/20/2054)<sup>(d)</sup> <br>| 4.35% | 07/02/2025 |  | 45038063 | &nbsp;&nbsp; 45000000 |
| Total Repurchase Agreements (Cost $293,920,934) | Total Repurchase Agreements (Cost $293,920,934) | Total Repurchase Agreements (Cost $293,920,934) | Total Repurchase Agreements (Cost $293,920,934) |  | &nbsp;&nbsp; 293920934 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(e)</sup>-111.41% (Cost $429,605,701) | TOTAL INVESTMENTS IN SECURITIES<sup>(e)</sup>-111.41% (Cost $429,605,701) | TOTAL INVESTMENTS IN SECURITIES<sup>(e)</sup>-111.41% (Cost $429,605,701) | TOTAL INVESTMENTS IN SECURITIES<sup>(e)</sup>-111.41% (Cost $429,605,701) |  | &nbsp;&nbsp; 429605701 |
| OTHER ASSETS LESS LIABILITIES-(11.41)% | OTHER ASSETS LESS LIABILITIES-(11.41)% | OTHER ASSETS LESS LIABILITIES-(11.41)% | OTHER ASSETS LESS LIABILITIES-(11.41)% |  | &nbsp;&nbsp; (44002001)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% |  | &nbsp;&nbsp; $385603700 |

---

Investment Abbreviations:

EFFR -Effective Federal Funds Rate <br> SOFR -Secured Overnight Financing Rate

Notes to Schedule of Investments:

<sup>(a)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2025.

<sup>(b)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(c)</sup> Principal amount equals value at period end. See Note 1J.

<sup>(d)</sup> The Fund may demand payment of the term repurchase agreement upon one to seven business days' notice depending on the timing of the demand.

<sup>(e)</sup> Also represents cost for federal income tax purposes.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco V.I. U.S. Government Money Portfolio**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, excluding <br> repurchase agreements, at value and cost<br>| &nbsp;&nbsp; $135684767 |
| Repurchase agreements, at value and cost | &nbsp;&nbsp; 293920934 |
| Cash | &nbsp;&nbsp; 93 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 13995 |
| Interest | &nbsp;&nbsp; 701957 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 50420 |
| Other assets | &nbsp;&nbsp; 3465 |
| Total assets | &nbsp;&nbsp; 430375631 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 44174766 |
| Dividends | &nbsp;&nbsp; 68 |
| Accrued fees to affiliates | &nbsp;&nbsp; 526335 |
| Accrued operating expenses | &nbsp;&nbsp; 20342 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 50420 |
| Total liabilities | &nbsp;&nbsp; 44771931 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $385603700 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $385916796 |
| Distributable earnings (loss) | &nbsp;&nbsp; (313096)<br>|
|  | &nbsp;&nbsp; $385603700 |
| **Net Assets:** | **Net Assets:** |
| Series I | &nbsp;&nbsp; $385583706 |
| Series II | &nbsp;&nbsp; $19994 |
| **Shares outstanding, no par value,** <br>**unlimited number of shares authorized:** | **Shares outstanding, no par value,** <br>**unlimited number of shares authorized:** |
| Series I | &nbsp;&nbsp; 385719564 |
| Series II | &nbsp;&nbsp; 20000 |
| Series I: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $1.00 |
| Series II: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $1.00 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco V.I. U.S. Government Money Portfolio**

------

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $16319998 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1564394 |
| Administrative services fees | &nbsp;&nbsp; 713918 |
| Custodian fees | &nbsp;&nbsp; 4275 |
| Distribution fees - Series II | &nbsp;&nbsp; 25 |
| Transfer agent fees | &nbsp;&nbsp; 18537 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 11517 |
| Reports to shareholders | &nbsp;&nbsp; 4729 |
| Professional services fees | &nbsp;&nbsp; 23123 |
| Other | &nbsp;&nbsp; 3270 |
| Total expenses | &nbsp;&nbsp; 2343788 |
| Net investment income | &nbsp;&nbsp; 13976210 |
| Net realized gain from unaffiliated investment securities | &nbsp;&nbsp; 2394 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $13978604 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco V.I. U.S. Government Money Portfolio**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $13976210 | &nbsp;&nbsp; $13103238 |
| Net realized gain | &nbsp;&nbsp; 2394 | &nbsp;&nbsp; 10678 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 13978604 | &nbsp;&nbsp; 13113916 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Series I | &nbsp;&nbsp; (13975862)<br>| &nbsp;&nbsp; (13102492)<br>|
| Series II | &nbsp;&nbsp; (348)<br>| &nbsp;&nbsp; (746)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (13976210)<br>| &nbsp;&nbsp; (13103238)<br>|
| **Share transactions-net:** |  |  |
| Series I | &nbsp;&nbsp; 75961593 | &nbsp;&nbsp; 12149615 |
| Series II | &nbsp;&nbsp; - | &nbsp;&nbsp; 10000 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 75961593 | &nbsp;&nbsp; 12159615 |
| Net increase in net assets | &nbsp;&nbsp; 75963987 | &nbsp;&nbsp; 12170293 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 309639713 | &nbsp;&nbsp; 297469420 |
| End of period | &nbsp;&nbsp; $385603700 | &nbsp;&nbsp; $309639713 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco V.I. U.S. Government Money Portfolio**

------

**Financial Highlights**

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(realized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>|
| **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** | **Series I** |
| Six months ended 06/30/25 | $1.00 | $0.02 | $0.00 | $0.02 | $(0.02)<br>| $1.00 | 1.88<br> %<br>| $385584 | 0.63 %<sup>(c)</sup><br>| 0.63 %<sup>(c)</sup><br>| 3.77 %<sup>(c)</sup><br>|
| Year ended 12/31/24 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05)<br>| 1.00 | 4.63 | 309620 | 0.69 | 0.69 | 4.54 |
| Year ended 12/31/23 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04)<br>| 1.00 | 4.53 | 297459 | 0.63 | 0.63 | 4.34 |
| Year ended 12/31/22 | 1.00 | 0.01 | (0.00)<br>| 0.01 | (0.01)<br>| 1.00 | 1.26 | 1818155 | 0.49 | 0.54 | 1.42 |
| Year ended 12/31/21 | 1.00 | 0.00 | (0.00)<br>| 0.00 | (0.00)<br>| 1.00 | 0.01 | 460685 | 0.10 | 0.52 | 0.00 |
| Year ended 12/31/20 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br>| 1.00 | 0.22 | 364605 | 0.24 | 0.48 | 0.09 |
| **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** | **Series II** |
| Six months ended 06/30/25 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02)<br>| 1.00 | 1.76 | 20 | 0.88 <br><sup>(c)</sup><br>| 0.88 <br><sup>(c)</sup><br>| 3.52 <br><sup>(c)</sup><br>|
| Year ended 12/31/24 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04)<br>| 1.00 | 4.38 | 20 | 0.94 | 0.94 | 4.28 |
| Year ended 12/31/23 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04)<br>| 1.00 | 4.28 | 10 | 0.88 | 0.88 | 4.09 |
| Year ended 12/31/22 | 1.00 | 0.01 | (0.00)<br>| 0.01 | (0.01)<br>| 1.00 | 1.10 | 10 | 0.65 | 0.79 | 1.25 |
| Year ended 12/31/21 | 1.00 | 0.00 | (0.00)<br>| 0.00 | (0.00)<br>| 1.00 | 0.01 | 10 | 0.10 | 0.77 | 0.00 |
| Year ended 12/31/20 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00)<br>| 1.00 | 0.17 | 10 | 0.29 | 0.73 | 0.04 |

---

<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> Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco V.I. U.S. Government Money Portfolio**

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco V.I. U.S. Government Money Portfolio (the "Fund") is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission ("SEC") guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund's investment objective is to seek income consistent with stability of principal.

The Fund currently offers two classes of shares, Series I and Series II, both of which are offered to insurance company separate accounts funding variable annuity contracts and variable life insurance policies ("variable products").

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services — Investment Companies*.

The Fund is a "government money market fund" as defined in Rule 2a-7 under the 1940 Act (the "Rule") and seeks to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation. "Government money market funds" are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/ or repurchase agreements collateralized fully by cash or Government Securities. The Board of Trustees has elected not to subject the Fund to liquidity fee requirements at this time, as permitted by the Rule.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** - The Fund's securities are recorded on the basis of amortized cost which approximates value as permitted by the Rule. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is unreliable in the Adviser's judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

**B.** **Securities Transactions and Investment Income** - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative settled shares of each class.

**C.** **Country Determination** - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** - Distributions from net investment income, if any, are declared daily and paid monthly to separate accounts of participating insurance companies. Distributions from net realized gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.

**E.** **Federal Income Taxes** - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. 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. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative settled shares.

**G.** **Accounting Estimates** - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America

**9**

**Invesco V.I. U.S. Government Money Portfolio**

------

("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** - Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Repurchase Agreements** - The Fund may enter into repurchase agreements. Collateral on repurchase agreements, including the Fund's pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is typically at least 102% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment adviser or its affiliates ("Joint repurchase agreements"). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Fund might incur expenses in enforcing its rights, and could experience losses, including a decline in the value of the collateral and loss of income.

**K.** **Other Risks** - Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund's ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.425% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Over $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.375% |

---

\*The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2025, the effective advisory fees 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 a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a Sub-Advisory Agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses after fee waivers and/or expense reimbursements (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waivers and/or expense reimbursements to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2025, Invesco was paid $163,289 for accounting and fund administrative services and was reimbursed $550,629 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 six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc., ("IDI") to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Series II shares (the "Plan"). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plan are detailed in the Statement of Operations as *Distribution fees*.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**10**

**Invesco V.I. U.S. Government Money Portfolio**

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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.

As of June 30, 2025, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**NOTE 4—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 5—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with BNY 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—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 had a capital loss carryforward as of December 31, 2024, 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; $264848 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $264848 |

---

\* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. 

**NOTE 7—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 1475694826 | &nbsp;&nbsp;&nbsp; $1475694826 | &nbsp;&nbsp;&nbsp; 119027074 | &nbsp;&nbsp;&nbsp; $119027074 |
| Series II | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10000 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; 13976210 | &nbsp;&nbsp;&nbsp; 13976210 | &nbsp;&nbsp;&nbsp; 13102492 | &nbsp;&nbsp;&nbsp; 13102492 |

---

**11**

**Invesco V.I. U.S. Government Money Portfolio**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **June 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **June 30, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Series I | &nbsp;&nbsp;&nbsp; (1413709443)<br>| &nbsp;&nbsp;&nbsp; $(1413709443)<br>| &nbsp;&nbsp;&nbsp; (119979951)<br>| &nbsp;&nbsp;&nbsp; $(119979951)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 75961593 | &nbsp;&nbsp;&nbsp; $75961593 | &nbsp;&nbsp;&nbsp; 12159615 | &nbsp;&nbsp;&nbsp; $12159615 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 100% of the outstanding shares of the Fund. The Fund and the Fund's principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**12**

**Invesco V.I. U.S. Government Money Portfolio**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco V.I. U.S. Government Money Portfolio's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with 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 contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe. The Board noted that performance of Series I shares of the Fund was in the fifth quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Series I shares of the Fund was reasonably comparable to the performance universe median for the one, three and five year periods. The Board considered reasons for the Fund's underperformance relative to peers. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund

**13**

**Invesco V.I. U.S. Government Money Portfolio**

------

performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Series I shares of the Fund were each above the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's contractual management fees, actual management fees and total expense ratio were in the fourth, fifth and fifth quintile, respectively, of its expense group and discussed with management reasons for such relative actual and contractual management fees and total expenses. The independent Trustees reviewed and considered additional information provided by management, including with respect to the Fund's actual and contractual management fees and total expenses. The Board requested and considered additional information from management regarding such fees and relative total expenses, including the differentiated client base associated with variable insurance products and this Fund's unique client base in particular. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's treatment of administrative services fees as compared to its peer funds.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund. The Board further noted that Invesco Advisers has voluntarily undertaken to waive fees to the extent necessary to assist the Fund in attempting to maintain a positive yield.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated

with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is

financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

**14**

**Invesco V.I. U.S. Government Money Portfolio**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**15**

**Invesco V.I. U.S. Government Money Portfolio**

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

This information is filed under Item 7 of this Form N-CSR.

------

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

------

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

------

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

------

Item 15. Submission of Matters to a Vote of Security Holders.

None.

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Item 16. Controls and Procedures.

(a) As of a date within 90 days of the filing date of this report, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"), to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Act. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that the Registrant's disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies.

Not applicable.

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Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

19(a)(1) Not applicable.

19(a)(2) Not applicable.

[19(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.](Section_302_Certification.htm)

19(a)(4) Not applicable.

19(a)(5) Not applicable.

[19(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.](Section_906_Certification.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>AIM Variable Insurance Funds (Invesco Variable Insurance Funds)</u>

By: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Glenn Brightman

Title: Principal Executive Officer

Date: August 22, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Glenn Brightman

Title: Principal Executive Officer

Date: August 22, 2025

By: <u>/s/ Adrien Deberghes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Adrien Deberghes

Title: Principal Financial Officer

Date: August 22, 2025

------

## Ex-99.Cert

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Glenn Brightman, certify that:

1. I have reviewed this report on Form N-CSR of AIM Variable Insurance Funds (Invesco Variable Insurance Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>August 22, 2025</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Glenn Brightman</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glenn Brightman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer

------

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Adrien Deberghes, certify that:

1. I have reviewed this report on Form N-CSR of AIM Variable Insurance Funds (Invesco Variable Insurance Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:<u>August 22, 2025</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Adrien Deberghes</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer

------

## Exhibit 99.906

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) on Form N-CSR for the period ended June 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

---

| | |
|:---|:---|
| Date: August 22, 2025  | /s/ Glenn Brightman  |
|  | Glenn Brightman <br> Principal Executive Officer  |

---

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) on Form N-CSR for the period ended June 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

---

| | |
|:---|:---|
| Date: August 22, 2025  | /s/ Adrien Deberghes  |
|  | Adrien Deberghes <br> Principal Financial Officer  |

---

------