N-CSRS

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Not subject to expiration

N-CSRS 1 d338408dncsrs.htm N-CSRS N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number		811-07452

AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)


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

Date of fiscal year end:	12/31

Date of reporting period:	06/30/22

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 is as follows:

(b) Not applicable.

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. American Franchise Fund

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

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

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

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

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



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

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

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	-27.86	%
Series II Shares	-27.94
S&P 500 Index^q (Broad Market Index)	-19.96
Russell 1000 Growth Index^q (Style-Specific Index)	-28.07
Lipper VUF Large-Cap Growth Funds Index∎ (Peer Group Index)	-32.14

Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.
The S&P 500^®Index is an unmanaged index considered representative of the US stock market.
The Russell 1000^®Growth Index is an unmanaged index considered representative of large-cap growth stocks. The Russell 1000 Growth Index is a trademark/service mark of the Frank Russell Co. Russell^®is a trademark of the Frank Russell Co.
The Lipper VUF Large-Cap Growth Funds Index is an unmanaged index considered representative of large-cap growth variable insurance underlying funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (7/3/95)	9.50	%
10 Years	12.68
5 Years	10.33
1 Year	-27.90
Series II Shares
Inception (9/18/00)	3.36	%
10 Years	12.39
5 Years	10.06
1 Year	-28.08

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

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

Invesco V.I. American Franchise Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

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

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

Invesco V.I. American Franchise Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 21-23, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Fund and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. American Franchise Fund

Schedule of Investments^(a)

June 30, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–98.01%
Aerospace & Defense–2.80%
Airbus SE (France)		54,897		$ 5,390,215


Lockheed Martin Corp.		20,959		9,011,532


Textron, Inc.		38,640		2,359,745


				16,761,492



Agricultural & Farm Machinery–0.90%
Deere & Co.		17,932		5,370,096



Application Software–3.75%
Adobe, Inc.^(b)		13,989		5,120,813


Datadog, Inc., Class A^(b)		13,536		1,289,169


HubSpot, Inc.^(b)		2,117		636,476


Roper Technologies, Inc.^(c)		9,183		3,624,071


salesforce.com, inc.^(b)		13,831		2,282,668


Synopsys, Inc.^(b)		23,698		7,197,082


Trade Desk, Inc. (The), Class A^(b)		54,949		2,301,814


				22,452,093



Asset Management & Custody Banks–0.10%
Blackstone, Inc., Class A		3,238		295,403


KKR & Co., Inc., Class A		6,394		295,978


				591,381



Automobile Manufacturers–1.22%
General Motors Co.^(b)		135,527		4,304,338


Tesla, Inc.^(b)		4,429		2,982,577


				7,286,915



Automotive Retail–0.83%
O’Reilly Automotive, Inc.^(b)		7,843		4,954,894



Biotechnology–0.91%
AbbVie, Inc.		35,463		5,431,513



Casinos & Gaming–0.81%
Caesars Entertainment, Inc.^(b)		30,916		1,184,083


Penn National Gaming, Inc.^(b)(c)		120,082		3,652,894


				4,836,977



Construction Machinery & Heavy Trucks–0.44%
Caterpillar, Inc.		14,588		2,607,751



Consumer Electronics–0.73%
Sony Group Corp. (Japan)		53,500		4,372,224



Copper–0.61%
Freeport-McMoRan, Inc.		125,149		3,661,860



Data Processing & Outsourced Services–4.73%
Adyen N.V. (Netherlands)^(b)(d)		848		1,246,574


Visa, Inc., Class A^(c)		137,349		27,042,645


				28,289,219



Diversified Metals & Mining–0.58%
Glencore PLC (Australia)		645,444		3,497,577



Diversified Support Services–0.48%
Cintas Corp.		7,675		2,866,843


	Shares		Value


Electrical Components & Equipment–0.56%
Generac Holdings, Inc.^(b)		15,990		$ 3,367,174



Electronic Equipment & Instruments–1.54%
Teledyne Technologies, Inc.^(b)		24,597		9,226,581



Environmental & Facilities Services–0.65%
Republic Services, Inc.		29,652		3,880,557



Financial Exchanges & Data–0.55%
S&P Global, Inc.		9,685		3,264,426



Food Distributors–1.40%
Sysco Corp.^(c)		43,571		3,690,899


US Foods Holding Corp.^(b)		153,403		4,706,404


				8,397,303



Food Retail–0.52%
HelloFresh SE (Germany)^(b)		96,578		3,125,152



Gold–0.14%
Barrick Gold Corp. (Canada)		49,067		867,995



Health Care Distributors–1.04%
AmerisourceBergen Corp.^(c)		27,380		3,873,723


McKesson Corp.		7,277		2,373,830


				6,247,553



Health Care Equipment–1.08%
Abbott Laboratories		20,148		2,189,080


DexCom, Inc.^(b)		8,348		622,176


Edwards Lifesciences Corp.^(b)		32,434		3,084,149


Intuitive Surgical, Inc.^(b)		2,881		578,246


				6,473,651



Home Improvement Retail–1.95%
Lowe’s Cos., Inc.		66,759		11,660,794



Hotels, Resorts & Cruise Lines–1.33%
Booking Holdings, Inc.^(b)		4,535		7,931,670



Hypermarkets & Super Centers–0.67%
Walmart, Inc.		32,756		3,982,474



Insurance Brokers–0.90%
Aon PLC, Class A		11,733		3,164,155


Marsh & McLennan Cos., Inc.		14,172		2,200,203


				5,364,358



Integrated Oil & Gas–0.96%
Exxon Mobil Corp.		15,793		1,352,513


Suncor Energy, Inc. (Canada)		125,347		4,395,919


				5,748,432



Interactive Home Entertainment–3.30%
Electronic Arts, Inc.		63,953		7,779,882


Nintendo Co. Ltd. (Japan)		17,000		7,347,271


Take-Two Interactive Software, Inc.^(b)		37,668		4,615,460


				19,742,613

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

Invesco V.I. American Franchise Fund


	Shares		Value


Interactive Media & Services–9.19%
Alphabet, Inc., Class A^(b)		19,504	$	42,504,287


Baidu, Inc., ADR (China)^(b)		12,399		1,844,103


Kuaishou Technology (China)^(b)(d)		467,300		5,240,836


Meta Platforms, Inc., Class A^(b)		33,386		5,383,492


				54,972,718



Internet & Direct Marketing Retail–7.49%
Amazon.com, Inc.^(b)		344,520		36,591,469


Farfetch Ltd., Class A (United Kingdom)^(b)		247,316		1,770,783


JD.com, Inc., ADR (China)		100,369		6,445,697


				44,807,949



Internet Services & Infrastructure–0.41%
Cloudflare, Inc., Class A^(b)		13,947		610,181


MongoDB, Inc.^(b)		5,127		1,330,457


Snowflake, Inc., Class A^(b)(c)		3,632		505,066


				2,445,704



Life Sciences Tools & Services–1.51%
Thermo Fisher Scientific, Inc.		16,653		9,047,242



Managed Health Care–4.97%
Elevance Health, Inc.		3,294		1,589,618


UnitedHealth Group, Inc.		54,779		28,136,138


				29,725,756



Oil & Gas Equipment & Services–0.42%
Baker Hughes Co., Class A		10,182		293,955


Schlumberger N.V.		61,557		2,201,278


				2,495,233



Oil & Gas Exploration & Production–0.54%
Antero Resources Corp.^(b)		80,751		2,475,018


ConocoPhillips		8,092		726,743


				3,201,761



Oil & Gas Refining & Marketing–1.00%
Marathon Petroleum Corp.		57,924		4,761,932


Phillips 66		14,941		1,225,013


				5,986,945



Other Diversified Financial Services–0.05%
Apollo Global Management, Inc.^(c)		6,199		300,527



Pharmaceuticals–5.10%
AstraZeneca PLC (United Kingdom)		43,063		5,644,775


Bayer AG (Germany)		309,389		18,381,886


Eli Lilly and Co.		13,286		4,307,720


Novo Nordisk A/S, Class B (Denmark)		19,343		2,146,906


				30,481,287



Property & Casualty Insurance–1.43%
Chubb Ltd.		31,064		6,106,561


Progressive Corp. (The)		20,925		2,432,950


				8,539,511



Semiconductor Equipment–1.83%
Applied Materials, Inc.		51,191		4,657,357


ASML Holding N.V., New York Shares (Netherlands)		3,469		1,650,828


Enphase Energy, Inc.^(b)		23,624		4,612,350


				10,920,535


	Shares		Value


Semiconductors–4.67%
Monolithic Power Systems, Inc.		9,922		$ 3,810,445


NVIDIA Corp.		81,657		12,378,385


QUALCOMM, Inc.		92,067		11,760,638


				27,949,468



Soft Drinks–0.69%
Monster Beverage Corp.^(b)		44,502		4,125,335



Specialized REITs–0.69%
Crown Castle International Corp.^(c)		24,490		4,123,626



Systems Software–14.41%
Crowdstrike Holdings, Inc., Class A^(b)(c)		31,399		5,292,615


Microsoft Corp.		234,280		60,170,132


Palo Alto Networks, Inc.^(b)(c)		19,606		9,684,188


ServiceNow, Inc.^(b)		21,862		10,395,818


Zscaler, Inc.^(b)(c)		4,464		667,413


				86,210,166



Technology Hardware, Storage & Peripherals–6.52%
Apple, Inc.		285,147		38,985,298



Trading Companies & Distributors–0.90%
Fastenal Co.		60,427		3,016,516


United Rentals, Inc.^(b)		9,758		2,370,316


				5,386,832



Trucking–0.71%
Knight-Swift Transportation Holdings, Inc.^(c)		67,258		3,113,373


Lyft, Inc., Class A^(b)(c)		87,486		1,161,814


				4,275,187


Total Common Stocks & Other Equity Interests (Cost $443,759,234)				586,242,648



Money Market Funds–1.27%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(e)(f)		2,657,781		2,657,781


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(e)(f)		1,893,088		1,892,898


Invesco Treasury Portfolio, Institutional Class, 1.35%^(e)(f)		3,037,464		3,037,464


Total Money Market Funds (Cost $7,587,878)				7,588,143


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.28% (Cost $451,347,112)				593,830,791



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–9.68%
Invesco Private Government Fund, 1.38%^(e)(f)(g)		16,211,390		16,211,390


Invesco Private Prime Fund, 1.66%^(e)(f)(g)		41,686,431		41,686,431


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $57,899,334)				57,897,821


TOTAL INVESTMENTS IN SECURITIES–108.96% (Cost $509,246,446)				651,728,612


OTHER ASSETS LESS LIABILITIES–(8.96)%				(53,587,592	)


NET ASSETS–100.00%				$598,141,020

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

Invesco V.I. American Franchise Fund

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at June 30, 2022.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2022 was $6,487,410, which represented 1.08% of the Fund’s Net Assets.

^(e)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2022.


	Value December 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value June 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,868,097		$	38,532,341		$	(38,742,657	)		$	-			$	-			$	2,657,781		$	4,827
Invesco Liquid Assets Portfolio, Institutional Class			2,048,569			27,523,101			(27,677,807	)			265				(1,230	)			1,892,898			5,324
Invesco Treasury Portfolio, Institutional Class			3,277,826			44,036,961			(44,277,323	)			-				-				3,037,464			6,929
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			6,515,520			114,120,154			(104,424,284	)			-				-				16,211,390			19,683	*
Invesco Private Prime Fund			15,202,880			229,600,915			(203,113,130	)			(1,513	)			(2,721	)			41,686,431			56,630	*
Total		$	29,912,892		$	453,813,472		$	(418,235,201	)		$	(1,248	)		$	(3,951	)		$	65,485,964		$	93,393

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.

^(f)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

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

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022



Information Technology	37.87	%

Health Care	14.61

Consumer Discretionary	14.35

Communication Services	12.49

Industrials	7.44

Consumer Staples	3.28

Financials	3.02

Energy	2.92

Other Sectors, Each Less than 2% of Net Assets	2.03

Money Market Funds Plus Other Assets Less Liabilities	1.99

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

Invesco V.I. American Franchise Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $443,759,234)*	$	586,242,648


Investments in affiliated money market funds, at value (Cost $65,487,212)		65,485,964


Cash		70,094


Foreign currencies, at value (Cost $156,941)		158,186


Receivable for:
Investments sold		2,303,007


Fund shares sold		3,480,324


Dividends		176,774


Investment for trustee deferred compensation and retirement plans		222,231


Other assets		502


Total assets		658,139,730



Liabilities:
Payable for:
Investments purchased		1,254,591


Fund shares reacquired		214,431


Collateral upon return of securities loaned		57,899,334


Accrued fees to affiliates		330,819


Accrued trustees’ and officers’ fees and benefits		3,013


Accrued other operating expenses		58,839


Trustee deferred compensation and retirement plans		237,683


Total liabilities		59,998,710


Net assets applicable to shares outstanding	$	598,141,020



Net assets consist of:
Shares of beneficial interest	$	263,660,531


Distributable earnings		334,480,489


	$	598,141,020



Net Assets:
Series I	$	405,178,177


Series II	$	192,962,843



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		6,336,539


Series II		3,224,689


Series I:
Net asset value per share	$	63.94


Series II:
Net asset value per share	$	59.84

*	At June 30, 2022, securities with an aggregate value of $57,319,011 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $145,119)	$	2,911,882


Dividends from affiliated money market funds (includes securities lending income of $16,164)		33,244


Total investment income		2,945,126



Expenses:
Advisory fees		2,353,138


Administrative services fees		582,824


Custodian fees		8,535


Distribution fees - Series II		271,974


Transfer agent fees		20,103


Trustees’ and officers’ fees and benefits		10,863


Reports to shareholders		2,615


Professional services fees		19,457


Other		3,882


Total expenses		3,273,391


Less: Fees waived		(5,447	)


Net expenses		3,267,944


Net investment income (loss)		(322,818	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		25,660,986


Affiliated investment securities		(3,951	)


Foreign currencies		(23,234	)


		25,633,801


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(258,692,012	)


Affiliated investment securities		(1,248	)


Foreign currencies		(1,358	)


		(258,694,618	)


Net realized and unrealized gain (loss)		(233,060,817	)


Net increase (decrease) in net assets resulting from operations	$	(233,383,635	)

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

Invesco V.I. American Franchise Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30,			December 31,
	2022			2021


Operations:
Net investment income (loss)	$	(322,818	)	$	(4,151,457	)


Net realized gain		25,633,801			178,910,085


Change in net unrealized appreciation (depreciation)		(258,694,618	)		(78,149,194	)


Net increase (decrease) in net assets resulting from operations		(233,383,635	)		96,609,434



Distributions to shareholders from distributable earnings:
Series I		–			(69,405,765	)


Series II		–			(32,075,893	)


Total distributions from distributable earnings		–			(101,481,658	)



Share transactions–net:
Series I		(25,785,392	)		(19,513,798	)


Series II		10,494,855			41,059,309


Net increase (decrease) in net assets resulting from share transactions		(15,290,537	)		21,545,511


Net increase (decrease) in net assets		(248,674,172	)		16,673,287



Net assets:
Beginning of period		846,815,192			830,141,905


End of period	$	598,141,020		$	846,815,192

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

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 value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Series I
Six months ended 06/30/22		$88.63		$(0.01	)		$(24.68	)		$(24.69	)		$ -			$ -			$ -			$63.94		(27.86	)%		$405,178		0.85	%^(d)		0.86	%^(d)		(0.01	)%^(d)		58	%
Year ended 12/31/21		89.10		(0.39	)		11.37			10.98			-			(11.45	)		(11.45	)		88.63		11.92			591,907		0.86			0.86			(0.41	)		68
Year ended 12/31/20		67.15		(0.13	)		28.00			27.87			(0.06	)		(5.86	)		(5.92	)		89.10		42.35			611,334		0.86			0.86			(0.18	)		54
Year ended 12/31/19		57.15		0.10			19.86			19.96			-			(9.96	)		(9.96	)		67.15		36.76			490,366		0.86			0.87			0.15			40
Year ended 12/31/18		62.97		(0.00	)		(1.50	)		(1.50	)		-			(4.32	)		(4.32	)		57.15		(3.62	)		405,192		0.88			0.88			(0.00	)		42
Year ended 12/31/17		53.58		(0.04	)		14.50			14.46			(0.05	)		(5.02	)		(5.07	)		62.97		27.34			491,271		0.89			0.89			(0.06	)		45
Series II
Six months ended 06/30/22		83.04		(0.09	)		(23.11	)		(23.20	)		-			-			-			59.84		(27.94	)		192,963		1.10	^(d)		1.11	^(d)		(0.26	)^(d)		58
Year ended 12/31/21		84.31		(0.59	)		10.77			10.18			-			(11.45	)		(11.45	)		83.04		11.65			254,909		1.11			1.11			(0.66	)		68
Year ended 12/31/20		63.90		(0.31	)		26.58			26.27			-			(5.86	)		(5.86	)		84.31		41.99			218,808		1.11			1.11			(0.43	)		54
Year ended 12/31/19		54.90		(0.07	)		19.03			18.96			-			(9.96	)		(9.96	)		63.90		36.43			162,221		1.11			1.12			(0.10	)		40
Year ended 12/31/18		60.79		(0.16	)		(1.41	)		(1.57	)		-			(4.32	)		(4.32	)		54.90		(3.88	)		133,216		1.13			1.13			(0.25	)		42
Year ended 12/31/17		51.95		(0.19	)		14.05			13.86			-			(5.02	)		(5.02	)		60.79		27.03			170,956		1.14			1.14			(0.31	)		45

^(a)	Calculated using average shares outstanding.

^(b)

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

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

^(d)	Annualized.

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

Invesco V.I. American Franchise Fund

Notes to Financial Statements

June 30, 2022

(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. The Fund is classified as non-diversified. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

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

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

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

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

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

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

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

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

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

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

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

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

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

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Invesco V.I. American Franchise Fund

securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders.

Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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

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

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

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the Investment Company 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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, the Fund paid the Adviser $851 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

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

Invesco V.I. American Franchise Fund

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

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

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

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

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

L.	Other Risks – The Fund 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.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate


First $ 250 million		0.695%


Next $250 million		0.670%


Next $500 million		0.645%


Next $550 million		0.620%


Next $3.45 billion		0.600%


Next $250 million		0.595%


Next $2.25 billion		0.570%


Next $2.5 billion		0.545%


Over $10 billion		0.520%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.67%.

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

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

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

For the six months ended June 30, 2022, the Adviser waived advisory fees of $5,447.

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, 2022, Invesco was paid $57,556 for accounting and fund administrative services and was reimbursed $525,268 for fees paid to insurance

Invesco V.I. American Franchise Fund

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

The Trust has entered into a 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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the six months ended June 30, 2022, the Fund incurred $15,553 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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


Level 1	-	Prices are determined using quoted prices in an active market for identical assets.
Level 2	-	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	-	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests		$529,849,232		$ 56,393,416		$–		$586,242,648


Money Market Funds		7,588,143		57,897,821		–		65,485,964


Total Investments		$537,437,375		$114,291,237		$–		$651,728,612

NOTE 4–Trustees’ and Officers’ Fees and Benefits

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

NOTE 5–Cash Balances

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

NOTE 6–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, 2021.

Invesco V.I. American Franchise 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, 2022 was $407,410,530 and $427,965,396, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	171,920,976


Aggregate unrealized (depreciation) of investments		(36,272,988	)


Net unrealized appreciation of investments	$	135,647,988

Cost of investments for tax purposes is $516,080,624.

NOTE 8–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		113,715		$	8,490,219			183,103		$	17,299,379


Series II		278,384			19,077,237			553,978			49,490,468



Issued as reinvestment of dividends:
Series I		-			-			759,114			69,405,759


Series II		-			-			374,237			32,075,893



Reacquired:
Series I		(455,567	)		(34,275,611	)		(1,125,267	)		(106,218,936	)


Series II		(123,223	)		(8,582,382	)		(453,921	)		(40,507,052	)


Net increase (decrease) in share activity		(186,691	)	$	(15,290,537	)		291,244		$	21,545,511

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 36% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. American Franchise Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution and/or service fees (12b-1); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period January 1, 2022 through June 30, 2022.

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

Actual expenses

Hypothetical example for comparison purposes

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

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

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


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$721.40	$3.63	$1,020.58	$4.26	0.85%
Series II	1,000.00	720.60	4.69	1,019.34	5.51	1.10

The actual ending account value is based on the actual total return of the Fund for the period January 1, 2022 through June 30, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. American Franchise Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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 that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. 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, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees 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 mutual fund data provider, 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 contract renewal

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 2, 2022 and June 13, 2022, 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. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

The discussion below is a summary of 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 in prior years 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

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, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. 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 considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized

environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers 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 are appropriate and satisfactory.

The Board reviewed the services that may be provided 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 in which the Fund may invest, make recommendations regarding securities and assist with security trades. 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 are appropriate and satisfactory.

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.

Invesco V.I. American Franchise Fund

detracted from Fund 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 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 based associated with variable insurance products.

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.

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 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’ 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 Funds individually. 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.

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 determination that the services are required for the operation of the Fund.

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 (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.

Invesco V.I. American Franchise 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.

Invesco V.I. American Franchise Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. American Value Fund

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


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

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	-14.61	%
Series II Shares	-14.73
S&P 500 Index^▼ (Broad Market Index)	-19.96
Russell Midcap Value Index^▼ (Style-Specific Index)	-16.23
Lipper VUF Mid Cap Value Funds Index^∎ (Peer Group Index)	-12.93

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.
The S&P 500^® Index is an unmanaged index considered representative of the US stock market.
The Russell Midcap^® Value Index is an unmanaged index considered representative of mid-cap value stocks. The Russell Midcap Value Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.
The Lipper VUF Mid Cap Value Funds Index is an unmanaged index considered representative of mid-cap value variable insurance underlying funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (1/2/97)	8.87	%
10 Years	8.19
5 Years	5.42
1 Year	-8.51
Series II Shares
Inception (5/5/03)	9.00	%
10 Years	7.91
5 Years	5.15
1 Year	-8.76

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

Invesco V.I. American Value Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

Invesco V.I. American Value Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. American Value Fund

Schedule of Investments^(a)

June 30, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–96.69%
Aerospace & Defense–5.61%
BWX Technologies, Inc.		75,400	$	4,153,786


Huntington Ingalls Industries, Inc.		28,300		6,164,306


Rheinmetall AG (Germany)		26,000		6,003,829


				16,321,921



Auto Parts & Equipment–1.71%
Dana, Inc.		353,300		4,970,931



Biotechnology–1.03%
Horizon Therapeutics PLC^(b)		37,700		3,006,952



Construction & Engineering–5.48%
AECOM		135,000		8,804,700


HOCHTIEF AG (Germany)		35,600		1,734,365


MasTec, Inc.^(b)(c)		75,400		5,403,164


				15,942,229



Construction Machinery & Heavy Trucks–0.75%
Oshkosh Corp.		26,659		2,189,770



Distributors–1.51%
LKQ Corp.		89,742		4,405,435



Diversified Chemicals–2.05%
Huntsman Corp.		211,000		5,981,850



Electric Utilities–0.83%
NRG Energy, Inc.		63,300		2,416,161



Electrical Components & Equipment–1.22%
nVent Electric PLC		100		3,133


Vertiv Holdings Co.		430,596		3,539,499


				3,542,632



Electronic Manufacturing Services–4.51%
Flex Ltd.^(b)		530,211		7,672,153


Jabil, Inc.		106,500		5,453,865


				13,126,018



Food Distributors–2.96%
Performance Food Group Co.^(b)		68,317		3,141,216


US Foods Holding Corp.^(b)		178,921		5,489,296


				8,630,512



Forest Products–0.00%
Louisiana-Pacific Corp.		100		5,241



Gold–0.89%
Yamana Gold, Inc. (Brazil)^(c)		559,000		2,599,350



Health Care Distributors–1.03%
Henry Schein, Inc.^(b)		38,900		2,985,186



Health Care Facilities–4.26%
Encompass Health Corp.^(c)		128,824		7,220,585


Universal Health Services, Inc., Class B		51,594		5,196,032


				12,416,617


	Shares		Value


Health Care Services–4.90%
Cigna Corp.		31,300	$	8,248,176


Fresenius Medical Care AG & Co. KGaA (Germany)		120,800		6,033,248


				14,281,424



Hotels, Resorts & Cruise Lines–0.67%
Hilton Grand Vacations, Inc.^(b)		709		25,332


Travel + Leisure Co.		49,741		1,930,946


				1,956,278



Household Products–2.16%
Spectrum Brands Holdings, Inc.		76,700		6,290,934



Human Resource & Employment Services–1.24%
ManpowerGroup, Inc.		47,249		3,610,296



Independent Power Producers & Energy Traders–1.73%
Vistra Corp.^(c)		220,300		5,033,855



Industrial Machinery–3.56%
Crane Holdings Co.		55,914		4,895,830


Timken Co. (The)		103,300		5,480,065


				10,375,895



Integrated Oil & Gas–2.04%
Shell PLC, ADR (Netherlands)		113,600		5,940,144



Investment Banking & Brokerage–1.75%
Goldman Sachs Group, Inc. (The)		17,200		5,108,744



Managed Health Care–5.95%
Centene Corp.^(b)		98,638		8,345,761


Elevance Health, Inc.		9,500		4,584,510


Molina Healthcare, Inc.^(b)		15,700		4,389,877


				17,320,148



Oil & Gas Exploration & Production–12.64%
APA Corp.		159,600		5,570,040


ARC Resources Ltd. (Canada)		480,200		6,054,728


Diamondback Energy, Inc.		45,542		5,517,413


EQT Corp.		102,100		3,512,240


Ovintiv, Inc.		132,400		5,850,756


Pioneer Natural Resources Co.^(c)		31,671		7,065,167


Southwestern Energy Co.^(b)		520,100		3,250,625


				36,820,969



Oil & Gas Refining & Marketing–3.98%
HF Sinclair Corp.		128,900		5,821,124


Phillips 66		70,500		5,780,295


				11,601,419



Oil & Gas Storage & Transportation–1.43%
New Fortress Energy, Inc.^(c)		105,300		4,166,721



Other Diversified Financial Services–1.19%
Apollo Global Management, Inc.^(c)		71,373		3,460,163



Paper Packaging–0.48%
Sealed Air Corp.		24,000		1,385,280

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

Invesco V.I. American Value Fund


	Shares		Value


Regional Banks–4.74%
Huntington Bancshares, Inc.^(c)		551,550	$	6,635,147


PacWest Bancorp		80,093		2,135,279


Webster Financial Corp.		119,500		5,036,925


				13,807,351



Research & Consulting Services–6.91%
CACI International, Inc., Class A^(b)		21,711		6,117,726


Jacobs Engineering Group, Inc.		44,100		5,606,433


KBR, Inc.^(c)		173,300		8,385,987


Science Applications International Corp.		100		9,310


				20,119,456



Semiconductors–0.76%
Skyworks Solutions, Inc.		23,900		2,214,096



Specialty Chemicals–1.23%
Axalta Coating Systems Ltd.^(b)		161,300		3,566,343


Element Solutions, Inc.		100		1,780


				3,568,123



Thrifts & Mortgage Finance–0.00%
MGIC Investment Corp.		100		1,260


Radian Group, Inc.		100		1,965


				3,225



Trading Companies & Distributors–5.49%
AerCap Holdings N.V. (Ireland)^(b)		400		16,376


Air Lease Corp.		180,500		6,034,115


Univar Solutions, Inc.^(b)		283,500		7,050,645


WESCO International, Inc.^(b)		26,900		2,880,990


				15,982,126


Total Common Stocks & Other Equity Interests (Cost $296,475,196)				281,587,452


	Shares		Value


Money Market Funds–3.04%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(d)(e)		3,085,727	$	3,085,727


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(d)(e)		2,245,805		2,245,581


Invesco Treasury Portfolio, Institutional Class, 1.35%^(d)(e)		3,526,544		3,526,544


Total Money Market Funds (Cost $8,857,824)				8,857,852


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.73% (Cost $305,333,020)				290,445,304



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–12.48%
Invesco Private Government Fund, 1.38%^(d)(e)(f)		10,170,545		10,170,545
Invesco Private Prime Fund, 1.66%^(d)(e)(f)		26,152,831		26,152,831


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $36,324,439)				36,323,376


TOTAL INVESTMENTS IN SECURITIES–112.21% (Cost $341,657,459)				326,768,680


OTHER ASSETS LESS LIABILITIES–(12.21)%				(35,550,318	)


NET ASSETS–100.00%			$	291,218,362

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at June 30, 2022.

^(d)


	Value December 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value June 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,040,738		$	33,896,101		$	(32,851,112	)		$	-		$	-		$	3,085,727		$	2,635
Invesco Liquid Assets Portfolio, Institutional Class			1,500,473			24,211,500			(23,465,080	)			91			(1,403)			2,245,581			4,543
Invesco Treasury Portfolio, Institutional Class			2,332,272			38,738,401			(37,544,129	)			-			-			3,526,544			6,257
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,280,527			69,801,048			(61,911,030	)			-			-			10,170,545			15,375*
Invesco Private Prime Fund			5,321,230			162,327,161			(141,485,178	)			(1,063)			(9,319)			26,152,831			43,246*
Total		$	13,475,240		$	328,974,211		$	(297,256,529	)		$	(972)		$	(10,722)		$	45,181,228		$	72,056

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

Invesco V.I. American Value Fund

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

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

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022


Industrials			30.25%


Energy			20.10


Health Care			17.17


Financials			7.68


Information Technology			5.27


Consumer Staples			5.12


Materials			4.65


Consumer Discretionary			3.89


Utilities			2.56


Money Market Funds Plus Other Assets Less Liabilities			3.31

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

Invesco V.I. American Value Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $296,475,196)*	$	281,587,452


Investments in affiliated money market funds, at value (Cost $45,182,263)		45,181,228


Foreign currencies, at value (Cost $146,306)		146,603


Receivable for:
Investments sold		878


Fund shares sold		793,626


Dividends		317,944


Investment for trustee deferred compensation and retirement plans		112,134


Other assets		210


Total assets		328,140,075



Liabilities:
Payable for:
Investments purchased		147,181


Fund shares reacquired		122,151


Collateral upon return of securities loaned		36,324,439


Accrued fees to affiliates		170,927


Accrued trustees’ and officers’ fees and benefits		2,526


Accrued other operating expenses		29,646


Trustee deferred compensation and retirement plans		124,843


Total liabilities		36,921,713


Net assets applicable to shares outstanding	$	291,218,362



Net assets consist of:
Shares of beneficial interest	$	193,509,678


Distributable earnings		97,708,684


	$	291,218,362



Net Assets:
Series I	$	134,979,203


Series II	$	156,239,159



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		7,852,461


Series II		9,211,170


Series I:
Net asset value per share	$	17.19


Series II:
Net asset value per share	$	16.96

*	At June 30, 2022, securities with an aggregate value of $34,363,792 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $67,870)	$	3,060,714


Dividends from affiliated money market funds (includes securities lending income of $11,924)		25,359


Total investment income		3,086,073



Expenses:
Advisory fees		1,184,536


Administrative services fees		285,544


Custodian fees		4,322


Distribution fees - Series II		237,714


Transfer agent fees		9,303


Trustees’ and officers’ fees and benefits		9,285


Reports to shareholders		4,117


Professional services fees		19,664


Other		3,062


Total expenses		1,757,547


Less: Fees waived		(3,163	)


Net expenses		1,754,384


Net investment income		1,331,689



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains from securities sold to affiliates of $291,305)		61,970,389


Affiliated investment securities		(10,722	)


Foreign currencies		(5,531	)


		61,954,136


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(115,187,375	)


Affiliated investment securities		(972	)


Foreign currencies		(630	)


		(115,188,977	)


Net realized and unrealized gain (loss)		(53,234,841	)


Net increase (decrease) in net assets resulting from operations	$	(51,903,152	)

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

Invesco V.I. American Value Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30, 2022			December 31, 2021


Operations:
Net investment income	$	1,331,689		$	1,793,644


Net realized gain		61,954,136			67,400,946


Change in net unrealized appreciation (depreciation)		(115,188,977	)		88,238


Net increase (decrease) in net assets resulting from operations		(51,903,152	)		69,282,828



Distributions to shareholders from distributable earnings:
Series I		–			(682,929	)


Series II		–			(483,149	)


Total distributions from distributable earnings		–			(1,166,078	)



Share transactions–net:
Series I		(2,302,990	)		64,404,681


Series II		(29,361,387	)		1,191,812


Net increase (decrease) in net assets resulting from share transactions		(31,664,377	)		65,596,493


Net increase (decrease) in net assets		(83,567,529	)		133,713,243



Net assets:

Beginning of period		374,785,891			241,072,648


End of period	$	291,218,362		$	374,785,891

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

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 value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Series I
Six months ended 06/30/22		$20.13		$0.09		$(3.03	)		$(2.94	)		$ –			$ –			$ –			$17.19		(14.61	)%		$134,979		0.88	%^(d)		0.88	%^(d)		0.91	%^(d)		109	%
Year ended 12/31/21		15.80		0.13		4.28			4.41			(0.08	)		–			(0.08	)		20.13		27.95			160,576		0.89			0.89			0.69			82
Year ended 12/31/20		15.92		0.10		0.04			0.14			(0.13	)		(0.13	)		(0.26	)		15.80		1.12			73,098		0.93			0.93			0.74			59
Year ended 12/31/19		13.86		0.12		3.24			3.36			(0.11	)		(1.19	)		(1.30	)		15.92		25.03			84,799		0.92			0.92			0.78			68
Year ended 12/31/18		18.38		0.10		(1.87	)		(1.77	)		(0.09	)		(2.66	)		(2.75	)		13.86		(12.65	)		77,491		0.93			0.93			0.52			39
Year ended 12/31/17		17.06		0.08		1.59			1.67			(0.14	)		(0.21	)		(0.35	)		18.38		9.96			104,510		0.94			0.94			0.48			56
Series II
Six months ended 06/30/22		19.89		0.06		(2.99	)		(2.93	)		–			–			–			16.96		(14.73	)		156,239		1.13	^(d)		1.13	^(d)		0.66	^(d)		109
Year ended 12/31/21		15.62		0.08		4.23			4.31			(0.04	)		–			(0.04	)		19.89		27.62			214,210		1.14			1.14			0.44			82
Year ended 12/31/20		15.74		0.07		0.03			0.10			(0.09	)		(0.13	)		(0.22	)		15.62		0.86			167,974		1.18			1.18			0.49			59
Year ended 12/31/19		13.71		0.08		3.21			3.29			(0.07	)		(1.19	)		(1.26	)		15.74		24.71			233,890		1.17			1.17			0.53			68
Year ended 12/31/18		18.19		0.05		(1.83	)		(1.78	)		(0.04	)		(2.66	)		(2.70	)		13.71		(12.82	)		169,036		1.18			1.18			0.27			39
Year ended 12/31/17		16.90		0.04		1.56			1.60			(0.10	)		(0.21	)		(0.31	)		18.19		9.62			294,598		1.19			1.19			0.23			56

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

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

^(d)	Annualized.

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

Invesco V.I. American Value Fund

Notes to Financial Statements

June 30, 2022

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

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

Invesco V.I. American Value Fund

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

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

Therefore, no provision for federal income taxes is recorded in the financial statements.

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

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, the Fund paid the Adviser $720 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

Invesco V.I. American Value Fund

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

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.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 250 million		0.695%


Next $250 million		0.670%


Next $500 million		0.645%


Next $1.5 billion		0.620%


Next $2.5 billion		0.595%


Next $2.5 billion		0.570%


Next $2.5 billion		0.545%


Over $10 billion		0.520%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.69%.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $3,163.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2022, Invesco was paid $27,398 for accounting and fund administrative services and was reimbursed $258,146 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco V.I. American Value Fund

For the six months ended June 30, 2022, the Fund incurred $3,884 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	267,816,010	$	13,771,442		$–	$	281,587,452


Money Market Funds		8,857,852		36,323,376		–		45,181,228


Total Investments	$	276,673,862	$	50,094,818		$–	$	326,768,680

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2022, the Fund engaged in securities purchases of $678,114 and securities sales of $1,666,647, which resulted in net realized gains of $291,305.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

NOTE 7–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.

Invesco V.I. American Value Fund

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022 was $367,062,606 and $401,232,899, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$ 20,159,661


Aggregate unrealized (depreciation) of investments	(42,658,990	)


Net unrealized appreciation (depreciation) of investments	$(22,499,329	)

Cost of investments for tax purposes is $349,268,009.

NOTE 9–Share Information


	Summary of Share Activity
	Six months ended June 30, 2022^(a)						Year ended December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		727,911		$	14,495,629			3,261,007		$	62,388,981


Series II		824,475			15,837,947			1,763,245			33,017,641



Issued as reinvestment of dividends:
Series I		-			-			34,719			682,929


Series II		-			-			24,853			483,149



Issued in connection with acquisitions:^(b)
Series I		-			-			1,376,056			26,200,106


Series II		-			-			1,031,975			19,411,453



Reacquired:
Series I		(853,028	)		(16,798,619	)		(1,320,648	)		(24,867,335	)


Series II		(2,384,684	)		(45,199,334	)		(2,802,008	)		(51,720,431	)


Net increase (decrease) in share activity		(1,685,326	)	$	(31,664,377	)		3,369,199		$	65,596,493

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 57% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)

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

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


Net investment income	$	1,797,953


Net realized/unrealized gains		90,164,270


Change in net assets resulting from operations	$	91,962,223

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Fund’s Statement of Operations since May 1, 2021.

Invesco V.I. American Value Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$853.90	$4.05	$1,020.43	$4.41	0.88%
Series II	1,000.00	852.70	5.19	1,019.19	5.66	1.13

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. American Value Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

Invesco V.I. American Value Fund

selection in and allocation to certain sectors detracted from Fund 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 noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

Invesco V.I. American Value Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. Balanced-Risk Allocation Fund

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VIIBRA-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	-10.78	%
Series II Shares	-10.90
MSCI World Index^▼ (Broad Market Index)	-20.51
Custom Invesco V.I. Balanced-Risk Allocation Index◾ (Style-Specific Index)	-16.34
Lipper VUF Absolute Return Funds Classification Average^◆ (Peer Group)	-1.30

Source(s): ^▼RIMES Technologies Corp.; ◾Invesco, RIMES Technologies Corp.; ^◆Lipper Inc.
The MSCI World Index^SM is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Custom Invesco V.I. Balanced-Risk Allocation Index is composed of the MSCI World Index and Bloomberg U.S. Aggregate Bond Index. Prior to May 2, 2011, the index comprised the MSCI World Index, JP Morgan GBI Global Index and FTSE US 3-Month Treasury Bill Index. The Bloomberg U.S. Aggregate Bond Index is considered representative of the US investment-grade, fixed-rate bond market. The FTSE US 3-Month Treasury Bill Index is considered representative of three-month US Treasury bills. The JP Morgan GBI Global Index tracks the performance of fixed-rate issuances from high-income developed market countries.
The Lipper VUF Absolute Return Funds Classification Average represents an average of all variable insurance underlying funds in the Lipper Absolute Return Funds Classification.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (1/23/09)	7.22	%
10 Years	4.51
5 Years	4.59
1 Year	-9.04
Series II Shares
Inception (1/23/09)	6.94	%
10 Years	4.25
5 Years	4.33
1 Year	-9.26

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

The performance data quoted represent past performance and cannot guarantee

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

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

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

Invesco V.I. Balanced-Risk Allocation Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Balanced-Risk Allocation Fund

Consolidated Schedule of Investments

June 30, 2022

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities–11.60%^(a)
U.S. Treasury Bills–11.60%
U.S. Treasury Bills		0.84%		09/15/2022	$	42,000	$	41,860,350


U.S. Treasury Bills		1.74%		12/08/2022		10,320		10,216,674


U.S. Treasury Bills		2.31%		12/15/2022		40,500		40,076,811


U.S. Treasury Bills		1.48%		01/05/2023		10,300		10,214,832


Total U.S. Treasury Securities (Cost $102,475,642)								102,368,667



			Expiration Date
Commodity-Linked Securities–3.93%
Canadian Imperial Bank of Commerce EMTN, U.S. Federal Funds Effective Rate minus 0.02% (linked to the Canadian Imperial Bank of Commerce Custom 7 Agriculture Commodity Index, multiplied by 2) (Canada)^(b)(c)				11/30/2022		10,670		15,744,365


Cargill, Inc., Commodity-Linked Notes, 1 mo. SOFR minus 0.10% (linked to the Monthly Rebalance Commodity Excess Return Index, multiplied by 2)^(b)(c)				07/05/2023		23,580		18,912,901


Total Commodity-Linked Securities (Cost $34,250,000)								34,657,266



					Shares
Money Market Funds–76.20%^(d)
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(e)						173,013,108		173,013,108


Invesco Government Money Market Fund, Cash Reserve Shares, 0.90%^(e)						30,163,298		30,163,298


Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.21%^(e)						122,348,756		122,348,756


Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio (Ireland), Institutional Class, 1.43%^(e)						49,567,342		49,567,342


Invesco Treasury Obligations Portfolio, Institutional Class, 1.07%^(e)						171,324,067		171,324,067


Invesco Treasury Portfolio, Institutional Class, 1.35%^(e)						109,108,259		109,108,259


Invesco V.I. Government Money Market Fund, Series I, 1.08%^(e)						16,640,310		16,640,310


Total Money Market Funds (Cost $672,165,140)								672,165,140



Options Purchased–2.03%
(Cost $13,427,957)^(f)								17,882,586


TOTAL INVESTMENTS IN SECURITIES–93.76% (Cost $822,318,739)								827,073,659


OTHER ASSETS LESS LIABILITIES–6.24%								55,004,744


NET ASSETS–100.00%							$	882,078,403

Investment Abbreviations:

EMTN – European Medium-Term Notes

SOFR – Secured Overnight Financing Rate

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

Invesco V.I. Balanced-Risk Allocation Fund

Notes to Consolidated Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2022 was $34,657,266, which represented 3.93% of the Fund’s Net Assets.

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

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

^(e)


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$221,762,138		$210,427,383		$(259,176,413	)		$-		$-		$173,013,108		$355,149
Invesco Government Money Market Fund, Cash Reserve Shares		31,293,325		44,117,511		(45,247,538	)		-		-		30,163,298		35,659
Invesco Premier U.S. Government Money Portfolio, Institutional Class		99,254,510		34,120,673		(11,026,427	)		-		-		122,348,756		159,927
Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio, Institutional Class		49,355,914		331,368,393		(331,156,965	)		-		-		49,567,342		64,699
Invesco Treasury Obligations Portfolio, Institutional Class		171,324,067		-		-			-		-		171,324,067		222,954
Invesco Treasury Portfolio, Institutional Class		160,648,618		195,890,693		(247,431,052	)		-		-		109,108,259		163,926
Invesco V.I. Government Money Market Fund, Series I		16,640,310		-		-			-		-		16,640,310		21,158
Total		$750,278,882		$815,924,653		$(894,038,395	)		$-		$-		$672,165,140		$1,023,472

^(f)	The table below details options purchased.


Open Exchange-Traded Index Options Purchased

Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price			Notional Value^(a)			Value


Equity Risk


EURO STOXX 50 Index		Put		09/16/2022		60		EUR	3,850.00		EUR	2,310,000	$	270,183


EURO STOXX 50 Index		Put		12/16/2022		60		EUR	3,800.00		EUR	2,280,000		277,916


EURO STOXX 50 Index		Put		12/16/2022		58		EUR	4,050.00		EUR	2,349,000		390,762


EURO STOXX 50 Index		Put		12/16/2022		60		EUR	3,900.00		EUR	2,340,000		325,011


EURO STOXX 50 Index		Put		05/19/2023		55		EUR	3,500.00		EUR	1,925,000		207,782


EURO STOXX 50 Index		Put		06/16/2023		60		EUR	3,600.00		EUR	2,160,000		268,673


EURO STOXX 50 Index		Put		09/16/2022		60		EUR	3,900.00		EUR	2,340,000		297,848


EURO STOXX 50 Index		Put		09/16/2022		60		EUR	4,000.00		EUR	2,400,000		356,198


EURO STOXX 50 Index		Put		03/17/2023		55		EUR	4,150.00		EUR	2,282,500		433,547


EURO STOXX 50 Index		Put		01/20/2023		60		EUR	4,000.00		EUR	2,400,000		382,669


EURO STOXX 50 Index		Put		02/17/2023		60		EUR	3,600.00		EUR	2,160,000		218,812


EURO STOXX 50 Index		Put		04/21/2023		60		EUR	3,700.00		EUR	2,220,000		271,566


FTSE 100 Index		Put		07/15/2022		26		GBP	6,400.00		GBP	1,664,000		3,323


FTSE 100 Index		Put		05/19/2023		26		GBP	7,225.00		GBP	1,878,500		178,347


FTSE 100 Index		Put		06/16/2023		26		GBP	7,375.00		GBP	1,917,500		209,838


FTSE 100 Index		Put		08/19/2022		26		GBP	6,625.00		GBP	1,722,500		29,276


FTSE 100 Index		Put		09/16/2022		26		GBP	6,750.00		GBP	1,755,000		51,589


FTSE 100 Index		Put		10/21/2022		26		GBP	6,650.00		GBP	1,729,000		58,552


FTSE 100 Index		Put		11/18/2022		26		GBP	6,900.00		GBP	1,794,000		91,943


FTSE 100 Index		Put		12/16/2022		26		GBP	6,800.00		GBP	1,768,000		91,310


FTSE 100 Index		Put		01/20/2023		26		GBP	7,350.00		GBP	1,911,000		169,168


FTSE 100 Index		Put		02/17/2023		26		GBP	7,175.00		GBP	1,865,500		152,710


FTSE 100 Index		Put		03/17/2023		26		GBP	7,025.00		GBP	1,826,500		141,949


FTSE 100 Index		Put		04/21/2023		26		GBP	7,250.00		GBP	1,885,000		177,714


MSCI Emerging Markets Index		Put		07/15/2022		33		USD	1,310.00		USD	4,323,000		1,004,190

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

Invesco V.I. Balanced-Risk Allocation Fund


Open Exchange-Traded Index Options Purchased–(continued)

Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price			Notional Value^(a)			Value


MSCI Emerging Markets Index		Put		04/21/2023		34		USD	1,110.00		USD	3,774,000	$	481,780


MSCI Emerging Markets Index		Put		05/19/2023		33		USD	1,030.00		USD	3,399,000		338,910


MSCI Emerging Markets Index		Put		06/16/2023		33		USD	1,030.00		USD	3,399,000		353,100


MSCI Emerging Markets Index		Put		08/19/2022		33		USD	1,220.00		USD	4,026,000		711,150


MSCI Emerging Markets Index		Put		09/16/2022		33		USD	1,250.00		USD	4,125,000		809,490


MSCI Emerging Markets Index		Put		10/21/2022		33		USD	1,180.00		USD	3,894,000		589,710


MSCI Emerging Markets Index		Put		11/18/2022		33		USD	1,210.00		USD	3,993,000		685,410


MSCI Emerging Markets Index		Put		12/16/2022		33		USD	1,170.00		USD	3,861,000		567,600


MSCI Emerging Markets Index		Put		01/20/2023		34		USD	1,180.00		USD	4,012,000		618,120


MSCI Emerging Markets Index		Put		02/17/2023		34		USD	1,170.00		USD	3,978,000		594,320


MSCI Emerging Markets Index		Put		03/17/2023		32		USD	1,130.00		USD	3,616,000		474,560


Nikkei 225 Index		Put		09/09/2022		16		JPY	27,500.00		JPY	440,000,000		189,859


Nikkei 225 Index		Put		06/09/2023		16		JPY	25,500.00		JPY	408,000,000		232,901


Nikkei 225 Index		Put		06/09/2023		16		JPY	26,000.00		JPY	416,000,000		258,844


Nikkei 225 Index		Put		09/09/2022		16		JPY	26,500.00		JPY	424,000,000		125,590


Nikkei 225 Index		Put		09/09/2022		16		JPY	27,250.00		JPY	436,000,000		171,580


Nikkei 225 Index		Put		12/09/2022		16		JPY	27,250.00		JPY	436,000,000		240,566


Nikkei 225 Index		Put		12/09/2022		16		JPY	26,750.00		JPY	428,000,000		209,906


Nikkei 225 Index		Put		12/09/2022		16		JPY	28,250.00		JPY	452,000,000		317,217


Nikkei 225 Index		Put		03/10/2023		17		JPY	28,500.00		JPY	484,500,000		402,823


Nikkei 225 Index		Put		03/10/2023		16		JPY	25,500.00		JPY	408,000,000		189,859


Nikkei 225 Index		Put		03/10/2023		16		JPY	25,750.00		JPY	412,000,000		201,651


Nikkei 225 Index		Put		06/09/2023		17		JPY	27,250.00		JPY	463,250,000		356,464


S&P 500 Index		Put		07/15/2022		4		USD	4,150.00		USD	1,660,000		146,180


S&P 500 Index		Put		05/19/2023		4		USD	4,075.00		USD	1,630,000		180,240


S&P 500 Index		Put		06/16/2023		4		USD	4,050.00		USD	1,620,000		178,380


S&P 500 Index		Put		08/19/2022		4		USD	4,250.00		USD	1,700,000		188,160


S&P 500 Index		Put		09/16/2022		4		USD	4,375.00		USD	1,750,000		237,060


S&P 500 Index		Put		10/21/2022		4		USD	4,175.00		USD	1,670,000		172,060


S&P 500 Index		Put		11/18/2022		4		USD	4,450.00		USD	1,780,000		267,080


S&P 500 Index		Put		12/16/2022		4		USD	4,475.00		USD	1,790,000		276,540


S&P 500 Index		Put		01/20/2023		4		USD	4,650.00		USD	1,860,000		337,020


S&P 500 Index		Put		02/17/2023		4		USD	4,375.00		USD	1,750,000		245,580


S&P 500 Index		Put		03/17/2023		4		USD	4,225.00		USD	1,690,000		207,220


S&P 500 Index		Put		04/21/2023		4		USD	4,425.00		USD	1,770,000		264,780


Total Index Options Purchased													$	17,882,586

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.


Open Futures Contracts^(a)

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


Commodity Risk


Brent Crude		228		August-2022	$	24,074,520	$	979,238		$	979,238


Gasoline Reformulated Blendstock Oxygenate Blending		160		July-2022		23,763,936		(1,208,240	)		(1,208,240	)


Natural Gas		182		November-2022		10,297,560		(4,032,789	)		(4,032,789	)


New York Harbor Ultra-Low Sulfur Diesel		131		November-2022		19,527,148		(1,080,928	)		(1,080,928	)


Silver		129		September-2022		13,127,040		(905,358	)		(905,358	)


WTI Crude		230		August-2022		23,713,000		1,104,185			1,104,185


Subtotal								(5,143,892	)		(5,143,892	)

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

Invesco V.I. Balanced-Risk Allocation Fund


Open Futures Contracts^(a)–(continued)

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


Equity Risk


E-Mini Russell 2000 Index		718		September-2022	$	61,317,200	$	(4,339,835	)	$	(4,339,835	)


E-Mini S&P 500 Index		23		September-2022		4,357,925		(262,074	)		(262,074	)


EURO STOXX 50 Index		565		September-2022		20,373,877		(539,884	)		(539,884	)


FTSE 100 Index		439		September-2022		38,054,255		(306,694	)		(306,694	)


MSCI Emerging Markets Index		475		September-2022		23,814,125		(18,777	)		(18,777	)


Nikkei 225 Index		242		September-2022		47,051,592		(2,581,673	)		(2,581,673	)


Subtotal								(8,048,937	)		(8,048,937	)


Interest Rate Risk


Australia 10 Year Bond		2,185		September-2022		179,316,974		(452,162	)		(452,162	)


Canada 10 Year Bonds		1,298		September-2022		125,030,314		(3,834,740	)		(3,834,740	)


Euro-Bund		734		September-2022		114,440,876		(1,254,140	)		(1,254,140	)


Japan 10 Year Bonds		74		September-2022		81,052,034		(419,761	)		(419,761	)


Long Gilt		566		September-2022		78,531,303		(1,332,316	)		(1,332,316	)


U.S. Treasury Long Bonds		695		September-2022		96,344,375		(1,663,082	)		(1,663,082	)


Subtotal								(8,956,201	)		(8,956,201	)


Total Futures Contracts							$	(22,149,030	)	$	(22,149,030	)

^(a)	Futures contracts collateralized by $45,944,500 cash held with Goldman Sachs & Co., the futures commission merchant.


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

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


Commodity Risk


Merrill Lynch International	Receive	Merrill Lynch Gold Excess Return Index		0.14%		Monthly		78,200		February–2023	USD	16,220,440		$–	$	0		$	0


Commodity Risk


Canadian Imperial Bank of Commerce	Receive	Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2		0.30		Monthly		134,000		February–2023	USD	15,203,921		–		(1,716,299	)		(1,716,299	)


Cargill, Inc.	Receive	Monthly Rebalance Commodity Excess Return Index		0.47		Monthly		18,850		February–2023	USD	24,339,218		–		(1,918,217	)		(1,918,217	)


Cargill, Inc.	Receive	Single Commodity Index Excess Return		0.12		Monthly		1,480		December–2022	USD	1,714,368		–		(33,848	)		(33,848	)


Goldman Sachs International	Receive	Goldman Sachs Commodity i-Select Strategy 1121		0.40		Monthly		12,800		December–2022	USD	1,671,868		–		(146,574	)		(146,574	)


J.P. Morgan Chase Bank, N.A.	Receive	J.P. Morgan Contag Beta Gas Oil Excess Return Index		0.25		Monthly		43,100		March–2023	USD	20,586,857		–		(1,482,774	)		(1,482,774	)


J.P. Morgan Chase Bank, N.A.	Receive	S&P GSCI Gold Index Excess Return		0.09		Monthly		98,000		March–2023	USD	13,193,642		–		(223,205	)		(223,205	)


Merrill Lynch International	Receive	MLCX Natural Gas Annual Excess Return Index		0.25		Monthly		78,500		June–2023	USD	10,498,143		–		(1,321,791	)		(1,321,791	)


Subtotal – Depreciation														–		(6,842,708	)		(6,842,708	)


Total – Total Return Swap Agreements														$–	$	(6,842,708	)	$	(6,842,708	)

^(a)	Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $4,820,000.

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

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

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

Invesco V.I. Balanced-Risk Allocation Fund

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

Counterparty

Pay/

Receive

Reference

Entity

Floating

Rate

Index

Payment

Frequency

Number of

Contracts

Maturity Date

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Equity Risk

BNP Paribas S.A.

Receive

Invesco US Large Cap Broad Quality Total Return Index

SOFR +
0.280%

Monthly

1,205

November–2022

USD

9,669,161

–

343,798

BNP Paribas S.A.

Receive

MSCI Japan Minimum Volatility Index

TONAR -
0.170%

Monthly

202,373

September–2022

JPY

526,066,589

–

16,571

BNP Paribas S.A.

Receive

MSCI USA Minimum Volatility Index

SOFR -
0.250%

Monthly

2,279

September–2022

USD

10,337,179

–

535,839

Citibank, N.A.

Receive

MSCI Japan Minimum Volatility Index

TONAR -
0.440%

Monthly

857,948

July–2022

JPY

2,230,227,246

–

70,252

Goldman Sachs International

Receive

MSCI Japan Minimum Volatility Index

TONAR -
0.430%

Monthly

494,679

July–2022

JPY

1,285,913,113

–

40,506

Goldman Sachs International

Receive

MSCI Japan Minimum Volatility Index

TONAR -
0.450%

Monthly

35,000

July–2022

JPY

90,982,150

–

2,866

J.P. Morgan Chase Bank, N.A.

Receive

Invesco UK Broad Low Volatility Net Total Return Index

SONIA +
0.190%

Monthly

1,085

November–2022

GBP

4,987,517

–

67,153

J.P. Morgan Chase Bank, N.A.

Receive

Invesco US Large Cap Broad Price Momentum Index

SOFR +
0.280%

Monthly

1,394

November–2022

USD

9,157,312

–

362,521

Merrill Lynch International

Receive

Invesco UK Broad Low Volatility Net Total Return Index

SONIA +
0.190%

Monthly

1,080

November–2022

GBP

4,964,533

–

66,843

Merrill Lynch International

Receive

Invesco UK Broad Low Volatility Net Total Return Index

SONIA +
0.190%

Monthly

320

November–2022

GBP

1,470,973

–

19,805

Subtotal – Appreciation

–

1,526,154

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

Invesco V.I. Balanced-Risk Allocation Fund


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

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


Equity Risk


BNP Paribas S.A.	Receive	MSCI EMU Minimum Volatility Index	1 Month EURIBOR - 0.720%	Monthly		4,500		September–2022	EUR	12,909,825	$	2,346	$	(116,480	)	$	(118,826	)


BNP Paribas S.A.	Receive	MSCI EMU Momentum Index	1 Month EURIBOR - 0.360%	Monthly		2,850		December–2022	EUR	14,211,870		–		(1,127,885	)		(1,127,885	)


BNP Paribas S.A.	Receive	MSCI Japan Quality Index	TONAR - 0.140%	Monthly		188,572		September–2022	JPY	495,401,272		–		(106,530	)		(106,530	)


Goldman Sachs International	Receive	Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index	SOFR + 0.760%	Monthly		800		November–2022	USD	5,305,352		–		(184,137	)		(184,137	)


Goldman Sachs International	Receive	Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index	SOFR + 0.760%	Monthly		990		November–2022	USD	6,565,373		–		(227,869	)		(227,869	)


Goldman Sachs International	Receive	MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index	SOFR + 0.070%	Monthly		5,805		December–2022	USD	11,030,371		–		(385,046	)		(385,046	)


Goldman Sachs International	Receive	MSCI Japan Quality Index	TONAR - 0.280%	Monthly		494,891		July–2022	JPY	1,300,138,043		–		(279,580	)		(279,580	)


Goldman Sachs International	Receive	MSCI Japan Quality Index	TONAR - 0.280%	Monthly		45,000		July–2022	JPY	118,220,400		–		(25,422	)		(25,422	)


Goldman Sachs International	Receive	MSCI Japan Quality Index	TONAR - 0.310%	Monthly		801,537		July–2022	JPY	2,105,733,883		–		(452,814	)		(452,814	)


J.P. Morgan Chase Bank, N.A.	Receive	Invesco Emerging Markets + Korea Large Cap Broad Price Momentum Index	SOFR + 0.550%	Monthly		3,160		November–2022	USD	20,956,140		–		(727,341	)		(727,341	)


J.P. Morgan Chase Bank, N.A.	Receive	Invesco UK Broad Price Momentum Net Total Return Index	SONIA + 0.190%	Monthly		810		November–2022	GBP	4,502,612		–		(34,774	)		(34,774	)


J.P. Morgan Chase Bank, N.A.	Receive	Invesco UK Broad Price Momentum Net Total Return Index	SONIA + 0.190%	Monthly		813		November–2022	GBP	4,519,288		–		(34,903	)		(34,903	)


J.P. Morgan Chase Bank, N.A.	Receive	Invesco UK Broad Price Momentum Net Total Return Index	SONIA + 0.230%	Monthly		460		November–2022	GBP	2,557,039		–		(19,748	)		(19,748	)

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

Invesco V.I. Balanced-Risk Allocation Fund


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

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


J.P. Morgan Chase Bank, N.A.	Receive	Invesco UK Broad Quality Net Total Return Index	SONIA + 0.230%	Monthly		410		November–2022	GBP	2,524,690	$	–	$	(17,896	)	$	(17,896	)


J.P. Morgan Chase Bank, N.A.	Receive	Invesco UK Broad Quality Net Total Return Index	SONIA + 0.230%	Monthly		730		November–2022	GBP	4,495,179		–		(31,863	)		(31,863	)


J.P. Morgan Chase Bank, N.A.	Receive	MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index	SOFR + 0.920%	Monthly		469		July–2022	USD	860,643		–		(582	)		(582	)


J.P. Morgan Chase Bank, N.A.	Receive	MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index	SOFR + 0.920%	Monthly		4,426		September–2022	USD	8,121,976		–		(5,488	)		(5,488	)


Merrill Lynch International	Receive	Invesco UK Broad Quality Net Total Return Index	SONIA + 0.190%	Monthly		730		November–2022	GBP	4,495,179		–		(31,863	)		(31,863	)


Merrill Lynch International	Receive	MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index	SOFR + 0.880%	Monthly		3,200		July–2022	USD	5,872,192		–		(3,968	)		(3,968	)


Merrill Lynch International	Receive	MSCI Emerging Markets Minimum Volatility Daily Net Total Return Index	SOFR + 0.950%	Monthly		3,200		September–2022	USD	5,872,192		–		(3,968	)		(3,968	)


Merrill Lynch International	Receive	MSCI EMU Quality Index	1 Month EURIBOR - 0.950%	Monthly		3,700		July–2022	EUR	12,508,886		4,429		(45,475	)		(49,904	)


Subtotal – Depreciation												6,775		(3,863,632	)		(3,870,407	)


Total – Total Return Swap Agreements											$	6,775	$	(2,337,478	)	$	(2,344,253	)

^(a)	Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $4,820,000.

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

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

Invesco V.I. Balanced-Risk Allocation Fund


Reference Entity Components
Reference Entity	Underlying Components	Percentage


Canadian Imperial Bank of Commerce Custom 7 Agriculture Commodity Index


Long Futures Contracts


Coffee ‘C’			5.48%


Corn			5.99


Cotton No. 2			20.30


Lean Hogs			0.55


Live Cattle			0.73


Soybean Meal			21.32


Soybean Oil			12.84


Soybeans			19.84


Sugar No. 11			5.83


Wheat			7.12


Total			100.00%


Monthly Rebalance Commodity Excess Return Index


Long Futures Contracts


Coffee ‘C’			5.48%


Corn			5.99


Cotton No. 2			20.30


Lean Hogs			0.55


Live Cattle			0.73


Soybean Meal			21.32


Soybean Oil			12.84


Soybeans			19.84


Sugar No. 11			5.83


Wheat			7.12


Total			100.00%


Merrill Lynch Gold Excess Return Index


Long Futures Contracts


Gold			100.00%


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


Long Futures Contracts


Copper			100.00%


Single Commodity Index Excess Return


Long Futures Contracts


Gold			100.00%

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

Invesco V.I. Balanced-Risk Allocation Fund


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



Goldman Sachs Commodity i-Select Strategy 1121


Long Futures Contracts


Coffee ‘C’			5.48%


Corn			5.99


Cotton No. 2			20.30


Lean Hogs			0.55


Live Cattle			0.73


Soybean Meal			21.32


Soybean Oil			12.84


Soybeans			19.84


Sugar No. 11			5.83


Wheat			7.12


Total			100.00%


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


Long Futures Contracts


Gas Oil			100.00%


S&P GSCI Gold Index Excess Return


Long Futures Contracts


Gold			100.00%


MLCX Natural Gas Annual Excess Return Index


Long Futures Contracts


Natural Gas			100.00%

Abbreviations:


EMU		–European Economic and Monetary Union
EUR		–Euro
EURIBOR		–Euro Interbank Offered Rate
GBP		–British Pound Sterling
JPY		–Japanese Yen
SOFR		–Secured Overnight Financing Rate
SONIA		–Sterling Overnight Index Average
TONAR		–Tokyo Overnight Average Rate
USD		–U.S. Dollar

Target Risk Contribution and Notional Asset Weights as of June 30, 2022

By asset class


Asset Class	Target Risk Contribution*	Notional Asset Weights**


Equities	40.95%	67.11%


Fixed Income	23.90	74.89


Commodities	35.15	32.50


Total	100.00%	174.50%

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

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

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

Invesco V.I. Balanced-Risk Allocation Fund

Consolidated Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $150,153,599)	$	154,908,519


Investments in affiliated money market funds, at value (Cost $672,165,140)		672,165,140


Other investments:
Swaps receivable – OTC		26,233


Unrealized appreciation on swap agreements – OTC		1,526,154


Premiums paid on swap agreements – OTC		6,775


Deposits with brokers:
Cash collateral – exchange-traded futures contracts		45,944,500


Cash collateral – OTC Derivatives		4,820,000


Foreign currencies, at value (Cost $16,035,881)		15,954,368


Due from broker		2,991,000


Receivable for:
Fund shares sold		227,631


Dividends		504,525


Interest		236


Investment for trustee deferred compensation and retirement plans		85,568


Other assets		568


Total assets		899,161,217



Liabilities:
Other investments:
Variation margin payable - futures contracts		3,738,250


Swaps payable – OTC		493,687


Unrealized depreciation on swap agreements–OTC		10,713,115


Payable for:
Fund shares reacquired		540,835


Amount due custodian		699,227


Accrued fees to affiliates		729,797


Accrued trustees’ and officers’ fees and benefits		3,035


Accrued other operating expenses		67,948


Trustee deferred compensation and retirement plans		96,920


Total liabilities		17,082,814


Net assets applicable to shares outstanding	$	882,078,403



Net assets consist of:
Shares of beneficial interest	$	884,127,495


Distributable earnings (loss)		(2,049,092	)


	$	882,078,403



Net Assets:
Series I	$	44,516,639


Series II	$	837,561,764



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		4,638,259


Series II		89,110,466


Series I:
Net asset value per share	$	9.60


Series II:
Net asset value per share	$	9.40

Consolidated Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:

Interest	$	209,812


Dividends from affiliated money market funds		1,023,472


Total investment income		1,233,284



Expenses:
Advisory fees		4,277,788


Administrative services fees		767,301


Custodian fees		43,563


Distribution fees - Series II		1,103,828


Transfer agent fees		26,074


Trustees’ and officers’ fees and benefits		11,241


Reports to shareholders		1,424


Professional services fees		33,327


Other		37,674


Total expenses		6,302,220


Less: Fees waived		(1,873,521	)


Net expenses		4,428,699


Net investment income (loss)		(3,195,415	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		13,000,713


Foreign currencies		(2,044,821	)


Futures contracts		(48,011,274	)


Swap agreements		(20,710,294	)


		(57,765,676	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		1,886,745


Foreign currencies		(92,108	)


Futures contracts		(30,346,586	)


Swap agreements		(17,362,007	)


		(45,913,956	)


Net realized and unrealized gain (loss)		(103,679,632	)


Net increase (decrease) in net assets resulting from operations	$	(106,875,047	)

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

Invesco V.I. Balanced-Risk Allocation Fund

Consolidated Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30, 2022			December 31, 2021


Operations:
Net investment income (loss)	$	(3,195,415	)	$	(9,250,996	)


Net realized gain (loss)		(57,765,676	)		111,543,363


Change in net unrealized appreciation (depreciation)		(45,913,956	)		(14,006,322	)


Net increase (decrease) in net assets resulting from operations		(106,875,047	)		88,286,045



Distributions to shareholders from distributable earnings:
Series I		–			(3,189,391	)


Series II		–			(57,937,140	)


Total distributions from distributable earnings		–			(61,126,531	)



Share transactions-net:
Series I		365,670			1,372,815


Series II		7,216,748			(27,784,944	)


Net increase (decrease) in net assets resulting from share transactions		7,582,418			(26,412,129	)


Net increase (decrease) in net assets		(99,292,629	)		747,385



Net assets:
Beginning of period		981,371,032			980,623,647


End of period	$	882,078,403		$	981,371,032

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

Invesco V.I. Balanced-Risk Allocation Fund

Consolidated Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Return of capital				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Series I
Six months ended 06/30/22		$	10.76		$	(0.02	)		$	(1.14	)		$	(1.16	)		$	-			$	-			$	-			$	-			$	9.60		(10.78	)%		$	44,517		0.71	%^(d)		1.12	%^(d)		(0.44	)%^(d)		58	%
Year ended 12/31/21			10.48			(0.08	)			1.08				1.00				(0.36	)			(0.36	)			-				(0.72	)			10.76		9.55				49,456		0.71			1.11			(0.69	)		107
Year ended 12/31/20			10.91			(0.03	)			1.03				1.00				(0.87	)			(0.56	)			-				(1.43	)			10.48		10.22				46,853		0.66	^(e)		1.10			(0.25	)		82
Year ended 12/31/19			9.47			0.14				1.30				1.44				-				-				-				-				10.91		15.21				45,427		0.64	^(e)		1.10			1.38			94
Year ended 12/31/18			11.31			0.11				(0.79	)			(0.68	)			(0.14	)			(0.99	)			(0.03	)			(1.16	)			9.47		(6.46	)			37,450		0.65	^(e)		1.10			1.03			199
Year ended 12/31/17			11.35			0.01				1.08				1.09				(0.48	)			(0.65	)			-				(1.13	)			11.31		10.06				39,340		0.68	^(e)		1.11			0.10			52
Series II
Six months ended 06/30/22			10.55			(0.04	)			(1.11	)			(1.15	)			-				-				-				-				9.40		(10.90	)			837,562		0.96	^(d)		1.37	^(d)		(0.69	)^(d)		58
Year ended 12/31/21			10.29			(0.10	)			1.05				0.95				(0.33	)			(0.36	)			-				(0.69	)			10.55		9.26				931,915		0.96			1.36			(0.94	)		107
Year ended 12/31/20			10.73			(0.05	)			1.01				0.96				(0.84	)			(0.56	)			-				(1.40	)			10.29		9.99				933,770		0.91	^(e)		1.35			(0.50	)		82
Year ended 12/31/19			9.34			0.12				1.27				1.39				-				-				-				-				10.73		14.88				976,477		0.89	^(e)		1.35			1.13			94
Year ended 12/31/18			11.17			0.08				(0.78	)			(0.70	)			(0.11	)			(0.99	)			(0.03	)			(1.13	)			9.34		(6.71	)			968,329		0.90	^(e)		1.35			0.78			199
Year ended 12/31/17			11.22			(0.02	)			1.07				1.05				(0.45	)			(0.65	)			-				(1.10	)			11.17		9.83				1,158,077		0.93	^(e)		1.36			(0.15	)		52

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

^(e)

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

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

Invesco V.I. Balanced-Risk Allocation Fund

Notes to Consolidated Financial Statements

June 30, 2022

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

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

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

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

Invesco V.I. Balanced-Risk Allocation Fund

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.

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

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

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

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

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

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

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

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

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

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

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

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

Invesco V.I. Balanced-Risk Allocation Fund

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

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

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

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

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.

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

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

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

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

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates cash or liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Cash held as collateral is recorded as deposits with brokers on the Consolidated Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such

Invesco V.I. Balanced-Risk Allocation Fund

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.

Other Risks – The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in commodity futures and swaps, commodity related exchange-traded funds and exchange-traded notes and commodity linked notes, some or all of which will be owned through the Subsidiary. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities, such as exchange-traded and commodity-linked notes, that may provide leveraged and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate


First $250 million		0.950%


Next $250 million		0.925%


Next $500 million		0.900%


Next $1.5 billion		0.875%


Next $2.5 billion		0.850%


Next $2.5 billion		0.825%


Next $2.5 billion		0.800%


Over $10 billion		0.775%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.92%.

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

Effective May 1, 2022, the Adviser has contractually agreed, through at least April 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (including prior fiscal year-end Acquired Fund Fees and Expenses of 0.07% and excluding certain items discussed below) of Series I shares to 0.88% and Series II shares to 1.13% of the Fund’s average daily net assets (the “expense limits”). Prior to May 1, 2022, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (including prior fiscal year-end Acquired Fund Fees and Expenses of 0.15% and excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund 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

Invesco V.I. Balanced-Risk Allocation Fund

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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. 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.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $1,873,521.

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, 2022, Invesco was paid $69,833 for accounting and fund administrative services and was reimbursed $697,468 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3		Total


Investments in Securities


U.S. Treasury Securities	$	–		$	102,368,667			$–	$	102,368,667


Commodity-Linked Securities		–			34,657,266			–		34,657,266


Money Market Funds		672,165,140			–			–		672,165,140


Options Purchased		17,882,586			–			–		17,882,586


Total Investments in Securities		690,047,726			137,025,933			–		827,073,659



Other Investments – Assets*


Futures Contracts		2,083,423			–			–		2,083,423


Swap Agreements		–			1,526,154			–		1,526,154


		2,083,423			1,526,154			–		3,609,577



Other Investments – Liabilities*


Futures Contracts		(24,232,453	)		–			–		(24,232,453	)


Swap Agreements		–			(10,713,115	)		–		(10,713,115	)


		(24,232,453	)		(10,713,115	)		–		(34,945,568	)


Total Other Investments		(22,149,030	)		(9,186,961	)		–		(31,335,991	)


Total Investments	$	667,898,696		$	127,838,972			$–	$	795,737,668

*	Unrealized appreciation (depreciation).

Invesco V.I. Balanced-Risk Allocation Fund

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, 2022:


	Value
Derivative Assets	Commodity Risk			Equity Risk			Interest Rate Risk		Total


Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	2,083,423		$	–		$	–	$	2,083,423


Unrealized appreciation on swap agreements – OTC		0			1,526,154			–		1,526,154


Options purchased, at value – Exchange-Traded^(b)		–			17,882,586			–		17,882,586


Total Derivative Assets		2,083,423			19,408,740			–		21,492,163


Derivatives not subject to master netting agreements		(2,083,423	)		(17,882,586	)		–		(19,966,009	)


Total Derivative Assets subject to master netting agreements	$	0		$	1,526,154		$	–	$	1,526,154


	Value
Derivative Liabilities	Commodity Risk			Equity Risk			Interest Rate Risk			Total


Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(7,227,315	)	$	(8,048,937	)	$	(8,956,201	)	$	(24,232,453	)


Unrealized depreciation on swap agreements – OTC		(6,842,708	)		(3,870,407	)		–			(10,713,115	)


Total Derivative Liabilities		(14,070,023	)		(11,919,344	)		(8,956,201	)		(34,945,568	)


Derivatives not subject to master netting agreements		7,227,315			8,048,937			8,956,201			24,232,453


Total Derivative Liabilities subject to master netting agreements	$	(6,842,708	)	$	(3,870,407	)	$	–		$	(10,713,115	)

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

^(b)	Options purchased, at value as reported in the Consolidated Schedule of Investments.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2022.


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


Fund
BNP Paribas S.A.	$	903,482	$	(1,370,678	)	$	(467,196	)		$-	$	-	$	(467,196	)


Citibank, N.A.		73,712		-			73,712			-		-		73,712


Goldman Sachs International		49,312		(1,578,207	)		(1,528,895	)		-		840,000		(688,895	)


J.P. Morgan Chase Bank, N.A.		431,630		(921,673	)		(490,043	)		-		-		(490,043	)


Merrill Lynch International		94,251		(109,802	)		(15,551	)		-		-		(15,551	)


Subtotal - Fund		1,552,387		(3,980,360	)		(2,427,973	)		-		840,000		(1,587,973	)


Subsidiary
Canadian Imperial Bank of Commerce		-		(1,718,580	)		(1,718,580	)		-		1,450,000		(268,580	)


Cargill, Inc.		-		(1,960,152	)		(1,960,152	)		-		1,740,000		(220,152	)


Goldman Sachs International		-		(147,020	)		(147,020	)		-		-		(147,020	)


J.P. Morgan Chase Bank, N.A.		-		(1,707,563	)		(1,707,563	)		-		790,000		(917,563	)


Merrill Lynch International		0		(1,693,127	)		(1,693,127	)		-		-		(1,693,127	)


Subtotal - Subsidiary		0		(7,226,442	)		(7,226,442	)		-		3,980,000		(3,246,442	)


Total	$	1,552,387	$	(11,206,802	)	$	(9,654,415	)		$-	$	4,820,000	$	(4,834,415	)

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

Invesco V.I. Balanced-Risk Allocation Fund

Effect of Derivative Investments for the six months ended June 30, 2022

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


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


Realized Gain (Loss):
Futures contracts		$38,557,691			$(29,877,307	)		$(56,691,658	)	$	(48,011,274	)


Options purchased^(a)		-			(1,379,235	)		-			(1,379,235	)


Swap agreements		16,328,642			(37,038,936	)		-			(20,710,294	)


Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(7,834,547	)		(10,036,005	)		(12,476,034	)		(30,346,586	)


Options purchased^(a)		-			8,447,472			-			8,447,472


Swap agreements		(9,440,346	)		(7,921,661	)		-			(17,362,007	)


Total		$37,611,440			$(77,805,672	)		$(69,167,692	)	$	(109,361,924	)

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

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


	Futures Contracts		Index Options Purchased		Swap Agreements


Average notional value	$	886,253,185	$	172,327,240	$	1,101,501,421


Average contracts		–		1,702		–

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022 was $30,414,950 and $33,665,325, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	14,455,854


Aggregate unrealized (depreciation) of investments		(51,401,930	)


Net unrealized appreciation (depreciation) of investments	$	(36,946,076	)

Cost of investments for tax purposes is $832,690,519.

Invesco V.I. Balanced-Risk Allocation Fund

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended June 30, 2022^(a)						Year ended December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		457,952		$	4,698,478			369,779		$	4,089,604


Series II		8,416,499			84,267,696			4,573,534			49,111,175



Issued as reinvestment of dividends:
Series I		-			-			298,353			3,189,392


Series II		-			-			5,523,083			57,937,139



Reacquired:
Series I		(415,046	)		(4,332,808	)		(544,502	)		(5,906,181	)


Series II		(7,616,732	)		(77,050,948	)		(12,555,988	)		(134,833,258	)


Net increase (decrease) in share activity		842,673		$	7,582,418			(2,335,741	)	$	(26,412,129	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 80% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Balanced-Risk Allocation Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$892.20	$3.33	$1,021.27	$3.56	0.71%
Series II	1,000.00	891.00	4.50	1,020.03	4.81	0.96

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Balanced-Risk Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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 discussion below is a summary of 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 in prior years 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2022.

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 II 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 and the fifth quintile being the worst performing funds). The Board noted that performance of Series II 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

Invesco V.I. Balanced-Risk Allocation Fund

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 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 fee rate for Series II shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual 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. As previously noted, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management, including with respect to management’s philosophy regarding breakpoints in the Fund’s contractual management fee schedule. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management. 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 its contractual management fees were in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses and contractual management fees. The Board requested and considered additional information from management regarding such total expenses and contractual management fees, including the differentiated client base associated with variable insurance products.

Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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 determination that the services are required for the operation of the Fund.

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.

Invesco V.I. Balanced-Risk Allocation Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. Capital Appreciation Fund

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


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

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	-27.94	%
Series II Shares	-28.03
S&P 500 Index^▼	-19.96
Russell 1000 Growth Index^▼	-28.07

Source(s): ^▼RIMES Technologies Corp.

The S&P 500^®Index is an unmanaged index considered representative of the US stock market.
The Russell 1000^®Growth Index is an unmanaged index considered representative of large-cap growth stocks. The Russell 1000 Growth Index is a trademark/service mark of the Frank Russell Co. Russell^®is a trademark of the Frank Russell Co.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (4/3/85)	10.15	%
10 Years	12.12
5 Years	11.26
1 Year	-21.81

Series II Shares
Inception (9/18/01)	7.16	%
10 Years	11.85
5 Years	10.98
1 Year	-22.01

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

Invesco V.I. Capital Appreciation Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

Invesco V.I. Capital Appreciation Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Capital Appreciation Fund

Schedule of Investments^(a)

June 30, 2022

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–96.39%
Aerospace & Defense–2.41%

L3Harris Technologies, Inc.		27,623	$ 6,676,479

Northrop Grumman Corp.		16,831	8,054,812

			14,731,291

Agricultural & Farm Machinery–0.49%

Deere & Co.		10,040	3,006,679

Application Software–4.78%

Atlassian Corp. PLC, Class A^(b)		13,830	2,591,742

HubSpot, Inc.^(b)		8,777	2,638,805

Intuit, Inc.		15,496	5,972,778

Roper Technologies, Inc.^(c)		7,800	3,078,270

Synopsys, Inc.^(b)		35,237	10,701,477

Tyler Technologies, Inc.^(b)		12,986	4,317,585

			29,300,657

Asset Management & Custody Banks–0.51%

Ameriprise Financial, Inc.		13,255	3,150,448

Automobile Manufacturers–2.12%

Tesla, Inc.^(b)		19,277	12,981,517

Automotive Retail–1.24%

AutoZone, Inc.^(b)		3,542	7,612,183

Biotechnology–1.43%

AbbVie, Inc.		57,313	8,778,059

Construction & Engineering–1.02%

Quanta Services, Inc.^(c)		49,700	6,229,398

Data Processing & Outsourced Services–3.97%

Mastercard, Inc., Class A		62,104	19,592,570

Paychex, Inc.		41,380	4,711,940

			24,304,510

Diversified Metals & Mining–0.33%

Teck Resources Ltd., Class B (Canada)		66,043	2,018,934

Environmental & Facilities Services–2.08%

Republic Services, Inc.		25,737	3,368,201

Waste Connections, Inc.		75,630	9,375,095

			12,743,296

Fertilizers & Agricultural Chemicals–0.50%

CF Industries Holdings, Inc.		35,763	3,065,962

Financial Exchanges & Data–0.52%

S&P Global, Inc.		9,411	3,172,072

Food Distributors–0.79%

Sysco Corp.		57,328	4,856,255

Food Retail–0.49%

Kroger Co. (The)		63,635	3,011,845

General Merchandise Stores–1.09%

Dollar Tree, Inc.^(b)		42,621	6,642,483


	Shares		Value
Health Care Distributors–0.72%

AmerisourceBergen Corp.		31,287	$ 4,426,485

Health Care Equipment–1.75%

DexCom, Inc.^(b)		51,911	3,868,927

Edwards Lifesciences Corp.^(b)		39,854	3,789,717

Intuitive Surgical, Inc.^(b)		15,126	3,035,939

			10,694,583

Hotels, Resorts & Cruise Lines–1.60%

Marriott International, Inc., Class A		72,202	9,820,194

Hypermarkets & Super Centers–1.74%

Costco Wholesale Corp.		22,261	10,669,252

Industrial Gases–0.93%

Linde PLC (United Kingdom)		19,865	5,711,783

Industrial REITs–0.60%

Prologis, Inc.		31,421	3,696,681

Interactive Media & Services–6.99%

Alphabet, Inc., Class C^(b)		19,558	42,782,147

Internet & Direct Marketing Retail–2.91%

Amazon.com, Inc.^(b)		167,571	17,797,716

Internet Services & Infrastructure–0.53%

MongoDB, Inc.^(b)(c)		12,561	3,259,579

IT Consulting & Other Services–1.45%

Accenture PLC, Class A^(c)		32,047	8,897,850

Life Sciences Tools & Services–3.48%

Danaher Corp.		51,577	13,075,801

Thermo Fisher Scientific, Inc.		15,188	8,251,337

			21,327,138

Managed Health Care–6.21%

Elevance Health, Inc.		28,061	13,541,677

UnitedHealth Group, Inc.		47,634	24,466,252

			38,007,929

Movies & Entertainment–1.04%

Live Nation Entertainment, Inc.^(b)		77,250	6,379,305

Oil & Gas Equipment & Services–0.53%

Halliburton Co.		102,721	3,221,331

Oil & Gas Exploration & Production–1.49%

Pioneer Natural Resources Co.^(c)		40,836	9,109,695

Oil & Gas Storage & Transportation–1.62%

Cheniere Energy, Inc.		74,426	9,900,891

Packaged Foods & Meats–1.24%

Hershey Co. (The)		35,260	7,586,542

Pharmaceuticals–2.37%

Eli Lilly and Co.		44,794	14,523,559

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

Invesco V.I. Capital Appreciation Fund


	Shares		Value
Property & Casualty Insurance–1.82%

Chubb Ltd.		40,149	$ 7,892,490

Progressive Corp. (The)		27,761	3,227,772

			11,120,262

Regional Banks–0.46%

SVB Financial Group^(b)		7,096	2,802,849

Restaurants–1.26%

Chipotle Mexican Grill, Inc.^(b)		2,410	3,150,497

McDonald’s Corp.		18,549	4,579,377

			7,729,874

Semiconductor Equipment–0.72%
ASML Holding N.V., New York Shares (Netherlands)		9,257	4,405,221

Semiconductors–4.62%

Advanced Micro Devices, Inc.^(b)		46,859	3,583,308

Broadcom, Inc.		5,885	2,858,992

Marvell Technology, Inc.		64,206	2,794,887

Monolithic Power Systems, Inc.		22,607	8,681,992

NVIDIA Corp.		68,380	10,365,724

			28,284,903

Soft Drinks–1.26%

PepsiCo, Inc.		46,396	7,732,357

Specialized REITs–2.09%

Extra Space Storage, Inc.^(c)		32,854	5,589,122

SBA Communications Corp., Class A		22,519	7,207,206

			12,796,328

Specialty Chemicals–0.98%

Albemarle Corp.		28,798	6,018,206

Systems Software–14.61%

Crowdstrike Holdings, Inc., Class A^(b)(c)		34,328	5,786,328

Microsoft Corp.		253,001	64,978,247

Palo Alto Networks, Inc.^(b)(c)		19,266	9,516,248

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:


	Shares		Value


Systems Software–(continued)
ServiceNow, Inc.^(b)		19,374	$	9,212,724


				89,493,547



Technology Hardware, Storage & Peripherals–6.85%
Apple, Inc.		306,639		41,923,684



Wireless Telecommunication Services–0.75%
T-Mobile US, Inc.^(b)		34,271		4,610,820


Total Common Stocks & Other Equity Interests (Cost $485,136,911)				590,336,300



Money Market Funds–2.07%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(d)(e)		4,429,901		4,429,901


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(d)(e)		3,164,107		3,163,790


Invesco Treasury Portfolio, Institutional Class, 1.35%^(d)(e)		5,062,744		5,062,744


Total Money Market Funds (Cost $12,655,959)				12,656,435


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.46% (Cost $497,792,870)				602,992,735



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–7.23%
Invesco Private Government Fund, 1.38%^(d)(e)(f)		12,396,115		12,396,115


Invesco Private Prime Fund, 1.66%^(d)(e)(f)		31,875,725		31,875,725


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $44,272,281)				44,271,840


TOTAL INVESTMENTS IN SECURITIES–105.69% (Cost $542,065,151)				647,264,575


OTHER ASSETS LESS LIABILITIES–(5.69)%				(34,817,793	)


NET ASSETS–100.00%			$	612,446,782

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at June 30, 2022.

^(d)


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 3,798,976	$	43,097,728		$ (42,466,803	)		$ -		$ -	$	4,429,901	$ 13,039
Invesco Liquid Assets Portfolio, Institutional Class		2,713,552		30,784,092		(30,332,958	)		476		(1,372)		3,163,790	8,743
Invesco Treasury Portfolio, Institutional Class		4,341,686		49,254,546		(48,533,488	)		-		-		5,062,744	12,143

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

Invesco V.I. Capital Appreciation Fund


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value June 30, 2022		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$ -	$	35,873,366	$	(23,477,251	)		$ -	$	-	$	12,396,115		$ 7,006*
Invesco Private Prime Fund		-		86,151,919		(54,277,383	)		(441)		1,630		31,875,725		20,263*
Total		$10,854,214	$	245,161,651	$	(199,087,883	)		$ 35	$	258	$	56,928,275		$ 61,194

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

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

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022



Information Technology	37.53	%

Health Care	15.96

Consumer Discretionary	10.22

Communication Services	8.78

Industrials	5.99

Consumer Staples	5.53

Energy	3.63

Financials	3.31

Materials	2.75

Real Estate	2.69

Money Market Funds Plus Other Assets Less Liabilities	3.61

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

Invesco V.I. Capital Appreciation Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $485,136,911)*		$590,336,300

Investments in affiliated money market funds, at value (Cost $56,928,240)		56,928,275

Cash		2,017,717

Foreign currencies, at value (Cost $305)		135
Receivable for:

Investments sold		9,180,151

Fund shares sold		5,446,255

Dividends		177,147

Investment for trustee deferred compensation and retirement plans		107,551

Other assets		510

Total assets		664,194,041

Liabilities:
Payable for:

Investments purchased		6,844,909

Fund shares reacquired		189,958

Collateral upon return of securities loaned		44,272,281

Accrued fees to affiliates		301,912

Accrued trustees’ and officers’ fees and benefits		2,747

Accrued other operating expenses		27,901

Trustee deferred compensation and retirement plans		107,551

Total liabilities		51,747,259

Net assets applicable to shares outstanding		$612,446,782

Net assets consist of:

Shares of beneficial interest		$272,910,825

Distributable earnings		339,535,957

		$612,446,782

Net Assets:

Series I		$482,476,903

Series II		$129,969,879

Shares outstanding, no par value, with an unlimited number of shares authorized:

Series I		8,179,543

Series II		2,269,572
Series I:

Net asset value per share		$ 58.99
Series II:

Net asset value per share		$ 57.27

*	At June 30, 2022, securities with an aggregate value of $43,973,360 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $3,262)	$	2,618,705


Dividends from affiliated money market funds (includes securities lending income of $2,476)		36,401


Total investment income		2,655,106



Expenses:
Advisory fees		2,495,827


Administrative services fees		604,335


Custodian fees		6,300


Distribution fees - Series II		197,584


Transfer agent fees		21,185


Trustees’ and officers’ fees and benefits		10,775


Reports to shareholders		2,251


Professional services fees		20,780


Other		5,895


Total expenses		3,364,932


Less: Fees waived		(301,277	)


Net expenses		3,063,655


Net investment income (loss)		(408,549	)



Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		7,720,195


Affiliated investment securities		258


Foreign currencies		1,130


		7,721,583


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(252,429,262	)


Affiliated investment securities		35


Foreign currencies		(3,387	)


		(252,432,614	)


Net realized and unrealized gain (loss)		(244,711,031	)


Net increase (decrease) in net assets resulting from operations	$	(245,119,580	)

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

Invesco V.I. Capital Appreciation Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30,			December 31,
	2022			2021


Operations:
Net investment income (loss)	$	(408,549	)	$	(3,562,583	)


Net realized gain		7,721,583			238,990,531


Change in net unrealized appreciation (depreciation)		(252,432,614	)		(55,686,365	)


Net increase (decrease) in net assets resulting from operations		(245,119,580	)		179,741,583



Distributions to shareholders from distributable earnings:
Series I		–			(35,407,065	)


Series II		–			(12,047,935	)


Total distributions from distributable earnings		–			(47,455,000	)



Share transactions–net:
Series I		(14,936,774	)		(38,987,718	)


Series II		(40,296,047	)		(22,413,761	)


Net increase (decrease) in net assets resulting from share transactions		(55,232,821	)		(61,401,479	)


Net increase (decrease) in net assets		(300,352,401	)		70,885,104



Net assets:
Beginning of period		912,799,183			841,914,079


End of period	$	612,446,782		$	912,799,183

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

Invesco V.I. Capital Appreciation Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(d)
Series I
Six months ended 06/30/22		$	81.86		$	(0.02	)		$	(22.85	)		$	(22.87	)		$	–			$	–			$	–			$	58.99		(27.94	)%		$	482,477		0.80	%^(e)		0.88	%^(e)		(0.06	)%^(e)		38	%
Year ended 12/31/21			70.34			(0.26	)			16.12				15.86				–				(4.34	)			(4.34	)			81.86		22.57				686,517		0.80			0.84			(0.34	)		91
Year ended 12/31/20			59.77			(0.08	)			21.00				20.92				–				(10.35	)			(10.35	)			70.34		36.59				626,304		0.80			0.88			(0.12	)		37
Year ended 12/31/19			48.50			0.06				16.80				16.86				(0.04	)			(5.55	)			(5.59	)			59.77		36.20				538,247		0.80			0.88			0.10			73
Year ended 12/31/18			55.70			0.09				(2.71	)			(2.62	)			(0.19	)			(4.39	)			(4.58	)			48.50		(5.73	)			460,708		0.80			0.85			0.16			27
Year ended 12/31/17			48.36			0.15				12.33				12.48				(0.13	)			(5.01	)			(5.14	)			55.70		26.83				556,227		0.80			0.82			0.29			26
Series II
Six months ended 06/30/22			79.58			(0.10	)			(22.21	)			(22.31	)			–				–				–				57.27		(28.03	)			129,970		1.05	^(e)		1.13	^(e)		(0.31	)^(e)		38
Year ended 12/31/21			68.64			(0.45	)			15.73				15.28				–				(4.34	)			(4.34	)			79.58		22.28				226,282		1.05			1.09			(0.59	)		91
Year ended 12/31/20			58.67			(0.23	)			20.55				20.32				–				(10.35	)			(10.35	)			68.64		36.24				215,610		1.05			1.13			(0.37	)		37
Year ended 12/31/19			47.78			(0.08	)			16.52				16.44				–				(5.55	)			(5.55	)			58.67		35.84				200,741		1.05			1.13			(0.15	)		73
Year ended 12/31/18			54.89			(0.05	)			(2.67	)			(2.72	)			–				(4.39	)			(4.39	)			47.78		(5.96	)			141,790		1.05			1.10			(0.09	)		27
Year ended 12/31/17			47.73			0.02				12.16				12.18				(0.01	)			(5.01	)			(5.02	)			54.89		26.50				316,864		1.05			1.07			0.04			26

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended October 31, 2019, 2018 and 2017, respectively.

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

^(e)	Annualized.

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

Invesco V.I. Capital Appreciation Fund

Notes to Financial Statements

June 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

Invesco V.I. Capital Appreciation Fund

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

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

Federal Income Taxes – The Fund does not intend to qualify as a regulated investment company pursuant to Subchapter M of the Internal Revenue Code. The Fund is treated as a regular corporation, or “C” corporation, for U.S. federal income tax purposes and generally is subject to U.S. federal income tax on its taxable income at the rate applicable to corporations. In addition, as a regular corporation, the Fund may be subject to state and local taxes in jurisdictions in which the MLPs operate. The estimate state tax rate is based on a periodic analysis of the Fund’s holdings. Taxes include current and deferred taxes. Current taxes reflect the estimated tax liability of the Fund as of a measurement date based on taxable income. Deferred taxes reflect estimates of (i) taxes on net unrealized gains (losses), which are attributable to the difference between fair market value and tax basis, (ii) the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes, and (iii) the net tax benefit of accumulated net operating losses, capital loss carryforwards and other tax attributes.

The Fund’s deferred tax asset (“DTA”) and/or liability balances are estimated using estimates of effective tax rates expected to apply to taxable income in the years such balances are realized. A DTA will be recognized for temporary book/tax differences, net of unrealized losses, and carryforwards (net operating losses, capital loss carryforward, or tax credits). To the extent the Fund has a DTA, the Fund will assess whether a valuation allowance is required to offset the value of a portion, or all, of the DTA. Prior year capital gains (carrybacks), unrealized net gains, future reversals of existing taxable timing differences, forecast of future profitability (based on historical evidence), potential tax planning strategies, unsettled circumstances, and other evidence will be used in determining the valuation allowance. The valuation allowance is reviewed periodically and the Fund may modify its estimates or assumptions regarding the net deferred tax asset or liability balances and any applicable valuation allowance. The Fund recognizes interest and penalties associated with underpayment of federal and state income taxes, if any, in tax expense. The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

J.	Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers.

Invesco V.I. Capital Appreciation Fund

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.

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.

L.	Other Risks – The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate


Upto $200 million		0.750%


Next $200 million		0.720%


Next $200 million		0.690%


Next $200 million		0.660%


Next $200 million		0.600%


Over $1 billion		0.580%

*	The advisory fee 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, 2022, the effective advisory fee rate incurred by the Fund was 0.70%.

The Adviser has contractually agreed, through at least April 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. 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.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $301,277.

Invesco V.I. Capital Appreciation Fund

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2022, Invesco was paid $51,518 for accounting and fund administrative services and was reimbursed $552,817 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the six months ended June 30, 2022, the Fund incurred $5,211 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	590,336,300	$	–		$–	$	590,336,300


Money Market Funds		12,656,435		44,271,840		–		56,928,275


Total Investments	$	602,992,735	$	44,271,840		$–	$	647,264,575

NOTE 4–Trustees’ and Officers’ Fees and Benefits

NOTE 5–Cash Balances

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

NOTE 6–Tax Information

Invesco V.I. Capital Appreciation Fund

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022 was $273,889,821 and $343,044,069, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	148,428,675


Aggregate unrealized (depreciation) of investments		(45,502,466	)


Net unrealized appreciation of investments	$	102,926,209

Cost of investments for tax purposes is $544,338,366.

NOTE 8–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		216,708		$	14,223,970			209,804		$	16,035,979


Series II		71,312			4,560,143			82,230			6,046,853



Issued as reinvestment of dividends:
Series I		-			-			433,698			35,407,065


Series II		-			-			151,756			12,047,930



Reacquired:
Series I		(423,140	)		(29,160,744	)		(1,161,400	)		(90,430,762	)


Series II		(645,275	)		(44,856,190	)		(531,413	)		(40,508,544	)


Net increase (decrease) in share activity		(780,395	)	$	(55,232,821	)		(815,325	)	$	(61,401,479	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 32% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Capital Appreciation Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$720.60	$3.41	$1,020.83	$4.01	0.80%
Series II	1,000.00	719.70	4.48	1,019.59	5.26	1.05

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Capital Appreciation Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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. Capital Appreciation 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 Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

are negotiated during the annual contract renewal 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 2, 2022 and June 13, 2022, 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. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

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

way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers 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 are appropriate and satisfactory.

B.	Fund Investment Performance

Invesco V.I. Capital Appreciation Fund

created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund’s investment process and portfolio management team underwent changes in December 2020. 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 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 in the fourth and fifth quintiles, respectively, of its expense group and discussed with management reasons for such relative actual management fees and total expenses. The Board requested and considered additional information from management regarding such relative total expenses, including the differentiated client based associated with variable insurance products.

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

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.

Invesco V.I. Capital Appreciation Fund

federal securities laws and consistent with best execution obligations.

Invesco V.I. Capital Appreciation Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. Comstock Fund

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE



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

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	-7.43	%
Series II Shares	-7.55
S&P 500 Index^▼ (Broad Market Index)	-19.96
Russell 1000 Value Index^▼ (Style-Specific Index)	-12.86
Lipper VUF Large-Cap Value Funds Index^∎ (Peer Group Index)	-12.68

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

The S&P 500^®Index is an unmanaged index considered representative of the US stock market.
The Russell 1000^®Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell^®is a trademark of the Frank Russell Co.
The Lipper VUF Large-Cap Value Funds Index is an unmanaged index considered representative of large-cap value variable insurance underlying funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (4/30/99)	7.36	%
10 Years	11.06
5 Years	8.95
1 Year	-0.38

Series II Shares
Inception (9/18/00)	7.35	%
10 Years	10.79
5 Years	8.68
1 Year	-0.63

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

Invesco V.I. Comstock Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

Invesco V.I. Comstock Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Comstock Fund

Schedule of Investments^(a)

June 30, 2022

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–96.19%
Aerospace & Defense–0.89%

Textron, Inc.		194,434	$ 11,874,084

Air Freight & Logistics–2.31%

FedEx Corp.		135,573	30,735,755

Apparel, Accessories & Luxury Goods–0.79%

Ralph Lauren Corp.^(b)		117,011	10,490,036

Asset Management & Custody Banks–1.65%

State Street Corp.		357,335	22,029,703

Automobile Manufacturers–1.47%

General Motors Co.^(c)		614,541	19,517,822

Building Products–1.77%

Johnson Controls International PLC		492,166	23,564,908

Cable & Satellite–1.45%

Comcast Corp., Class A		491,922	19,303,019

Casinos & Gaming–1.37%

Las Vegas Sands Corp.^(c)		544,159	18,278,301

Communications Equipment–2.83%

Cisco Systems, Inc.		617,241	26,319,156

F5, Inc.^(c)		74,275	11,367,046

			37,686,202

Construction Machinery & Heavy Trucks–3.08%

Caterpillar, Inc.		115,291	20,609,419

Wabtec Corp.		248,852	20,425,772

			41,035,191

Diversified Banks–7.48%

Bank of America Corp.		1,067,422	33,228,847

Citigroup, Inc.		461,307	21,215,509

JPMorgan Chase & Co.		123,877	13,949,789

Wells Fargo & Co.		796,162	31,185,665

			99,579,810

Electric Utilities–0.37%

Exelon Corp.		109,587	4,966,483

Electrical Components & Equipment–3.11%

Eaton Corp. PLC		169,007	21,293,192

Emerson Electric Co.		252,648	20,095,622

			41,388,814

Fertilizers & Agricultural Chemicals–2.17%

CF Industries Holdings, Inc.		213,843	18,332,760

Corteva, Inc.		194,690	10,540,517

			28,873,277

Health Care Distributors–3.33%

Henry Schein, Inc.^(c)		198,859	15,260,440

McKesson Corp.		89,018	29,038,562

			44,299,002


	Shares		Value
Health Care Equipment–2.06%

Becton, Dickinson and Co.		67,884	$ 16,735,443

Medtronic PLC		118,378	10,624,425

			27,359,868

Health Care Facilities–1.78%

HCA Healthcare, Inc.		74,485	12,517,949

Universal Health Services, Inc., Class B^(b)		110,515	11,129,966

			23,647,915

Health Care Services–1.98%

CVS Health Corp.		284,768	26,386,603

Health Care Supplies–0.47%

DENTSPLY SIRONA, Inc.		176,580	6,309,203

Hotel & Resort REITs–0.70%

Host Hotels & Resorts, Inc.^(b)		598,224	9,380,152

Hotels, Resorts & Cruise Lines–1.58%

Booking Holdings, Inc.^(c)		12,041	21,059,589

Household Products–2.80%

Colgate-Palmolive Co.		159,341	12,769,588

Kimberly-Clark Corp.		181,483	24,527,427

			37,297,015

Industrial Conglomerates–0.93%

General Electric Co.^(b)		195,044	12,418,452

Integrated Oil & Gas–5.28%

Chevron Corp.		231,210	33,474,584

Exxon Mobil Corp.		90,757	7,772,429

Suncor Energy, Inc. (Canada)		826,441	28,983,286

			70,230,299

Interactive Media & Services–0.77%

Meta Platforms, Inc., Class A^(c)		63,340	10,213,575

Internet & Direct Marketing Retail–0.37%

eBay, Inc.		116,625	4,859,764

Investment Banking & Brokerage–2.50%

Goldman Sachs Group, Inc. (The)		64,238	19,079,971

Morgan Stanley		187,167	14,235,922

			33,315,893

IT Consulting & Other Services–3.23%

Cognizant Technology Solutions Corp., Class A		335,103	22,616,101

DXC Technology Co.^(c)		670,608	20,326,129

			42,942,230

Life & Health Insurance–1.07%

MetLife, Inc.		227,365	14,276,248

Managed Health Care–3.74%

Elevance Health, Inc.		77,446	37,373,890

Humana, Inc.		26,539	12,422,110

			49,796,000

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

Invesco V.I. Comstock Fund


	Shares		Value
Multi-line Insurance–2.16%

American International Group, Inc.		561,404	$ 28,704,587

Oil & Gas Exploration & Production–6.08%

ConocoPhillips		188,624	16,940,321

Devon Energy Corp.		250,354	13,797,009

Hess Corp.^(b)		182,559	19,340,300

Marathon Oil Corp.		659,139	14,817,445

Pioneer Natural Resources Co.^(b)		72,158	16,097,007

			80,992,082

Packaged Foods & Meats–0.78%

Kraft Heinz Co. (The)		270,909	10,332,469

Paper Packaging–1.72%

International Paper Co.^(b)		547,739	22,911,922

Pharmaceuticals–6.48%

Bristol-Myers Squibb Co.		227,147	17,490,319

Johnson & Johnson		152,905	27,142,167

Merck & Co., Inc.		222,895	20,321,337

Sanofi, ADR (France)		427,311	21,378,369

			86,332,192

Property & Casualty Insurance–1.04%

Allstate Corp. (The)		109,592	13,888,594

Regional Banks–4.49%

Citizens Financial Group, Inc.		449,314	16,036,016

Fifth Third Bancorp^(b)		483,978	16,261,661

Huntington Bancshares, Inc.^(b)		1,133,560	13,636,727

M&T Bank Corp.		86,984	13,864,380

			59,798,784

Semiconductors–3.35%

Intel Corp.		215,923	8,077,679

NXP Semiconductors N.V. (China)		138,058	20,436,726

QUALCOMM, Inc.		126,289	16,132,157

			44,646,562

Soft Drinks–1.22%

Coca-Cola Co. (The)		258,462	16,259,844

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust


	Shares		Value


Systems Software–1.55%
Microsoft Corp.		80,266	$	20,614,717



Tobacco–2.80%
Philip Morris International, Inc. (Switzerland)		376,916		37,216,686



Wireless Telecommunication Services–1.19%
T-Mobile US, Inc.^(c)		117,875		15,858,903


Total Common Stocks & Other Equity Interests (Cost $931,802,816)				1,280,672,555



Money Market Funds–3.65%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(d)(e)		16,926,291		16,926,291


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(d)(e)		12,380,485		12,379,247


Invesco Treasury Portfolio, Institutional Class, 1.35%^(d)(e)		19,344,333		19,344,333


Total Money Market Funds (Cost $48,648,065)				48,649,871


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.84% (Cost $980,450,881)				1,329,322,426



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–6.41%
Invesco Private Government Fund, 1.38%^(d)(e)(f)		23,879,941		23,879,941


Invesco Private Prime Fund, 1.66%^(d)(e)(f)		61,405,562		61,405,562


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $85,285,503)				85,285,503


TOTAL INVESTMENTS IN SECURITIES–106.25% (Cost $1,065,736,384)				1,414,607,929


OTHER ASSETS LESS LIABILITIES–(6.25)%				(83,155,653	)


NET ASSETS-100.00%			$	1,331,452,276

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at June 30, 2022.

^(c)	Non-income producing security.

^(d)


	Value December 31, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value June 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	12,679,687		$	65,049,636		$ (60,803,032	)		$	-		$	-		$	16,926,291	$ 16,396
Invesco Liquid Assets Portfolio, Institutional Class			9,348,262			46,464,026		(43,430,738	)			1,840			(4,143)			12,379,247	24,326
Invesco Treasury Portfolio, Institutional Class			14,491,071			74,342,441		(69,489,179	)			-			-			19,344,333	32,032

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

Invesco V.I. Comstock Fund


	Value December 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)			Value June 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	655,872		$	178,574,147		$	(155,350,078	)		$	-		$	-		$	23,879,941	$ 27,112*
Invesco Private Prime Fund			1,530,368			399,231,552			(339,340,270	)			-			(16,088)			61,405,562	78,877*
Total		$	38,705,260		$	763,661,802		$	(668,413,297	)		$	1,840		$	(20,231)		$	133,935,374	$178,743

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

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


Open Forward Foreign Currency Contracts
Settlement Date	Counterparty	Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver			Receive			Unrealized Appreciation (Depreciation)
Currency Risk

07/22/2022	Deutsche Bank AG		USD	3,269,297		CAD	4,237,214		$ 22,531

07/22/2022	Deutsche Bank AG		USD	283,947		EUR	271,280		655

07/22/2022	Royal Bank of Canada		CAD	21,878,797		USD	17,000,384		3,077

07/22/2022	Royal Bank of Canada		EUR	663,623		USD	703,625		7,414

07/22/2022	Royal Bank of Canada		USD	1,724,394		CAD	2,235,155		12,063
Subtotal–Appreciation									45,740

Currency Risk

07/22/2022	Canadian Imperial Bank of Commerce		CAD	1,412,177		USD	1,096,691		(408	)

07/22/2022	Royal Bank of Canada		CAD	1,960,504		USD	1,517,201		(5,885	)

07/22/2022	Royal Bank of Canada		EUR	10,373,565		USD	10,834,659		(48,315	)
Subtotal–Depreciation									(54,608	)
Total Forward Foreign Currency Contracts									$ (8,868	)

Abbreviations:

CAD - Canadian Dollar

EUR - Euro

USD - U.S. Dollar

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022



Financials	20.40	%

Health Care	19.84

Industrials	12.09

Energy	11.36

Information Technology	10.96

Consumer Staples	7.59

Consumer Discretionary	5.57

Materials	3.89

Communication Services	3.41

Other Sectors, Each Less than 2% of Net Assets	1.08

Money Market Funds Plus Other Assets Less Liabilities	3.81

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

Invesco V.I. Comstock Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $931,802,816)*	$	1,280,672,555


Investments in affiliated money market funds, at value (Cost $133,933,568)		133,935,374


Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		45,740


Cash		383,662


Foreign currencies, at value (Cost $53)		482


Receivable for:
Investments sold		5,316,795


Fund shares sold		1,382,133


Dividends		2,963,948


Investment for trustee deferred compensation and retirement plans		159,899


Other assets		860


Total assets		1,424,861,448



Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		54,608


Payable for:
Investments purchased		455,056


Fund shares reacquired		6,451,739


Collateral upon return of securities loaned		85,285,503


Accrued fees to affiliates		897,101


Accrued trustees’ and officers’ fees and benefits		3,327


Accrued other operating expenses		83,547


Trustee deferred compensation and retirement plans		178,291


Total liabilities		93,409,172


Net assets applicable to shares outstanding	$	1,331,452,276



Net assets consist of:
Shares of beneficial interest	$	816,270,419


Distributable earnings		515,181,857


	$	1,331,452,276



Net Assets:
Series I	$	190,629,307


Series II	$	1,140,822,969



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		9,741,120


Series II		58,630,908


Series I:
Net asset value per share	$	19.57


Series II:
Net asset value per share	$	19.46

*	At June 30, 2022, securities with an aggregate value of $82,649,129 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $248,747)	$	18,303,805


Dividends from affiliated money market funds (includes securities lending income of $25,740)		98,494


Total investment income		18,402,299



Expenses:
Advisory fees		4,263,360


Administrative services fees		1,242,719


Custodian fees		12,836


Distribution fees - Series II		1,614,896


Transfer agent fees		38,811


Trustees’ and officers’ fees and benefits		12,905


Reports to shareholders		1,755


Professional services fees		21,904


Other		6,327


Total expenses		7,215,513


Less: Fees waived		(15,982	)


Net expenses		7,199,531


Net investment income		11,202,768



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		113,302,759


Affiliated investment securities		(20,231	)


Foreign currencies		(43,344	)


Forward foreign currency contracts		1,035,017


		114,274,201


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(235,430,685	)


Affiliated investment securities		1,840


Foreign currencies		3


Forward foreign currency contracts		249,332


		(235,179,510	)


Net realized and unrealized gain (loss)		(120,905,309	)


Net increase (decrease) in net assets resulting from operations	$	(109,702,541	)

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

Invesco V.I. Comstock Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30, 2022			December 31, 2021


Operations:
Net investment income	$	11,202,768		$	19,609,058


Net realized gain		114,274,201			111,004,656


Change in net unrealized appreciation (depreciation)		(235,179,510	)		284,252,375


Net increase (decrease) in net assets resulting from operations		(109,702,541	)		414,866,089



Distributions to shareholders from distributable earnings:
Series I		–			(3,720,325	)


Series II		–			(20,542,786	)


Total distributions from distributable earnings		–			(24,263,111	)



Share transactions-net:
Series I		(6,267,969	)		(23,075,037	)


Series II		(88,559,378	)		(158,052,169	)


Net increase (decrease) in net assets resulting from share transactions		(94,827,347	)		(181,127,206	)


Net increase (decrease) in net assets		(204,529,888	)		209,475,772



Net assets:
Beginning of period		1,535,982,164			1,326,506,392


End of period	$	1,331,452,276		$	1,535,982,164

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

Invesco V.I. Comstock Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends from net investment income		Distributions from net realized gains		Total distributions		Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed		Ratio of expenses to average net assets without fee waivers and/or expenses absorbed		Ratio of net investment income to average net assets		Portfolio turnover ^(c)
Series I
Six months ended 06/30/22		$21.14		$0.18		$(1.75)		$(1.57)		$ –		$ –		$ –		$19.57		(7.43	)%		$ 190,629		0.74%^(d)		0.74%^(d)		1.71%^(d)		14%
Year ended 12/31/21		16.13		0.30		5.07		5.37		(0.36)		–		(0.36)		21.14		33.36			212,550		0.74		0.74		1.53		16
Year ended 12/31/20		17.16		0.32		(0.59)		(0.27)		(0.36)		(0.40)		(0.76)		16.13		(0.85	)		181,594		0.75		0.75		2.24		38
Year ended 12/31/19		16.12		0.37		3.45		3.82		(0.37)		(2.41)		(2.78)		17.16		25.30			199,521		0.74		0.74		2.09		21
Year ended 12/31/18		20.62		0.33		(2.41)		(2.08)		(0.36)		(2.06)		(2.42)		16.12		(12.16	)		214,084		0.75		0.75		1.63		19
Year ended 12/31/17		18.69		0.28		2.94		3.22		(0.44)		(0.85)		(1.29)		20.62		17.85			270,651		0.75		0.75		1.47		13
Series II
Six months ended 06/30/22		21.05		0.15		(1.74)		(1.59)		–		–		–		19.46		(7.55	)		1,140,823		0.99^(d)		0.99^(d)		1.46^(d)		14
Year ended 12/31/21		16.07		0.25		5.05		5.30		(0.32)		–		(0.32)		21.05		33.04			1,323,433		0.99		0.99		1.28		16
Year ended 12/31/20		17.09		0.28		(0.58)		(0.30)		(0.32)		(0.40)		(0.72)		16.07		(1.09	)		1,144,913		1.00		1.00		1.99		38
Year ended 12/31/19		16.06		0.32		3.44		3.76		(0.32)		(2.41)		(2.73)		17.09		24.94			1,240,109		0.99		0.99		1.84		21
Year ended 12/31/18		20.54		0.28		(2.40)		(2.12)		(0.30)		(2.06)		(2.36)		16.06		(12.37	)		1,098,666		1.00		1.00		1.38		19
Year ended 12/31/17		18.62		0.23		2.93		3.16		(0.39)		(0.85)		(1.24)		20.54		17.58			1,643,281		1.00		1.00		1.22		13

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

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

Invesco V.I. Comstock Fund

Notes to Financial Statements

June 30, 2022

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

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

Invesco V.I. Comstock Fund

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

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

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

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, the Fund paid the Adviser $1,341 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

Invesco V.I. Comstock Fund

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

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


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

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.57%.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $15,982.

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, 2022, Invesco was paid $114,548 for accounting and fund administrative services and was reimbursed $1,128,171 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2022, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Invesco V.I. Comstock Fund

and own Series II shares of the Fund. For the six months ended June 30, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the six months ended June 30, 2022, the Fund incurred $1,339 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2			Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	1,280,672,555	$	–			$–	$	1,280,672,555


Money Market Funds		48,649,871		85,285,503			–		133,935,374


Total Investments in Securities		1,329,322,426		85,285,503			–		1,414,607,929



Other Investments - Assets*


Forward Foreign Currency Contracts		–		45,740			–		45,740



Other Investments - Liabilities*


Forward Foreign Currency Contracts		–		(54,608	)		–		(54,608	)


Total Other Investments		–		(8,868	)		–		(8,868	)


Total Investments	$	1,329,322,426	$	85,276,635			$–	$	1,414,599,061

*	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, 2022:


	Value
	Currency
Derivative Assets	Risk


Unrealized appreciation on forward foreign currency contracts outstanding	$	45,740


Derivatives not subject to master netting agreements		–


Total Derivative Assets subject to master netting agreements	$	45,740


	Value
	Currency
Derivative Liabilities	Risk


Unrealized depreciation on forward foreign currency contracts outstanding	$	(54,608	)


Derivatives not subject to master netting agreements		–


Total Derivative Liabilities subject to master netting agreements	$	(54,608	)

Invesco V.I. Comstock Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2022.


	Financial Derivative Assets		Financial Derivative Liabilities				Collateral (Received)/Pledged
	Forward Foreign		Forward Foreign		Net Value of				Net
Counterparty	Currency Contracts		Currency Contracts		Derivatives		Non-Cash	Cash	Amount


Canadian Imperial Bank of Commerce		$ –		$ (408)	$	(408)	$–	$–	$	(408	)


Deutsche Bank AG		23,186		–		23,186	–	–		23,186


Royal Bank of Canada		22,554		(54,200)		(31,646)	–	–		(31,646	)


Total		$45,740		$(54,608)	$	(8,868)	$–	$–	$	(8,868	)

Effect of Derivative Investments for the six months ended June 30, 2022

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

Location of Gain on

Statement of Operations

Currency

Risk

Realized Gain:

Forward foreign currency contracts

1,035,017

Change in Net Unrealized Appreciation:

Forward foreign currency contracts

249,332

Total

1,284,349

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


		Forward
		Foreign Currency
		Contracts


Average notional value		$38,721,175

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2021.

Invesco V.I. Comstock Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2022 was $205,399,669 and $317,969,819, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	368,040,934


Aggregate unrealized (depreciation) of investments		(39,562,800	)


Net unrealized appreciation of investments	$	328,478,134

Cost of investments for tax purposes is $1,086,120,927.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		1,207,264		$	26,113,872			1,134,757		$	22,239,616


Series II		3,157,882			67,518,522			3,425,435			67,116,132



Issued as reinvestment of dividends:
Series I		-			-			179,726			3,720,325


Series II		-			-			996,739			20,542,786



Reacquired:
Series I		(1,518,331	)		(32,381,841	)		(2,519,229	)		(49,034,978	)


Series II		(7,399,148	)		(156,077,900	)		(12,795,370	)		(245,711,087	)


Net increase (decrease) in share activity		(4,552,333	)	$	(94,827,347	)		(9,577,942	)	$	(181,127,206	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Comstock Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes

HYPOTHETICAL

(5% annual return before

ACTUAL

expenses)

Beginning

Ending

Expenses

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(01/01/22)

(06/30/22)¹

Period²

(06/30/22)

Period²

Ratio

Series I

$1,000.00

$925.70

$3.53

$1,021.12

$3.71

0.74%

Series II

1,000.00

924.50

4.72

1,019.89

4.96

0.99

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Comstock Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

Invesco V.I. Comstock Fund

investment process change in September 2020. 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

Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

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 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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 determination that the services are required for the operation of the Fund.

Invesco V.I. Comstock Fund

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.

Invesco V.I. Comstock Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. Conservative Balanced Fund

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


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

Invesco Distributors, Inc.				O-VICBAL-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	-16.02	%
Series II Shares	-16.05
Russell 3000 Index^▼	-21.10
Bloomberg U.S. Aggregate Bond Index^▼	-10.35
Custom Invesco V.I. Conservative Balanced Index^∎	-13.94

Source(s): ^▼RIMES Technologies Corp.; ^∎Invesco, RIMES Technologies Corp.
The Russell 3000^®Index is an unmanaged index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the Frank Russell Co. Russell^®is a trademark of the Frank Russell Co.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.
The Custom Invesco V.I. Conservative Balanced Index is composed of 65% Bloomberg U.S. Aggregate Bond Index and 35% Russell 3000^®Index.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.


Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (2/9/87)	6.67	%
10 Years	6.12
5 Years	4.24
1 Year	-13.33

Series II Shares
Inception (5/1/02)	3.77	%
10 Years	5.86
5 Years	3.99
1 Year	-13.52

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

Invesco V.I. Conservative Balanced Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

Invesco V.I. Conservative Balanced Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Conservative Balanced Fund

Schedule of Investments^(a)

June 30, 2022

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–37.71%
Aerospace & Defense–0.60%

Raytheon Technologies Corp.		10,517	$ 1,010,789

Agricultural & Farm Machinery–0.35%

Deere & Co.		1,943	581,870

Air Freight & Logistics–0.60%

United Parcel Service, Inc., Class B^(b)		5,504	1,004,700

Airlines–0.13%

Spirit Airlines, Inc.^(c)		8,980	214,083

Apparel Retail–0.18%

Ross Stores, Inc.		4,343	305,009

Application Software–0.75%

Consensus Cloud Solutions, Inc.^(c)		766	33,459

Manhattan Associates, Inc.^(c)		1,364	156,315

salesforce.com, inc.^(c)		3,974	655,869

Synopsys, Inc.^(c)		1,349	409,691

			1,255,334

Automobile Manufacturers–0.48%

General Motors Co.^(c)		9,343	296,734

Tesla, Inc.^(c)		761	512,472

			809,206

Biotechnology–0.28%

Seagen, Inc.^(c)		2,675	473,314

Cable & Satellite–0.25%

Charter Communications, Inc., Class A^(c)		880	412,306

Communications Equipment–0.33%

Motorola Solutions, Inc.^(b)		2,634	552,086

Construction Materials–0.30%

Vulcan Materials Co.		3,548	504,171

Consumer Finance–0.33%

Capital One Financial Corp.		5,330	555,333

Data Processing & Outsourced Services–1.09%

Mastercard, Inc., Class A		5,795	1,828,207

Diversified Banks–0.97%

JPMorgan Chase & Co.		14,382	1,619,557

Diversified Metals & Mining–0.16%

Compass Minerals International, Inc.		7,603	269,070

Electric Utilities–0.67%

Avangrid, Inc.^(b)		15,439	712,047

PPL Corp.		15,411	418,100

			1,130,147

Electrical Components & Equipment–0.61%

Hubbell, Inc.		1,795	320,551

Regal Rexnord Corp.		3,757	426,495


	Shares		Value
Electrical Components & Equipment–(continued)

Rockwell Automation, Inc.		1,422	$ 283,419

			1,030,465

Environmental & Facilities Services–0.21%

Waste Connections, Inc.		2,782	344,857

Financial Exchanges & Data–0.58%

Intercontinental Exchange, Inc.		10,390	977,076

Gas Utilities–0.80%

ONE Gas, Inc.		8,165	662,916

Suburban Propane Partners L.P.		44,185	674,263

			1,337,179

Health Care Equipment–0.47%

Boston Scientific Corp.^(c)		13,730	511,717

DexCom, Inc.^(c)		3,600	268,308

			780,025

Health Care Facilities–0.63%

HCA Healthcare, Inc.		3,108	522,331

Tenet Healthcare Corp.^(c)		10,256	539,055

			1,061,386

Home Improvement Retail–0.16%

Home Depot, Inc. (The)		988	270,979

Homebuilding–0.31%

D.R. Horton, Inc.		7,815	517,275

Hotels, Resorts & Cruise Lines–0.32%

Airbnb, Inc., Class A^(c)		2,565	228,490

Wyndham Hotels & Resorts, Inc.		4,771	313,550

			542,040

Household Products–0.66%

Procter & Gamble Co. (The)		7,681	1,104,451

Human Resource & Employment Services–0.31%

Korn Ferry		8,984	521,252

Hypermarkets & Super Centers–0.51%

Walmart, Inc.		7,067	859,206

Industrial Conglomerates–0.30%

Honeywell International, Inc.		2,936	510,306

Industrial Machinery–0.32%

Otis Worldwide Corp.		7,682	542,887

Industrial REITs–0.82%

Prologis, Inc.		11,664	1,372,270

Insurance Brokers–0.45%

Arthur J. Gallagher & Co.		4,662	760,092

Integrated Oil & Gas–0.91%

Exxon Mobil Corp.		17,761	1,521,052

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

Invesco V.I. Conservative Balanced Fund


	Shares		Value
Integrated Telecommunication Services–1.32%

Verizon Communications, Inc.		43,696	$ 2,217,572

Interactive Home Entertainment–0.37%

Electronic Arts, Inc.		5,053	614,697

Interactive Media & Services–1.86%

Alphabet, Inc., Class A^(c)		1,313	2,861,368

Bumble, Inc., Class A^(c)		3,084	86,815

Ziff Davis, Inc.^(c)		2,299	171,344

			3,119,527

Internet & Direct Marketing Retail–1.76%

Amazon.com, Inc.^(c)		27,800	2,952,638

Investment Banking & Brokerage–0.44%

Raymond James Financial, Inc.		8,267	739,152

IT Consulting & Other Services–0.19%

Amdocs Ltd.		3,893	324,326

Leisure Facilities–0.12%

Cedar Fair L.P.^(c)		4,418	193,994

Life Sciences Tools & Services–0.23%

Avantor, Inc.^(c)		12,554	390,429

Managed Health Care–1.39%

Molina Healthcare, Inc.^(c)		1,224	342,243

UnitedHealth Group, Inc.		3,853	1,979,016

			2,321,259

Metal & Glass Containers–0.31%

Silgan Holdings, Inc.		12,636	522,499

Office REITs–0.16%

Alexandria Real Estate Equities, Inc.		1,859	269,611

Oil & Gas Exploration & Production–0.71%

APA Corp.		9,267	323,418

Chesapeake Energy Corp.		6,524	529,097

CNX Resources Corp.^(c)		20,220	332,821

			1,185,336

Oil & Gas Storage & Transportation–0.28%

Energy Transfer L.P.		47,067	469,729

Pharmaceuticals–2.49%

AstraZeneca PLC, ADR (United Kingdom)		12,642	835,257

Bayer AG (Germany)		10,285	611,068

Catalent, Inc.^(c)		3,807	408,453

Eli Lilly and Co.		3,470	1,125,078

Johnson & Johnson		6,682	1,186,122

			4,165,978

Property & Casualty Insurance–0.62%

Allstate Corp. (The)		8,226	1,042,481

Regional Banks–0.59%

East West Bancorp, Inc.		7,053	457,034

First Citizens BancShares, Inc., Class A		823	538,061

			995,095

Research & Consulting Services–0.22%

CACI International, Inc., Class A^(c)		1,315	370,541


	Shares		Value
Semiconductor Equipment–0.45%

Applied Materials, Inc.		8,251	$ 750,676

Semiconductors–1.54%

Advanced Micro Devices, Inc.^(c)		9,946	760,571

NVIDIA Corp.		6,597	1,000,039

QUALCOMM, Inc.		6,359	812,299

			2,572,909

Soft Drinks–0.66%

Coca-Cola Co. (The)		17,521	1,102,246

Specialty Chemicals–0.22%

NewMarket Corp.		1,252	376,802

Systems Software–4.09%

Microsoft Corp.		18,135	4,657,612

VMware, Inc., Class A		19,218	2,190,468

			6,848,080

Technology Hardware, Storage & Peripherals–1.85%

Apple, Inc.		22,650	3,096,708

Total Common Stocks & Other Equity Interests (Cost $51,930,029)			63,220,265

	Principal Amount
U.S. Dollar Denominated Bonds & Notes–23.44%
Advertising–0.03%

Interpublic Group of Cos., Inc. (The), 4.20%, 04/15/2024		$ 19,000	19,023

WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024		33,000	32,256

			51,279

Aerospace & Defense–0.12%

BAE Systems Holdings, Inc. (United Kingdom), 3.85%, 12/15/2025^(d)		26,000	25,564

L3Harris Technologies, Inc., 3.85%, 06/15/2023		31,000	31,007
Lockheed Martin Corp.,

4.15%, 06/15/2053		74,000	69,221

4.30%, 06/15/2062		86,000	80,964

			206,756

Agricultural & Farm Machinery–0.24%

Bunge Ltd. Finance Corp., 2.75%, 05/14/2031		125,000	103,306
Cargill, Inc.,

3.63%, 04/22/2027^(d)		101,000	99,274

4.00%, 06/22/2032^(d)		123,000	120,513

4.38%, 04/22/2052^(d)		86,000	82,891

			405,984

Airlines–0.37%
American Airlines Pass-Through Trust,

Series 2021-1, Class B, 3.95%, 07/11/2030		106,000	88,761
Series 2021-1, Class A, 2.88%, 07/11/2034		124,000	105,981

British Airways Pass-Through Trust (United Kingdom), Series 2021-1, Class A, 2.90%, 03/15/2035^(d)		56,841	50,227

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

Invesco V.I. Conservative Balanced Fund


	Principal Amount		Value
Airlines–(continued)
Delta Air Lines, Inc./SkyMiles IP Ltd.,

4.50%, 10/20/2025^(d)	$	84,809	$ 82,486

4.75%, 10/20/2028^(d)		189,763	179,401

United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/2027		111,783	110,028

			616,884

Apparel Retail–0.02%

Ross Stores, Inc., 3.38%, 09/15/2024		36,000	35,406

Application Software–0.28%
salesforce.com, inc.,

2.90%, 07/15/2051		118,000	89,371

3.05%, 07/15/2061		72,000	52,806
Workday, Inc.,

3.70%, 04/01/2029		144,000	134,836

3.80%, 04/01/2032		204,000	186,613

			463,626

Asset Management & Custody Banks–0.48%

Ameriprise Financial, Inc., 4.50%, 05/13/2032		80,000	78,750

Bank of New York Mellon Corp. (The), Series I, 3.75%^(e)(f)		243,000	198,976
Blackstone Secured Lending Fund,

2.75%, 09/16/2026		152,000	132,922

2.13%, 02/15/2027		89,000	74,515

2.85%, 09/30/2028		55,000	44,408

Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025		27,000	26,896

CI Financial Corp. (Canada), 3.20%, 12/17/2030		58,000	45,410

FS KKR Capital Corp., 1.65%, 10/12/2024		63,000	56,095

KKR Group Finance Co. XII LLC, 4.85%, 05/17/2032^(d)		111,000	109,724

State Street Corp., 4.42%, 05/13/2033^(e)		40,000	39,483

			807,179

Automobile Manufacturers–0.54%
BMW US Capital LLC (Germany),

2.38% (SOFR + 0.84%), 04/01/2025^(d)(g)		77,000	76,352

3.45%, 04/01/2027^(d)		86,000	83,904

3.70%, 04/01/2032^(d)		99,000	93,504

Daimler Finance North America LLC (Germany), 2.55%, 08/15/2022^(d)		149,000	149,044
General Motors Financial Co., Inc.,

4.15%, 06/19/2023		29,000	29,028

3.80%, 04/07/2025		95,000	92,740

5.00%, 04/09/2027		147,000	144,324
Hyundai Capital America,

5.75%, 04/06/2023^(d)		41,000	41,626

4.13%, 06/08/2023^(d)		53,000	52,968

2.00%, 06/15/2028^(d)		81,000	68,181

Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026^(d)		82,000	69,176

			900,847


	Principal Amount		Value
Automotive Retail–0.10%

Advance Auto Parts, Inc., 1.75%, 10/01/2027	$	117,000	$ 99,520

O’Reilly Automotive, Inc., 4.70%, 06/15/2032		67,000	66,801

			166,321

Biotechnology–0.22%

AbbVie, Inc., 3.85%, 06/15/2024		65,000	64,986
CSL Finance PLC (Australia),

3.85%, 04/27/2027^(d)		57,000	56,509

4.05%, 04/27/2029^(d)		44,000	43,236

4.25%, 04/27/2032^(d)		59,000	57,755

4.63%, 04/27/2042^(d)		43,000	41,308

4.75%, 04/27/2052^(d)		67,000	64,191

4.95%, 04/27/2062^(d)		50,000	48,052

			376,037

Brewers–0.01%

Anheuser-Busch InBev Worldwide, Inc. (Belgium), 8.20%, 01/15/2039		15,000	19,397

Building Products–0.03%

Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 2.00%, 09/16/2031		30,000	23,902

Masco Corp., 1.50%, 02/15/2028		41,000	34,439

			58,341

Cable & Satellite–0.21%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,

2.94% (3 mo. USD LIBOR + 1.65%), 02/01/2024^(g)		87,000	87,692

3.50%, 06/01/2041		50,000	35,074

3.50%, 03/01/2042		103,000	71,640

3.90%, 06/01/2052		80,000	55,691

3.85%, 04/01/2061		73,000	48,149

4.40%, 12/01/2061		36,000	25,965

Comcast Corp., 2.65%, 08/15/2062		41,000	26,524

			350,735

Communications Equipment–0.01%

Motorola Solutions, Inc., 4.60%, 02/23/2028		23,000	22,266

Computer & Electronics Retail–0.02%

Leidos, Inc., 2.30%, 02/15/2031		47,000	37,490

Consumer Finance–0.09%

American Express Co., 4.99%, 05/26/2033^(e)		134,000	134,214

Synchrony Financial, 4.25%, 08/15/2024		22,000	21,887

			156,101

Data Processing & Outsourced Services–0.08%

PayPal Holdings, Inc., 5.05%, 06/01/2052		134,000	133,245

Distillers & Vintners–0.08%

Pernod Ricard S.A. (France), 4.25%, 07/15/2022^(d)		134,000	134,071

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

Invesco V.I. Conservative Balanced Fund


	Principal Amount		Value
Distributors–0.04%

Genuine Parts Co., 2.75%, 02/01/2032	$	86,000	$ 71,251

Diversified Banks–5.32%
Bank of America Corp.,

3.37%, 01/23/2026^(e)		28,000	27,154

4.38%, 04/27/2028^(e)		235,000	231,565

4.27%, 07/23/2029^(e)		15,000	14,429

2.69%, 04/22/2032^(e)		120,000	100,849

2.57%, 10/20/2032^(e)		68,000	56,158

2.97%, 02/04/2033^(e)		94,000	80,167

4.57%, 04/27/2033^(e)		195,000	190,006

2.48%, 09/21/2036^(e)		96,000	74,563

3.85%, 03/08/2037^(e)		28,000	24,233

7.75%, 05/14/2038		115,000	141,957

Series RR, 4.38%^(e)(f)		244,000	203,074

Series TT, 6.13%^(e)(f)		389,000	376,114
BPCE S.A. (France),

1.45% (SOFR + 0.57%), 01/14/2025^(d)(g)		250,000	246,464

4.50%, 03/15/2025^(d)		184,000	181,154

2.05%, 10/19/2027^(d)(e)		250,000	220,720
Citigroup, Inc.,

4.66%, 05/24/2028^(e)		122,000	121,166

4.08%, 04/23/2029^(e)		28,000	26,641

4.41%, 03/31/2031^(e)		30,000	28,684

2.56%, 05/01/2032^(e)		77,000	63,476

2.52%, 11/03/2032^(e)		47,000	38,182

3.06%, 01/25/2033^(e)		49,000	41,581

3.79%, 03/17/2033^(e)		234,000	211,039

4.91%, 05/24/2033^(e)		138,000	136,326

2.90%, 11/03/2042^(e)		68,000	49,350

Series V, 4.70%^(e)(f)		160,000	130,400

Commonwealth Bank of Australia (Australia), 3.31%, 03/11/2041^(d)		200,000	151,868

Cooperatieve Rabobank U.A. (Netherlands), 3.76%, 04/06/2033^(d)(e)		250,000	225,880
Credit Agricole S.A. (France),

4.75%^(d)(e)(f)		200,000	155,933

7.88%^(d)(e)(f)		200,000	197,873

4.38%, 03/17/2025^(d)		304,000	299,298

Danske Bank A/S (Denmark), 1.55%, 09/10/2027^(d)(e)		200,000	175,287

Discover Bank, 4.65%, 09/13/2028		122,000	117,530
HSBC Holdings PLC (United Kingdom),

4.60%^(e)(f)		225,000	173,510

3.95%, 05/18/2024^(e)		109,000	108,551

2.25%, 11/22/2027^(e)		200,000	178,346

4.04%, 03/13/2028^(e)		135,000	128,309

4.58%, 06/19/2029^(e)		183,000	176,595

6.25%^(e)(f)		203,000	199,346

ING Groep N.V. (Netherlands), 2.55% (SOFR + 1.01%), 04/01/2027^(g)		308,000	295,002
JPMorgan Chase & Co.,

3.80%, 07/23/2024^(e)		43,000	42,864

2.08%, 04/22/2026^(e)		47,000	44,008

3.78%, 02/01/2028^(e)		33,000	31,718

4.32%, 04/26/2028^(e)		231,000	227,400

3.54%, 05/01/2028^(e)		23,000	21,827

4.59%, 04/26/2033^(e)		139,000	136,676


	Principal Amount		Value
Diversified Banks–(continued)

Mizuho Financial Group, Inc. (Japan), 2.56%, 09/13/2031	$	200,000	$ 159,796

National Australia Bank Ltd. (Australia), 3.93%, 08/02/2034^(d)(e)		154,000	139,756

NatWest Group PLC (United Kingdom), 5.52%, 09/30/2028^(e)		200,000	201,623
Nordea Bank Abp (Finland),

3.75%^(d)(e)(f)		210,000	155,192

6.63%^(d)(e)(f)		202,000	193,702

PNC Bank N.A., 2.50%, 08/27/2024		252,000	245,079
Royal Bank of Canada (Canada),

3.70%, 10/05/2023		26,000	26,165

1.66% (SOFR + 0.71%), 01/21/2027^(g)		194,000	188,358

Standard Chartered PLC (United Kingdom), 2.68%, 06/29/2032^(d)(e)		200,000	160,719
Sumitomo Mitsui Financial Group, Inc. (Japan),

2.14%, 09/23/2030		72,000	57,750

2.22%, 09/17/2031		200,000	161,897

Truist Bank, 2.64%, 09/17/2029^(e)		376,000	357,846
U.S. Bancorp,

3.70%^(b)(e)(f)		267,000	205,590

2.49%, 11/03/2036^(e)		142,000	115,871

Series W, 3.10%, 04/27/2026		26,000	25,093
Wells Fargo & Co.,

Series BB, 3.90%^(e)(f)		93,000	80,154

3.53%, 03/24/2028^(e)		100,000	94,804

3.58%, 05/22/2028^(e)		27,000	25,637

4.75%, 12/07/2046		19,000	17,437

4.61%, 04/25/2053^(e)		170,000	157,603

Westpac Banking Corp. (Australia), 3.13%, 11/18/2041		60,000	44,085

			8,917,430

Diversified Capital Markets–0.73%

Credit Suisse AG (Switzerland), 3.63%, 09/09/2024		197,000	193,646
Credit Suisse Group AG (Switzerland),

5.10%^(d)(e)(f)		201,000	146,621

4.55%, 04/17/2026		154,000	150,791

4.19%, 04/01/2031^(d)(e)		250,000	221,445
UBS Group AG (Switzerland),

4.13%, 04/15/2026^(d)		160,000	157,740

4.75%, 05/12/2028^(d)(e)		205,000	203,079

4.38%^(d)(e)(f)		200,000	146,820

			1,220,142

Diversified REITs–0.57%

American Campus Communities Operating Partnership L.P., 2.25%, 01/15/2029		41,000	38,001
Brixmor Operating Partnership L.P.,

4.13%, 05/15/2029		15,000	13,988

4.05%, 07/01/2030		23,000	20,776

2.50%, 08/16/2031		35,000	27,485
CubeSmart L.P.,

2.25%, 12/15/2028		22,000	18,818

2.50%, 02/15/2032		46,000	37,410

Roche Holdings, Inc. (Switzerland), 2.31%, 03/10/2027^(d)		297,000	278,271

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

Invesco V.I. Conservative Balanced Fund


	Principal Amount		Value
Diversified REITs–(continued)
VICI Properties L.P.,

4.75%, 02/15/2028	$	157,000	$ 150,141

4.95%, 02/15/2030		157,000	149,076

5.13%, 05/15/2032		114,000	107,664

5.63%, 05/15/2052		117,000	106,722

			948,352

Electric Utilities–0.93%
AEP Texas, Inc.,

3.95%, 06/01/2028^(d)		172,000	166,059

4.70%, 05/15/2032		67,000	66,764

5.25%, 05/15/2052		97,000	98,565

Duke Energy Corp., 3.25%, 01/15/2082^(e)		66,000	51,667

EDP Finance B.V. (Portugal), 3.63%, 07/15/2024^(d)		231,000	229,312

Enel Finance International N.V. (Italy), 2.88%, 07/12/2041^(d)		200,000	134,992

National Rural Utilities Cooperative Finance Corp., 2.75%, 04/15/2032		99,000	86,322
NextEra Energy Capital Holdings, Inc.,

4.63%, 07/15/2027		248,000	251,598

5.00%, 07/15/2032		78,000	79,983

PacifiCorp, 2.90%, 06/15/2052		70,000	51,192

Southern Co. (The), Series 21-A, 3.75%, 09/15/2051^(e)		50,000	42,609
Virginia Electric and Power Co.,

Series B, 3.75%, 05/15/2027		105,000	104,007

Series C, 4.63%, 05/15/2052		121,000	117,413

Xcel Energy, Inc., 4.60%, 06/01/2032		85,000	84,382

			1,564,865

Electronic Equipment & Instruments–0.04%

Vontier Corp., 2.95%, 04/01/2031		83,000	65,223

Financial Exchanges & Data–0.85%

Cboe Global Markets, Inc., 3.00%, 03/16/2032		287,000	257,332
Intercontinental Exchange, Inc.,

4.00%, 09/15/2027		173,000	170,405

4.35%, 06/15/2029		134,000	132,417

4.60%, 03/15/2033		116,000	115,567

4.95%, 06/15/2052		160,000	157,049

3.00%, 09/15/2060		23,000	15,571

5.20%, 06/15/2062		121,000	121,135
Moody’s Corp.,

2.00%, 08/19/2031		60,000	49,001

2.75%, 08/19/2041		72,000	52,758

3.75%, 02/25/2052		86,000	70,381

3.10%, 11/29/2061		169,000	116,298
S&P Global, Inc.,

2.90%, 03/01/2032^(d)		78,000	69,574

3.90%, 03/01/2062^(d)		118,000	100,381

			1,427,869

Health Care REITs–0.03%
Healthcare Trust of America Holdings L.P.,

3.50%, 08/01/2026		26,000	24,779

2.00%, 03/15/2031		23,000	17,852

			42,631


	Principal Amount		Value
Health Care Services–0.24%

Cigna Corp., 4.13%, 11/15/2025	$	22,000	$ 22,058

Fresenius Medical Care US Finance III, Inc. (Germany), 1.88%, 12/01/2026^(d)		150,000	129,305
Piedmont Healthcare, Inc.,

Series 2032, 2.04%, 01/01/2032		58,000	47,878

Series 2042, 2.72%, 01/01/2042		56,000	42,100

2.86%, 01/01/2052		65,000	47,037

Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051		171,000	116,429

			404,807

Home Improvement Retail–0.03%

Lowe’s Cos., Inc., 3.35%, 04/01/2027		51,000	49,120

Homebuilding–0.06%

D.R. Horton, Inc., 4.75%, 02/15/2023		26,000	26,167

M.D.C. Holdings, Inc., 3.97%, 08/06/2061		117,000	67,543

			93,710

Hotels, Resorts & Cruise Lines–0.21%
Expedia Group, Inc.,

4.63%, 08/01/2027		22,000	21,157

3.25%, 02/15/2030		274,000	228,772

2.95%, 03/15/2031		125,000	99,555

			349,484

Independent Power Producers & Energy Traders–0.11%
AES Corp. (The),

1.38%, 01/15/2026		23,000	20,312

2.45%, 01/15/2031		25,000	20,132

Deutsche Telekom International Finance B.V. (Germany), 4.38%, 06/21/2028^(d)		146,000	145,719

			186,163

Industrial Machinery–0.08%

Burlington Northern Santa Fe LLC, 4.45%, 01/15/2053		112,000	108,539

Flowserve Corp., 2.80%, 01/15/2032		24,000	18,932

			127,471

Industrial REITs–0.02%

LXP Industrial Trust, 2.38%, 10/01/2031		47,000	36,388

Insurance Brokers–0.07%

Willis North America, Inc., 4.65%, 06/15/2027		119,000	117,166

Integrated Oil & Gas–0.48%
BP Capital Markets America, Inc.,

3.06%, 06/17/2041		96,000	74,968

2.94%, 06/04/2051		49,000	35,142

3.00%, 03/17/2052		49,000	35,406
BP Capital Markets PLC (United Kingdom),

4.38%^(e)(f)		58,000	54,752

4.88%^(e)(f)		189,000	165,143

Gray Oak Pipeline LLC, 2.60%, 10/15/2025^(d)		34,000	31,793

Petroleos Mexicanos (Mexico), 8.75%, 06/02/2029^(d)		246,000	223,181

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

Invesco V.I. Conservative Balanced Fund


	Principal Amount		Value
Integrated Oil & Gas–(continued)
Shell International Finance B.V. (Netherlands),

2.88%, 11/26/2041	$	126,000	$ 97,776

3.00%, 11/26/2051		126,000	94,636

			812,797

Integrated Telecommunication Services–0.47%
AT&T, Inc.,

2.18% (SOFR + 0.64%), 03/25/2024^(g)		126,000	124,862

4.30%, 02/15/2030		31,000	30,278

2.55%, 12/01/2033		148,000	120,233

3.50%, 09/15/2053		64,000	48,620
Verizon Communications, Inc.,

1.75%, 01/20/2031		22,000	17,691

2.55%, 03/21/2031		29,000	24,820

2.36%, 03/15/2032		269,000	223,269

2.65%, 11/20/2040		19,000	13,970

3.40%, 03/22/2041		31,000	25,291

2.85%, 09/03/2041		102,000	76,625

2.88%, 11/20/2050		20,000	14,222

3.55%, 03/22/2051		15,000	12,052

3.00%, 11/20/2060		29,000	19,752

3.70%, 03/22/2061		45,000	35,456

			787,141

Interactive Home Entertainment–0.03%

Electronic Arts, Inc., 1.85%, 02/15/2031		64,000	52,065

Internet & Direct Marketing Retail–0.13%

Amazon.com, Inc., 2.88%, 05/12/2041		87,000	69,746

Daimler Trucks Finance North America LLC (Germany), 3.65%, 04/07/2027^(d)		150,000	143,823

			213,569

Investment Banking & Brokerage–1.64%
Charles Schwab Corp. (The),

2.45% (SOFR + 1.05%), 03/03/2027^(g)		162,000	159,506

2.45%, 03/03/2027		47,000	43,870

2.90%, 03/03/2032		98,000	86,388

5.00%^(e)(f)		116,000	104,276
Goldman Sachs Group, Inc. (The),

2.02% (SOFR + 0.58%), 03/08/2024^(g)		167,000	164,317

1.68% (SOFR + 0.70%), 01/24/2025^(g)		112,000	109,490

3.50%, 04/01/2025		29,000	28,465

3.50%, 11/16/2026		15,000	14,403

2.24% (SOFR + 0.79%), 12/09/2026^(g)		375,000	359,931

2.26% (SOFR + 0.81%), 03/09/2027^(g)		281,000	267,644

1.87% (SOFR + 0.92%), 10/21/2027^(g)		227,000	216,560

1.95%, 10/21/2027^(e)		68,000	60,228

2.43% (SOFR + 1.12%), 02/24/2028^(g)		55,000	52,784

1.99%, 01/27/2032^(e)		47,000	37,174


	Principal Amount		Value
Investment Banking & Brokerage–(continued)

2.62%, 04/22/2032^(e)	$	30,000	$ 24,938

2.65%, 10/21/2032^(e)		80,000	66,011

3.10%, 02/24/2033^(e)		64,000	54,723

3.44%, 02/24/2043^(e)		78,000	61,289

JAB Holdings B.V. (Austria), 4.50%, 04/08/2052^(d)		369,000	285,485
Morgan Stanley,

1.66% (SOFR + 0.63%), 01/24/2025^(g)		80,000	78,012

5.00%, 11/24/2025		32,000	32,565

2.19%, 04/28/2026^(e)		23,000	21,561

3.62%, 04/01/2031^(e)		31,000	28,505

2.24%, 07/21/2032^(e)		94,000	76,250

2.51%, 10/20/2032^(e)		52,000	43,027

2.94%, 01/21/2033^(e)		77,000	66,073

2.48%, 09/16/2036^(e)		116,000	89,317

5.30%, 04/20/2037^(e)		122,000	118,275

			2,751,067

Leisure Products–0.21%
Brunswick Corp.,

4.40%, 09/15/2032		134,000	115,917

5.10%, 04/01/2052		315,000	235,623

			351,540

Life & Health Insurance–1.13%

American Equity Investment Life Holding Co., 5.00%, 06/15/2027		41,000	40,514
Athene Global Funding,

1.45%, 01/08/2026^(d)		33,000	29,391

2.95%, 11/12/2026^(d)		50,000	45,992

Athene Holding Ltd., 6.15%, 04/03/2030		29,000	28,976

F&G Global Funding, 2.00%, 09/20/2028^(d)		119,000	100,215
GA Global Funding Trust,

2.25%, 01/06/2027^(d)		160,000	143,248

1.95%, 09/15/2028^(d)		212,000	179,393

2.90%, 01/06/2032^(d)		168,000	139,786

MAG Mutual Holding Co., 4.75%, 04/30/2041^(h)		509,000	447,099

Manulife Financial Corp. (Canada), 4.06%, 02/24/2032^(e)		22,000	20,360
Pacific Life Global Funding II,

2.34% (SOFR + 0.80%), 03/30/2025^(d)(g)		267,000	264,471

2.03% (SOFR + 0.62%), 06/04/2026^(d)(g)		96,000	93,623

Prudential Financial, Inc., 5.20%, 03/15/2044^(e)		48,000	45,507

Reliance Standard Life Global Funding II, 2.75%, 01/21/2027^(d)		37,000	34,385

Sammons Financial Group, Inc., 4.75%, 04/08/2032^(d)		300,000	273,413

			1,886,373

Managed Health Care–0.21%
Kaiser Foundation Hospitals,

Series 2021, 2.81%, 06/01/2041		135,000	104,907

3.00%, 06/01/2051		140,000	104,695

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

Invesco V.I. Conservative Balanced Fund


	Principal Amount		Value
Managed Health Care–(continued)

UnitedHealth Group, Inc., 3.70%, 05/15/2027	$	135,000	$ 134,628

			344,230

Movies & Entertainment–0.60%
Magallanes, Inc.,

4.28%, 03/15/2032^(d)		181,000	161,941

5.05%, 03/15/2042^(d)		298,000	253,995

5.14%, 03/15/2052^(d)		369,000	310,203

5.39%, 03/15/2062^(d)		327,000	274,051

			1,000,190

Multi-line Insurance–0.18%

Allianz SE (Germany), 3.20%^(d)(e)(f)		203,000	148,698

Liberty Mutual Group, Inc., 5.50%, 06/15/2052^(d)		155,000	147,054

			295,752

Multi-Utilities–0.03%

Ameren Corp., 2.50%, 09/15/2024		16,000	15,522

Dominion Energy, Inc., Series C, 3.38%, 04/01/2030		22,000	20,132

WEC Energy Group, Inc., 1.80%, 10/15/2030		23,000	18,536

			54,190

Office REITs–0.16%

Alexandria Real Estate Equities, Inc., 2.95%, 03/15/2034		55,000	45,844
Office Properties Income Trust,

4.25%, 05/15/2024		117,000	113,653

4.50%, 02/01/2025		53,000	50,831

2.65%, 06/15/2026		13,000	11,064

2.40%, 02/01/2027		56,000	45,804

			267,196

Oil & Gas Exploration & Production–0.09%

Canadian Natural Resources Ltd. (Canada), 2.05%, 07/15/2025		47,000	44,021

Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/2039		71,000	56,160
Continental Resources, Inc.,

2.27%, 11/15/2026^(d)		31,000	27,542

2.88%, 04/01/2032^(d)		41,000	32,099

			159,822

Oil & Gas Storage & Transportation–0.69%

Boardwalk Pipelines L.P., 3.60%, 09/01/2032		98,000	83,076

El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032		36,000	42,119
Enbridge, Inc. (Canada),

1.87% (SOFR + 0.63%), 02/16/2024^(g)		27,000	26,679

1.60%, 10/04/2026		42,000	37,422

3.40%, 08/01/2051		43,000	32,413
Energy Transfer L.P.,

4.25%, 03/15/2023		23,000	22,994

4.00%, 10/01/2027		17,000	16,105

Kinder Morgan, Inc., 7.75%, 01/15/2032		53,000	61,898


	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
MPLX L.P.,

1.75%, 03/01/2026	$	31,000	$ 27,963

4.25%, 12/01/2027		15,000	14,489

4.95%, 03/14/2052		279,000	241,742

ONEOK, Inc., 6.35%, 01/15/2031		45,000	47,059
Targa Resources Corp.,

5.20%, 07/01/2027		147,000	147,764

6.25%, 07/01/2052		166,000	166,814
Williams Cos., Inc. (The),

3.70%, 01/15/2023		36,000	36,062

2.60%, 03/15/2031		130,000	108,942

3.50%, 10/15/2051		58,000	43,279

			1,156,820

Other Diversified Financial Services–0.34%

Avolon Holdings Funding Ltd. (Ireland), 2.13%, 02/21/2026^(d)		37,000	32,032
Blackstone Holdings Finance Co. LLC,

1.60%, 03/30/2031^(d)		52,000	40,817

2.80%, 09/30/2050^(d)		20,000	13,474
Blackstone Private Credit Fund,

1.75%, 09/15/2024^(d)		21,000	19,419

2.35%, 11/22/2024^(d)		80,000	73,605

2.63%, 12/15/2026^(d)		138,000	115,725

Blue Owl Finance LLC, 3.13%, 06/10/2031^(d)		74,000	57,196
Jackson Financial, Inc.,

5.17%, 06/08/2027		105,000	104,192

5.67%, 06/08/2032		120,000	116,090

			572,550

Packaged Foods & Meats–0.11%

Conagra Brands, Inc., 4.60%, 11/01/2025		29,000	29,141

General Mills, Inc., 2.25%, 10/14/2031		35,000	28,738

JDE Peet’s N.V. (Netherlands), 1.38%, 01/15/2027^(d)		150,000	129,138

			187,017

Paper Packaging–0.17%

Berry Global, Inc., 1.65%, 01/15/2027		248,000	217,285

Packaging Corp. of America, 3.65%, 09/15/2024		24,000	23,912

Sealed Air Corp., 1.57%, 10/15/2026^(d)		55,000	47,897

			289,094

Pharmaceuticals–0.37%

Bayer US Finance II LLC (Germany), 3.88%, 12/15/2023^(d)		335,000	334,512

Mayo Clinic, Series 2021, 3.20%, 11/15/2061		110,000	83,674

Mylan, Inc., 3.13%, 01/15/2023^(d)		34,000	33,801

Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028		160,000	163,170

			615,157

Precious Metals & Minerals–0.05%

Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024^(d)		86,000	84,410

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

Invesco V.I. Conservative Balanced Fund


	Principal Amount		Value
Property & Casualty Insurance–0.04%

CNA Financial Corp., 3.45%, 08/15/2027	$	20,000	$ 18,993

Stewart Information Services Corp., 3.60%, 11/15/2031		67,000	55,651

			74,644

Railroads–0.07%

Norfolk Southern Corp., 4.55%, 06/01/2053		95,000	90,017

Union Pacific Corp., 2.15%, 02/05/2027		22,000	20,400

			110,417

Real Estate Development–0.03%

Essential Properties L.P., 2.95%, 07/15/2031		55,000	43,154

Regional Banks–1.73%
Citizens Financial Group, Inc.,

4.30%, 12/03/2025		117,000	116,159

3.25%, 04/30/2030		13,000	11,552

2.64%, 09/30/2032		184,000	147,207

5.64%, 05/21/2037^(e)		179,000	176,905
Fifth Third Bancorp,

4.06%, 04/25/2028^(e)		96,000	93,688

4.34%, 04/25/2033^(e)		125,000	119,030

Fifth Third Bank N.A., 3.85%, 03/15/2026		160,000	157,185
Huntington Bancshares, Inc.,

4.00%, 05/15/2025		31,000	30,876

2.49%, 08/15/2036^(e)		59,000	46,244

KeyCorp, 4.79%, 06/01/2033^(e)		84,000	82,960

M&T Bank Corp., 3.50%^(e)(f)		111,000	84,915
PNC Financial Services Group, Inc. (The),

4.63%, 06/06/2033^(e)		292,000	282,392

Series O, 4.96% (3 mo. USD LIBOR + 3.68%)^(f)(g)		222,000	214,670

Series U, 6.00%^(e)(f)		232,000	223,274

Santander Holdings USA, Inc., 3.50%, 06/07/2024		22,000	21,633
SVB Financial Group,

4.10%^(e)(f)		144,000	99,751

2.10%, 05/15/2028		41,000	35,084

1.80%, 02/02/2031		57,000	43,977

Series C, 4.00%^(e)(f)		294,000	224,390

Series D, 4.25%^(e)(f)		244,000	184,563

Series E, 4.70%^(e)(f)		164,000	123,771

Truist Financial Corp., 4.12%, 06/06/2028^(e)		162,000	159,698

Zions Bancorporation N.A., 3.25%, 10/29/2029		250,000	217,800

			2,897,724

Reinsurance–0.01%

Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050		29,000	20,920

Renewable Electricity–0.06%

NSTAR Electric Co., 4.55%, 06/01/2052		96,000	93,672


	Principal Amount		Value
Residential REITs–0.18%
American Homes 4 Rent L.P.,

2.38%, 07/15/2031	$	15,000	$ 11,977

3.63%, 04/15/2032		133,000	116,747

3.38%, 07/15/2051		15,000	10,389

4.30%, 04/15/2052		67,000	54,112
Invitation Homes Operating Partnership L.P.,

2.30%, 11/15/2028		20,000	16,841

2.70%, 01/15/2034		74,000	57,044

Spirit Realty L.P., 3.20%, 01/15/2027		22,000	20,215

Sun Communities Operating L.P., 2.70%, 07/15/2031		14,000	11,298

			298,623

Restaurants–0.06%

Starbucks Corp., 3.00%, 02/14/2032		107,000	93,133

Retail REITs–0.28%
Agree L.P.,

2.00%, 06/15/2028		29,000	24,799

2.60%, 06/15/2033		41,000	32,541
Kimco Realty Corp.,

1.90%, 03/01/2028		41,000	35,533

2.70%, 10/01/2030		17,000	14,647

2.25%, 12/01/2031		68,000	54,744

Kite Realty Group L.P., 4.00%, 10/01/2026		64,000	61,300

Kite Realty Group Trust, 4.75%, 09/15/2030		23,000	21,438

National Retail Properties, Inc., 3.50%, 04/15/2051		49,000	36,775
Realty Income Corp.,

2.20%, 06/15/2028		19,000	16,679

3.25%, 01/15/2031		23,000	20,932

2.85%, 12/15/2032		16,000	13,773

Regency Centers L.P., 2.95%, 09/15/2029		24,000	21,118

Scentre Group Trust 2 (Australia), 4.75%, 09/24/2080^(d)(e)		133,000	118,661

			472,940

Semiconductor Equipment–0.07%

KLA Corp., 4.95%, 07/15/2052		124,000	124,899

Semiconductors–0.29%
Broadcom, Inc.,

4.15%, 11/15/2030		30,000	27,517

2.45%, 02/15/2031^(d)		29,000	23,329

3.42%, 04/15/2033^(d)		40,000	33,121

3.47%, 04/15/2034^(d)		71,000	57,879

3.14%, 11/15/2035^(d)		174,000	132,373

4.93%, 05/15/2037^(d)		38,000	34,122

Marvell Technology, Inc., 2.95%, 04/15/2031		95,000	79,825
QUALCOMM, Inc.,

2.15%, 05/20/2030		39,000	34,206

3.25%, 05/20/2050		37,000	30,290
Skyworks Solutions, Inc.,

1.80%, 06/01/2026		10,000	8,883

3.00%, 06/01/2031		24,000	19,740

			481,285

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

Invesco V.I. Conservative Balanced Fund


	Principal Amount		Value
Specialized REITs–0.50%
American Tower Corp.,

3.00%, 06/15/2023	$	30,000	$ 29,693

4.00%, 06/01/2025		15,000	14,854

2.70%, 04/15/2031		91,000	74,986

4.05%, 03/15/2032		82,000	74,826

Crown Castle International Corp., 2.50%, 07/15/2031		89,000	72,924
EPR Properties,

4.75%, 12/15/2026		55,000	51,727

4.95%, 04/15/2028		140,000	128,909

3.60%, 11/15/2031		116,000	91,823

Equinix, Inc., 3.90%, 04/15/2032		160,000	144,895
Extra Space Storage L.P.,

3.90%, 04/01/2029		47,000	44,059

2.35%, 03/15/2032		76,000	60,333

Life Storage L.P., 2.40%, 10/15/2031		71,000	56,584

			845,613

Systems Software–0.01%

VMware, Inc., 3.90%, 08/21/2027		15,000	14,411

Technology Hardware, Storage & Peripherals–0.11%
Apple, Inc.,

4.38%, 05/13/2045		15,000	14,875

2.55%, 08/20/2060		120,000	82,470

2.80%, 02/08/2061		131,000	94,237

			191,582

Thrifts & Mortgage Finance–0.08%

Nationwide Building Society (United Kingdom), 3.96%, 07/18/2030^(d)(e)		150,000	139,345

Tobacco–0.01%

Altria Group, Inc., 3.70%, 02/04/2051		31,000	19,862

Trucking–0.36%
Penske Truck Leasing Co. L.P./PTL Finance Corp.,

4.00%, 07/15/2025^(d)		27,000	26,609

3.40%, 11/15/2026^(d)		31,000	29,435

4.40%, 07/01/2027^(d)		58,000	56,910

Ryder System, Inc., 4.30%, 06/15/2027		87,000	85,801

Triton Container International Ltd. (Bermuda), 2.05%, 04/15/2026^(d)		96,000	85,008

VICI Properties L.P./VICI Note Co., Inc., 5.63%, 05/01/2024^(d)		317,000	313,698

			597,461

Wireless Telecommunication Services–0.20%

Rogers Communications, Inc. (Canada), 4.55%, 03/15/2052^(d)		172,000	151,449

T-Mobile USA, Inc., 3.40%, 10/15/2052		244,000	180,736

			332,185

Total U.S. Dollar Denominated Bonds & Notes (Cost $44,091,734)			39,296,887

Asset-Backed Securities–16.42%

Alternative Loan Trust, Series 2005-29CB, Class A4, 5.00%, 07/25/2035		83,697	55,715


	Principal Amount		Value
AmeriCredit Automobile Receivables Trust,

Series 2018-3, Class C, 3.74%, 10/18/2024	$	219,081	$ 219,702

Series 2019-2, Class C, 2.74%, 04/18/2025		100,000	99,384

Series 2019-2, Class D, 2.99%, 06/18/2025		270,000	265,387

Series 2019-3, Class D, 2.58%, 09/18/2025		130,000	126,880

AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038^(d)		235,000	208,574
Angel Oak Mortgage Trust,

Series 2020-1, Class A1, 2.16%, 12/25/2059^(d)(i)		38,568	37,471

Series 2020-3, Class A1, 1.69%, 04/25/2065^(d)(i)		119,656	114,704

Series 2021-3, Class A1, 1.07%, 05/25/2066^(d)(i)		61,568	56,042

Series 2021-7, Class A1, 1.98%, 10/25/2066^(d)(i)		143,411	125,973

Series 2022-1, Class A1, 2.88%, 12/25/2066^(d)(j)		245,676	233,068

Avis Budget Rental Car Funding (AESOP) LLC, Series 2022-1A, Class A, 3.83%, 08/21/2028^(d)		415,000	406,369

Bain Capital Credit CLO Ltd., Series 2017-2A, Class AR2, 2.36% (3 mo. USD LIBOR + 1.18%), 07/25/2034^(d)(g)		424,000	410,896
Banc of America Funding Trust,

Series 2007-1, Class 1A3, 6.00%, 01/25/2037		18,306	15,776

Series 2007-C, Class 1A4, 3.01%, 05/20/2036⁽ⁱ⁾		5,784	5,618

Banc of America Mortgage Trust, Series 2004-E, Class 2A6, 3.59%, 06/25/2034⁽ⁱ⁾		16,687	16,287

Bank, Series 2019-BNK16, Class XA, IO, 1.10%, 02/15/2052^(k)		1,522,816	72,367
Bayview MSR Opportunity Master Fund Trust,

Series 2021-4, Class A3, 3.00%, 10/25/2051^(d)(i)		202,362	180,374

Series 2021-4, Class A4, 2.50%, 10/25/2051^(d)(i)		202,362	173,836

Series 2021-4, Class A8, 2.50%, 10/25/2051^(d)(i)		195,149	180,338

Series 2021-5, Class A1, 3.00%, 11/25/2051^(d)(i)		213,127	191,237

Series 2021-5, Class A2, 2.50%, 11/25/2051^(d)(i)		260,058	224,674
Bear Stearns Adjustable Rate Mortgage Trust,

Series 2005-9, Class A1, 0.76% (1 yr. U.S. Treasury Yield Curve Rate + 2.30%), 10/25/2035^(g)		110,864	109,977

Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036^(g)		32,390	31,740

Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.63%, 01/15/2051^(k)		1,897,762	41,932

BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060^(d)(i)		70,497	67,841

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

Invesco V.I. Conservative Balanced Fund


	Principal Amount		Value
BX Commercial Mortgage Trust,

Series 2021-ACNT, Class A, 2.18% (1 mo. USD LIBOR + 0.85%), 11/15/2038^(d)(g)	$	110,000	$ 106,046

Series 2021-VOLT, Class A, 2.02% (1 mo. USD LIBOR + 0.70%), 09/15/2036^(d)(g)		210,000	202,857

Series 2021-VOLT, Class B, 2.27% (1 mo. USD LIBOR + 0.95%), 09/15/2036^(d)(g)		190,000	178,918

Series 2021-XL2, Class B, 2.32% (1 mo. USD LIBOR + 1.00%), 10/15/2038^(d)(g)		98,013	92,815
BX Trust,

Series 2022-LBA6, Class A, 2.28% (1.00% + SOFR Term Rate), 01/15/2039^(d)(g)		185,000	178,141

Series 2022-LBA6, Class B, 2.58% (1.30% + SOFR Term Rate), 01/15/2039^(d)(g)		110,000	105,008

Series 2022-LBA6, Class C, 2.88% (1.60% + SOFR Term Rate), 01/15/2039^(d)(g)		100,000	95,799
CCG Receivables Trust,

Series 2019-2, Class B, 2.55%, 03/15/2027^(d)		105,000	103,841

Series 2019-2, Class C, 2.89%, 03/15/2027^(d)		100,000	98,771

CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 1.06%, 11/13/2050^(k)		823,104	24,468

Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 2.04% (3 mo. USD LIBOR + 0.98%), 04/20/2031^(d)(g)		250,000	245,128

Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A15, 4.00%, 04/25/2049^(d)(i)		5,041	4,958

Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 2.97%, 01/25/2036⁽ⁱ⁾		44,930	40,749
Citigroup Commercial Mortgage Trust,

Series 2013-GC17, Class XA, IO, 1.15%, 11/10/2046^(k)		381,507	3,762

Series 2014-GC21, Class AA, 3.48%, 05/10/2047		35,395	35,225

Series 2017-C4, Class XA, IO, 1.22%, 10/12/2050^(k)		2,195,547	80,336
Citigroup Mortgage Loan Trust, Inc.,

Series 2006-AR1, Class 1A1, 3.15% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035^(g)		89,172	88,081

Series 2021-INV3, Class A3, 2.50%, 05/25/2051^(d)(i)		202,762	174,180

CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 01/15/2026		120,000	119,825
COLT Mortgage Loan Trust,

Series 2020-2, Class A1, 1.85%, 03/25/2065^(d)(i)		16,812	16,612

Series 2021-5, Class A1, 1.73%, 11/26/2066^(d)(i)		104,360	95,081

Series 2022-1, Class A1, 2.28%, 12/27/2066^(d)(i)		148,959	134,069

Series 2022-2, Class A1, 2.99%, 02/25/2067^(d)(j)		153,876	146,495

Series 2022-3, Class A1, 3.90%, 02/25/2067^(d)(i)		251,711	243,800


	Principal Amount		Value
COMM Mortgage Trust,

Series 2012-CR5, Class XA, IO, 1.65%, 12/10/2045^(k)	$	229,626	$ 315

Series 2013-CR6, Class AM, 3.15%, 03/10/2046^(d)		255,000	252,235

Series 2014-CR20, Class ASB, 3.31%, 11/10/2047		33,343	33,179

Series 2014-CR21, Class AM, 3.99%, 12/10/2047		865,000	850,720

Series 2014-LC15, Class AM, 4.20%, 04/10/2047		140,000	138,886

Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		495,000	486,755
Countrywide Home Loans Mortgage Pass-Through Trust,

Series 2005-26, Class 1A8, 5.50%, 11/25/2035		26,607	17,908

Series 2006-6, Class A3, 6.00%, 04/25/2036		18,404	11,225
Credit Suisse Mortgage Capital Trust,

Series 2021-NQM1, Class A1, 0.81%, 05/25/2065^(d)(i)		44,382	42,704

Series 2021-NQM2, Class A1, 1.18%, 02/25/2066^(d)(i)		55,616	52,913

Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067^(d)(i)		186,539	180,974

Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067^(d)(i)		100,000	93,954

Series 2022-ATH2, Class A1, 4.55%, 05/25/2067^(d)(i)		258,716	255,636

CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		571,000	501,065

CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036		87,550	52,599

Dell Equipment Finance Trust, Series 2019-2, Class D, 2.48%, 04/22/2025^(d)		110,000	109,970
Drive Auto Receivables Trust,

Series 2018-2, Class D, 4.14%, 08/15/2024		23,301	23,331

Series 2018-3, Class D, 4.30%, 09/16/2024		37,843	37,968

Dryden 93 CLO Ltd., Series 2021-93A, Class A1A, 2.12% (3 mo. USD LIBOR + 1.08%), 01/15/2034^(d)(g)		100,056	97,181
Ellington Financial Mortgage Trust,

Series 2020-1, Class A1, 2.01%, 05/25/2065^(d)(i)		18,269	17,800

Series 2021-1, Class A1, 0.80%, 02/25/2066^(d)(i)		40,911	37,502

Series 2022-1, Class A1, 2.21%, 01/25/2067^(d)(i)		130,930	119,924

Exeter Automobile Receivables Trust, Series 2019-4A, Class D, 2.58%, 09/15/2025^(d)		230,000	227,237

Extended Stay America Trust, Series 2021-ESH, Class B, 2.71% (1 mo. USD LIBOR + 1.38%), 07/15/2038^(d)(g)		104,358	101,415

First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A6, 2.27% (1 mo. USD LIBOR + 0.65%), 11/25/2035^(g)		39,366	19,343

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

Invesco V.I. Conservative Balanced Fund


	Principal Amount		Value
Flagstar Mortgage Trust,

Series 2021-11IN, Class A6, 3.70%, 11/25/2051^(d)(i)	$	330,794	$ 303,137

Series 2021-8INV, Class A6, 2.50%, 09/25/2051^(d)(i)		87,881	80,288

Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A2, 1.92% (1 mo. USD LIBOR + 0.60%), 09/15/2024^(g)		550,000	550,278
FREMF Mortgage Trust,

Series 2013-K25, Class C, 3.72%, 11/25/2045^(d)(i)		60,000	59,902

Series 2013-K26, Class C, 3.71%, 12/25/2045^(d)(i)		40,000	39,879

Series 2013-K27, Class C, 3.61%, 01/25/2046^(d)(i)		110,000	109,360

Series 2013-K28, Class C, 3.61%, 06/25/2046^(d)(i)		450,000	447,101

Golub Capital Partners CLO 40(A) Ltd., Series 2019-40A, Class AR, 2.27% (3 mo. USD LIBOR + 1.09%), 01/25/2032^(d)(g)		275,000	267,415
GS Mortgage Securities Trust,

Series 2013-GC16, Class AS, 4.65%, 11/10/2046		65,000	65,003

Series 2013-GCJ12, Class AAB, 2.68%, 06/10/2046		2,894	2,893

Series 2014-GC18, Class AAB, 3.65%, 01/10/2047		27,942	27,880

Series 2020-GC47, Class A5, 2.38%, 05/12/2053		225,000	196,005

GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051^(d)(i)		175,409	161,699

GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.57%, 07/25/2035⁽ⁱ⁾		3,917	3,810

Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.68%, 12/27/2027^(d)		113,000	99,855

Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21%, 12/26/2025^(d)		104,000	97,384
JP Morgan Chase Commercial Mortgage Securities Trust,

Series 2013-C10, Class AS, 3.37%, 12/15/2047		325,000	322,674

Series 2013-C16, Class AS, 4.52%, 12/15/2046		330,000	329,941

Series 2013-LC11, Class AS, 3.22%, 04/15/2046		78,000	76,991

Series 2014-C20, Class AS, 4.04%, 07/15/2047		245,000	241,497

Series 2016-JP3, Class A2, 2.43%, 08/15/2049		26,801	26,722
JP Morgan Mortgage Trust,

Series 2007-A1, Class 5A1, 2.42%, 07/25/2035⁽ⁱ⁾		24,298	23,857

Series 2021-LTV2, Class A1, 2.52%, 05/25/2052^(d)(i)		235,588	198,434


	Principal Amount		Value
JPMBB Commercial Mortgage Securities Trust,

Series 2014-C24, Class B, 4.12%, 11/15/2047⁽ⁱ⁾	$	270,000	$ 256,916

Series 2014-C25, Class AS, 4.07%, 11/15/2047		105,000	102,925

Series 2015-C27, Class XA, IO, 1.29%, 02/15/2048^(k)		1,985,936	47,943

KKR CLO 30 Ltd., Series 30A, Class A1R, 2.06% (3 mo. USD LIBOR + 1.02%), 10/17/2031^(d)(g)		268,000	261,695
Life Mortgage Trust,

Series 2021-BMR, Class A, 2.02% (1 mo. USD LIBOR + 0.70%), 03/15/2038^(d)(g)		127,786	123,849

Series 2021-BMR, Class B, 2.20% (1 mo. USD LIBOR + 0.88%), 03/15/2038^(d)(g)		211,339	202,681

Series 2021-BMR, Class C, 2.42% (1 mo. USD LIBOR + 1.10%), 03/15/2038^(d)(g)		103,212	98,747

Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, 2.19% (3 mo. USD LIBOR + 1.15%), 04/19/2033^(d)(g)		618,000	604,921

MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A2, 2.68%, 04/21/2034⁽ⁱ⁾		9,927	9,726
Med Trust,

Series 2021-MDLN, Class A, 2.28% (1 mo. USD LIBOR + 0.95%), 11/15/2038^(d)(g)		140,000	134,120

Series 2021-MDLN, Class B, 2.78% (1 mo. USD LIBOR + 1.45%), 11/15/2038^(d)(g)		222,000	212,499
Mello Mortgage Capital Acceptance Trust,

Series 2021-INV2, Class A4, 2.50%, 08/25/2051^(d)(i)		133,903	122,707

Series 2021-INV3, Class A4, 2.50%, 10/25/2051^(d)(i)		132,562	121,479
MFA Trust,

Series 2021-AEI1, Class A3, 2.50%, 08/25/2051^(d)(i)		141,619	121,656

Series 2021-AEI1, Class A4, 2.50%, 08/25/2051^(d)(i)		176,979	163,099

Series 2021-INV2, Class A1, 1.91%, 11/25/2056^(d)(i)		173,941	158,182
MHP Commercial Mortgage Trust,

Series 2021-STOR, Class A, 2.02% (1 mo. USD LIBOR + 0.70%), 07/15/2038^(d)(g)		105,000	100,819

Series 2021-STOR, Class B, 2.22% (1 mo. USD LIBOR + 0.90%), 07/15/2038^(d)(g)		105,000	100,191
Morgan Stanley Bank of America Merrill Lynch Trust,

Series 2013-C9, Class AS, 3.46%, 05/15/2046		240,000	237,710

Series 2014-C19, Class AS, 3.83%, 12/15/2047		720,000	706,845

Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.92%, 12/15/2050^(k)		633,072	24,184

Morgan Stanley Re-REMIC Trust, Series 2012-R3, Class 1B, 6.00%, 11/26/2036^(d)(i)		126,644	117,353

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

Invesco V.I. Conservative Balanced Fund


	Principal Amount		Value

Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 2.06% (3 mo. USD LIBOR + 1.02%), 04/19/2030^(d)(g)	$	276,000	$ 272,103

Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class A, 2.10% (3 mo. USD LIBOR + 1.06%), 04/16/2033^(d)(g)		250,000	244,617

New Residential Mortgage Loan Trust, Series 2022-NQM2, Class A1, 3.08%, 03/27/2062^(d)(i)		161,305	151,575
OBX Trust,

Series 2022-NQM1, Class A1, 2.31%, 11/25/2061^(d)(i)		171,913	150,631

Series 2022-NQM2, Class A1, 2.94%, 01/25/2062^(d)(i)		206,220	192,441

Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062^(d)(j)		129,540	123,232

Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062^(d)(j)		110,000	97,863

Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051^(d)(i)		155,101	143,094
OCP CLO Ltd. (Cayman Islands),

Series 2017-13A, Class A1AR, 2.00% (3 mo. USD LIBOR + 0.96%), 07/15/2030^(d)(g)		250,000	245,587

Series 2020-8RA, Class A1, 2.26% (3 mo. USD LIBOR + 1.22%), 01/17/2032^(d)(g)		366,000	357,823

Octagon Investment Partners 31 LLC, Series 2017-1A, Class AR, 2.11% (3 mo. USD LIBOR + 1.05%), 07/20/2030^(d)(g)		250,000	246,143

Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 2.26% (3 mo. USD LIBOR + 1.22%), 01/15/2033^(d)(g)		339,000	332,007

OHA Loan Funding Ltd., Series 2016-1A, Class AR, 2.32% (3 mo. USD LIBOR + 1.26%), 01/20/2033^(d)(g)		272,907	266,467

Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061^(d)(i)		208,945	182,885

Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024^(d)		95,330	95,197
Progress Residential Trust,

Series 2020-SFR1, Class A, 1.73%, 04/17/2037^(d)		360,000	341,916

Series 2021-SFR10, Class A, 2.39%, 12/17/2040^(d)		115,000	101,116

Series 2022-SFR5, Class A, 4.45%, 06/17/2039^(d)		210,000	209,963

Race Point VIII CLO Ltd., Series 2013-8A, Class AR2, 2.52% (3 mo. USD LIBOR + 1.04%), 02/20/2030^(d)(g)		242,841	239,177

Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		3,675	3,076

Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 01/26/2060^(d)(i)		38,630	37,412

RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 03/25/2067^(d)		141,225	137,945


	Principal Amount		Value
Santander Drive Auto Receivables Trust,

Series 2019-2, Class D, 3.22%, 07/15/2025	$	185,293	$ 184,865

Series 2019-3, Class D, 2.68%, 10/15/2025		165,000	164,621
Santander Retail Auto Lease Trust,

Series 2019-B, Class C, 2.77%, 08/21/2023^(d)		20,172	20,167

Series 2019-C, Class C, 2.39%, 11/20/2023^(d)		205,000	204,860
SG Residential Mortgage Trust,

Series 2022-1, Class A1, 3.17%, 03/27/2062^(d)(i)		286,307	273,867

Series 2022-1, Class A2, 3.58%, 03/27/2062^(d)(i)		126,169	120,333
Sonic Capital LLC,

Series 2021-1A, Class A2I, 2.19%, 08/20/2051^(d)		99,250	84,676

Series 2021-1A, Class A2II, 2.64%, 08/20/2051^(d)		99,250	79,818
STAR Trust,

Series 2021-1, Class A1, 1.22%, 05/25/2065^(d)(i)		125,007	117,993

Series 2021-SFR1, Class A, 2.12% (1 mo. USD LIBOR + 0.60%), 04/17/2038^(d)(g)		652,884	631,911
Starwood Mortgage Residential Trust,

Series 2020-1, Class A1, 2.28%, 02/25/2050^(d)(i)		11,840	11,807

Series 2021-6, Class A1, 1.92%, 11/25/2066^(d)(i)		256,625	227,139

Series 2022-1, Class A1, 2.45%, 12/25/2066^(d)(i)		184,355	172,220

Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 2.33% (3 mo. USD LIBOR + 1.29%), 04/18/2033^(d)(g)		250,000	244,985

Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046^(d)		262,933	234,189

TICP CLO XV Ltd., Series 2020-15A, Class A, 2.34% (3 mo. USD LIBOR + 1.28%), 04/20/2033^(d)(g)		256,000	250,061

Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039^(d)		271,532	238,502

UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.12%, 11/15/2050^(k)		1,312,935	48,911
Verus Securitization Trust,

Series 2020-1, Class A1, 2.42%, 01/25/2060^(d)(j)		55,054	54,130

Series 2020-1, Class A2, 2.64%, 01/25/2060^(d)(j)		73,531	72,264

Series 2020-INV1, Class A1, 0.33%, 03/25/2060^(d)(i)		24,407	23,984

Series 2021-1, Class A1B, 1.32%, 01/25/2066^(d)(i)		57,244	52,652

Series 2021-7, Class A1, 1.83%, 10/25/2066^(d)(i)		204,108	184,281

Series 2021-R1, Class A1, 0.82%, 10/25/2063^(d)(i)		92,406	90,247

Series 2022-1, Class A1, 2.72%, 01/25/2067^(d)(j)		137,399	130,014

Series 2022-3, Class A1, 4.13%, 02/25/2067^(d)(j)		191,679	188,198

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

Invesco V.I. Conservative Balanced Fund


	Principal Amount		Value

Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055^(d)	$	64,003	$ 62,020
WaMu Mortgage Pass-Through Ctfs. Trust,

Series 2003-AR10, Class A7, 2.50%, 10/25/2033⁽ⁱ⁾		27,188	26,212

Series 2005-AR14, Class 1A4, 2.84%, 12/25/2035⁽ⁱ⁾		30,574	29,573

Series 2005-AR16, Class 1A1, 2.72%, 12/25/2035⁽ⁱ⁾		30,126	29,452
Wells Fargo Commercial Mortgage Trust,

Series 2015-NXS1, Class ASB, 2.93%, 05/15/2048		155,641	154,499

Series 2017-C42, Class XA, IO, 1.02%, 12/15/2050^(k)		1,054,396	40,496

Westlake Automobile Receivables Trust, Series 2019-3A, Class C, 2.49%, 10/15/2024^(d)		92,096	92,090
WFRBS Commercial Mortgage Trust,

Series 2013-C14, Class AS, 3.49%, 06/15/2046		155,000	152,486

Series 2014-C20, Class AS, 4.18%, 05/15/2047		150,000	147,799

Series 2014-LC14, Class AS, 4.35%, 03/15/2047⁽ⁱ⁾		165,000	163,427

World Financial Network Credit Card Master Trust, Series 2019-C, Class A, 2.21%, 07/15/2026		225,000	224,997

Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051^(d)		347,375	303,623

Total Asset-Backed Securities (Cost $29,206,709)			27,517,757

U.S. Treasury Securities–9.14%
U.S. Treasury Bonds–2.13%

3.25%, 05/15/2042		1,407,900	1,374,462

2.25%, 02/15/2052		2,654,800	2,185,647

			3,560,109

U.S. Treasury Notes–7.01%

2.50%, 05/31/2024		1,861,700	1,845,047

2.88%, 06/15/2025		1,583,900	1,577,713

2.63%, 05/31/2027		3,437,500	3,372,913

2.75%, 05/31/2029		1,850,000	1,813,867

2.88%, 05/15/2032		3,179,600	3,144,326

			11,753,866

Total U.S. Treasury Securities (Cost $15,451,710)			15,313,975

U.S. Government Sponsored Agency Mortgage-Backed Securities–8.85%
Collateralized Mortgage Obligations–0.57%
Fannie Mae Interest STRIPS,

IO,

7.00%, 06/25/2023 to 04/25/2032^(l)		10,307	879

7.50%, 08/25/2023 to 11/25/2023^(l)		8,585	235

6.50%, 02/25/2032 to 02/25/2033^(k)(l)		103,022	17,444

6.00%, 06/25/2033 to 09/25/2035^(k)(l)		85,197	14,377

5.50%, 09/25/2033 to 06/25/2035^(l)		168,739	28,296


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Fannie Mae REMICs,
IO,

5.50%, 06/25/2023 to 07/25/2046^(l)	$	236,524	$ 180,989

5.08% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024 to 05/25/2035^(g)(l)		73,768	8,251

3.00%, 11/25/2027^(l)		70,510	3,529

5.48% (7.10% - (1.00 x 1 mo. USD LIBOR)), 11/25/2030^(g)(l)		25,126	2,590

6.28% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031^(g)(l)		36,504	4,852

6.33% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032^(g)(l)		8,085	1,073

6.48% (8.10% - (1.00 x 1 mo. USD LIBOR)), 03/25/2032^(g)(l)		9,570	1,410

6.38% (8.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 12/25/2032^(g)(l)		117,498	17,774

6.50% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032^(g)(l)		11,419	980

6.63% (8.25% - (1.00 x 1 mo. USD LIBOR)), 02/25/2033 to 05/25/2033^(g)(l)		55,064	9,330

5.93% (7.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2033^(g)(l)		7,160	1,032

4.43% (6.05% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to 07/25/2038^(g)(l)		23,560	1,830

5.13% (6.75% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035^(g)(l)		3,809	383

4.98% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035^(g)(l)		199,021	18,462

3.50%, 08/25/2035^(l)		232,623	29,929

4.48% (6.10% - (1.00 x 1 mo. USD LIBOR)), 10/25/2035^(g)(l)		19,168	2,251

4.92% (6.54% - (1.00 x 1 mo. USD LIBOR)), 06/25/2037^(g)(l)		33,131	3,840

4.00%, 04/25/2041 to 08/25/2047^(l)		115,491	14,286

4.93% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041^(g)(l)		46,307	4,803

4.53% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042^(g)(l)		138,787	19,737

4.28% (5.90% - (1.00 x 1 mo. USD LIBOR)), 09/25/2047^(g)(l)		373,394	37,044
PO,

0.00%, 09/25/2023^(m)		2,941	2,886

4.00%, 08/25/2026 to 03/25/2041		6,941	6,912

6.00%, 11/25/2028		14,323	15,085

1.87% (1 mo. USD LIBOR + 0.25%), 08/25/2035^(g)		15,170	15,099

18.61% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036^(g)		23,569	31,844

18.25% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(g)		2,507	3,402

18.25% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(g)		13,253	16,877

2.56% (1 mo. USD LIBOR + 0.94%), 06/25/2037^(g)		13,265	13,398

5.00%, 04/25/2040		18,804	19,092

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

Invesco V.I. Conservative Balanced Fund


	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Freddie Mac Multifamily Structured Pass-Through Ctfs.,

Series KC02, Class X1, IO, 1.91%, 03/25/2024^(k)	$	4,176,037	$ 22,518

Series KC03, Class X1, IO, 0.63%, 11/25/2024^(k)		2,589,479	30,023

Series K734, Class X1, IO, 0.79%, 02/25/2026^(k)		2,044,824	39,752

Series K735, Class X1, IO, 1.10%, 05/25/2026^(k)		2,017,174	62,731

Series K093, Class X1, IO, 1.09%, 05/25/2029^(k)		1,644,699	88,188
Freddie Mac REMICs,

1.50%, 07/15/2023		1,109	1,108

6.50%, 03/15/2032 to 06/15/2032		44,955	48,819

3.50%, 05/15/2032		11,383	11,305

19.90% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035^(g)		5,022	6,811

1.72% (1 mo. USD LIBOR + 0.40%), 09/15/2035^(g)		26,507	26,328
IO,

6.33% (7.65% - (1.00 x 1 mo. USD LIBOR)), 07/15/2026 to 03/15/2029^(g)(l)		33,971	1,830

3.00%, 06/15/2027 to 05/15/2040^(l)		234,207	12,598

2.50%, 05/15/2028^(l)		47,000	2,249

5.38% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035^(g)(l)		150,561	12,196

5.43% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035^(g)(l)		8,344	682

5.40% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035^(g)(l)		61,936	5,555

5.68% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037^(g)(l)		8,936	1,238

4.68% (6.00% - (1.00 x 1 mo. USD LIBOR)), 04/15/2038^(g)(l)		4,711	590

4.75% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038^(g)(l)		31,948	3,580

4.93% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039^(g)(l)		15,119	1,592

4.78% (6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044^(g)(l)		53,978	7,412

4.00%, 03/15/2045^(l)		30,293	2,352
Freddie Mac STRIPS,
IO,

7.00%, 04/01/2027^(l)		17,111	1,785

3.00%, 12/15/2027^(l)		88,852	5,054

3.27%, 12/15/2027^(k)		21,897	1,106

6.50%, 02/01/2028^(l)		4,045	468

6.00%, 12/15/2032^(l)		15,461	2,116
PO,

0.00%, 06/01/2026^(m)		4,163	3,926

			954,113


	Principal Amount		Value
Federal Home Loan Mortgage Corp. (FHLMC)–0.07%

9.00%, 01/01/2025 to 05/01/2025	$	221	$ 228

6.50%, 07/01/2028 to 04/01/2034		7,849	8,251

7.00%, 10/01/2031 to 10/01/2037		27,065	28,699

5.00%, 12/01/2034		548	562

5.50%, 09/01/2039		81,367	87,208

			124,948

Federal National Mortgage Association (FNMA)–0.39%

7.50%, 01/01/2033		20,083	21,679

6.00%, 03/01/2037		46,766	51,302

4.00%, 05/01/2052		583,401	581,400

			654,381

Government National Mortgage Association (GNMA)–2.48%

7.50%, 01/15/2023 to 06/15/2024		2,266	2,272

8.00%, 04/15/2023		338	339
IO,

5.99% (7.50% - (1.00 x 1 mo. USD LIBOR)), 02/16/2032^(g)(l)		12,024	29

5.04% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037^(g)(l)		130,910	14,932

5.14% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041^(g)(l)		61,136	5,842

4.50%, 09/16/2047^(l)		154,916	25,949

4.69% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047^(g)(l)		130,813	16,104
TBA,

2.50%, 07/01/2052⁽ⁿ⁾		4,465,000	4,087,568

			4,153,035

Uniform Mortgage-Backed Securities–5.34%
TBA,

4.50%, 07/01/2052⁽ⁿ⁾		1,039,000	1,043,261

2.00%, 08/01/2052⁽ⁿ⁾		7,935,458	6,881,530

4.00%, 08/01/2052⁽ⁿ⁾		1,039,000	1,023,111

			8,947,902

Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $15,270,215)			14,834,379

Agency Credit Risk Transfer Notes–0.52%
Fannie Mae Connecticut Avenue Securities,

Series 2014-C04, Class 2M2, 6.62% (1 mo. USD LIBOR + 5.00%), 11/25/2024^(g)		29,643	29,919

Series 2016-C02, Class 1M2, 7.62% (1 mo. USD LIBOR + 6.00%), 09/25/2028^(g)		79,238	82,385

Series 2022-R03, Class 1M1, 3.03% (30 Day Average SOFR + 2.10%), 03/25/2042^(d)(g)		285,342	280,502

Series 2022-R04, Class 1M1, 2.93% (30 Day Average SOFR + 2.00%), 03/25/2042^(d)(g)		156,295	153,348

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

Invesco V.I. Conservative Balanced Fund


	Principal Amount		Value
Freddie Mac,

Series 2014-DN3, Class M3, STACR^®, 5.62% (1 mo. USD LIBOR + 4.00%), 08/25/2024^(g)	$	37,968	$ 38,276

Series 2018-HQA1, Class M2, STACR^®, 3.92% (1 mo. USD LIBOR + 2.30%), 09/25/2030^(g)		82,490	81,909

Series 2022-DNA3, Class M1A, STACR^®, 2.90% (30 Day Average SOFR + 2.00%), 04/25/2042^(d)(g)		209,608	206,443

Total Agency Credit Risk Transfer Notes (Cost $891,008)			872,782

	Shares
Preferred Stocks–0.48%
Asset Management & Custody Banks–0.03%

Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.^(e)		45,000	44,078

Diversified Banks–0.35%

Citigroup, Inc., 5.00%, Series U, Pfd.^(e)		240,000	211,800

JPMorgan Chase & Co., 4.71% (3 mo. USD LIBOR + 3.47%), Series I, Pfd.^(g)		401,000	380,749

			592,549

Investment Banking & Brokerage–0.04%

Charles Schwab Corp. (The), 4.00%, Series H, Pfd.^(e)		100,000	77,100

Other Diversified Financial Services–0.06%

Equitable Holdings, Inc., 4.95%, Series B, Pfd.^(e)		105,000	98,932

Total Preferred Stocks (Cost $891,287)			812,659

	Principal Amount
Municipal Obligations–0.32%
California (State of) Health Facilities Financing Authority (Social Bonds),

Series 2022, RB, 4.19%, 06/01/2037	$	100,000	95,324

Series 2022, RB, 4.35%, 06/01/2041		75,000	70,425


Investment Abbreviations:

ADR		- American Depositary Receipt
Ctfs.		- Certificates
IO		- Interest Only
LIBOR		- London Interbank Offered Rate
Pfd.		- Preferred
PO		- Principal Only
RB		- Revenue Bonds
Ref.		- Refunding
REIT		- Real Estate Investment Trust
REMICs		- Real Estate Mortgage Investment Conduits
SOFR		- Secured Overnight Financing Rate
STACR^®		- Structured Agency Credit Risk
STRIPS		- Separately Traded Registered Interest and Principal Security
TBA		- To Be Announced
USD		- U.S. Dollar


	Principal Amount		Value
California State University,

Series 2021 B, Ref. RB, 2.72%, 11/01/2052	$	90,000	$ 67,167

Series 2021 B, Ref. RB, 2.94%, 11/01/2052		140,000	107,202

Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041		265,000	196,767

Total Municipal Obligations (Cost $670,000)			536,885

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-96.88% (Cost $158,402,692)			162,405,589

	Shares
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.26%

Invesco Private Government Fund, 1.38%^(o)(p)(q)		589,690	589,690

Invesco Private Prime Fund, 1.66%^(o)(p)(q)		1,516,345	1,516,345

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,106,035)			2,106,035

TOTAL INVESTMENTS IN SECURITIES–98.14% (Cost $160,508,727)			164,511,624

OTHER ASSETS LESS LIABILITIES–1.86%			3,113,164

NET ASSETS–100.00%			$167,624,788

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

Invesco V.I. Conservative Balanced Fund

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at June 30, 2022.

^(c)	Non-income producing security.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2022 was $31,898,199, which represented 19.03% of the Fund’s Net Assets.

^(e)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

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

^(g)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2022.

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

⁽ⁱ⁾	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2022.

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

^(k)

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, 2022.

^(l)	Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(m)	Zero coupon bond issued at a discount.

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

^(o)


	Value December 31, 2021	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation	Realized Gain (Loss)	Value June 30, 2022	Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$ 307,302	$ 7,238,887	$ (6,956,499)	$ -	$ -	$ 589,690	$1,981*
Invesco Private Prime Fund	717,037	14,230,597	(13,431,029)	44	(304)	1,516,345	5,570*
Total	$1,024,339	$21,469,484	$(20,387,528)	$44	$(304)	$2,106,035	$ 7,551

^(p)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

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


Open Futures Contracts^(a)
										Unrealized
	Number of		Expiration		Notional					Appreciation
Long Futures Contracts	Contracts		Month		Value		Value			(Depreciation)
Interest Rate Risk

U.S. Treasury 2 Year Notes		14		September-2022	$	2,940,219	$	(16,734	)		$ (16,734	)

U.S. Treasury 5 Year Notes		61		September-2022		6,847,250		(50,751	)		(50,751	)

U.S. Treasury 10 Year Notes		61		September-2022		7,230,406		(84,229	)		(84,229	)

U.S. Treasury 10 Year Ultra Notes		17		September-2022		2,165,375		(41,039	)		(41,039	)

U.S. Treasury Long Bonds		19		September-2022		2,633,875		(45,719	)		(45,719	)

U.S. Treasury Ultra Bonds		2		September-2022		308,688		(10,125	)		(10,125	)

Total Futures Contracts							$	(248,597	)		$(248,597	)

^(a)	Futures contracts collateralized by $376,035 cash held with Merrill Lynch International, the futures commission merchant.

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

Invesco V.I. Conservative Balanced Fund

Portfolio Composition

By security type, based on Net Assets

as of June 30, 2022



Common Stocks & Other Equity Interests	37.71	%

U.S. Dollar Denominated Bonds & Notes	23.44

Asset-Backed Securities	16.42

U.S. Treasury Securities	9.14

U.S. Government Sponsored Agency Mortgage-Backed Securities	8.85

Security Types Each Less Than 1% of Portfolio	1.32

Money Market Funds Plus Other Assets Less Liabilities	3.12

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

Invesco V.I. Conservative Balanced Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $158,402,692)*	$	162,405,589

Investments in affiliated money market funds, at value (Cost $2,106,035)		2,106,035

Other investments:
Variation margin receivable – futures contracts		131,726

Deposits with brokers:
Cash collateral – exchange-traded futures contracts		376,035

Cash		17,153,843

Receivable for:
Investments sold		654,545

TBA sales commitment		7,861,093

Fund shares sold		46,527

Dividends		53,941

Interest		519,646

Principal paydowns		15

Investment for trustee deferred compensation and retirement plans		60,227

Other assets		113

Total assets		191,369,335


Liabilities:
Payable for:
Investments purchased		380,338

TBA sales commitment		20,961,559

Fund shares reacquired		102,541

Collateral upon return of securities loaned		2,106,035

Accrued fees to affiliates		78,319

Accrued trustees’ and officers’ fees and benefits		2,388

Accrued other operating expenses		53,140

Trustee deferred compensation and retirement plans		60,227

Total liabilities		23,744,547

Net assets applicable to shares outstanding	$	167,624,788


Net assets consist of:
Shares of beneficial interest	$	147,455,701

Distributable earnings		20,169,087

	$	167,624,788


Net Assets:
Series I	$	120,834,641

Series II	$	46,790,147


Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		7,759,773

Series II		3,054,875

Series I:
Net asset value per share	$	15.57

Series II:
Net asset value per share	$	15.32

*	At June 30, 2022, securities with an aggregate value of $2,106,524 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:

Interest	$	1,368,177

Dividends (net of foreign withholding taxes of $2,280)		563,969

Dividends from affiliated money market funds (includes securities lending income of $1,271)		1,271

Total investment income		1,933,417


Expenses:
Advisory fees		669,369

Administrative services fees		137,666

Custodian fees		6,101

Distribution fees - Series II		60,000

Transfer agent fees		4,907

Trustees’ and officers’ fees and benefits		8,772

Reports to shareholders		1,880

Professional services fees		23,076

Other		1,954

Total expenses		913,725

Less: Fees waived		(244,033	)

Net expenses		669,692

Net investment income		1,263,725


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(612,682	)

Affiliated investment securities		(304	)

Foreign currencies		(171	)

Futures contracts		349,552


		(263,605	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(32,959,438	)

Affiliated investment securities		44

Foreign currencies		(206	)

Futures contracts		(167,091	)

		(33,126,691	)

Net realized and unrealized gain (loss)		(33,390,296	)

Net increase (decrease) in net assets resulting from operations	$	(32,126,571	)

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

Invesco V.I. Conservative Balanced Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30,			December 31,
	2022			2021


Operations:
Net investment income	$	1,263,725		$	2,255,931

Net realized gain (loss)		(263,605	)		13,534,788

Change in net unrealized appreciation (depreciation)		(33,126,691	)		4,447,458

Net increase (decrease) in net assets resulting from operations		(32,126,571	)		20,238,177


Distributions to shareholders from distributable earnings:
Series I		–			(10,034,354	)

Series II		–			(3,192,540	)

Total distributions from distributable earnings		–			(13,226,894	)


Share transactions–net:
Series I		(7,022,121	)		(4,887,494	)

Series II		4,225,609			1,364,481

Net increase (decrease) in net assets resulting from share transactions		(2,796,512	)		(3,523,013	)

Net increase (decrease) in net assets		(34,923,083	)		3,488,270


Net assets:
Beginning of period		202,547,871			199,059,601

End of period	$	167,624,788		$	202,547,871

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

Invesco V.I. Conservative Balanced Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets			Portfolio turnover^(d)^(e)
Series I
Six months ended 06/30/22		$18.54		$0.12		$(3.09)		$(2.97)		$ –			$ –			$ –			$15.57		(16.02	)%		$120,835		0.67	%^(f)		0.94	%^(f)		1.45	%^(f)		156	%
Year ended 12/31/21		17.93		0.22		1.67		1.89		(0.29	)		(0.99	)		(1.28	)		18.54		10.63			151,468		0.67			0.90			1.18			259
Year ended 12/31/20		16.31		0.27		2.11		2.38		(0.36	)		(0.40	)		(0.76	)		17.93		14.86			150,983		0.67			0.99			1.60			311
Year ended 12/31/19		14.43		0.33		2.16		2.49		(0.36	)		(0.25	)		(0.61	)		16.31		17.51			144,384		0.67			1.00			2.11			68
Year ended 12/31/18		15.92		0.32		(1.13)		(0.81)		(0.31	)		(0.37	)		(0.68	)		14.43		(5.32	)		140,290		0.67			0.98			2.05			60
Year ended 12/31/17		14.86		0.27		1.09		1.36		(0.30	)		–			(0.30	)		15.92		9.25			166,015		0.67			0.94			1.74			76
Series II
Six months ended 06/30/22		18.25		0.10		(3.03)		(2.93)		–			–			–			15.32		(16.05	)		46,790		0.92	^(f)		1.19	^(f)		1.20	^(f)		156
Year ended 12/31/21		17.68		0.17		1.64		1.81		(0.25	)		(0.99	)		(1.24	)		18.25		10.30			51,080		0.92			1.15			0.93			259
Year ended 12/31/20		16.09		0.23		2.08		2.31		(0.32	)		(0.40	)		(0.72	)		17.68		14.59			48,077		0.92			1.24			1.35			311
Year ended 12/31/19		14.24		0.29		2.13		2.42		(0.32	)		(0.25	)		(0.57	)		16.09		17.22			45,853		0.92			1.25			1.86			68
Year ended 12/31/18		15.71		0.27		(1.10)		(0.83)		(0.27	)		(0.37	)		(0.64	)		14.24		(5.53	)		43,029		0.92			1.23			1.80			60
Year ended 12/31/17		14.67		0.23		1.07		1.30		(0.26	)		–			(0.26	)		15.71		8.95			51,633		0.92			1.19			1.49			76

^(a)	Calculated using average shares outstanding.

^(b)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America. Total returns are not annualized for periods less than one year, if applicable and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns.

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019, 2018 and 2017, respectively.

^(d)	The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $489,567,330 and $509,769,207, $685,887,902 and $703,549,464, $729,295,309 and $711,803,922 for the years ended December 31, 2019, 2018 and 2017, respectively.

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

^(f)	Annualized.

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

Invesco V.I. Conservative Balanced Fund

Notes to Financial Statements

June 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is to seek total return.

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

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

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

Invesco V.I. Conservative Balanced Fund

on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

Invesco V.I. Conservative Balanced Fund

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.

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.

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

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

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

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

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

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

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

Invesco V.I. Conservative Balanced Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate

First $200 million		0.750%

Next $200 million		0.720%

Next $200 million		0.690%

Next $200 million		0.660%

Over $800 million		0.600%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.74%.

The Adviser has contractually agreed, through at least April 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.67% and Series II shares to 0.92% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. 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.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $244,033.

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, 2022, Invesco was paid $13,094 for accounting and fund administrative services and was reimbursed $124,572 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the six months ended June 30, 2022, the Fund incurred $769 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Invesco V.I. Conservative Balanced Fund


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests		$62,609,197		$ 611,068		$ –		$ 63,220,265


U.S. Dollar Denominated Bonds & Notes		–		38,849,788		447,099		39,296,887


Asset-Backed Securities		–		27,517,757		–		27,517,757


U.S. Treasury Securities		–		15,313,975		–		15,313,975


U.S. Government Sponsored Agency Mortgage-Backed Securities		–		14,834,379		–		14,834,379


Agency Credit Risk Transfer Notes		–		872,782		–		872,782


Preferred Stocks		–		812,659		–		812,659


Municipal Obligations		–		536,885		–		536,885


Money Market Funds		–		2,106,035		–		2,106,035


Total Investments in Securities		62,609,197		101,455,328		447,099		164,511,624



Other Investments - Liabilities*


Futures Contracts		(248,597)		–		–		(248,597	)


Total Investments		$62,360,600		$101,455,328		$447,099		$164,263,027

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2022:


	Value
	Interest
Derivative Liabilities	Rate Risk


Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(248,597	)


Derivatives not subject to master netting agreements		248,597


Total Derivative Liabilities subject to master netting agreements	$	–

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

Effect of Derivative Investments for the six months ended June 30, 2022

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


	Location of Gain (Loss) on Statement of Operations
	Interest
	Rate Risk


Realized Gain:
Futures contracts		$ 349,552


Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(167,091)


Total		$ 182,461

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


	Futures
	Contracts


Average notional value	$	19,366,560

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Invesco V.I. Conservative Balanced Fund

such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022 was $52,636,218 and $69,854,332, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	16,327,258


Aggregate unrealized (depreciation) of investments		(12,104,641	)


Net unrealized appreciation of investments	$	4,222,617

Cost of investments for tax purposes is $160,040,410.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		1,420,080		$	23,195,694			151,798		$	2,855,671


Series II		460,489			7,637,898			332,830			6,177,469



Issued as reinvestment of dividends:
Series I		-			-			546,236			10,034,354


Series II		-			-			176,383			3,192,540



Reacquired:		.
Series I		(1,831,920	)		(30,217,815	)		(946,065	)		(17,777,519	)


Series II		(203,856	)		(3,412,289	)		(430,098	)		(8,005,528	)


Net increase (decrease) in share activity		(155,207	)	$	(2,796,512	)		(168,916	)	$	(3,523,013	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 69% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Conservative Balanced Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$839.80	$3.06	$1,021.47	$3.36	0.67%
Series II	1,000.00	839.50	4.20	1,020.23	4.61	0.92

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Conservative Balanced Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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. Conservative Balanced 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 Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

preparedness and ongoing investment enabled Invesco Advisers 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 are appropriate and satisfactory.

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Custom Invesco V.I. Conservative Balanced Index (Index). The Board noted that performance of Series II shares of the Fund was in the third 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 and the fifth quintile being the worst performing funds). The Board noted that performance of Series II 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 considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time

Invesco V.I. Conservative Balanced Fund

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 noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

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 Funds individually. 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.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.

Invesco V.I. Conservative Balanced Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. Core Equity Fund

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


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

Invesco Distributors, Inc.				VICEQ-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	-21.78	%
Series II Shares	-21.88
S&P 500 Index^q (Broad Market Index)	-19.96
Russell 1000 Index^q (Style-Specific Index)	-20.94
Lipper VUF Large-Cap Core Funds Index^∎ (Peer Group Index)	-18.96

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

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.
The Russell 1000^® Index is an unmanaged index considered representative of large-cap stocks. The Russell 1000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.
The Lipper VUF Large-Cap Core Funds Index is an unmanaged index considered representative of large-cap core variable insurance underlying funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (5/2/94)	7.88	%
10 Years	8.95
5 Years	6.90
1 Year	-14.01

Series II Shares
Inception (10/24/01)	6.61	%
10 Years	8.68
5 Years	6.63
1 Year	-14.23

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

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

fluctuate so that you may have a gain or loss when you sell shares.

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

Invesco V.I. Core Equity Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Core Equity Fund

Schedule of Investments^(a)

June 30, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–99.18%
Aerospace & Defense–2.30%
Raytheon Technologies Corp.		175,699	$	16,886,431



Agricultural & Farm Machinery–1.29%
Deere & Co.		31,639		9,474,931



Air Freight & Logistics–3.19%
FedEx Corp.		15,758		3,572,496


United Parcel Service, Inc., Class B		108,454		19,797,193


				23,369,689



Application Software–2.16%
Manhattan Associates, Inc.^(b)		19,039		2,181,870


salesforce.com, inc.^(b)		50,803		8,384,527


Synopsys, Inc.^(b)		17,396		5,283,165


				15,849,562



Automobile Manufacturers–1.63%
General Motors Co.^(b)		209,667		6,659,024


Tesla, Inc.^(b)		7,829		5,272,205


				11,931,229



Automotive Retail–1.49%
O’Reilly Automotive, Inc.^(b)		17,271		10,911,127



Biotechnology–0.97%
Seagen, Inc.^(b)		40,352		7,139,883



Cable & Satellite–1.07%
Comcast Corp., Class A		200,414		7,864,245



Commodity Chemicals–0.81%
Valvoline, Inc.^(c)		204,791		5,904,125



Communications Equipment–1.00%
Motorola Solutions, Inc.		35,053		7,347,109



Construction Materials–1.18%
Vulcan Materials Co.		60,951		8,661,137



Consumer Finance–1.52%
American Express Co.		80,475		11,155,445



Data Processing & Outsourced Services–1.22%
Fiserv, Inc.^(b)		100,376		8,930,453



Distillers & Vintners–0.73%
Constellation Brands, Inc., Class A		22,812		5,316,565



Diversified Banks–1.99%
JPMorgan Chase & Co.		129,799		14,616,665



Electric Utilities–2.37%
FirstEnergy Corp.		394,658		15,150,921


Southern Co. (The)		31,197		2,224,658


				17,375,579



Environmental & Facilities Services–0.71%
Waste Connections, Inc.		41,922		5,196,651


	Shares		Value


Financial Exchanges & Data–1.03%
Intercontinental Exchange, Inc.^(c)		79,979	$	7,521,225



Food Distributors–1.05%
Sysco Corp.		90,977		7,706,662



General Merchandise Stores–0.39%
Target Corp.		20,319		2,869,652



Health Care Facilities–1.81%
HCA Healthcare, Inc.		54,990		9,241,619


Tenet Healthcare Corp.^(b)		77,158		4,055,425


				13,297,044



Health Care Services–1.97%
CVS Health Corp.		155,620		14,419,749



Health Care Supplies–0.87%
Cooper Cos., Inc. (The)		20,344		6,370,113



Homebuilding–0.78%
D.R. Horton, Inc.^(c)		85,876		5,684,133



Hotels, Resorts & Cruise Lines–1.01%
Airbnb, Inc., Class A^(b)		83,079		7,400,677



Household Products–2.81%
Procter & Gamble Co. (The)		143,362		20,614,022



Industrial Conglomerates–0.72%
Honeywell International, Inc.		30,183		5,246,107



Industrial Machinery–1.58%
Otis Worldwide Corp.		163,581		11,560,269



Industrial REITs–2.80%
Duke Realty Corp.		17,377		954,866


Prologis, Inc.		166,588		19,599,078


				20,553,944



Integrated Oil & Gas–2.27%
Exxon Mobil Corp.		194,419		16,650,043



Integrated Telecommunication Services–3.07%
Verizon Communications, Inc.		443,586		22,511,990



Interactive Home Entertainment–1.08%
Electronic Arts, Inc.		65,014		7,908,953



Interactive Media & Services–3.00%
Alphabet, Inc., Class A^(b)		10,107		22,025,781



Internet & Direct Marketing Retail–3.01%
Amazon.com, Inc.^(b)		207,840		22,074,686



Investment Banking & Brokerage–0.51%
Charles Schwab Corp. (The)		59,644		3,768,308



IT Consulting & Other Services–1.67%
Accenture PLC, Class A		30,771		8,543,568


Amdocs Ltd.		44,523		3,709,211


				12,252,779

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

Invesco V.I. Core Equity Fund


	Shares		Value



Life Sciences Tools & Services–0.32%
Avantor, Inc.^(b)		75,451	$	2,346,526



Managed Health Care–3.26%
UnitedHealth Group, Inc.		46,461		23,863,763



Oil & Gas Exploration & Production–0.79%
APA Corp.		165,925		5,790,783



Oil & Gas Storage & Transportation–1.42%
Cheniere Energy, Inc.		47,295		6,291,654


Magellan Midstream Partners L.P.		85,628		4,089,593


				10,381,247



Other Diversified Financial Services–1.81%
Equitable Holdings, Inc.		508,697		13,261,731



Packaged Foods & Meats–0.99%
Mondelez International, Inc., Class A		116,718		7,247,021



Personal Products–0.21%
Coty, Inc., Class A^(b)		187,871		1,504,847



Pharmaceuticals–7.59%
AstraZeneca PLC, ADR (United Kingdom)		213,676		14,117,573


Bayer AG (Germany)		98,744		5,866,728


Eli Lilly and Co.		71,101		23,053,077


Johnson & Johnson		70,870		12,580,134


				55,617,512



Property & Casualty Insurance–1.51%
Allstate Corp. (The)		87,292		11,062,515



Railroads–1.09%
Union Pacific Corp.		37,321		7,959,823



Regional Banks–1.17%
First Citizens BancShares, Inc., Class A		11,430		7,472,705


SVB Financial Group^(b)		2,802		1,106,762


				8,579,467



Research & Consulting Services–0.11%
TransUnion		10,235		818,698



Semiconductor Equipment–1.10%
Applied Materials, Inc.		88,894		8,087,576



Semiconductors–2.59%
Advanced Micro Devices, Inc.^(b)		100,965		7,720,793


QUALCOMM, Inc.		88,394		11,291,450


				19,012,243

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust


	Shares		Value


Soft Drinks–1.80%
Coca-Cola Co. (The)		210,313	$	13,230,791



Systems Software–10.87%
Crowdstrike Holdings, Inc., Class A^(b)(c)		13,879		2,339,444


Microsoft Corp.		201,943		51,865,021


ServiceNow, Inc.^(b)		13,938		6,627,798


VMware, Inc., Class A		165,134		18,821,973


				79,654,236



Technology Hardware, Storage & Peripherals–5.07%
Apple, Inc.		272,046		37,194,129



Thrifts & Mortgage Finance–0.42%
Rocket Cos., Inc., Class A		415,189		3,055,791


Total Common Stocks & Other Equity Interests (Cost $629,669,064)				727,035,662



Money Market Funds–0.90%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(d)(e)		2,305,146		2,305,146


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(d)(e)		1,646,733		1,646,568


Invesco Treasury Portfolio, Institutional Class, 1.35%^(d)(e)		2,634,453		2,634,453


Total Money Market Funds (Cost $6,586,167)				6,586,167


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–100.08% (Cost $636,255,231)				733,621,829



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.79%
Invesco Private Government Fund, 1.38%^(d)(e)(f)		1,626,118		1,626,118


Invesco Private Prime Fund, 1.66%^(d)(e)(f)		4,181,445		4,181,445


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,807,563)				5,807,563


TOTAL INVESTMENTS IN SECURITIES–100.87% (Cost $642,062,794)				739,429,392


OTHER ASSETS LESS LIABILITIES–(0.87)%				(6,353,719	)


NET ASSETS–100.00%			$	733,075,673

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

Invesco V.I. Core Equity Fund

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at June 30, 2022.

^(d)


	Value December 31, 2021		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)				Value June 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 389,846		$	18,467,584		$	(16,552,284	)		$-		$	-			$	2,305,146		$ 2,098
Invesco Liquid Assets Portfolio, Institutional Class		286,795			13,191,131			(11,831,155	)		-			(203	)			1,646,568		4,016
Invesco Treasury Portfolio, Institutional Class		445,538			21,105,811			(18,916,896	)		-			-				2,634,453		5,519
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		4,212,863			63,352,624			(65,939,369	)		-			-				1,626,118		6,279*
Invesco Private Prime Fund		9,830,013			143,660,050			(149,308,607	)		-			(11	)			4,181,445		18,087*
Total		$15,165,055		$	259,777,200		$	(262,548,311	)		$-		$	(214	)		$	12,393,730		$35,999

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

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

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022



Information Technology	25.69	%

Health Care	16.79

Industrials	10.98

Financials	9.96

Consumer Discretionary	8.30

Communication Services	8.23

Consumer Staples	7.59

Energy	4.48

Real Estate	2.80

Utilities	2.37

Materials	1.99

Money Market Funds Plus Other Assets Less Liabilities	0.82

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

Invesco V.I. Core Equity Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $629,669,064)*		$727,035,662

Investments in affiliated money market funds, at value (Cost $12,393,730)		12,393,730

Foreign currencies, at value (Cost $1,472)		1,382
Receivable for:
Fund shares sold		176,251
Dividends		499,231
Investment for trustee deferred compensation and retirement plans		312,287

Other assets		473
Total assets		740,419,016

Liabilities:
Payable for:
Investments purchased		452,942
Fund shares reacquired		367,137
Collateral upon return of securities loaned		5,807,563
Accrued fees to affiliates		341,721
Accrued trustees’ and officers’ fees and benefits		2,729
Accrued other operating expenses		35,695

Trustee deferred compensation and retirement plans		335,556
Total liabilities		7,343,343

Net assets applicable to shares outstanding		$733,075,673

Net assets consist of:

Shares of beneficial interest		$511,858,406
Distributable earnings		221,217,267
		$733,075,673

Net Assets:

Series I		$714,617,262

Series II		$ 18,458,411

Shares outstanding, no par value, with an unlimited number of shares authorized:

Series I		24,178,498

Series II		628,871
Series I:
Net asset value per share		$ 29.56
Series II:
Net asset value per share		$ 29.35

*	At June 30, 2022, securities with an aggregate value of $5,828,620 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $30,345)	$	6,693,641


Dividends from affiliated money market funds (includes securities lending income of $6,204)		17,837


Total investment income		6,711,478



Expenses:
Advisory fees		2,623,859


Administrative services fees		710,479


Custodian fees		4,649


Distribution fees - Series II		26,985


Transfer agent fees		24,463


Trustees’ and officers’ fees and benefits		11,200


Reports to shareholders		2,073


Professional services fees		21,779


Other		4,558


Total expenses		3,430,045


Less: Fees waived		(1,552	)


Net expenses		3,428,493


Net investment income		3,282,985



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(32,619))		(3,914,499	)


Affiliated investment securities		(214	)


Foreign currencies		(31,854	)


		(3,946,567	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(208,990,103	)
Foreign currencies		(9,214	)


		(208,999,317	)


Net realized and unrealized gain (loss)		(212,945,884	)


Net increase (decrease) in net assets resulting from operations	$	(209,662,899	)

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

Invesco V.I. Core Equity Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30, 2022			December 31, 2021

Operations:
Net investment income		$ 3,282,985			$ 6,341,809

Net realized gain (loss)		(3,946,567	)		120,211,363

Change in net unrealized appreciation (depreciation)		(208,999,317	)		82,770,314

Net increase (decrease) in net assets resulting from operations		(209,662,899	)		209,323,486


Distributions to shareholders from distributable earnings:
Series I		–			(26,896,119	)

Series II		–			(643,978	)

Total distributions from distributable earnings		–			(27,540,097	)


Share transactions–net:
Series I		(50,420,722	)		52,340,903

Series II		(1,525,123	)		(1,793,836	)

Net increase (decrease) in net assets resulting from share transactions		(51,945,845	)		50,547,067

Net increase (decrease) in net assets		(261,608,744	)		232,330,456


Net assets:
Beginning of period		994,684,417			762,353,961

End of period		$ 733,075,673			$994,684,417

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

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 value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Series I
Six months ended 06/30/22		$	37.79		$	0.13		$	(8.36	)		$	(8.23	)		$	–			$	–			$	–			$	29.56		(21.78	)%		$	714,617		0.80	%^(d)		0.80	%^(d)		0.77	%^(d)		21	%
Year ended 12/31/21			30.43			0.25			8.16				8.41				(0.24	)			(0.81	)			(1.05	)			37.79		27.74				969,408		0.80			0.80			0.72			54
Year ended 12/31/20			34.95			0.29			3.89				4.18				(0.48	)			(8.22	)			(8.70	)			30.43		13.85				740,345		0.81			0.81			0.89			50
Year ended 12/31/19			30.94			0.38			8.22				8.60				(0.35	)			(4.24	)			(4.59	)			34.95		28.97				855,744		0.78			0.78			1.08			82
Year ended 12/31/18			36.72			0.25			(3.29	)			(3.04	)			(0.34	)			(2.40	)			(2.74	)			30.94		(9.40	)			858,828		0.79			0.80			0.70			46
Year ended 12/31/17			34.58			0.27			4.21				4.48				(0.39	)			(1.95	)			(2.34	)			36.72		13.17				1,054,802		0.79			0.80			0.74			30
Series II
Six months ended 06/30/22			37.57			0.09			(8.31	)			(8.22	)			–				–				–				29.35		(21.88	)			18,458		1.05	^(d)		1.05	^(d)		0.52	^(d)		21
Year ended 12/31/21			30.27			0.16			8.11				8.27				(0.16	)			(0.81	)			(0.97	)			37.57		27.42				25,276		1.05			1.05			0.47			54
Year ended 12/31/20			34.81			0.21			3.85				4.06				(0.38	)			(8.22	)			(8.60	)			30.27		13.53				22,009		1.06			1.06			0.64			50
Year ended 12/31/19			30.66			0.29			8.16				8.45				(0.06	)			(4.24	)			(4.30	)			34.81		28.66				22,652		1.03			1.03			0.83			82
Year ended 12/31/18			36.18			0.16			(3.28	)			(3.12	)			–				(2.40	)			(2.40	)			30.66		(9.61	)			20,203		1.04			1.05			0.45			46
Year ended 12/31/17			34.11			0.18			4.14				4.32				(0.30	)			(1.95	)			(2.25	)			36.18		12.87				189,982		1.04			1.05			0.49			30

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

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

Invesco V.I. Core Equity Fund

Notes to Financial Statements

June 30, 2022

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

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

Invesco V.I. Core Equity Fund

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

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

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

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

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

Invesco V.I. Core Equity Fund

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.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets		Rate


First $ 250 million		0.650%


Over $250 million		0.600%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.61%.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $1,552.

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, 2022, Invesco was paid $70,282 for accounting and fund administrative services and was reimbursed $640,197 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the six months ended June 30, 2022, the Fund incurred $697 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

Invesco V.I. Core Equity Fund

NOTE 3–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	721,168,934	$	5,866,728		$–	$	727,035,662


Money Market Funds		6,586,167		5,807,563		–		12,393,730


Total Investments	$	727,755,101	$	11,674,291		$–	$	739,429,392

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2022, the Fund engaged in securities sales of $587,389, which resulted in net realized gains (losses) of $(32,619).

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022 was $181,107,643 and $236,381,259, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	148,228,016


Aggregate unrealized (depreciation) of investments		(50,688,156	)


Net unrealized appreciation of investments	$	97,539,860

Invesco V.I. Core Equity Fund

Cost of investments for tax purposes is $641,889,532.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		370,303		$	12,118,183			4,117,085		$	148,736,616


Series II		54,429			1,774,314			35,297			1,231,364



Issued as reinvestment of dividends:
Series I		-			-			733,864			26,896,119


Series II		-			-			17,668			643,978



Reacquired:
Series I		(1,847,231	)		(62,538,905	)		(3,525,910	)		(123,291,832	)


Series II		(98,305	)		(3,299,437	)		(107,216	)		(3,669,178	)


Net increase (decrease) in share activity		(1,520,804	)	$	(51,945,845	)		1,270,788		$	50,547,067

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 56% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Core Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (01/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$782.20	$3.54	$1,020.83	$4.01	0.80%
Series II	1,000.00	781.20	4.64	1,019.59	5.26	1.05

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Core Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

Invesco V.I. Core Equity Fund

stock selection in certain sectors detracted from Fund performance. The Board further noted that the Fund underwent a portfolio management team change in June 2019, and that performance results prior to such date were those of the prior portfolio management team. 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 noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D. Economies of Scale and Breakpoints

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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

cash collateral, unregistered funds that comply with Rule 2a-7 (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.

Invesco V.I. Core Equity Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. Core Plus Bond Fund

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


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

Invesco Distributors, Inc.				VICPB-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	-12.21	%
Series II Shares	-12.33
Bloomberg U.S. Aggregate Bond Index^▼ (Broad Market/Style-Specific Index)	-10.35
Lipper VUF Core Plus Bond Funds Index^∎ (Peer Group Index)	-12.14

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.
The Lipper VUF Core Plus Bond Funds Index is an unmanaged index considered representative of core plus bond variable insurance underlying funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.


Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (5/5/93)	3.89	%
10 Years	2.89
5 Years	1.09
1 Year	-12.41
Series II Shares
Inception (3/14/02)	3.26	%
10 Years	2.62
5 Years	0.80
1 Year	-12.70

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

fluctuate so that you may have a gain or loss when you sell shares.

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

Invesco V.I. Core Plus Bond Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Core Plus Bond Fund

Schedule of Investments^(a)

June 30, 2022

(Unaudited)


	Principal Amount		Value


U.S. Dollar Denominated Bonds & Notes–43.90%
Advertising–0.07%
Interpublic Group of Cos., Inc. (The), 4.20%, 04/15/2024	$	20,000	$	20,025


Lamar Media Corp., 3.75%, 02/15/2028		26,000		23,117


WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024		41,000		40,075


				83,217



Aerospace & Defense–0.25%
BAE Systems Holdings, Inc. (United Kingdom), 3.85%, 12/15/2025^(b)		32,000		31,463


Boeing Co. (The),
2.75%, 02/01/2026		2,000		1,860


2.20%, 02/04/2026		84,000		75,846


L3Harris Technologies, Inc., 3.85%, 06/15/2023		38,000		38,009


Lockheed Martin Corp.,
4.15%, 06/15/2053		82,000		76,704


4.30%, 06/15/2062		96,000		90,379


				314,261



Agricultural & Farm Machinery–0.36%
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031		134,000		110,744


Cargill, Inc.,
3.63%, 04/22/2027^(b)		112,000		110,085


4.00%, 06/22/2032^(b)		137,000		134,230


4.38%, 04/22/2052^(b)		96,000		92,530


				447,589



Airlines–0.61%
American Airlines Pass-Through Trust,
Series 2021-1, Class B, 3.95%, 07/11/2030		171,000		143,190


Series 2021-1, Class A, 2.88%, 07/11/2034		151,000		129,058


British Airways Pass-Through Trust (United Kingdom),
Series 2019-1, Class A, 3.35%, 06/15/2029^(b)		9,404		8,213


Series 2021-1, Class A, 2.90%, 03/15/2035^(b)		80,774		71,375


Delta Air Lines, Inc., 7.38%, 01/15/2026		4,000		4,004


Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.50%, 10/20/2025^(b)		85,111		82,780


4.75%, 10/20/2028^(b)		187,091		176,874


United Airlines Pass-Through Trust,
Series 2014-2, Class B, 4.63%, 09/03/2022		19,983		19,990


Series 2020-1, Class A, 5.88%, 10/15/2027		112,630		110,862


Series 2018-1, Class AA, 3.50%, 03/01/2030		5,004		4,582


	Principal Amount		Value


Airlines–(continued)
United Airlines, Inc.,
4.38%, 04/15/2026^(b)	$	6,000	$	5,308


4.63%, 04/15/2029^(b)		11,000		9,369


				765,605



Apparel Retail–0.04%
Ross Stores, Inc., 3.38%, 09/15/2024		47,000		46,225



Application Software–0.40%
salesforce.com, inc.,
2.90%, 07/15/2051		128,000		96,945


3.05%, 07/15/2061		76,000		55,740


Workday, Inc.,
3.70%, 04/01/2029		160,000		149,818


3.80%, 04/01/2032		221,000		202,164


				504,667



Asset Management & Custody Banks–0.86%
Ameriprise Financial, Inc.,
3.00%, 04/02/2025		3,000		2,932


4.50%, 05/13/2032		91,000		89,578


Bank of New York Mellon Corp. (The), Series I, 3.75%^(c)(d)		276,000		225,997


Blackstone Secured Lending Fund,
2.75%, 09/16/2026		179,000		156,533


2.13%, 02/15/2027		106,000		88,749


2.85%, 09/30/2028		67,000		54,097


Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025		35,000		34,865


CI Financial Corp. (Canada), 3.20%, 12/17/2030		71,000		55,588


FS KKR Capital Corp., 1.65%, 10/12/2024		93,000		82,807


KKR Group Finance Co. XII LLC, 4.85%, 05/17/2032^(b)		125,000		123,563


OWL Rock Core Income Corp., 4.70%, 02/08/2027^(b)		122,000		111,387


State Street Corp., 4.42%, 05/13/2033^(c)		46,000		45,406


				1,071,502



Auto Parts & Equipment–0.05%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
4.75%, 04/01/2028^(b)		49,000		40,721


5.38%, 03/01/2029^(b)		27,000		22,499


				63,220



Automobile Manufacturers–0.94%
BMW US Capital LLC (Germany),
2.38% (SOFR + 0.84%), 04/01/2025^(b)(e)		19,000		18,840


3.45%, 04/01/2027^(b)		72,000		70,245


3.70%, 04/01/2032^(b)		107,000		101,060


Daimler Finance North America LLC (Germany), 2.55%, 08/15/2022^(b)		319,000		319,095

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Automobile Manufacturers–(continued)
Ford Motor Credit Co. LLC, 2.70%, 08/10/2026	$	44,000	$	37,550


General Motors Financial Co., Inc.,
4.15%, 06/19/2023		37,000		37,036


3.80%, 04/07/2025		104,000		101,525


5.00%, 04/09/2027		180,000		176,723


4.30%, 04/06/2029		50,000		45,934


Hyundai Capital America,
5.75%, 04/06/2023^(b)		51,000		51,779


4.13%, 06/08/2023^(b)		54,000		53,967


5.88%, 04/07/2025^(b)		2,000		2,063


2.00%, 06/15/2028^(b)		89,000		74,914


Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026^(b)		94,000		79,299


				1,170,030



Automotive Retail–0.23%
Advance Auto Parts, Inc., 1.75%, 10/01/2027		112,000		95,266


Asbury Automotive Group, Inc., 5.00%, 02/15/2032^(b)		17,000		13,923


Lithia Motors, Inc., 3.88%, 06/01/2029^(b)		53,000		45,133


O’Reilly Automotive, Inc., 4.70%, 06/15/2032		82,000		81,757


Sonic Automotive, Inc.,
4.63%, 11/15/2029^(b)		30,000		23,285


4.88%, 11/15/2031^(b)		35,000		26,380


				285,744



Biotechnology–0.30%
AbbVie, Inc., 3.85%, 06/15/2024		60,000		59,987


CSL Finance PLC (Australia),
3.85%, 04/27/2027^(b)		49,000		48,578


4.05%, 04/27/2029^(b)		49,000		48,149


4.25%, 04/27/2032^(b)		66,000		64,607


4.63%, 04/27/2042^(b)		48,000		46,111


4.75%, 04/27/2052^(b)		74,000		70,897


4.95%, 04/27/2062^(b)		42,000		40,364


				378,693



Brewers–0.02%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 8.20%, 01/15/2039		20,000		25,862



Building Products–0.05%
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030^(b)		40,000		39,131


Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 2.00%, 09/16/2031		33,000		26,293


Masco Corp., 2.00%, 02/15/2031		2,000		1,574


				66,998



Cable & Satellite–0.39%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 06/01/2033^(b)		17,000		13,433


	Principal Amount		Value


Cable & Satellite–(continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,
2.94% (3 mo. USD LIBOR + 1.65%), 02/01/2024^(e)	$	86,000	$	86,684


3.50%, 06/01/2041		55,000		38,581


3.50%, 03/01/2042		114,000		79,291


3.90%, 06/01/2052		82,000		57,083


3.85%, 04/01/2061		81,000		53,426


4.40%, 12/01/2061		37,000		26,686


Comcast Corp.,
3.25%, 11/01/2039		3,000		2,471


2.89%, 11/01/2051		2,000		1,431


2.65%, 08/15/2062		47,000		30,406


2.99%, 11/01/2063		3,000		2,051


Cox Communications, Inc.,
2.60%, 06/15/2031^(b)		67,000		56,106


2.95%, 10/01/2050^(b)		2,000		1,328


Sirius XM Radio, Inc., 3.88%, 09/01/2031^(b)		56,000		44,698


				493,675



Casinos & Gaming–0.02%
CDI Escrow Issuer, Inc., 5.75%, 04/01/2030^(b)		34,000		31,012



Computer & Electronics Retail–0.12%
Dell International LLC/EMC Corp.,
6.02%, 06/15/2026		2,000		2,080


5.30%, 10/01/2029		47,000		46,379


8.35%, 07/15/2046		3,000		3,744


3.45%, 12/15/2051^(b)		73,000		49,535


Leidos, Inc., 2.30%, 02/15/2031		59,000		47,062


				148,800



Consumer Finance–0.20%
Ally Financial, Inc., 2.20%, 11/02/2028		7,000		5,707


American Express Co.,
2.55%, 03/04/2027		30,000		27,977


4.99%, 05/26/2033^(c)		164,000		164,261


OneMain Finance Corp., 3.88%, 09/15/2028		37,000		28,358


Synchrony Financial, 4.25%, 08/15/2024		29,000		28,851


				255,154



Copper–0.02%
Freeport-McMoRan, Inc., 5.00%, 09/01/2027		10,000		9,938


Southern Copper Corp. (Peru), 5.88%, 04/23/2045		18,000		18,682


				28,620



Data Processing & Outsourced Services–0.15%
Block, Inc., 3.50%, 06/01/2031^(b)		32,000		25,570


Clarivate Science Holdings Corp., 3.88%, 07/01/2028^(b)		32,000		26,831


Fidelity National Information Services, Inc., 3.10%, 03/01/2041		3,000		2,194

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Data Processing & Outsourced Services–(continued)
PayPal Holdings, Inc.,
2.65%, 10/01/2026	$	3,000	$	2,847


5.05%, 06/01/2052		127,000		126,284


				183,726



Distillers & Vintners–0.25%
Pernod Ricard S.A. (France), 4.25%, 07/15/2022^(b)		307,000		307,163



Distributors–0.07%
Genuine Parts Co., 2.75%, 02/01/2032		100,000		82,850



Diversified Banks–9.19%
Banco Mercantil del Norte S.A. (Mexico),
5.88%^(b)(c)(d)		200,000		166,000


6.63%^(b)(c)(d)		200,000		163,700


Bank of America Corp.,
2.22% (SOFR + 1.05%), 02/04/2028^(e)		47,000		45,626


4.38%, 04/27/2028^(c)		262,000		258,170


4.27%, 07/23/2029^(c)		31,000		29,820


2.69%, 04/22/2032^(c)		132,000		110,934


2.57%, 10/20/2032^(c)		83,000		68,545


2.97%, 02/04/2033^(c)		116,000		98,929


4.57%, 04/27/2033^(c)		217,000		211,442


2.48%, 09/21/2036^(c)		116,000		90,097


3.85%, 03/08/2037^(c)		59,000		51,063


7.75%, 05/14/2038		232,000		286,383


Series RR, 4.38%^(c)(d)		311,000		258,836


Series TT, 6.13%^(c)(d)(f)		435,000		420,591


Bank of Nova Scotia (The) (Canada), 4.59%, 05/04/2037^(c)		83,000		76,407


BBVA Bancomer S.A. (Mexico), 6.75%, 09/30/2022^(b)		150,000		150,517


BNP Paribas S.A. (France), 4.63%^(b)(c)(d)		200,000		166,122


BPCE S.A. (France),
1.45% (SOFR + 0.57%), 01/14/2025^(b)(e)		250,000		246,464


4.50%, 03/15/2025^(b)		185,000		182,138


Citigroup, Inc.,
Series A, 5.95%^(c)(d)		11,000		10,805


2.88%, 07/24/2023^(c)		4,000		3,998


1.68% (SOFR + 0.69%), 01/25/2026^(e)		16,000		15,462


3.11%, 04/08/2026^(c)		5,000		4,806


4.66%, 05/24/2028^(c)		125,000		124,146


4.08%, 04/23/2029^(c)		34,000		32,350


4.41%, 03/31/2031^(c)		38,000		36,333


2.57%, 06/03/2031^(c)		9,000		7,573


2.56%, 05/01/2032^(c)		85,000		70,071


2.52%, 11/03/2032^(c)		56,000		45,494


3.06%, 01/25/2033^(c)		55,000		46,672


3.79%, 03/17/2033^(c)		254,000		229,076


4.91%, 05/24/2033^(c)		141,000		139,290


2.90%, 11/03/2042^(c)		86,000		62,414


3.88%^(c)(d)(f)		442,000		367,965


Series V, 4.70%^(c)(d)		165,000		134,475


	Principal Amount		Value


Diversified Banks–(continued)
Cooperatieve Rabobank U.A. (Netherlands),
3.65%, 04/06/2028^(b)(c)	$	250,000	$	237,663


3.76%, 04/06/2033^(b)(c)		500,000		451,761


Credit Agricole S.A. (France),
4.75%^(b)(c)(d)		409,000		318,884


7.88%^(b)(c)(d)		200,000		197,873


4.38%, 03/17/2025^(b)		310,000		305,205


Development Bank of Kazakhstan JSC (Kazakhstan), 5.75%, 05/12/2025^(b)		232,000		231,909


Discover Bank, 4.65%, 09/13/2028		116,000		111,750


HSBC Holdings PLC (United Kingdom),
4.60%^(c)(d)		225,000		173,510


6.00%^(c)(d)		200,000		179,750


3.95%, 05/18/2024^(c)		103,000		102,575


2.85% (SOFR + 1.43%), 03/10/2026^(e)		200,000		198,035


6.25%^(c)(d)		243,000		238,626


ING Groep N.V. (Netherlands), 2.55% (SOFR + 1.01%), 04/01/2027^(e)		368,000		352,469


JPMorgan Chase & Co.,
2.07% (3 mo. USD LIBOR + 0.89%), 07/23/2024^(e)		16,000		15,937


3.80%, 07/23/2024^(c)		50,000		49,842


3.63%, 12/01/2027		2,000		1,922


3.78%, 02/01/2028^(c)		46,000		44,213


4.32%, 04/26/2028^(c)		258,000		253,979


3.54%, 05/01/2028^(c)		32,000		30,368


2.58%, 04/22/2032^(c)		8,000		6,738


2.96%, 01/25/2033^(c)		8,000		6,873


4.59%, 04/26/2033^(c)		155,000		152,408


Series W, 2.41%(3 mo. USD LIBOR + 1.00%), 05/15/2047^(e)		11,000		8,388


Mizuho Financial Group, Inc. (Japan), 2.56%, 09/13/2031		400,000		319,591


National Australia Bank Ltd. (Australia),
2.99%, 05/21/2031^(b)		250,000		209,168


3.93%, 08/02/2034^(b)(c)		153,000		138,849


NatWest Group PLC (United Kingdom), 5.52%, 09/30/2028^(c)		200,000		201,623


Nordea Bank Abp (Finland),
3.75%^(b)(c)(d)		210,000		155,192


6.63%^(b)(c)(d)		202,000		193,702


PNC Bank N.A., 2.50%, 08/27/2024		255,000		247,997


Royal Bank of Canada (Canada),
3.70%, 10/05/2023		31,000		31,197


1.66% (SOFR + 0.71%), 01/21/2027^(e)		247,000		239,817


Standard Chartered PLC (United Kingdom), 2.68%, 06/29/2032^(b)(c)		200,000		160,719


Sumitomo Mitsui Financial Group, Inc. (Japan),
2.14%, 09/23/2030		96,000		77,000


2.22%, 09/17/2031		200,000		161,897


Truist Bank, 2.64%, 09/17/2029^(c)		390,000		371,170


U.S. Bancorp,
3.70%^(c)(d)		294,000		226,380


2.49%, 11/03/2036^(c)		185,000		150,959


Series W, 3.10%, 04/27/2026		30,000		28,953

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Diversified Banks–(continued)
Wells Fargo & Co.,
Series BB, 3.90%^(c)(d)	$	99,000	$	85,326


3.53%, 03/24/2028^(c)		121,000		114,713


3.58%, 05/22/2028^(c)		34,000		32,283


3.07%, 04/30/2041^(c)		5,000		3,880


4.75%, 12/07/2046		24,000		22,026


4.61%, 04/25/2053^(c)		195,000		180,780


Westpac Banking Corp. (Australia), 3.13%, 11/18/2041		74,000		54,371


				11,490,985



Diversified Capital Markets–1.47%
Credit Suisse AG (Switzerland), 3.63%, 09/09/2024		189,000		185,782


Credit Suisse Group AG (Switzerland),
5.10%^(b)(c)(d)		201,000		146,622


4.55%, 04/17/2026		147,000		143,936


4.19%, 04/01/2031^(b)(c)		500,000		442,890


7.13%^(b)(c)(d)		200,000		199,886


9.75%^(b)(c)(d)		201,000		205,774


UBS Group AG (Switzerland),
4.13%, 04/15/2026^(b)		153,000		150,839


4.75%, 05/12/2028^(b)(c)		213,000		211,004


4.38%^(b)(c)(d)		200,000		146,820


				1,833,553



Diversified Metals & Mining–0.12%
FMG Resources August 2006 Pty. Ltd. (Australia), 4.38%, 04/01/2031^(b)		30,000		24,542


South32 Treasury Ltd. (Australia), 4.35%, 04/14/2032^(b)		131,000		122,526


				147,068



Diversified REITs–0.86%
Brixmor Operating Partnership L.P.,
4.13%, 05/15/2029		17,000		15,853


4.05%, 07/01/2030		32,000		28,906


2.50%, 08/16/2031		40,000		31,411


CubeSmart L.P.,
2.25%, 12/15/2028		28,000		23,950


2.50%, 02/15/2032		53,000		43,103


Trust Fibra Uno (Mexico),
5.25%, 01/30/2026^(b)		200,000		188,883


4.87%, 01/15/2030^(b)		200,000		169,508


VICI Properties L.P.,
4.75%, 02/15/2028		175,000		167,354


4.95%, 02/15/2030		175,000		166,168


5.13%, 05/15/2032		127,000		119,941


5.63%, 05/15/2052		131,000		119,492


				1,074,569



Drug Retail–0.09%
CVS Pass-Through Trust, 5.77%, 01/10/2033^(b)		111,012		116,081



Electric Utilities–1.38%
AEP Texas, Inc.,
3.95%, 06/01/2028^(b)		162,000		156,405


4.70%, 05/15/2032		68,000		67,760


5.25%, 05/15/2052		99,000		100,597


Alfa Desarrollo S.p.A. (Chile), 4.55%, 09/27/2051^(b)		199,461		143,701


	Principal Amount		Value


Electric Utilities–(continued)
Duke Energy Corp., 3.25%, 01/15/2082^(c)	$	73,000	$	57,147


Duke Energy Progress LLC, 2.50%, 08/15/2050		6,000		4,112


EDP Finance B.V. (Portugal), 3.63%, 07/15/2024^(b)		219,000		217,400


Enel Finance International N.V. (Italy), 2.88%, 07/12/2041^(b)		200,000		134,992


National Rural Utilities Cooperative Finance Corp., 2.75%, 04/15/2032		124,000		108,121


NextEra Energy Capital Holdings, Inc.,
4.63%, 07/15/2027		304,000		308,410


5.00%, 07/15/2032		96,000		98,441


PacifiCorp, 2.90%, 06/15/2052		74,000		54,117


Southern Co. (The), Series 21-A, 3.75%, 09/15/2051^(c)		51,000		43,461


Virginia Electric and Power Co.,
Series B, 3.75%, 05/15/2027		106,000		104,998


Series C, 4.63%, 05/15/2052		124,000		120,324


				1,719,986



Electronic Equipment & Instruments–0.12%
Vontier Corp.,
1.80%, 04/01/2026		5,000		4,374


2.40%, 04/01/2028		92,000		77,578


2.95%, 04/01/2031		87,000		68,366


				150,318



Electronic Manufacturing Services–0.03%
Jabil, Inc., 3.00%, 01/15/2031		42,000		35,316



Environmental & Facilities Services–0.05%
Covanta Holding Corp., 4.88%, 12/01/2029^(b)		46,000		37,495


GFL Environmental, Inc. (Canada), 3.50%, 09/01/2028^(b)		25,000		21,475


				58,970



Financial Exchanges & Data–1.43%
B3 S.A. - Brasil, Bolsa, Balcao (Brazil), 4.13%, 09/20/2031^(b)		200,000		164,850


Cboe Global Markets, Inc., 3.00%, 03/16/2032		306,000		274,368


FactSet Research Systems, Inc., 3.45%, 03/01/2032		113,000		99,181


Intercontinental Exchange, Inc.,
4.00%, 09/15/2027		176,000		173,360


4.35%, 06/15/2029		137,000		135,382


4.60%, 03/15/2033		118,000		117,560


4.95%, 06/15/2052		163,000		159,994


3.00%, 09/15/2060		29,000		19,633


5.20%, 06/15/2062		124,000		124,138


Moody’s Corp.,
2.75%, 08/19/2041		80,000		58,621


5.25%, 07/15/2044		2,000		2,010


3.75%, 02/25/2052		109,000		89,203


3.10%, 11/29/2061		208,000		143,136


MSCI, Inc.,
3.88%, 02/15/2031^(b)		11,000		9,437


3.63%, 11/01/2031^(b)		11,000		9,076

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Financial Exchanges & Data–(continued)
S&P Global, Inc.,
1.25%, 08/15/2030	$	3,000	$	2,377


2.90%, 03/01/2032^(b)		66,000		58,870


3.70%, 03/01/2052^(b)		67,000		57,290


3.90%, 03/01/2062^(b)		99,000		84,218


				1,782,704



Food Distributors–0.02%
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029^(b)		33,000		26,431



Food Retail–0.03%
Alimentation Couche-Tard, Inc. (Canada), 3.44%, 05/13/2041^(b)		47,000		35,331



Health Care Facilities–0.07%
Tenet Healthcare Corp., 6.13%, 06/15/2030^(b)		99,000		91,630



Health Care REITs–0.10%
Healthcare Trust of America Holdings L.P.,
3.50%, 08/01/2026		30,000		28,591


2.00%, 03/15/2031		32,000		24,837


Omega Healthcare Investors, Inc., 3.25%, 04/15/2033		81,000		61,439


Physicians Realty L.P., 4.30%, 03/15/2027		2,000		1,962


Welltower, Inc.,
3.10%, 01/15/2030		3,000		2,660


3.85%, 06/15/2032		12,000		10,951


				130,440



Health Care Services–0.59%
Cigna Corp., 4.13%, 11/15/2025		29,000		29,076


CVS Health Corp., 1.30%, 08/21/2027		43,000		37,084


Fresenius Medical Care US Finance III, Inc. (Germany), 1.88%, 12/01/2026^(b)		300,000		258,610


Piedmont Healthcare, Inc.,
Series 2032, 2.04%, 01/01/2032		94,000		77,595


Series 2042, 2.72%, 01/01/2042		91,000		68,413


2.86%, 01/01/2052		104,000		75,259


Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051		276,000		187,921


				733,958



Home Improvement Retail–0.03%
Lowe’s Cos., Inc., 3.35%, 04/01/2027		43,000		41,415



Homebuilding–0.10%
D.R. Horton, Inc., 4.75%, 02/15/2023		33,000		33,212


M.D.C. Holdings, Inc.,
3.85%, 01/15/2030		9,000		7,472


3.97%, 08/06/2061		141,000		81,399


				122,083


	Principal Amount		Value


Hotels, Resorts & Cruise Lines–0.30%
Expedia Group, Inc.,
4.63%, 08/01/2027	$	30,000	$	28,851


3.25%, 02/15/2030		277,000		231,276


2.95%, 03/15/2031		130,000		103,538


Hilton Domestic Operating Co., Inc., 3.63%, 02/15/2032^(b)		19,000		15,137


				378,802



Independent Power Producers & Energy Traders–0.30%
AES Corp. (The), 2.45%, 01/15/2031		35,000		28,184


Calpine Corp., 3.75%, 03/01/2031^(b)		40,000		32,618


Deutsche Telekom International Finance B.V. (Germany), 4.38%, 06/21/2028^(b)		149,000		148,714


EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Spain), 5.38%, 12/30/2030^(b)		200,000		135,341


Vistra Corp., 7.00%^(b)(c)(d)		32,000		29,104


				373,961



Industrial Machinery–0.13%
Burlington Northern Santa Fe LLC, 4.45%, 01/15/2053		138,000		133,735


Flowserve Corp., 2.80%, 01/15/2032		29,000		22,877


				156,612



Industrial REITs–0.03%
LXP Industrial Trust, 2.38%, 10/01/2031		54,000		41,808



Insurance Brokers–0.10%
Willis North America, Inc., 4.65%, 06/15/2027		122,000		120,120



Integrated Oil & Gas–1.03%
BP Capital Markets America, Inc.,
3.06%, 06/17/2041		110,000		85,901


2.94%, 06/04/2051		21,000		15,061


3.00%, 03/17/2052		56,000		40,464


BP Capital Markets PLC (United Kingdom),
4.38%^(c)(d)		61,000		57,584


4.88%^(c)(d)		190,000		166,016


Ecopetrol S.A. (Colombia),
4.63%, 11/02/2031		11,000		8,360


5.88%, 05/28/2045		12,000		8,190


Gray Oak Pipeline LLC, 2.60%, 10/15/2025^(b)		42,000		39,273


Petrobras Global Finance B.V. (Brazil), 5.50%, 06/10/2051		10,000		7,604


Petroleos Mexicanos (Mexico),
8.75%, 06/02/2029^(b)		303,000		274,894


6.70%, 02/16/2032		51,000		38,995


Petronas Capital Ltd. (Malaysia), 2.48%, 01/28/2032^(b)		200,000		170,551


Qatar Energy (Qatar), 3.30%, 07/12/2051^(b)		200,000		154,924


Shell International Finance B.V. (Netherlands),
2.88%, 11/26/2041		132,000		102,432


3.00%, 11/26/2051		155,000		116,417


				1,286,666

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Integrated Telecommunication Services–0.54%
AT&T, Inc.,
2.18% (SOFR + 0.64%), 03/25/2024^(e)	$	139,000	$	137,745


4.30%, 02/15/2030		34,000		33,208


2.55%, 12/01/2033		195,000		158,416


3.50%, 09/15/2053		97,000		73,690


3.55%, 09/15/2055		10,000		7,509


Verizon Communications, Inc.,
2.55%, 03/21/2031		34,000		29,099


2.65%, 11/20/2040		30,000		22,057


3.40%, 03/22/2041		35,000		28,554


2.85%, 09/03/2041		104,000		78,127


2.88%, 11/20/2050		33,000		23,466


3.55%, 03/22/2051		17,000		13,659


3.00%, 11/20/2060		40,000		27,244


3.70%, 03/22/2061		51,000		40,183


				672,957



Interactive Home Entertainment–0.20%
Electronic Arts, Inc., 2.95%, 02/15/2051		6,000		4,381


ROBLOX Corp., 3.88%, 05/01/2030^(b)		57,000		46,373


Take-Two Interactive Software, Inc., 4.00%, 04/14/2032		141,000		132,522


WMG Acquisition Corp.,
3.75%, 12/01/2029^(b)		55,000		46,020


3.00%, 02/15/2031^(b)		31,000		24,095


				253,391



Interactive Media & Services–0.02%
Match Group Holdings II LLC, 5.63%, 02/15/2029^(b)		25,000		23,423



Internet & Direct Marketing Retail–0.17%
Amazon.com, Inc., 2.88%, 05/12/2041		84,000		67,341


Daimler Trucks Finance North America LLC (Germany), 3.65%, 04/07/2027^(b)		150,000		143,823


				211,164



Internet Services & Infrastructure–0.08%
Twilio, Inc.,
3.63%, 03/15/2029		29,000		24,436


3.88%, 03/15/2031		29,000		23,918


VeriSign, Inc., 2.70%, 06/15/2031		66,000		53,186


				101,540



Investment Banking & Brokerage–2.27%
Charles Schwab Corp. (The),
2.45% (SOFR + 1.05%), 03/03/2027^(e)		213,000		209,721


2.90%, 03/03/2032		126,000		111,071


5.00%^(c)(d)		124,000		111,467


	Principal Amount		Value


Investment Banking & Brokerage–(continued)
Goldman Sachs Group, Inc. (The),
2.02% (SOFR + 0.58%), 03/08/2024^(e)	$	29,000	$	28,534


1.68% (SOFR + 0.70%), 01/24/2025^(e)		30,000		29,328


3.50%, 04/01/2025		39,000		38,281


3.27%, 09/29/2025^(c)		3,000		2,918


3.50%, 11/16/2026		19,000		18,244


2.24% (SOFR + 0.79%), 12/09/2026^(e)		463,000		444,395


2.26% (SOFR + 0.81%), 03/09/2027^(e)(f)		380,000		361,938


1.87% (SOFR + 0.92%), 10/21/2027^(e)		300,000		286,203


2.43% (SOFR + 1.12%), 02/24/2028^(e)		86,000		82,534


3.62%, 03/15/2028^(c)		61,000		57,777


2.62%, 04/22/2032^(c)		33,000		27,432


2.65%, 10/21/2032^(c)		105,000		86,640


3.10%, 02/24/2033^(c)		79,000		67,549


3.21%, 04/22/2042^(c)		4,000		3,061


3.44%, 02/24/2043^(c)		93,000		73,076


Series V, 4.13%^(c)(d)		134,000		109,712


JAB Holdings B.V. (Austria), 4.50%, 04/08/2052^(b)		378,000		292,448


Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, 01/23/2030		19,000		17,088


Morgan Stanley,
1.66% (SOFR + 0.63%), 01/24/2025^(e)		23,000		22,428


5.00%, 11/24/2025		40,000		40,707


2.70%, 01/22/2031^(c)		10,000		8,670


3.62%, 04/01/2031^(c)		38,000		34,941


2.51%, 10/20/2032^(c)		65,000		53,784


2.94%, 01/21/2033^(c)		92,000		78,944


5.30%, 04/20/2037^(c)		139,000		134,755


3.22%, 04/22/2042^(c)		4,000		3,155


Raymond James Financial, Inc., 3.75%, 04/01/2051		3,000		2,446


				2,839,247



IT Consulting & Other Services–0.07%
DXC Technology Co., 2.38%, 09/15/2028		105,000		90,456



Leisure Products–0.15%
Brunswick Corp.,
4.40%, 09/15/2032		146,000		126,297


5.10%, 04/01/2052		77,000		57,597


				183,894



Life & Health Insurance–2.12%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		53,000		52,372


Athene Global Funding,
1.20%, 10/13/2023^(b)		93,000		89,587


2.50%, 01/14/2025^(b)		2,000		1,903


1.45%, 01/08/2026^(b)		42,000		37,406


2.95%, 11/12/2026^(b)		65,000		59,789


3.21%, 03/08/2027^(b)		246,000		223,926

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Life & Health Insurance–(continued)
Athene Holding Ltd.,
6.15%, 04/03/2030	$	41,000	$	40,966


3.45%, 05/15/2052		118,000		81,264


Corebridge Financial, Inc.,
4.35%, 04/05/2042^(b)		16,000		13,676


4.40%, 04/05/2052^(b)		28,000		23,408


F&G Global Funding, 2.00%, 09/20/2028^(b)		140,000		117,899


GA Global Funding Trust, 2.90%, 01/06/2032^(b)		357,000		297,045


MAG Mutual Holding Co., 4.75%, 04/30/2041^(g)		784,000		688,656


Manulife Financial Corp. (Canada), 4.06%, 02/24/2032^(c)		28,000		25,913


Nationwide Financial Services, Inc., 3.90%, 11/30/2049^(b)		2,000		1,631


Pacific Life Global Funding II,
2.34% (SOFR + 0.80%), 03/30/2025^(b)(e)		356,000		352,628


2.03% (SOFR + 0.62%), 06/04/2026^(b)(e)		146,000		142,385


Pacific LifeCorp, 3.35%, 09/15/2050^(b)		2,000		1,504


Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/2061^(b)		2,000		1,448


Prudential Financial, Inc., 5.20%, 03/15/2044^(c)		48,000		45,507


Reliance Standard Life Global Funding II, 2.75%, 01/21/2027^(b)		48,000		44,608


Sammons Financial Group, Inc., 4.75%, 04/08/2032^(b)		332,000		302,577


Western & Southern Life Insurance Co. (The), 3.75%, 04/28/2061^(b)		2,000		1,531


				2,647,629



Life Sciences Tools & Services–0.02%
Illumina, Inc., 2.55%, 03/23/2031		32,000		26,054



Managed Health Care–0.74%
Centene Corp., 2.50%, 03/01/2031		57,000		45,422


Kaiser Foundation Hospitals, Series 2021, 2.81%, 06/01/2041		205,000		159,304


3.00%, 06/01/2051		215,000		160,781


UnitedHealth Group, Inc.,
3.75%, 07/15/2025		2,000		2,000


3.70%, 05/15/2027		137,000		136,623


4.00%, 05/15/2029^(f)		425,000		421,293


				925,423



Motorcycle Manufacturers–0.16%
Volkswagen Group of America Finance LLC (Germany), 4.60%, 06/08/2029^(b)		200,000		194,798



Movies & Entertainment–0.81%
Magallanes, Inc.,
4.28%, 03/15/2032^(b)		194,000		173,572


5.05%, 03/15/2042^(b)		324,000		276,156


5.14%, 03/15/2052^(b)		400,000		336,263


5.39%, 03/15/2062^(b)		278,000		232,985


				1,018,976


	Principal Amount		Value


Multi-line Insurance–0.28%
Allianz SE (Germany), 3.20%^(b)(c)(d)	$	237,000	$	173,602


Liberty Mutual Group, Inc., 5.50%, 06/15/2052^(b)		191,000		181,209


				354,811



Multi-Utilities–0.13%
Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082^(c)		131,000		109,296


Ameren Corp., 2.50%, 09/15/2024		23,000		22,312


Dominion Energy, Inc., Series C, 3.38%, 04/01/2030		30,000		27,453


				159,061



Office REITs–0.24%
Alexandria Real Estate Equities, Inc.,
3.95%, 01/15/2027		3,000		2,958


2.95%, 03/15/2034		64,000		53,346


Boston Properties L.P., 3.25%, 01/30/2031		4,000		3,435


Office Properties Income Trust,
4.25%, 05/15/2024		117,000		113,653


4.50%, 02/01/2025		67,000		64,257


2.65%, 06/15/2026		15,000		12,766


2.40%, 02/01/2027		67,000		54,802


				305,217



Oil & Gas Equipment & Services–0.12%
Petrofac Ltd. (United Kingdom), 9.75%, 11/15/2026^(b)		200,000		153,968



Oil & Gas Exploration & Production–0.49%
Apache Corp., 7.75%, 12/15/2029		98,000		104,103


Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/2039		90,000		71,189


Continental Resources, Inc., 2.88%, 04/01/2032^(b)		51,000		39,928


Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates), 2.94%, 09/30/2040^(b)		196,522		160,800


Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.00%, 04/15/2030^(b)		18,000		15,689


6.25%, 04/15/2032^(b)		18,000		15,841


Lundin Energy Finance B.V. (Netherlands), 3.10%, 07/15/2031^(b)		216,000		178,922


Murphy Oil Corp., 6.38%, 07/15/2028		23,000		21,492


				607,964



Oil & Gas Refining & Marketing–0.01%
Parkland Corp. (Canada), 4.50%, 10/01/2029^(b)		20,000		16,251



Oil & Gas Storage & Transportation–1.15%
Boardwalk Pipelines L.P., 3.60%, 09/01/2032		121,000		102,573


El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032		50,000		58,498


Enbridge, Inc. (Canada),
1.87% (SOFR + 0.63%), 02/16/2024^(e)		28,000		27,667


3.40%, 08/01/2051		50,000		37,690

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Oil & Gas Storage & Transportation–(continued)
Energy Transfer L.P.,
4.25%, 03/15/2023	$	29,000	$	28,993


4.00%, 10/01/2027		21,000		19,894


EQM Midstream Partners L.P., 7.50%, 06/01/2030^(b)		40,000		38,490


Kinder Morgan, Inc., 7.75%, 01/15/2032		55,000		64,234


Kinetik Holdings L.P., 5.88%, 06/15/2030^(b)		126,000		120,252


MPLX L.P.,
4.25%, 12/01/2027		22,000		21,251


4.95%, 03/14/2052		235,000		203,618


Northern Natural Gas Co., 3.40%, 10/16/2051^(b)		2,000		1,494


ONEOK, Inc., 6.35%, 01/15/2031		56,000		58,562


Targa Resources Corp.,
5.20%, 07/01/2027		180,000		180,936


6.25%, 07/01/2052		205,000		206,006


Venture Global Calcasieu Pass LLC, 3.88%, 11/01/2033^(b)		37,000		30,635


Williams Cos., Inc. (The),
3.70%, 01/15/2023		42,000		42,072


2.60%, 03/15/2031		163,000		136,597


3.50%, 10/15/2051		73,000		54,471


				1,433,933



Other Diversified Financial Services–0.80%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 4.50%, 09/15/2023 DAC		150,000		149,377


Avolon Holdings Funding Ltd. (Ireland),
2.13%, 02/21/2026^(b)		59,000		51,079


4.25%, 04/15/2026^(b)		3,000		2,782


Blackstone Holdings Finance Co. LLC,
1.60%, 03/30/2031^(b)		78,000		61,225


2.80%, 09/30/2050^(b)		29,000		19,538


Blackstone Private Credit Fund,
1.75%, 09/15/2024^(b)		26,000		24,042


2.35%, 11/22/2024^(b)		94,000		86,486


2.63%, 12/15/2026^(b)		211,000		176,942


3.25%, 03/15/2027^(b)		105,000		89,168


Blue Owl Finance LLC, 3.13%, 06/10/2031^(b)		80,000		61,833


Jackson Financial, Inc.,
5.17%, 06/08/2027		130,000		129,000


5.67%, 06/08/2032		149,000		144,145


KKR Group Finance Co. VIII LLC, 3.50%, 08/25/2050^(b)		2,000		1,503


				997,120



Packaged Foods & Meats–0.26%
Conagra Brands, Inc., 4.60%, 11/01/2025		35,000		35,170


JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/2031^(b)		5,000		4,110


JDE Peet’s N.V. (Netherlands), 2.25%, 09/24/2031^(b)		155,000		121,222


Minerva Luxembourg S.A. (Brazil), 4.38%, 03/18/2031^(b)		200,000		160,290


				320,792


	Principal Amount		Value


Paper Packaging–0.26%
Berry Global, Inc., 1.65%, 01/15/2027	$	329,000	$	288,253


Packaging Corp. of America, 3.65%, 09/15/2024		31,000		30,886


				319,139



Pharmaceuticals–0.36%
Bayer US Finance II LLC (Germany), 3.88%, 12/15/2023^(b)		313,000		312,544


Mayo Clinic, Series 2021, 3.20%, 11/15/2061		133,000		101,170


Mylan, Inc., 3.13%, 01/15/2023^(b)		41,000		40,760


				454,474



Precious Metals & Minerals–0.07%
Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024^(b)		83,000		81,466



Property & Casualty Insurance–0.23%
Allstate Corp. (The), 4.20%, 12/15/2046		2,000		1,824


CNA Financial Corp., 3.45%, 08/15/2027		29,000		27,539


Fairfax Financial Holdings Ltd. (Canada),
4.85%, 04/17/2028		2,000		1,990


3.38%, 03/03/2031		8,000		6,924


Fidelity National Financial, Inc., 2.45%, 03/15/2031		42,000		33,471


First American Financial Corp., 2.40%, 08/15/2031		70,000		54,057


Progressive Corp. (The),
2.50%, 03/15/2027		18,000		17,029


3.00%, 03/15/2032		8,000		7,175


3.70%, 03/15/2052		10,000		8,402


Stewart Information Services Corp., 3.60%, 11/15/2031		153,000		127,084


				285,495



Railroads–0.20%
Empresa de los Ferrocarriles del Estado (Chile), 3.83%, 09/14/2061^(b)		204,000		141,635


Norfolk Southern Corp., 4.55%, 06/01/2053		117,000		110,863


				252,498



Real Estate Development–0.04%
Essential Properties L.P., 2.95%, 07/15/2031		66,000		51,785


Piedmont Operating Partnership L.P., 3.15%, 08/15/2030		2,000		1,665


				53,450



Regional Banks–2.90%
Citizens Financial Group, Inc.,
Series G, 4.00%^(c)(d)		32,000		25,565


4.30%, 12/03/2025		118,000		117,152


2.50%, 02/06/2030		31,000		26,202


3.25%, 04/30/2030		13,000		11,552


2.64%, 09/30/2032		183,000		146,407


5.64%, 05/21/2037^(c)		219,000		216,437

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Regional Banks–(continued)
Fifth Third Bancorp,
4.30%, 01/16/2024	$	2,000	$	2,010


2.55%, 05/05/2027		2,000		1,835


4.06%, 04/25/2028^(c)		107,000		104,423


4.34%, 04/25/2033^(c)		137,000		130,457


Fifth Third Bank N.A., 3.85%, 03/15/2026		168,000		165,044


Huntington Bancshares, Inc.,
4.00%, 05/15/2025		38,000		37,847


2.49%, 08/15/2036^(c)		66,000		51,731


KeyCorp, 4.79%, 06/01/2033^(c)		86,000		84,935


M&T Bank Corp., 3.50%^(c)(d)		117,000		89,505


PNC Financial Services Group, Inc. (The),
4.63%, 06/06/2033^(c)		361,000		349,122


Series O, 4.96% (3 mo. USD LIBOR + 3.68%)^(d)(e)		222,000		214,670


Series U, 6.00%^(c)(d)		259,000		249,259


Santander Holdings USA, Inc., 3.50%, 06/07/2024		29,000		28,516


SVB Financial Group,
4.10%^(c)(d)		172,000		119,147


1.80%, 02/02/2031		66,000		50,921


Series C, 4.00%^(c)(d)		417,000		318,267


Series D, 4.25%^(c)(d)		362,000		273,819


Series E, 4.70%^(c)(d)		242,000		182,637


Truist Financial Corp., 4.12%, 06/06/2028^(c)		200,000		197,158


Zions Bancorporation N.A., 3.25%, 10/29/2029		500,000		435,600


				3,630,218



Reinsurance–0.10%
Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050		39,000		28,133


Global Atlantic Fin Co.,
4.40%, 10/15/2029^(b)		16,000		14,521


3.13%, 06/15/2031^(b)		42,000		33,456


4.70%, 10/15/2051^(b)(c)		65,000		52,297


Reinsurance Group of America, Inc., 4.70%, 09/15/2023		2,000		2,018


				130,425



Renewable Electricity–0.23%
Adani Green Energy Ltd. (India), 4.38%, 09/08/2024^(b)		208,000		187,876


NSTAR Electric Co., 4.55%, 06/01/2052		99,000		96,599


				284,475



Residential REITs–0.30%
American Homes 4 Rent L.P.,
2.38%, 07/15/2031		15,000		11,977


3.63%, 04/15/2032		161,000		141,326


3.38%, 07/15/2051		16,000		11,081


4.30%, 04/15/2052		80,000		64,611


Invitation Homes Operating Partnership L.P.,
2.30%, 11/15/2028		27,000		22,735


2.70%, 01/15/2034		96,000		74,003


Mid-America Apartments L.P., 2.88%, 09/15/2051		2,000		1,391


	Principal Amount		Value


Residential REITs–(continued)
Spirit Realty L.P.,
3.20%, 01/15/2027	$	27,000	$	24,810


2.10%, 03/15/2028		2,000		1,679


3.40%, 01/15/2030		2,000		1,734


2.70%, 02/15/2032		2,000		1,568


Sun Communities Operating L.P., 2.70%, 07/15/2031		20,000		16,140


				373,055



Restaurants–0.12%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030^(b)		43,000		34,647


Starbucks Corp., 3.00%, 02/14/2032		132,000		114,893


				149,540



Retail REITs–0.37%
Agree L.P.,
2.00%, 06/15/2028		31,000		26,510


2.60%, 06/15/2033		43,000		34,128


Kimco Realty Corp., 2.70%, 10/01/2030		23,000		19,817


Kite Realty Group L.P., 4.00%, 10/01/2026		68,000		65,132


Kite Realty Group Trust, 4.75%, 09/15/2030		31,000		28,894


National Retail Properties, Inc., 3.50%, 04/15/2051		54,000		40,528


Realty Income Corp.,
2.20%, 06/15/2028		24,000		21,068


3.25%, 01/15/2031		32,000		29,122


2.85%, 12/15/2032		19,000		16,355


Regency Centers L.P., 2.95%, 09/15/2029		31,000		27,277


Scentre Group Trust 2 (Australia), 4.75%, 09/24/2080^(b)(c)		166,000		148,104


				456,935



Semiconductor Equipment–0.22%
Entegris Escrow Corp., 5.95%, 06/15/2030^(b)		133,000		126,821


KLA Corp., 4.95%, 07/15/2052		151,000		152,095


				278,916



Semiconductors–0.50%
Broadcom, Inc.,
4.15%, 11/15/2030		32,000		29,352


2.45%, 02/15/2031^(b)		42,000		33,786


3.42%, 04/15/2033^(b)		51,000		42,229


3.47%, 04/15/2034^(b)		84,000		68,477


3.14%, 11/15/2035^(b)		192,000		146,067


4.93%, 05/15/2037^(b)		42,000		37,714


Marvell Technology, Inc., 2.95%, 04/15/2031		106,000		89,068


Micron Technology, Inc.,
4.19%, 02/15/2027		4,000		3,908


2.70%, 04/15/2032		54,000		43,118


3.37%, 11/01/2041		34,000		24,694


QUALCOMM, Inc.,
2.15%, 05/20/2030		46,000		40,346


3.25%, 05/20/2050		46,000		37,658

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Semiconductors–(continued)
Skyworks Solutions, Inc.,
1.80%, 06/01/2026	$	10,000	$	8,883


3.00%, 06/01/2031		30,000		24,675


				629,975



Soft Drinks–0.13%
Coca-Cola Icecek A.S. (Turkey), 4.50%, 01/20/2029^(b)		200,000		163,933



Sovereign Debt–0.96%
Bahamas Government International Bond (Bahamas), 9.00%, 06/16/2029^(b)		278,000		223,790


China Government International Bond (China), 2.50%, 10/26/2051^(b)		200,000		155,795


Egypt Government International Bond (Egypt), 3.88%, 02/16/2026^(b)		200,000		146,582


Mexico Government International Bond (Mexico),
3.50%, 02/12/2034		200,000		165,698


4.40%, 02/12/2052		200,000		151,057


Peruvian Government International Bond (Peru), 2.78%, 01/23/2031		10,000		8,526


Romanian Government International Bond (Romania), 5.25%, 11/25/2027^(b)		30,000		28,681


Turkey Government International Bond (Turkey), 4.75%, 01/26/2026		200,000		166,068


UAE International Government Bond (United Arab Emirates), 3.25%, 10/19/2061^(b)		206,000		156,220


				1,202,417



Specialized Consumer Services–0.08%
Grand Canyon University, 3.25%, 10/01/2023		101,000		99,737



Specialized Finance–0.20%
Mitsubishi HC Capital, Inc. (Japan), 3.64%, 04/13/2025^(b)		256,000		252,772



Specialized REITs–0.74%
American Tower Corp.,
3.00%, 06/15/2023		35,000		34,642


4.00%, 06/01/2025		19,000		18,814


2.70%, 04/15/2031		103,000		84,874


4.05%, 03/15/2032		90,000		82,126


Crown Castle International Corp., 2.50%, 07/15/2031		96,000		78,660


EPR Properties,
4.75%, 12/15/2026		59,000		55,489


4.95%, 04/15/2028		117,000		107,731


3.60%, 11/15/2031		125,000		98,947


Equinix, Inc., 3.90%, 04/15/2032		176,000		159,385


Extra Space Storage L.P.,
3.90%, 04/01/2029		49,000		45,934


2.55%, 06/01/2031		2,000		1,648


2.35%, 03/15/2032		80,000		63,508


Life Storage L.P., 2.40%, 10/15/2031		79,000		62,960


SBA Communications Corp., 3.13%, 02/01/2029		38,000		31,195


				925,913


	Principal Amount		Value


Specialty Chemicals–0.26%
Sasol Financing USA LLC (South Africa),
4.38%, 09/18/2026	$	200,000	$	176,587


5.50%, 03/18/2031		200,000		154,316


				330,903



Systems Software–0.01%
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		20,000		17,327


Microsoft Corp., 2.53%, 06/01/2050		2,000		1,476


				18,803



Technology Hardware, Storage & Peripherals–0.18%
Apple, Inc.,
4.38%, 05/13/2045		20,000		19,834


4.25%, 02/09/2047		2,000		1,955


2.55%, 08/20/2060		133,000		91,404


2.80%, 02/08/2061		148,000		106,466


				219,659



Thrifts & Mortgage Finance–0.11%
Nationwide Building Society (United Kingdom), 3.96%, 07/18/2030^(b)(c)		150,000		139,345



Tobacco–0.02%
Altria Group, Inc., 3.70%, 02/04/2051		37,000		23,706



Trading Companies & Distributors–0.04%
Air Lease Corp.,
3.00%, 09/15/2023		2,000		1,956


2.20%, 01/15/2027		54,000		47,109


				49,065



Trucking–0.55%
Aviation Capital Group LLC, 4.13%, 08/01/2025^(b)		2,000		1,903


Penske Truck Leasing Co. L.P./PTL Finance Corp.,
4.00%, 07/15/2025^(b)		32,000		31,536


3.40%, 11/15/2026^(b)		37,000		35,132


4.40%, 07/01/2027^(b)		71,000		69,666


Ryder System, Inc., 4.30%, 06/15/2027		98,000		96,649


SMBC Aviation Capital Finance DAC (Ireland), 1.90%, 10/15/2026^(b)		205,000		174,359


Triton Container International Ltd. (Bermuda),
2.05%, 04/15/2026^(b)		120,000		106,260


3.15%, 06/15/2031^(b)		156,000		126,264


Uber Technologies, Inc., 4.50%, 08/15/2029^(b)		63,000		51,936


				693,705



Wireless Telecommunication Services–0.92%
America Movil S.A.B. de C.V. (Mexico), 5.38%, 04/04/2032^(b)		200,000		177,929


Rogers Communications, Inc. (Canada), 4.55%, 03/15/2052^(b)		211,000		185,789


Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC,
4.74%, 03/20/2025^(b)		137,500		137,626


5.15%, 03/20/2028^(b)		209,000		210,868

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Wireless Telecommunication Services–(continued)
T-Mobile USA, Inc.,
2.25%, 02/15/2026	$	31,000	$	27,954


2.63%, 04/15/2026		35,000		31,828


3.40%, 10/15/2052		280,000		207,402


VEON Holdings B.V. (Netherlands), 3.38%, 11/25/2027^(b)		200,000		110,500


Vodafone Group PLC (United Kingdom),
3.25%, 06/04/2081^(c)		26,000		21,629


4.13%, 06/04/2081^(c)		30,000		22,526


5.13%, 06/04/2081^(c)		33,000		22,084


				1,156,135


Total U.S. Dollar Denominated Bonds & Notes (Cost $62,143,687)				54,897,643



Asset-Backed Securities–29.75%
Adjustable Rate Mortgage Trust, Series 2004-2, Class 6A1, 0.71%, 02/25/2035^(h)		4,006		4,003


AmeriCredit Automobile Receivables Trust,
Series 2018-3, Class C, 3.74%, 10/18/2024		219,081		219,702


Series 2019-2, Class C, 2.74%, 04/18/2025		100,000		99,384


Series 2019-2, Class D, 2.99%, 06/18/2025		280,000		275,216


Series 2019-3, Class D, 2.58%, 09/18/2025		135,000		131,760


AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038^(b)		380,000		337,269


Angel Oak Mortgage Trust,
Series 2020-1, Class A1, 2.16%, 12/25/2059^(b)(h)		53,031		51,523


Series 2020-3, Class A1, 1.69%, 04/25/2065^(b)(h)		154,074		147,698


Series 2020-5, Class A1, 1.37%, 05/25/2065^(b)(h)		22,258		21,360


Series 2021-3, Class A1, 1.07%, 05/25/2066^(b)(h)		102,614		93,403


Series 2021-7, Class A1, 1.98%, 10/25/2066^(b)(h)		233,249		204,888


Series 2022-1, Class A1, 2.88%, 12/25/2066^(b)(i)		386,713		366,866


Angel Oak Mortgage Trust I LLC,
Series 2018-3, Class A1, 3.65%, 09/25/2048^(b)(h)		1,610		1,604


Series 2019-2, Class A1, 3.63%, 03/25/2049^(b)(h)		3,680		3,672


Avis Budget Rental Car Funding (AESOP) LLC, Series 2022-1A, Class A, 3.83%, 08/21/2028^(b)		560,000		548,353


Bain Capital Credit CLO Ltd., Series 2017-2A, Class AR2, 2.36% (3 mo. USD LIBOR + 1.18%), 07/25/2034^(b)(e)		731,000		708,408


Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class AS, 3.99%, 09/15/2048^(h)		70,000		68,550


Banc of America Funding Trust,
Series 2007-1, Class 1A3, 6.00%, 01/25/2037		34,117		29,401


Series 2007-C, Class 1A4, 3.01%, 05/20/2036^(h)		11,207		10,885


	Principal Amount		Value


Banc of America Mortgage Trust, Series 2007-1, Class 1A24, 6.00%, 03/25/2037	$	22,838	$	19,682


Bank, Series 2019-BNK16, Class XA, IO, 1.10%, 02/15/2052^(j)		1,530,181		72,717


Bayview MSR Opportunity Master Fund Trust,
Series 2021-4, Class A3, 3.00%, 10/25/2051^(b)(h)		333,355		297,134


Series 2021-4, Class A4, 2.50%, 10/25/2051^(b)(h)		333,355		286,364


Series 2021-4, Class A8, 2.50%, 10/25/2051^(b)(h)		321,474		297,075


Series 2021-5, Class A1, 3.00%, 11/25/2051^(b)(h)		343,218		307,967


Series 2021-5, Class A2, 2.50%, 11/25/2051^(b)(h)		418,504		361,562


Bear Stearns Adjustable Rate Mortgage Trust,
Series 2005-9, Class A1, 0.76% (1 yr. U.S. Treasury Yield Curve Rate + 2.30%), 10/25/2035^(e)		29,889		29,650


Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036^(e)		29,339		28,750


Benchmark Mortgage Trust,
Series 2018-B1, Class XA, IO, 0.63%, 01/15/2051^(j)		1,716,775		37,933


Series 2018-B3, Class C, 4.69%, 04/10/2051^(h)		42,000		38,506


Series 2019-B14, Class A5, 3.05%, 12/15/2062		90,000		82,929


Series 2019-B14, Class C, 3.90%, 12/15/2062^(h)		83,700		72,495


Series 2019-B15, Class B, 3.56%, 12/15/2072		70,000		62,437


BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060^(b)(h)		132,182		127,202


BX Commercial Mortgage Trust,
Series 2021-ACNT, Class A, 2.18% (1 mo. USD LIBOR + 0.85%), 11/15/2038^(b)(e)		235,000		226,552


Series 2021-VOLT, Class A, 2.02% (1 mo. USD LIBOR + 0.70%), 09/15/2036^(b)(e)		250,000		241,497


Series 2021-VOLT, Class B, 2.27% (1 mo. USD LIBOR + 0.95%), 09/15/2036^(b)(e)		225,000		211,876


Series 2021-VOLT, Class D, 2.97% (1 mo. USD LIBOR + 1.65%), 09/15/2036^(b)(e)		100,000		93,788


Series 2021-XL2, Class B, 2.32% (1 mo. USD LIBOR + 1.00%), 10/15/2038^(b)(e)		98,014		92,815


BX Trust,
Series 2022-LBA6, Class A, 2.28% (1.00% + SOFR Term Rate), 01/15/2039^(b)(e)		320,000		308,137


Series 2022-LBA6, Class B, 2.58% (1.30% + SOFR Term Rate), 01/15/2039^(b)(e)		230,000		219,562


Series 2022-LBA6, Class C, 2.88% (1.60% + SOFR Term Rate), 01/15/2039^(b)(e)		100,000		95,799

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


CCG Receivables Trust,
Series 2019-2, Class B, 2.55%, 03/15/2027^(b)	$	105,000	$	103,841


Series 2019-2, Class C, 2.89%, 03/15/2027^(b)		100,000		98,771


CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 1.06%, 11/13/2050^(j)		700,049		20,810


Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 2.04% (3 mo. USD LIBOR + 0.98%), 04/20/2031^(b)(e)		250,000		245,128


Chase Home Lending Mortgage Trust,
Series 2019-ATR1, Class A15, 4.00%, 04/25/2049^(b)(h)		5,041		4,958


Series 2019-ATR2, Class A3, 3.50%, 07/25/2049^(b)(h)		25,140		23,886


Chase Mortgage Finance Corp.,
Series 2016-SH1, Class M3, 3.75%, 04/25/2045^(b)(h)		30,502		28,014


Series 2016-SH2, Class M3, 3.75%, 12/25/2045^(b)(h)		36,832		34,193


Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 2.97%, 01/25/2036^(h)		35,426		32,129


Citigroup Commercial Mortgage Trust,
Series 2013-GC17, Class XA, IO, 1.15%, 11/10/2046^(j)		357,302		3,523


Series 2014-GC21, Class AA, 3.48%, 05/10/2047		32,024		31,871


Series 2017-C4, Class XA, IO, 1.22%, 10/12/2050^(j)		1,948,796		71,307


Citigroup Mortgage Loan Trust, Inc.,
Series 2006-AR1, Class 1A1, 3.15% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035^(e)		79,943		78,964


Series 2021-INV3, Class A3, 2.50%, 05/25/2051^(b)(h)		330,590		283,989


CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 01/15/2026		125,000		124,818


COLT Mortgage Loan Trust,
Series 2020-2, Class A1, 1.85%, 03/25/2065^(b)(h)		25,389		25,088


Series 2021-5, Class A1, 1.73%, 11/26/2066^(b)(h)		208,721		190,162


Series 2022-1, Class A1, 2.28%, 12/27/2066^(b)(h)		273,406		246,075


Series 2022-2, Class A1, 2.99%, 02/25/2067^(b)(i)		275,111		261,915


Series 2022-3, Class A1, 3.90%, 02/25/2067^(b)(h)		353,363		342,257


COMM Mortgage Trust,
Series 2012-CR5, Class XA, IO, 1.65%, 12/10/2045^(j)		1,782,072		2,445


Series 2013-CR6, Class AM, 3.15%, 03/10/2046^(b)		245,000		242,343


Series 2014-CR20, Class ASB, 3.31%, 11/10/2047		30,961		30,809


Series 2014-CR21, Class AM, 3.99%, 12/10/2047		715,000		703,196


Series 2014-LC15, Class AM, 4.20%, 04/10/2047		170,000		168,647


Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		475,000		467,088


Series 2015-CR25, Class B, 4.68%, 08/10/2048^(h)		72,000		69,496


	Principal Amount		Value


Countrywide Home Loans Mortgage Pass-Through Trust,
Series 2005-17, Class 1A8, 5.50%, 09/25/2035	$	2,851	$	2,726


Series 2005-26, Class 1A8, 5.50%, 11/25/2035		31,507		21,205


Series 2005-JA, Class A7, 5.50%, 11/25/2035		3,982		3,549


Credit Suisse Mortgage Capital Ctfs., Series 2020-SPT1, Class A1, 1.62%, 04/25/2065^(b)(i)		13,099		12,912


Credit Suisse Mortgage Capital Trust,
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065^(b)(h)		54,949		52,871


Series 2021-NQM2, Class A1, 1.18%, 02/25/2066^(b)(h)		119,178		113,385


Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067^(b)(h)		410,386		398,143


Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067^(b)(h)		115,000		108,047


Series 2022-ATH2, Class A1, 4.55%, 05/25/2067^(b)(h)		318,420		314,629


CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		776,000		680,957


CSFB Mortgage-Backed Pass-Through Ctfs., Series 2004-AR5, Class 3A1, 3.05%, 06/25/2034^(h)		8,395		8,280


CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036		102,820		61,774


DB Master Finance LLC,
Series 2019-1A, Class A23, 4.35%, 05/20/2049^(b)		48,625		45,512


Series 2019-1A, Class A2II, 4.02%, 05/20/2049^(b)		48,625		47,089


Dell Equipment Finance Trust, Series 2019-2, Class D, 2.48%, 04/22/2025^(b)		115,000		114,968


Domino’s Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.67%, 10/25/2049^(b)		106,547		96,777


Drive Auto Receivables Trust,
Series 2018-2, Class D, 4.14%, 08/15/2024		21,781		21,809


Series 2018-3, Class D, 4.30%, 09/16/2024		35,203		35,319


Dryden 93 CLO Ltd., Series 2021-93A, Class A1A, 2.12% (3 mo. USD LIBOR + 1.08%), 01/15/2034^(b)(e)		100,056		97,181


DT Auto Owner Trust,
Series 2019-3A, Class C, 2.74%, 04/15/2025^(b)		5,838		5,836


Series 2019-3A, Class D, 2.96%, 04/15/2025^(b)		56,000		55,623


Ellington Financial Mortgage Trust,
Series 2019-2, Class A1, 2.74%, 11/25/2059^(b)(h)		23,378		22,719


Series 2020-1, Class A1, 2.01%, 05/25/2065^(b)(h)		20,009		19,495


Series 2021-1, Class A1, 0.80%, 02/25/2066^(b)(h)		40,911		37,502


Series 2022-1, Class A1, 2.21%, 01/25/2067^(b)(h)		257,183		235,564

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Exeter Automobile Receivables Trust, Series 2019-4A, Class D, 2.58%, 09/15/2025^(b)	$	240,000	$	237,116


Extended Stay America Trust, Series 2021-ESH, Class B, 2.71% (1 mo. USD LIBOR + 1.38%), 07/15/2038^(b)(e)		114,297		111,074


First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A6, 2.27% (1 mo. USD LIBOR + 0.65%), 11/25/2035^(e)		59,646		29,308


Flagstar Mortgage Trust,
Series 2021-11IN, Class A6, 3.70%, 11/25/2051^(b)(h)		530,178		485,849


Series 2021-8INV, Class A6, 2.50%, 09/25/2051^(b)(h)		175,762		160,576


Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A2, 1.92% (1 mo. USD LIBOR + 0.60%), 09/15/2024^(e)		560,000		560,283


FREMF Mortgage Trust,
Series 2013-K25, Class C, 3.72%, 11/25/2045^(b)(h)		90,000		89,853


Series 2013-K26, Class C, 3.71%, 12/25/2045^(b)(h)		60,000		59,819


Series 2013-K27, Class C, 3.61%, 01/25/2046^(b)(h)		95,000		94,447


Series 2013-K28, Class C, 3.61%, 06/25/2046^(b)(h)		285,000		283,164


GCAT Trust, Series 2019-NQM3, Class A1, 2.69%, 11/25/2059^(b)(h)		24,104		23,322


GMACM Mortgage Loan Trust, Series 2006-AR1, Class 1A1, 2.90%, 04/19/2036^(h)		33,283		26,711


GoldenTree Loan Management U.S. CLO 5 Ltd., Series 2019-5A, Class AR, 2.13% (3 mo. USD LIBOR + 1.07%), 10/20/2032^(b)(e)		260,000		252,879


Golub Capital Partners CLO 40(A) Ltd., Series 2019-40A, Class AR, 2.27% (3 mo. USD LIBOR + 1.09%), 01/25/2032^(b)(e)		330,000		320,898


GS Mortgage Securities Trust,
Series 2013-GC16, Class AS, 4.65%, 11/10/2046		45,000		45,002


Series 2013-GCJ12, Class AAB, 2.68%, 06/10/2046		2,894		2,893


Series 2014-GC18, Class AAB, 3.65%, 01/10/2047		26,390		26,331


Series 2020-GC45, Class A5, 2.91%, 02/13/2053		50,000		45,273


Series 2020-GC47, Class A5, 2.38%, 05/12/2053		300,000		261,341


GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051^(b)(h)		296,778		273,581


GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.57%, 07/25/2035^(h)		11,069		10,765


Hertz Vehicle Financing III L.P.,
Series 2021-2A, Class A, 1.68%, 12/27/2027^(b)		113,000		99,855


Series 2021-2A, Class B, 2.12%, 12/27/2027^(b)		103,000		91,147


	Principal Amount		Value


Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21%, 12/26/2025^(b)	$	104,000	$	97,384


JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2013-C10, Class AS, 3.37%, 12/15/2047		315,000		312,745


Series 2013-C16, Class AS, 4.52%, 12/15/2046		300,000		299,947


Series 2013-LC11, Class AS, 3.22%, 04/15/2046		40,000		39,483


Series 2014-C20, Class AS, 4.04%, 07/15/2047		220,000		216,855


Series 2016-JP3, Class A2, 2.43%, 08/15/2049		25,636		25,560


JP Morgan Mortgage Trust,
Series 2007-A1, Class 5A1, 2.42%, 07/25/2035^(h)		17,221		16,908


Series 2021-LTV2, Class A1, 2.52%, 05/25/2052^(b)(h)		388,028		326,832


JPMBB Commercial Mortgage Securities Trust,
Series 2014-C24, Class B, 4.12%, 11/15/2047^(h)		245,000		233,127


Series 2014-C25, Class AS, 4.07%, 11/15/2047		200,000		196,049


Series 2015-C27, Class XA, IO, 1.29%, 02/15/2048^(j)		1,936,868		46,759


KKR CLO 30 Ltd., Series 30A, Class A1R, 2.06% (3 mo. USD LIBOR + 1.02%), 10/17/2031^(b)(e)		268,000		261,695


LB Commercial Conduit Mortgage Trust, Series 1998-C1, Class IO, 1.06%, 02/18/2030^(j)		19,446		0


Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024^(b)(h)		10,617		2,774


Life Mortgage Trust,
Series 2021-BMR, Class A, 2.02% (1 mo. USD LIBOR + 0.70%), 03/15/2038^(b)(e)		152,360		147,666


Series 2021-BMR, Class B, 2.20% (1 mo. USD LIBOR + 0.88%), 03/15/2038^(b)(e)		334,210		320,519


Series 2021-BMR, Class C, 2.42% (1 mo. USD LIBOR + 1.10%), 03/15/2038^(b)(e)		108,127		103,449


Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, 2.19% (3 mo. USD LIBOR + 1.15%), 04/19/2033^(b)(e)		742,000		726,296


MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3, 1.72% (1 mo. USD LIBOR + 0.10%), 08/25/2036^(e)		36,689		14,531


Med Trust,
Series 2021-MDLN, Class A, 2.28% (1 mo. USD LIBOR + 0.95%), 11/15/2038^(b)(e)		265,000		253,871


Series 2021-MDLN, Class B, 2.78% (1 mo. USD LIBOR + 1.45%), 11/15/2038^(b)(e)		368,000		352,250


Mello Mortgage Capital Acceptance Trust,
Series 2021-INV2, Class A4, 2.50%, 08/25/2051^(b)(h)		214,950		196,978


Series 2021-INV3, Class A4, 2.50%, 10/25/2051^(b)(h)		210,271		192,691

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, 2.39%, 11/25/2035^(h)	$	7,311	$	7,092


MFA Trust,
Series 2021-AEI1, Class A3, 2.50%, 08/25/2051^(b)(h)		260,396		223,689


Series 2021-AEI1, Class A4, 2.50%, 08/25/2051^(b)(h)		300,864		277,269


Series 2021-INV2, Class A1, 1.91%, 11/25/2056^(b)(h)		303,451		275,959


MHP Commercial Mortgage Trust,
Series 2021-STOR, Class A, 2.02% (1 mo. USD LIBOR + 0.70%), 07/15/2038^(b)(e)		125,000		120,022


Series 2021-STOR, Class B, 2.22% (1 mo. USD LIBOR + 0.90%), 07/15/2038^(b)(e)		105,000		100,191


Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C9, Class AS, 3.46%, 05/15/2046		225,000		222,853


Series 2014-C19, Class AS, 3.83%, 12/15/2047		595,000		584,129


Morgan Stanley Capital I Trust,
Series 2017-CLS, Class A, 2.02% (1 mo. USD LIBOR + 0.70%), 11/15/2034^(b)(e)		99,000		98,072


Series 2017-CLS, Class B, 2.17% (1 mo. USD LIBOR + 0.85%), 11/15/2034^(b)(e)		49,000		48,425


Series 2017-CLS, Class C, 2.32% (1 mo. USD LIBOR + 1.00%), 11/15/2034^(b)(e)		33,000		32,535


Series 2017-HR2, Class XA, IO, 0.92%, 12/15/2050^(j)		670,181		25,602


Series 2019-L2, Class A4, 4.07%, 03/15/2052		80,000		78,284


Series 2019-L3, Class AS, 3.49%, 11/15/2052		60,000		55,456


Morgan Stanley Re-REMIC Trust, Series 2012-R3, Class 1B, 6.00%, 11/26/2036^(b)(h)		228,041		211,313


MVW LLC, Series 2019-2A, Class A, 2.22%, 10/20/2038^(b)		37,323		35,361


MVW Owner Trust, Series 2019-1A, Class A, 2.89%, 11/20/2036^(b)		30,609		29,612


Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 2.06% (3 mo. USD LIBOR + 1.02%), 04/19/2030^(b)(e)		293,000		288,863


Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class A, 2.10% (3 mo. USD LIBOR + 1.06%), 04/16/2033^(b)(e)		250,000		244,617


New Residential Mortgage Loan Trust,
Series 2019-NQM4, Class A1, 2.49%, 09/25/2059^(b)(h)		18,491		17,929


Series 2020-NQM1, Class A1, 2.46%, 01/26/2060^(b)(h)		25,023		24,112


Series 2022-NQM2, Class A1, 3.08%, 03/27/2062^(b)(h)		258,861		243,247


	Principal Amount		Value


OBX Trust,
Series 2022-NQM1, Class A1, 2.31%, 11/25/2061^(b)(h)	$	299,745	$	262,638


Series 2022-NQM2, Class A1, 2.94%, 01/25/2062^(b)(h)		344,339		321,331


Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062^(b)(i)		251,516		239,268


Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062^(b)(i)		235,000		209,072


Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051^(b)(h)		269,741		248,858


OCP CLO Ltd. (Cayman Islands),
Series 2017-13A, Class A1AR, 2.00% (3 mo. USD LIBOR + 0.96%), 07/15/2030^(b)(e)		250,000		245,587


Series 2020-8RA, Class A1, 2.26% (3 mo. USD LIBOR + 1.22%), 01/17/2032^(b)(e)		433,000		423,326


Octagon Investment Partners 31 LLC, Series 2017-1A, Class AR, 2.11% (3 mo. USD LIBOR + 1.05%), 07/20/2030^(b)(e)		500,000		492,286


Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 2.26% (3 mo. USD LIBOR + 1.22%), 01/15/2033^(b)(e)		400,000		391,749


OHA Loan Funding Ltd., Series 2016-1A, Class AR, 2.32% (3 mo. USD LIBOR + 1.26%), 01/20/2033^(b)(e)		287,936		281,141


One Bryant Park Trust, Series 2019- OBP, Class A, 2.52%, 09/15/2054^(b)		114,000		98,774


Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061^(b)(h)		342,342		299,644


Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024^(b)		95,330		95,197


Progress Residential Trust,
Series 2020-SFR1, Class A, 1.73%, 04/17/2037^(b)		495,000		470,135


Series 2021-SFR10, Class A, 2.39%, 12/17/2040^(b)		240,000		211,025


Series 2022-SFR5, Class A, 4.45%, 06/17/2039^(b)		255,000		254,955


Race Point VIII CLO Ltd., Series 2013-8A, Class AR2, 2.52% (3 mo. USD LIBOR + 1.04%), 02/20/2030^(b)(e)		267,125		263,095


Residential Accredit Loans, Inc. Trust,
Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		292		244


Series 2007-QS6, Class A28, 5.75%, 04/25/2037		3,759		3,277


Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 01/26/2060^(b)(h)		41,294		39,992


RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 03/25/2067^(b)		238,621		233,080


Santander Drive Auto Receivables Trust,
Series 2019-2, Class D, 3.22%, 07/15/2025		185,293		184,865


Series 2019-3, Class D, 2.68%, 10/15/2025		165,000		164,621

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Santander Retail Auto Lease Trust,
Series 2019-B, Class C, 2.77%, 08/21/2023^(b)	$	20,172	$	20,167


Series 2019-C, Class C, 2.39%, 11/20/2023^(b)		210,000		209,857


SG Residential Mortgage Trust,
Series 2022-1, Class A1, 3.17%, 03/27/2062^(b)(h)		383,360		366,704


Series 2022-1, Class A2, 3.58%, 03/27/2062^(b)(h)		126,169		120,333


Sonic Capital LLC,
Series 2020-1A, Class A2I, 3.85%, 01/20/2050^(b)		49,083		46,581


Series 2021-1A, Class A2I, 2.19%, 08/20/2051^(b)		158,800		135,481


Series 2021-1A, Class A2II, 2.64%, 08/20/2051^(b)		158,800		127,708


STAR Trust,
Series 2021-1, Class A1, 1.22%, 05/25/2065^(b)(h)		190,486		179,799


Series 2021-SFR1, Class A, 2.12% (1 mo. USD LIBOR + 0.60%), 04/17/2038^(b)(e)		792,432		766,976


Starwood Mortgage Residential Trust,
Series 2020-1, Class A1, 2.28%, 02/25/2050^(b)(h)		18,172		18,122


Series 2020-INV1, Class A1, 1.03%, 11/25/2055^(b)(h)		33,110		32,173


Series 2021-6, Class A1, 1.92%, 11/25/2066^(b)(h)		419,431		371,237


Series 2022-1, Class A1, 2.45%, 12/25/2066^(b)(h)		316,168		295,358


Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A2, 2.72%, 09/25/2034^(h)		4,282		4,308


Structured Asset Securities Corp. Mortgage Pass-Through Ctfs., Series 2003-34A, Class 5A5, 2.68%, 11/25/2033^(h)		36,048		34,117


Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 2.33% (3 mo. USD LIBOR + 1.29%), 04/18/2033^(b)(e)		250,000		244,985


Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046^(b)		398,933		355,321


Thornburg Mortgage Securities Trust, Series 2005-1, Class A3, 4.66%, 04/25/2045^(h)		18,756		18,201


TICP CLO XV Ltd., Series 2020-15A, Class A, 2.34% (3 mo. USD LIBOR + 1.28%), 04/20/2033^(b)(e)		521,000		508,913


Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 04/25/2057^(b)(h)		10,146		10,091


Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039^(b)		300,625		264,056


UBS Commercial Mortgage Trust,
Series 2017-C5, Class XA, IO, 1.12%, 11/15/2050^(j)		1,212,724		45,178


Series 2019-C16, Class A4, 3.60%, 04/15/2052		80,000		75,917


	Principal Amount		Value


Verus Securitization Trust,
Series 2020-1, Class A1, 2.42%, 01/25/2060^(b)(i)	$	70,959	$	69,767


Series 2020-1, Class A2, 2.64%, 01/25/2060^(b)(i)		73,531		72,264


Series 2020-INV1, Class A1, 0.33%, 03/25/2060^(b)(h)		24,407		23,984


Series 2021-1, Class A1B, 1.32%, 01/25/2066^(b)(h)		114,487		105,304


Series 2021-7, Class A1, 1.83%, 10/25/2066^(b)(h)		332,429		300,136


Series 2021-R1, Class A1, 0.82%, 10/25/2063^(b)(h)		144,284		140,911


Series 2022-1, Class A1, 2.72%, 01/25/2067^(b)(i)		255,846		242,094


Series 2022-3, Class A1, 4.13%, 02/25/2067^(b)(i)		287,519		282,298


Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055^(b)		72,892		70,634


WaMu Mortgage Pass-Through Ctfs. Trust,
Series 2003-AR10, Class A7, 2.50%, 10/25/2033^(h)		24,002		23,141


Series 2005-AR14, Class 1A4, 2.84%, 12/25/2035^(h)		52,765		51,037


Series 2005-AR16, Class 1A1, 2.72%, 12/25/2035^(h)		24,733		24,179


Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS1, Class ASB, 2.93%, 05/15/2048		133,720		132,739


Series 2017-C42, Class XA, IO, 1.02%, 12/15/2050^(j)		879,625		33,784


Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048^(b)		57,300		54,206


Westlake Automobile Receivables Trust, Series 2019-3A, Class C, 2.49%, 10/15/2024^(b)		90,358		90,352


WFRBS Commercial Mortgage Trust,
Series 2013-C14, Class AS, 3.49%, 06/15/2046		150,000		147,567


Series 2014-C20, Class AS, 4.18%, 05/15/2047		130,000		128,092


Series 2014-LC14, Class AS, 4.35%, 03/15/2047^(h)		145,000		143,618


World Financial Network Credit Card Master Trust, Series 2019-C, Class A, 2.21%, 07/15/2026		235,000		234,997


Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051^(b)		507,664		443,724


Total Asset-Backed Securities (Cost $39,901,160)				37,207,028



U.S. Treasury Securities–19.85%
U.S. Treasury Bills–0.17%^(k)(l)
0.84%, 09/15/2022		121,000		120,598


1.46% - 2.10%, 11/17/2022		89,000		88,297


				208,895



U.S. Treasury Bonds–6.20%
3.25%, 05/15/2042		4,686,400		4,575,098


2.25%, 02/15/2052		3,863,900		3,181,076


				7,756,174

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


U.S. Treasury Notes–13.48%
2.88%, 06/15/2025	$	743,300	$	740,396


2.63%, 05/31/2027		5,094,900		4,999,172


2.75%, 05/31/2029		2,083,300		2,042,611


2.88%, 05/15/2032		9,177,300		9,075,489


				16,857,668


Total U.S. Treasury Securities (Cost $25,132,455)				24,822,737



U.S. Government Sponsored Agency Mortgage-Backed Securities–2.95%
Collateralized Mortgage Obligations–1.10%
Fannie Mae Interest STRIPS, IO,
7.50%, 05/25/2023 to 11/25/2029^(m)		25,308		2,905


7.00%, 06/25/2023 to 04/25/2032^(m)		83,145		13,670


6.50%, 04/25/2029 to 02/25/2033^(j)(m)		227,018		37,533


6.00%, 02/25/2033 to 03/25/2036^(j)(m)		183,599		32,137


5.50%, 09/25/2033 to 06/25/2035^(j)(m)		274,854		46,135


Fannie Mae REMICs, IO,
5.50%, 04/25/2023 to 07/25/2046^(m)		76,488		24,168


5.08% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024 to 05/25/2035^(e)(m)		97,488		10,901


3.00%, 11/25/2027^(m)		61,821		3,094


5.48% (7.10% - (1.00 x 1 mo. USD LIBOR)), 11/25/2030^(e)(m)		38,125		3,931


6.30% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/18/2031 to 12/18/2031^(e)(m)		2,482		330


6.28% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031^(e)(m)		50,913		6,770


5.63% (7.25% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032^(e)(m)		2,733		352


6.33% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032^(e)(m)		12,991		1,724


6.40% (8.00% - (1.00 x 1 mo. USD LIBOR)), 03/18/2032 to 12/18/2032^(e)(m)		4,967		721


6.48% (8.10% - (1.00 x 1 mo. USD LIBOR)), 03/25/2032 to 04/25/2032^(e)(m)		4,037		603


5.38% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 09/25/2032^(e)(m)		12,821		1,464


6.18% (7.80% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032^(e)(m)		441		64


6.38% (8.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 12/25/2032^(e)(m)		198,043		29,943


6.50% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032^(e)(m)		18,993		1,771


6.63% (8.25% - (1.00 x 1 mo. USD LIBOR)), 02/25/2033 to 05/25/2033^(e)(m)		76,271		12,896


7.00%, 04/25/2033^(m)		2,493		405


4.43% (6.05% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to 07/25/2038^(e)(m)		36,827		3,372


	Principal Amount		Value


Collateralized Mortgage Obligations–(continued)
5.13% (6.75% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to 05/25/2035^(e)(m)	$	14,242	$	1,260


4.98% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035^(e)(m)		26,561		2,464


3.50%, 08/25/2035^(m)		219,654		28,260


4.48% (6.10% - (1.00 x 1 mo. USD LIBOR)), 10/25/2035^(e)(m)		81,148		9,531


4.00%, 04/25/2041 to 08/25/2047^(m)		82,688		10,763


4.93% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041^(e)(m)		24,488		2,540


4.53% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042^(e)(m)		50,943		7,244


4.28% (5.90% - (1.00 x 1 mo. USD LIBOR)), 09/25/2047^(e)(m)		359,847		35,700


6.50%, 06/25/2023 to 10/25/2031		71,224		75,142


4.00%, 08/25/2026		7		7


6.00%, 11/25/2028 to 12/25/2031		61,094		64,861


1.87% (1 mo. USD LIBOR + 0.25%), 08/25/2035^(e)		623		620


18.61% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036^(e)		31,500		42,560


18.25% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(e)		21,826		29,620


18.25% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(e)		17,728		22,576


2.56% (1 mo. USD LIBOR + 0.94%), 06/25/2037^(e)		14,039		14,180


PO, 0.00%, 09/25/2023⁽ⁿ⁾		4,214		4,136


Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series KC02, Class X1, IO, 1.91%, 03/25/2024^(j)		3,929,801		21,190


Series KC03, Class X1, IO, 0.63%, 11/25/2024^(j)		2,743,865		31,813


Series K734, Class X1, IO, 0.79%, 02/25/2026^(j)		2,027,807		39,421


Series K735, Class X1, IO, 1.10%, 05/25/2026^(j)		2,035,123		63,289


Series K083, Class AM, 4.03%, 10/25/2028^(h)		23,000		23,419


Series K085, Class AM, 4.06%, 10/25/2028^(h)		23,000		23,498


Series K089, Class AM, 3.63%, 01/25/2029^(h)		39,000		38,999


Series K088, Class AM, 3.76%, 01/25/2029^(h)		92,000		92,625


Series K093, Class X1, IO, 1.09%, 05/25/2029^(j)		1,685,398		90,370

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

Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Collateralized Mortgage Obligations–(continued)
Freddie Mac REMICs,
1.50%, 07/15/2023	$	167	$	167


6.75%, 02/15/2024		1,045		1,063


6.50%, 02/15/2028 to 06/15/2032		248,292		262,955


8.00%, 03/15/2030		491		537


2.32% (1 mo. USD LIBOR + 1.00%), 02/15/2032^(e)		510		519


3.50%, 05/15/2032		9,024		8,962


19.90% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035^(e)		5,022		6,811


1.72% (1 mo. USD LIBOR + 0.40%), 09/15/2035^(e)		765		759


IO, 6.33% (7.65% - (1.00 x 1 mo. USD LIBOR)), 07/15/2026 to 03/15/2029^(e)(m)		60,061		3,197


3.00%, 06/15/2027 to 05/15/2040^(m)		209,646		11,254


2.50%, 05/15/2028^(m)		42,975		2,056


7.18% (8.70% - (1.00 x 1 mo. USD LIBOR)), 07/17/2028^(e)(m)		354		13


6.78% (8.10% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029^(e)(m)		810		76


5.38% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035^(e)(m)		193,932		15,709


5.43% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035^(e)(m)		21,270		1,738


5.40% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035^(e)(m)		23,057		2,068


4.83% (6.15% - (1.00 x 1 mo. USD LIBOR)), 07/15/2035^(e)(m)		6,605		473


5.68% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037^(e)(m)		4,160		576


4.68% (6.00% - (1.00 x 1 mo. USD LIBOR)), 04/15/2038^(e)(m)		4,228		530


4.75% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038^(e)(m)		139,482		15,631


4.93% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039^(e)(m)		32,757		3,450


4.78% (6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044^(e)(m)		49,165		6,751


4.00%, 03/15/2045^(m)		28,520		2,214


Freddie Mac STRIPS,
PO, 0.00%, 06/01/2026⁽ⁿ⁾		6,938		6,543


IO, 3.00%, 12/15/2027^(m)		81,152		4,612


3.27%, 12/15/2027^(j)		20,131		1,016


7.00%, 09/01/2029^(m)		1,774		265


7.50%, 12/15/2029^(m)		33,423		5,398


6.00%, 12/15/2032^(m)		20,947		2,866


				1,379,186


	Principal Amount		Value


Federal Home Loan Mortgage Corp. (FHLMC)–0.26%
6.00%, 10/01/2022 to 10/01/2029	$	53,764	$	56,927


9.00%, 01/01/2025 to 05/01/2025		977		1,012


6.50%, 07/01/2028 to 04/01/2034		41,914		44,083


7.00%, 10/01/2031 to 10/01/2037		34,086		35,724


5.00%, 12/01/2034		932		955


5.50%, 09/01/2039		79,302		84,995


4.00%, 11/01/2048 to 07/01/2049		96,277		96,525


				320,221



Federal National Mortgage Association (FNMA)–0.34%
7.00%, 01/01/2030 to 12/01/2032		10,035		10,611


3.50%, 12/01/2030 to 05/01/2047		368,712		361,847


6.50%, 09/01/2031 to 01/01/2034		3,153		3,346


7.50%, 01/01/2033		1,283		1,385


5.50%, 02/01/2035 to 05/01/2036		45,841		49,162


				426,351



Government National Mortgage Association (GNMA)–0.32%
7.00%, 12/15/2023 to 08/15/2031		1,166		1,210


8.50%, 11/15/2024		339		340


6.50%, 11/15/2031 to 03/15/2032		802		852


6.00%, 11/15/2032		615		657


4.00%, 07/20/2049		31,695		31,697


IO, 5.99% (7.50% - (1.00 x 1 mo. USD LIBOR)), 02/16/2032^(e)(m)		19,633		47


5.04% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037^(e)(m)		27,856		3,177


5.14% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041^(e)(m)		176,766		16,892


4.50%, 09/16/2047^(m)		129,032		21,613


4.69% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047^(e)(m)		119,639		14,729


TBA, 2.00%, 07/01/2052^(o)		345,000		306,484


				397,698



Uniform Mortgage-Backed Securities–0.93%
TBA, 2.00%, 07/01/2037 to 08/01/2052^(o)		1,286,000		1,170,452


Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $4,850,215)				3,693,908



	Shares

Preferred Stocks–1.03%
Asset Management & Custody Banks–0.04%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.^(c)		53,000		51,914



Diversified Banks–0.62%
Bank of America Corp., 6.50%, Series Z, Pfd.^(c)		9,000		8,936

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

Invesco V.I. Core Plus Bond Fund



	Shares		Value


Diversified Banks–(continued)
Citigroup, Inc., 6.25%, Series T, Pfd.^(c)		20,000	$	19,548


Citigroup, Inc., 5.00%, Series U, Pfd.^(c)		313,000		276,222


Citigroup, Inc., 4.00%, Series W, Pfd.^(c)		39,000		33,833


JPMorgan Chase & Co., 4.71% (3 mo. USD LIBOR + 3.47%), Series I, Pfd.^(e)		439,000		416,830


Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd.		10		12,155


				767,524



Integrated Telecommunication Services–0.07%
AT&T, Inc., 2.88%, Series B, Pfd.^(c)		100,000		91,820



Investment Banking & Brokerage–0.19%
Charles Schwab Corp. (The), 4.00%, Series H, Pfd.^(c)		113,000		87,123


Goldman Sachs Group, Inc. (The), 5.00%, Series P, Pfd.^(c)		27,000		23,017


Morgan Stanley, 6.88%, Series F, Pfd.^(c)		5,000		128,800


				238,940



Life & Health Insurance–0.00%
MetLife, Inc., 3.85%, Series G, Pfd.^(c)		5,000		4,465



Multi-Utilities–0.01%
CenterPoint Energy, Inc., 6.13%, Series A, Pfd.^(c)		18,000		15,394



Other Diversified Financial Services–0.10%
Equitable Holdings, Inc., 4.95%, Series B, Pfd.^(c)		130,000		122,488


Total Preferred Stocks (Cost $1,411,655)				1,292,545



	Principal Amount
Agency Credit Risk Transfer Notes–0.90%
Fannie Mae Connecticut Avenue Securities,
Series 2014-C04, Class 2M2, 6.62% (1 mo. USD LIBOR + 5.00%), 11/25/2024^(e)	$	25,842		26,083


Series 2016-C02, Class 1M2, 7.62% (1 mo. USD LIBOR + 6.00%), 09/25/2028^(e)		80,516		83,714


Series 2019-R03, Class 1M2, 3.77% (1 mo. USD LIBOR + 2.15%), 09/25/2031^(b)(e)		4,373		4,366


Series 2019-R06, Class 2M2, 3.72% (1 mo. USD LIBOR + 2.10%), 09/25/2039^(b)(e)		2,798		2,788


Series 2022-R03, Class 1M1, 3.03% (30 Day Average SOFR + 2.10%), 03/25/2042^(b)(e)		377,388		370,987


Series 2022-R04, Class 1M1, 2.93% (30 Day Average SOFR + 2.00%), 03/25/2042^(b)(e)		206,861		202,960


	Principal Amount		Value


Freddie Mac,
Series 2014-DN3, Class M3, STACR^®, 5.62% (1 mo. USD LIBOR + 4.00%), 08/25/2024(e)		$ 38,743	$	39,057


Series 2018-HQA1, Class M2, STACR^®, 3.92% (1 mo. USD LIBOR + 2.30%), 09/25/2030(e)		82,490		81,909


Series 2022-DNA3, Class M1A, STACR^®, 2.90% (30 Day Average SOFR + 2.00%), 04/25/2042^(b)(e)		281,066		276,821


Series 2020-DNA5, Class M2, STACR^®, 3.73% (30 Day Average SOFR + 2.80%), 10/25/2050^(b)(e)		36,941		37,015


Total Agency Credit Risk Transfer Notes (Cost $1,147,409)				1,125,700



Municipal Obligations–0.58%
California (State of) Health Facilities Financing Authority (Social Bonds),
Series 2022, RB, 4.19%, 06/01/2037		150,000		142,986


Series 2022, RB, 4.35%, 06/01/2041		110,000		103,290


California State University,
Series 2021 B, Ref. RB, 2.72%, 11/01/2052		145,000		108,214


Series 2021 B, Ref. RB, 2.94%, 11/01/2052		220,000		168,461


Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041		280,000		207,904


Total Municipal Obligations (Cost $905,000)				730,855



Non-U.S. Dollar Denominated Bonds & Notes–0.08%^(p)
Movies & Entertainment–0.08%
Netflix, Inc., 3.88%, 11/15/2029^(b)(Cost $111,565)	EUR	100,000		94,804



	Shares

Money Market Funds–1.29%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(q)(r)		504,898		504,898


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(q)(r)		529,369		529,316


Invesco Treasury Portfolio, Institutional Class, 1.35%^(q)(r)		577,026		577,026


Total Money Market Funds (Cost $1,611,120)				1,611,240


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan) – 100.33% (Cost $137,214,266)				125,476,460



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.07%
Invesco Private Government Fund, 1.38%^(q)(r)(s)		372,754		372,755


Invesco Private Prime Fund, 1.66%^(q)(r)(s)		958,511		958,511


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,331,284)				1,331,266


TOTAL INVESTMENTS IN SECURITIES–101.40% (Cost $138,545,550)				126,807,726


OTHER ASSETS LESS LIABILITIES–(1.40)%				(1,750,949	)


NET ASSETS–100.00%			$	125,056,777

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

Invesco V.I. Core Plus Bond Fund


Investment Abbreviations:
CLO		– Collateralized Loan Obligation
Conv.		– Convertible
Ctfs.		– Certificates
EUR		– Euro
IO		– Interest Only
LIBOR		– London Interbank Offered Rate
Pfd.		– Preferred
PO		– Principal Only
RB		– Revenue Bonds
Ref.		– Refunding
REIT		– Real Estate Investment Trust
REMICs		– Real Estate Mortgage Investment Conduits
SOFR		– Secured Overnight Financing Rate
STACR^®		– Structured Agency Credit Risk
STRIPS		– Separately Traded Registered Interest and Principal Security
TBA		– To Be Announced
USD		– U.S. Dollar

Notes to Schedule of Investments:

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

⁽^b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2022 was $50,241,273, which represented 40.17% of the Fund’s Net Assets.

^(c)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

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

^(e)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2022.

^(f)	All or a portion of this security was out on loan at June 30, 2022.

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

^(h)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2022.

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

^(j)

^(k)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1M.

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

^(m)	Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

⁽ⁿ⁾	Zero coupon bond issued at a discount.

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

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

^(q)


				Change in
				Unrealized	Realized
	Value	Purchases	Proceeds	Appreciation	Gain	Value
	December 31, 2021	at Cost	from Sales	(Depreciation)	(Loss)	June 30, 2022	Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$1,540,969	$13,567,137	$(14,603,208)	$ -	$ -	$ 504,898	$ 1,493
Invesco Liquid Assets Portfolio, Institutional Class	1,396,860	9,690,813	(10,558,252)	(56)	(49)	529,316	1,781
Invesco Treasury Portfolio, Institutional Class	1,761,107	15,505,300	(16,689,381)	-	-	577,026	1,824
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	-	1,986,089	(1,613,334)	-	-	372,755	581*
Invesco Private Prime Fund	-	4,605,228	(3,646,801)	(18)	102	958,511	1,673*
Total	$4,698,936	$45,354,567	$(47,110,976)	$(74)	$ 53	$2,942,506	$ 7,352

^(r)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

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

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

Invesco V.I. Core Plus Bond Fund


Open Futures Contracts


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


Interest Rate Risk


U.S. Treasury 2 Year Notes		19		September-2022	$	3,990,297		$	(22,711)			$ (22,711)


U.S. Treasury 5 Year Notes		44		September-2022		4,939,000			(27,938	)		(27,938)


U.S. Treasury 10 Year Notes		45		September-2022		5,333,906			(51,732	)		(51,732)


U.S. Treasury 10 Year Ultra Notes		26		September-2022		3,311,750			(62,766	)		(62,766)


U.S. Treasury Ultra Bonds		2		September-2022		308,688			(10,125	)		(10,125)


Subtotal–Long Futures Contracts									(175,272	)		(175,272)



Short Futures Contracts


Interest Rate Risk


U.S. Treasury Long Bonds		3		September-2022		(415,875	)		6,563			6,563


Total Futures Contracts								$	(168,709	)		$(168,709)

Open Forward Foreign Currency Contracts

Unrealized

Settlement

Contract to

Appreciation

Date

Counterparty

Deliver

Receive

(Depreciation)

Currency Risk

07/12/2022

Citibank, N.A.

AUD

350,000

USD

252,395

10,804

07/12/2022

Goldman Sachs International

AUD

350,000

USD

252,478

10,887

07/12/2022

Goldman Sachs International

JPY

31,325,500

AUD

380,000

31,334

08/17/2022

State Street Bank & Trust Co.

EUR

133,000

USD

141,247

1,460

Subtotal–Appreciation

54,485

Currency Risk

07/12/2022

Citibank, N.A.

AUD

190,000

JPY

15,743,928

(15,069)

07/12/2022

Goldman Sachs International

AUD

190,000

JPY

15,750,297

(15,022)

07/12/2022

Goldman Sachs International

USD

498,602

AUD

700,000

(15,419)

Subtotal–Depreciation

(45,510)

Total Forward Foreign Currency Contracts

8,975

Open Centrally Cleared Credit Default Swap Agreements^(a)

(Pay)/

Receive

Implied

Upfront

Unrealized

Buy/Sell

Fixed

Payment

Credit

Payments Paid

Appreciation

Reference Entity

Protection

Rate

Frequency

Maturity Date

Spread^(b)

Notional Value

(Received)

Value

(Depreciation)

Credit Risk

Markit CDX North America High Yield Index, Series 38, Version 1

Sell

5.00%

Quarterly

06/20/2027

5.765%

USD 2,549,250

$(18,068)

$(77,430)

$(59,362)

^(a)	Centrally cleared swap agreements collateralized by $400,000 cash held with Credit Suisse.

^(b)

Implied credit spreads represent the current level, as of June 30, 2022, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

Abbreviations:

AUD – Australian Dollar

EUR – Euro

JPY – Japanese Yen

USD – U.S. Dollar

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

Invesco V.I. Core Plus Bond Fund

Portfolio Composition

By security type, based on Net Assets

as of June 30, 2022



U.S. Dollar Denominated Bonds & Notes	43.90	%

Asset-Backed Securities	29.75

U.S. Treasury Securities	19.85

U.S. Government Sponsored Agency Mortgage-Backed Securities	2.95

Preferred Stocks	1.03

Security Types Each Less Than 1% of Portfolio	1.56

Money Market Funds Plus Other Assets Less Liabilities	0.96

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

Invesco V.I. Core Plus Bond Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $135,603,146)*	$	123,865,220


Investments in affiliated money market funds, at value (Cost $2,942,404)		2,942,506


Other investments:
Variation margin receivable – futures contracts		106,950


Unrealized appreciation on forward foreign currency contracts outstanding		54,485


Deposits with brokers:
Cash collateral – centrally cleared swap agreements		400,000


Foreign currencies, at value (Cost $79,304)		79,669


Receivable for:
Investments sold		744,644


Fund shares sold		9,343


Dividends		3,338


Interest		749,822


Principal paydowns		1,884


Investment for trustee deferred compensation and retirement plans		82,276


Other assets		22


Total assets		129,040,159



Liabilities:
Other investments:
Variation margin payable – centrally cleared swap agreements		5,976


Unrealized depreciation on forward foreign currency contracts outstanding		45,510


Payable for:
Investments purchased		2,301,018


Fund shares reacquired		104,494


Amount due custodian		7,270


Collateral upon return of securities loaned		1,331,284


Accrued fees to affiliates		39,470


Accrued trustees’ and officers’ fees and benefits		2,211


Accrued other operating expenses		61,554


Trustee deferred compensation and retirement plans		84,595


Total liabilities		3,983,382


Net assets applicable to shares outstanding	$	125,056,777


Net assets consist of:
Shares of beneficial interest	$	138,970,147


Distributable earnings (loss)		(13,913,370	)


	$	125,056,777



Net Assets:
Series I	$	92,099,173


Series II	$	32,957,604



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		16,029,184


Series II		5,789,770


Series I:
Net asset value per share	$	5.75


Series II:
Net asset value per share	$	5.69

*	At June 30, 2022, securities with an aggregate value of $1,291,342 were on loan to brokers.

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

Invesco V.I. Core Plus Bond Fund

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:

Interest (net of foreign withholding taxes of $957)	$	1,121,666


Dividends		3,688


Dividends from affiliated money market funds (includes securities lending income of $291)		5,389


Total investment income		1,130,743



Expenses:

Advisory fees		149,419


Administrative services fees		52,586


Custodian fees		7,242


Distribution fees - Series II		15,259


Transfer agent fees		999


Trustees’ and officers’ fees and benefits		8,248


Reports to shareholders		2,398


Professional services fees		23,485


Other		1,247


Total expenses		260,883


Less: Fees waived		(43,983	)


Net expenses		216,900


Net investment income		913,843



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(3,895,235	)


Affiliated investment securities		53


Foreign currencies		(7,059	)


Forward foreign currency contracts		26,874


Futures contracts		177,273


Option contracts written		19,699


Swap agreements		5,450


		(3,672,945	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(4,118,765	)


Affiliated investment securities		(74	)


Foreign currencies		(107	)


Forward foreign currency contracts		3,692


Futures contracts		(102,879	)


Swap agreements		(59,362	)


		(4,277,495	)


Net realized and unrealized gain (loss)		(7,950,440	)


Net increase (decrease) in net assets resulting from operations	$	(7,036,597	)

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

Invesco V.I. Core Plus Bond Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30,			December 31,
	2022			2021


Operations:
Net investment income	$	913,843		$	679,626


Net realized gain (loss)		(3,672,945	)		191,731


Change in net unrealized appreciation (depreciation)		(4,277,495	)		(1,159,133	)


Net increase (decrease) in net assets resulting from operations		(7,036,597	)		(287,776	)



Distributions to shareholders from distributable earnings:
Series I		–			(1,922,064	)


Series II		–			(87,419	)


Total distributions from distributable earnings		–			(2,009,483	)



Share transactions–net:
Series I		58,304,105			7,119,057


Series II		31,955,292			1,501,721


Net increase in net assets resulting from share transactions		90,259,397			8,620,778


Net increase in net assets		83,222,800			6,323,519



Net assets:
Beginning of period		41,833,977			35,510,458


End of period	$	125,056,777		$	41,833,977

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

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 value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Series I
Six months ended 06/30/22		$	6.55		$	0.08		$	(0.88	)		$	(0.80	)		$	–			$	–			$	–			$	5.75		(12.21	)%		$	92,099		0.61	%^(d)		0.74	%^(d)		2.80	%^(d)		234	%
Year ended 12/31/21			6.93			0.12			(0.17	)			(0.05	)			(0.10	)			(0.23	)			(0.33	)			6.55		(0.65	)			39,799		0.61			0.92			1.77			377
Year ended 12/31/20			6.47			0.13			0.50				0.63				(0.13	)			(0.04	)			(0.17	)			6.93		9.72				34,881		0.59			0.88			1.92			375
Year ended 12/31/19			6.00			0.19			0.47				0.66				(0.19	)			–				(0.19	)			6.47		11.06				24,769		0.59			1.13			2.94			464
Year ended 12/31/18			6.38			0.22			(0.37	)			(0.15	)			(0.23	)			–				(0.23	)			6.00		(2.37	)			17,019		0.59			1.78			3.57			339
Year ended 12/31/17			6.21			0.22			0.17				0.39				(0.22	)			–				(0.22	)			6.38		6.34				20,326		0.60			1.58			3.46			407
Series II
Six months ended 06/30/22			6.49			0.07			(0.87	)			(0.80	)			–				–				–				5.69		(12.33	)			32,958		0.86	^(d)		0.99	^(d)		2.55	^(d)		234
Year ended 12/31/21			6.89			0.10			(0.17	)			(0.07	)			(0.10	)			(0.23	)			(0.33	)			6.49		(1.01	)			2,035		0.86			1.17			1.52			377
Year ended 12/31/20			6.45			0.11			0.49				0.60				(0.12	)			(0.04	)			(0.16	)			6.89		9.33				629		0.84			1.13			1.67			375
Year ended 12/31/19			5.97			0.17			0.49				0.66				(0.18	)			–				(0.18	)			6.45		11.00				359		0.84			1.38			2.69			464
Year ended 12/31/18			6.35			0.20			(0.37	)			(0.17	)			(0.21	)			–				(0.21	)			5.97		(2.64	)			117		0.84			2.03			3.32			339
Year ended 12/31/17			6.19			0.20			0.16				0.36				(0.20	)			–				(0.20	)			6.35		5.89				123		0.85			1.83			3.21			407

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

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

^(d)	Annualized.

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

Invesco V.I. Core Plus Bond Fund

Notes to Financial Statements

June 30, 2022

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

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

Invesco V.I. Core Plus Bond Fund

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.

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

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

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

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

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

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

Invesco V.I. Core Plus Bond Fund

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

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

Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

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

Invesco V.I. Core Plus Bond Fund

During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

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

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

Notional amounts of each individual credit default swap agreement outstanding as of June 30, 2022, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

LIBOR Risk – The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (FCA), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund could result in losses to the Fund.

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

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

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

U.	COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and

Invesco V.I. Core Plus Bond Fund

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 500 million		0.450%


Next $500 million		0.425%


Next $1.5 billion		0.400%


Next $2.5 billion		0.375%


Over $5 billion		0.350%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.45%.

The Adviser has contractually agreed, through at least April 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.61% and Series II shares to 0.86% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. 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.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $43,983.

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, 2022, Invesco was paid $2,807 for accounting and fund administrative services and was reimbursed $49,779 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s

Invesco V.I. Core Plus Bond Fund

own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2			Level 3		Total


Investments in Securities


U.S. Dollar Denominated Bonds & Notes	$	–		$	54,208,987		$	688,656	$	54,897,643


Asset-Backed Securities		–			37,207,028			–		37,207,028


U.S. Treasury Securities		–			24,822,737			–		24,822,737


U.S. Government Sponsored Agency Mortgage-Backed Securities		–			3,693,908			–		3,693,908


Preferred Stocks		140,955			1,151,590			–		1,292,545


Agency Credit Risk Transfer Notes		–			1,125,700			–		1,125,700


Municipal Obligations		–			730,855			–		730,855


Non-U.S. Dollar Denominated Bonds & Notes		–			94,804			–		94,804


Money Market Funds		1,611,240			1,331,266			–		2,942,506


Total Investments in Securities		1,752,195			124,366,875			688,656		126,807,726



Other Investments - Assets*


Futures Contracts		6,563			–			–		6,563


Forward Foreign Currency Contracts		–			54,485			–		54,485


		6,563			54,485			–		61,048



Other Investments - Liabilities*


Futures Contracts		(175,272	)		–			–		(175,272	)


Forward Foreign Currency Contracts		–			(45,510	)		–		(45,510	)


Swap Agreements		–			(59,362	)		–		(59,362	)


		(175,272	)		(104,872	)		–		(280,144	)


Total Other Investments		(168,709	)		(50,387	)		–		(219,096	)


Total Investments	$	1,583,486		$	124,316,488		$	688,656	$	126,588,630

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2022:


	Value
Derivative Assets	Currency Risk		Interest Rate Risk			Total


Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	–	$	6,563		$	6,563


Unrealized appreciation on forward foreign currency contracts outstanding		54,485		–			54,485


Total Derivative Assets		54,485		6,563			61,048


Derivatives not subject to master netting agreements		–		(6,563	)		(6,563	)


Total Derivative Assets subject to master netting agreements	$	54,485	$	–		$	54,485


	Value
Derivative Liabilities	Credit Risk			Currency Risk			Interest Rate Risk			Total


Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	–		$	–		$	(175,272	)	$	(175,272	)


Unrealized depreciation on swap agreements – Centrally Cleared^(a)		(59,362	)		–			–			(59,362	)


Unrealized depreciation on forward foreign currency contracts outstanding		–			(45,510	)		–			(45,510	)


Total Derivative Liabilities		(59,362	)		(45,510	)		(175,272	)		(280,144	)


Derivatives not subject to master netting agreements		59,362			–			175,272			234,634


Total Derivative Liabilities subject to master netting agreements	$	–		$	(45,510	)	$	–		$	(45,510	)

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

Invesco V.I. Core Plus Bond Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2022.

Financial

Derivative

Collateral

Assets

Liabilities

(Received)/Pledged

Forward Foreign

Net Value of

Net

Counterparty

Currency Contracts

Derivatives

Non-Cash

Cash

Amount

Citibank, N.A.

$10,804

$(15,069)

$(4,265)

$–

$(4,265

)

Goldman Sachs International

42,221

(30,441)

11,780

–

11,780

State Street Bank & Trust Co.

1,460

–

1,460

–

1,460

Total

$54,485

$(45,510)

$ 8,975

$–

$ 8,975

Effect of Derivative Investments for the six months ended June 30, 2022

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


	Location of Gain (Loss) on Statement of Operations
	Credit		Currency		Interest
	Risk		Risk		Rate Risk		Total


Realized Gain:
Forward foreign currency contracts		$ -		$26,874		$ -	$	26,874


Futures contracts		-		-		177,273		177,273


Options purchased^(a)		-		7,643		-		7,643


Options written		-		-		19,699		19,699


Swap agreements		5,450		-		-		5,450


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-		3,692		-		3,692


Futures contracts		-		-		(102,879)		(102,879	)


Swap agreements		(59,362)		-		-		(59,362	)


Total		$(53,912)		$38,209		$ 94,093	$	78,390

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

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


			Foreign
	Forward		Currency
	Foreign Currency	Futures	Options	Swaptions	Swap
	Contracts	Contracts	Purchased	Written	Agreements


Average notional value	$2,125,475	$14,365,755	$1,343,395	$2,575,000	$2,549,250

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

Invesco V.I. Core Plus Bond Fund

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022 was $21,679,643 and $27,959,652, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	447,057


Aggregate unrealized (depreciation) of investments		(12,362,831	)


Net unrealized appreciation (depreciation) of investments	$	(11,915,774	)

Cost of investments for tax purposes is $138,486,337.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		3,581,470		$	21,235,991			2,744,706		$	18,830,992


Series II		1,103,201			6,483,438			253,424			1,716,338



Issued as reinvestment of dividends:
Series I		-			-			293,445			1,922,064


Series II		-			-			13,371			86,911



Issued in connection with acquisitions:^(b)
Series I		10,656,101			62,695,269			-			-


Series II		4,740,576			27,617,431			-			-



Reacquired:
Series I		(4,288,001	)		(25,627,155	)		(1,988,761	)		(13,633,999	)


Series II		(367,527	)		(2,145,577	)		(44,587	)		(301,528	)


Net increase in share activity		15,425,820		$	90,259,397			1,271,598		$	8,620,778

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 40% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)

After the close of business on April 29, 2022, the Fund acquired all the net assets of Invesco V.I. Core Bond Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on December 1, 2021 and by the shareholders of the Target Fund on March 31, 2022. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 15,396,677 shares of the Fund for 13,299,193 shares outstanding of the Target Fund as of the close of business on April 29, 2022. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 29, 2022. The Target Fund’s net assets as of the close of business on April 29, 2022 of $90,312,700, including $(7,939,177) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $39,211,509 and $129,524,209 immediately after the acquisition.

The pro forma results of operations for the six months ended June 30, 2022 assuming the reorganization had been completed on January 1, 2022, the beginning of the semi-annual reporting period are as follows:


Net investment income	$	1,660,314


Net realized/unrealized gains (losses)		(20,245,677	)


Change in net assets resulting from operations	$	(18,585,363	)

Invesco V.I. Core Plus Bond Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$877.90	$2.84	$1,021.77	$3.06	0.61%
Series II	1,000.00	876.70	4.00	1,020.53	4.31	0.86

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Core Plus Bond Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers 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 are appropriate and satisfactory.

B.	Fund Investment Performance

Invesco V.I. Core Plus Bond Fund

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

D.	Economies of Scale and Breakpoints

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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.

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.

Invesco V.I. Core Plus Bond Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. Discovery Mid Cap Growth Fund

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


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

Invesco Distributors, Inc.				O-VIDMCG-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	-33.46	%
Series II Shares	-33.54
Russell Midcap Growth Index^q	-31.00

Source(s): ^qRIMES Technologies Corp.

The Russell Midcap^® Growth Index is an unmanaged index considered representative of mid-cap growth stocks. The Russell Midcap Growth Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (8/15/86)	9.44	%
10 Years	11.68
5 Years	10.40
1 Year	-27.48

Series II Shares
Inception (10/16/00)	2.96	%
10 Years	11.40
5 Years	10.11
1 Year	-27.66

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

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

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

Invesco V.I. Discovery Mid Cap Growth Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Discovery Mid Cap Growth Fund

Schedule of Investments^(a)

June 30, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–96.37%
Aerospace & Defense–2.62%
L3Harris Technologies, Inc.		41,316	$	9,986,077


Northrop Grumman Corp.		23,410		11,203,324


				21,189,401



Agricultural & Farm Machinery–0.51%
CNH Industrial N.V. (United Kingdom)		352,968		4,090,899



Application Software–11.02%
Bill.com Holdings, Inc.^(b)(c)		60,991		6,705,351


Cadence Design Systems, Inc.^(b)		41,354		6,204,341


HubSpot, Inc.^(b)		20,217		6,078,241


Manhattan Associates, Inc.^(b)		90,706		10,394,908


Paylocity Holding Corp.^(b)		86,984		15,171,749


Roper Technologies, Inc.^(c)		26,422		10,427,442


Synopsys, Inc.^(b)		68,777		20,887,575


Tyler Technologies, Inc.^(b)		39,988		13,295,210


				89,164,817



Asset Management & Custody Banks–0.83%
Ameriprise Financial, Inc.		28,153		6,691,405



Automotive Retail–1.27%
O’Reilly Automotive, Inc.^(b)		16,260		10,272,418



Biotechnology–1.02%
Horizon Therapeutics PLC^(b)		63,705		5,081,111


Natera, Inc.^(b)		89,510		3,172,234


				8,253,345



Building Products–1.32%
Advanced Drainage Systems, Inc.		58,614		5,279,363


Carlisle Cos., Inc.^(c)		22,481		5,364,191


				10,643,554



Casinos & Gaming–0.52%
Boyd Gaming Corp.^(c)		84,120		4,184,970



Commodity Chemicals–0.69%
Olin Corp.		121,198		5,609,043



Communications Equipment–2.02%
Motorola Solutions, Inc.		78,012		16,351,315



Construction & Engineering–1.84%
Quanta Services, Inc.^(c)		70,407		8,824,813


WillScot Mobile Mini Holdings Corp.^(b)		186,476		6,045,552


				14,870,365



Construction Materials–0.55%
Vulcan Materials Co.		31,114		4,421,299



Data Processing & Outsourced Services–1.21%
Paychex, Inc.		86,222		9,818,099



Distributors–0.93%
Pool Corp.		21,512		7,555,660


	Shares		Value


Diversified Metals & Mining–0.36%
Teck Resources Ltd., Class B (Canada)		95,275	$	2,912,557



Electrical Components & Equipment–1.90%
AMETEK, Inc.		102,015		11,210,428


Generac Holdings, Inc.^(b)		19,876		4,185,488


				15,395,916



Electronic Equipment & Instruments–0.93%
Trimble, Inc.^(b)		128,693		7,493,793



Environmental & Facilities Services–4.04%
Republic Services, Inc.		90,414		11,832,480


Waste Connections, Inc.		168,181		20,847,717


				32,680,197



Fertilizers & Agricultural Chemicals–1.01%
FMC Corp.^(c)		76,564		8,193,114



Financial Exchanges & Data–2.03%
FactSet Research Systems, Inc.		18,390		7,072,242


MSCI, Inc.		22,597		9,313,354


				16,385,596



Food Distributors–0.84%
Sysco Corp.		79,918		6,769,854



General Merchandise Stores–1.39%
Dollar Tree, Inc.^(b)		72,313		11,269,981



Health Care Distributors–2.56%
AmerisourceBergen Corp.		103,410		14,630,447


Henry Schein, Inc.^(b)		79,289		6,084,638


				20,715,085



Health Care Equipment–3.11%
IDEXX Laboratories, Inc.^(b)		19,320		6,776,103


Insulet Corp.^(b)(c)		38,889		8,475,469


STERIS PLC^(c)		47,958		9,886,542


				25,138,114



Health Care Facilities–1.06%
Tenet Healthcare Corp.^(b)		163,361		8,586,254



Health Care Supplies–0.89%
Cooper Cos., Inc. (The)		22,972		7,192,993



Health Care Technology–0.27%
Doximity, Inc., Class A^(b)(c)		61,944		2,156,890



Hotels, Resorts & Cruise Lines–3.15%
Choice Hotels International, Inc.^(c)		71,308		7,960,112


Hilton Worldwide Holdings, Inc.		157,397		17,540,322


				25,500,434



Insurance Brokers–1.99%
Arthur J. Gallagher & Co.		98,513		16,061,560



Internet Services & Infrastructure–0.74%
MongoDB, Inc.^(b)(c)		23,045		5,980,178

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

Invesco V.I. Discovery Mid Cap Growth Fund


	Shares		Value


Investment Banking & Brokerage–2.06%
LPL Financial Holdings, Inc.^(c)		90,394	$	16,675,885



IT Consulting & Other Services–4.32%
Cognizant Technology Solutions Corp., Class A		94,895		6,404,463


Gartner, Inc.^(b)		67,748		16,383,499


Globant S.A.^(b)		69,803		12,145,722


				34,933,684



Life Sciences Tools & Services–5.58%
Bio-Rad Laboratories, Inc., Class A^(b)		12,557		6,215,715


Mettler-Toledo International, Inc.^(b)		11,782		13,534,808


Repligen Corp.^(b)		82,785		13,444,284


West Pharmaceutical Services, Inc.		39,541		11,956,012


				45,150,819



Managed Health Care–1.65%
Molina Healthcare, Inc.^(b)		47,741		13,348,861



Movies & Entertainment–1.19%
Live Nation Entertainment, Inc.^(b)		116,957		9,658,309



Office REITs–1.04%
Alexandria Real Estate Equities, Inc.^(c)		57,731		8,372,727



Oil & Gas Exploration & Production–2.35%
Antero Resources Corp.^(b)		137,106		4,202,299


Pioneer Natural Resources Co.^(c)		66,488		14,832,143


				19,034,442



Oil & Gas Storage & Transportation–2.75%
Cheniere Energy, Inc.		139,420		18,547,042


Targa Resources Corp.		62,213		3,712,250


				22,259,292



Packaged Foods & Meats–1.02%
Hershey Co. (The)		38,316		8,244,071



Paper Packaging–1.13%
Avery Dennison Corp.		56,352		9,121,698



Pharmaceuticals–2.93%
Catalent, Inc.^(b)(c)		137,034		14,702,378


Royalty Pharma PLC, Class A^(c)		214,891		9,034,018


				23,736,396



Property & Casualty Insurance–1.18%
W.R. Berkley Corp.		140,286		9,575,922



Regional Banks–1.27%
East West Bancorp, Inc.		82,235		5,328,828


SVB Financial Group^(b)		12,596		4,975,294


				10,304,122



Research & Consulting Services–0.51%
Equifax, Inc.		22,454		4,104,142



Restaurants–0.71%
Chipotle Mexican Grill, Inc.^(b)		4,365		5,706,190

Investment Abbreviations:

REIT - Real Estate Investment Trust


	Shares		Value


Semiconductor Equipment–0.94%
Enphase Energy, Inc.^(b)		38,826	$	7,580,388



Semiconductors–3.21%
Lattice Semiconductor Corp.^(b)		120,929		5,865,056


Marvell Technology, Inc.		93,424		4,066,747


Monolithic Power Systems, Inc.		41,848		16,071,306


				26,003,109



Specialized REITs–2.25%
Extra Space Storage, Inc.^(c)		49,616		8,440,674


SBA Communications Corp., Class A		30,608		9,796,090


				18,236,764



Specialty Chemicals–0.87%
Albemarle Corp.		33,622		7,026,326



Specialty Stores–2.69%
Tractor Supply Co.		49,947		9,682,226


Ulta Beauty, Inc.^(b)		31,301		12,065,909


				21,748,135



Systems Software–3.11%
Crowdstrike Holdings, Inc., Class A^(b)(c)		54,859		9,247,033


Palo Alto Networks, Inc.^(b)		32,210		15,909,808


				25,156,841



Trucking–0.99%
Old Dominion Freight Line, Inc.		31,278		8,015,926


Total Common Stocks & Other Equity Interests (Cost $787,815,127)				779,543,155



Money Market Funds–4.71%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(d)(e)		13,431,335		13,431,335


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(d)(e)		9,314,489		9,313,558


Invesco Treasury Portfolio, Institutional Class, 1.35%^(d)(e)		15,350,097		15,350,097


Total Money Market Funds (Cost $38,094,533)				38,094,990


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.08% (Cost $825,909,660)				817,638,145



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–12.26%
Invesco Private Government Fund, 1.38%^(d)(e)(f)		27,765,437		27,765,437


Invesco Private Prime Fund, 1.66%^(d)(e)(f)		71,396,839		71,396,839


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $99,166,553)				99,162,276


TOTAL INVESTMENTS IN SECURITIES–113.34% (Cost $925,076,213)				916,800,421


OTHER ASSETS LESS LIABILITIES–(13.34)%				(107,929,724	)


NET ASSETS–100.00%			$	808,870,697

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

Invesco V.I. Discovery Mid Cap Growth Fund

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at June 30, 2022.

^(d)


	Value December 31, 2021		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)				Value June 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 7,063,784		$	79,871,120		$	(73,503,569	)		$ -			$	-			$	13,431,335		$ 21,305
Invesco Liquid Assets Portfolio, Institutional Class		3,922,616			57,050,800			(51,658,207	)		457				(2,108	)			9,313,558		13,676
Invesco Treasury Portfolio, Institutional Class		8,072,896			91,281,280			(84,004,079	)		-				-				15,350,097		19,308
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		10,102,831			125,528,158			(107,865,552	)		-				-				27,765,437		33,055	*
Invesco Private Prime Fund		23,573,272			271,244,992			(223,414,712	)		(4,277	)			(2,436	)			71,396,839		95,103	*
Total		$52,735,399		$	624,976,350		$	(540,446,119	)		$(3,820	)		$	(4,544	)		$	137,257,266		$182,447

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

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

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022



Information Technology	27.51	%

Health Care	19.07

Industrials	13.72

Consumer Discretionary	10.66

Financials	9.36

Energy	5.10

Materials	4.61

Real Estate	3.29

Other Sectors, Each Less than 2% of Net Assets	3.05

Money Market Funds Plus Other Assets Less Liabilities	3.63

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

Invesco V.I. Discovery Mid Cap Growth Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $787,815,127)*	$	779,543,155

Investments in affiliated money market funds, at value (Cost $137,261,086)		137,257,266

Cash		513,285
Receivable for:
Investments sold		6,724,679
Fund shares sold		3,669,208
Dividends		453,298

Investment for trustee deferred compensation and retirement plans		146,861
Other assets		678
Total assets		928,308,430

Liabilities:
Payable for:
Investments purchased		19,275,880
Fund shares reacquired		395,033
Collateral upon return of securities loaned		99,166,553
Accrued fees to affiliates		399,133
Accrued trustees’ and officers’ fees and benefits		3,312
Accrued other operating expenses		40,647

Trustee deferred compensation and retirement plans		157,175
Total liabilities		119,437,733

Net assets applicable to shares outstanding	$	808,870,697

Net assets consist of:

Shares of beneficial interest	$	561,196,469
Distributable earnings		247,674,228
	$	808,870,697

Net Assets:

Series I	$	677,620,567

Series II	$	131,250,130

Shares outstanding, no par value, with an unlimited number of shares authorized:

Series I		8,885,371

Series II		1,903,375
Series I:
Net asset value per share	$	76.26
Series II:
Net asset value per share	$	68.96

*	At June 30, 2022, securities with an aggregate value of $97,643,078 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $21,240)	$	2,979,010


Dividends from affiliated money market funds (includes securities lending income of $22,746)		77,035


Total investment income		3,056,045



Expenses:
Advisory fees		3,227,196


Administrative services fees		801,360


Custodian fees		5,971


Distribution fees - Series II		194,334


Transfer agent fees		28,625


Trustees’ and officers’ fees and benefits		12,054


Reports to shareholders		2,304


Professional services fees		19,817


Other		4,976


Total expenses		4,296,637


Less: Fees waived		(161,595	)


Net expenses		4,135,042


Net investment income (loss)		(1,078,997	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		7,040,865


Affiliated investment securities		(4,544	)


Foreign currencies		1,396


		7,037,717


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(419,532,010	)


Affiliated investment securities		(3,820	)


Foreign currencies		67


		(419,535,763	)


Net realized and unrealized gain (loss)		(412,498,046	)


Net increase (decrease) in net assets resulting from operations	$	(413,577,043	)

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

Invesco V.I. Discovery Mid Cap Growth Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30, 2022			December 31, 2021

Operations:
Net investment income (loss)		$ (1,078,997	)		$ (7,022,231	)

Net realized gain		7,037,717			264,535,702

Change in net unrealized appreciation (depreciation)		(419,535,763	)		(46,873,285	)

Net increase (decrease) in net assets resulting from operations		(413,577,043	)		210,640,186


Distributions to shareholders from distributable earnings:
Series I		–			(107,606,241	)

Series II		–			(23,586,278	)

Total distributions from distributable earnings		–			(131,192,519	)


Share transactions–net:
Series I		(20,000,017	)		11,766,238

Series II		(9,766,239	)		1,369,232

Net increase (decrease) in net assets resulting from share transactions		(29,766,256	)		13,135,470

Net increase (decrease) in net assets		(443,343,299	)		92,583,137


Net assets:
Beginning of period		1,252,213,996			1,159,630,859

End of period		$ 808,870,697			$1,252,213,996

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

Invesco V.I. Discovery Mid Cap Growth Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(d)
Series I
Six months ended 06/30/22		$	114.63		$	(0.08	)		$	(38.29	)		$	(38.37	)		$	–			$	–			$	–			$	76.26		(33.47	)%		$	677,621		0.82	%^(e)		0.85	%^(e)		(0.18	)%^(e)		51	%
Year ended 12/31/21			106.94			(0.62	)			21.29				20.67				–				(12.98	)			(12.98	)			114.63		19.09				1,043,224		0.80			0.83			(0.54	)		77
Year ended 12/31/20			83.82			(0.32	)			30.78				30.46				(0.04	)			(7.30	)			(7.34	)			106.94		40.70				963,414		0.80			0.86			(0.37	)		87
Year ended 12/31/19			68.65			0.04	^(f)			26.04				26.08				–				(10.91	)			(10.91	)			83.82		39.37				693,424		0.80			0.87			0.05	^(f)		76
Year ended 12/31/18			84.21			(0.19	)			(3.07	)			(3.26	)			–				(12.30	)			(12.30	)			68.65		(6.08	)			586,273		0.80			0.86			(0.23	)		104
Year ended 12/31/17			72.65			(0.10	)			20.08				19.98				(0.03	)			(8.39	)			(8.42	)			84.21		28.79				694,675		0.80			0.84			(0.12	)		105
Series II
Six months ended 06/30/22			103.76			(0.18	)			(34.62	)			(34.80	)			–				–				–				68.96		(33.54	)			131,250		1.07	^(e)		1.10	^(e)		(0.43	)^(e)		51
Year ended 12/31/21			98.05			(0.83	)			19.52				18.69				–				(12.98	)			(12.98	)			103.76		18.79				208,990		1.05			1.08			(0.79	)		77
Year ended 12/31/20			77.70			(0.50	)			28.15				27.65				–				(7.30	)			(7.30	)			98.05		40.24				196,217		1.05			1.11			(0.62	)		87
Year ended 12/31/19			64.41			(0.14	)^(f)			24.34				24.20				–				(10.91	)			(10.91	)			77.70		39.01				51,312		1.05			1.12			(0.19	)^(f)		76
Year ended 12/31/18			79.87			(0.37	)			(2.79	)			(3.16	)			–				(12.30	)			(12.30	)			64.41		(6.31	)			35,054		1.05			1.11			(0.48	)		104
Year ended 12/31/17			69.43			(0.28	)			19.11				18.83				–				(8.39	)			(8.39	)			79.87		28.46				39,599		1.05			1.09			(0.37	)		105

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019, 2018 and 2017, respectively.

^(d)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $123,217,891 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco V.I. Mid Cap Growth Fund into the Fund.

^(e)	Annualized.

^(f)

Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended December 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.13) and (0.16)% for Series I Shares and $(0.30) and (0.40)% for Series II Shares.

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

Invesco V.I. Discovery Mid Cap Growth Fund

Notes to Financial Statements

June 30, 2022

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

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

Invesco V.I. Discovery Mid Cap Growth Fund

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

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

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

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, the Fund paid the Adviser $1,153 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

Invesco V.I. Discovery Mid Cap Growth Fund

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate


First $200 million		0.750%


Next $200 million		0.720%


Next $200 million		0.690%


Next $200 million		0.660%


Next $700 million		0.600%


Over $1.5 billion		0.580%

*	The advisory fee payable by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with Invesco.

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.67%.

Effective May 1, 2022, through at least June 30, 2023, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement of Series I shares to 2.00% and Series II shares to 2.25% of the Fund’s average daily net asset (the “expense limits”). Prior to May 1, 2022, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $161,595.

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, 2022, Invesco was paid $68,896 for accounting and fund administrative services and was reimbursed $732,464 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the six months ended June 30, 2022, the Fund incurred $979 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

Invesco V.I. Discovery Mid Cap Growth Fund

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	779,543,155	$	–		$–	$	779,543,155


Money Market Funds		38,094,990		99,162,276		–		137,257,266


Total Investments	$	817,638,145	$	99,162,276		$–	$	916,800,421

NOTE 4–Trustees’ and Officers’ Fees and Benefits

NOTE 5–Cash Balances

NOTE 6–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022 was $493,329,346 and $533,458,395, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	87,934,917


Aggregate unrealized (depreciation) of investments		(97,368,406	)


Net unrealized appreciation (depreciation) of investments	$	(9,433,489	)

Cost of investments for tax purposes is $926,233,910.

Invesco V.I. Discovery Mid Cap Growth Fund

NOTE 8–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		1,137,922		$	99,609,037			395,767		$	45,813,679


Series II		310,643			24,588,214			208,907			21,933,005



Issued as reinvestment of dividends:
Series I		-			-			920,026			107,606,241


Series II		-			-			222,680			23,586,278



Reacquired:
Series I		(1,353,104	)		(119,609,054	)		(1,224,572	)		(141,653,682	)


Series II		(421,346	)		(34,354,453	)		(418,716	)		(44,150,051	)


Net increase (decrease) in share activity		(325,885	)	$	(29,766,256	)		104,092		$	13,135,470

^(a)

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

Invesco V.I. Discovery Mid Cap Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (01/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period³	Annualized Expense Ratio
Series I	$1,000.00	$665.40	$3.39	$1,020.73	$4.11	0.82%
Series II	1,000.00	664.60	4.42	1,019.49	5.36	1.07

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. Effective May 1, 2022, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Series I shares and Series II Shares 2.00% and 2.25% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 0.82% and 1.07% for of Series I shares and Series II shares, respectively.

²	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $4.25 and $5.54 for of Series I and Series II shares, respectively.

³	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $4.11 and $5.36 for of Series I and Series II shares, respectively.

Invesco V.I. Discovery Mid Cap Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 II 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 and the fifth quintile being the worst performing funds). The Board noted that performance of Series II shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. 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

Invesco V.I. Discovery Mid Cap Growth Fund

performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

D.	Economies of Scale and Breakpoints

reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.

Invesco V.I. Discovery Mid Cap Growth Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. Diversified Dividend Fund

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VIDDI-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	-7.81	%
Series II Shares	-7.91
S&P 500 Index^▼ (Broad Market Index)	-19.96
Russell 1000 Value Index^▼ (Style-Specific Index)	-12.86
Lipper VUF Large-Cap Value Funds Index^∎ (Peer Group Index)	-12.68

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

The S&P 500^®Index is an unmanaged index considered representative of the US stock market.
The Russell 1000^®Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell^®is a trademark of the Frank Russell Co.
The Lipper VUF Large-Cap Value Funds Index is an unmanaged index considered representative of large-cap value variable insurance underlying funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (3/1/90)	7.85	%
10 Years	10.01
5 Years	5.91
1 Year	-2.89

Series II Shares
Inception (6/5/00)	5.61	%
10 Years	9.74
5 Years	5.65
1 Year	-3.13

Effective June 1, 2010, Class X and Class Y shares of the predecessor fund, Morgan Stanley Variable Investment Series Dividend Growth Portfolio, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Series I and Series II shares, respectively, of Invesco V.I. Dividend Growth Fund (renamed Invesco V.I. Diversified Dividend Fund on April 30, 2012). Returns shown above, prior to June 1, 2010, for Series I and Series II shares are those of the Class X shares and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable

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

Invesco V.I. Diversified Dividend Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

Invesco V.I. Diversified Dividend Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Diversified Dividend Fund

Schedule of Investments^(a)

June 30, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–95.44%
Aerospace & Defense–2.53%
Raytheon Technologies Corp.		116,594	$	11,205,849



Agricultural & Farm Machinery–0.59%
Deere & Co.		8,638		2,586,822



Air Freight & Logistics–1.36%
United Parcel Service, Inc., Class B		33,057		6,034,225



Apparel Retail–0.63%
TJX Cos., Inc. (The)		50,098		2,797,973



Apparel, Accessories & Luxury Goods–0.43%
Columbia Sportswear Co.		26,236		1,877,973



Asset Management & Custody Banks–0.96%
State Street Corp.		68,933		4,249,719



Biotechnology–0.78%
AbbVie, Inc.		22,578		3,458,047



Brewers–0.50%
Heineken N.V. (Netherlands)		24,312		2,226,533



Building Products–0.66%
Trane Technologies PLC		22,489		2,920,646



Cable & Satellite–2.14%
Comcast Corp., Class A		241,341		9,470,221



Construction Machinery & Heavy Trucks–0.55%
Caterpillar, Inc.		13,491		2,411,651



Consumer Finance–1.14%
American Express Co.		36,505		5,060,323



Data Processing & Outsourced Services–1.54%
Visa, Inc., Class A^(b)		34,682		6,828,539



Diversified Banks–3.94%
Bank of America Corp.		274,920		8,558,259


Wells Fargo & Co.		226,757		8,882,072


				17,440,331



Electric Utilities–4.06%
American Electric Power Co., Inc.		61,158		5,867,498


Entergy Corp.^(b)		66,197		7,456,430


Exelon Corp.		102,315		4,636,916


				17,960,844



Electrical Components & Equipment–0.70%
ABB Ltd. (Switzerland)		114,964		3,072,534



Electronic Manufacturing Services–0.97%
TE Connectivity Ltd. (Switzerland)		37,802		4,277,296



Financial Exchanges & Data–0.90%
S&P Global, Inc.		11,814		3,982,027



General Merchandise Stores–1.23%
Target Corp.		38,393		5,422,243


	Shares		Value


Health Care Equipment–4.18%
Becton, Dickinson and Co.		28,744	$	7,086,258


Medtronic PLC		94,936		8,520,506


Stryker Corp.		14,571		2,898,609


				18,505,373



Health Care Services–2.23%
CVS Health Corp.		106,402		9,859,209



Home Improvement Retail–1.08%
Lowe’s Cos., Inc.		27,365		4,779,845



Hypermarkets & Super Centers–2.03%
Walmart, Inc.		73,829		8,976,130



Industrial Machinery–2.14%
Parker-Hannifin Corp.		17,822		4,385,103


Pentair PLC		50,981		2,333,401


Stanley Black & Decker, Inc.		26,314		2,759,286


				9,477,790



Integrated Oil & Gas–4.59%
Chevron Corp.		108,735		15,742,653


Exxon Mobil Corp.		53,443		4,576,859


				20,319,512



Integrated Telecommunication Services–3.99%
AT&T, Inc.		255,489		5,355,049


Deutsche Telekom AG (Germany)		258,980		5,141,960


Verizon Communications, Inc.		140,735		7,142,301


				17,639,310



Investment Banking & Brokerage–2.55%
Charles Schwab Corp. (The)		116,688		7,372,348


Morgan Stanley		51,575		3,922,794


				11,295,142



IT Consulting & Other Services–1.42%
Cognizant Technology Solutions Corp., Class A		93,161		6,287,436



Managed Health Care–4.63%
Elevance Health, Inc.		15,974		7,708,733


UnitedHealth Group, Inc.		24,885		12,781,683


				20,490,416



Movies & Entertainment–0.92%
Walt Disney Co. (The)^(c)		43,153		4,073,643



Multi-line Insurance–1.68%
Hartford Financial Services Group, Inc. (The)		113,256		7,410,340



Multi-Utilities–2.74%
Dominion Energy, Inc.		85,699		6,839,637


Public Service Enterprise Group, Inc.		83,686		5,295,650


				12,135,287



Oil & Gas Exploration & Production–3.49%
ConocoPhillips^(b)		109,647		9,847,397

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

Invesco V.I. Diversified Dividend Fund


	Shares		Value


Oil & Gas Exploration & Production–(continued)
Pioneer Natural Resources Co.		24,994	$	5,575,662


				15,423,059



Packaged Foods & Meats–3.27%
Kraft Heinz Co. (The)		200,618		7,651,571


Nestle S.A.		58,041		6,809,438


				14,461,009



Paper Packaging–0.48%
Avery Dennison Corp.		13,011		2,106,091



Personal Products–0.91%
L’Oreal S.A. (France)		11,625		4,016,525



Pharmaceuticals–9.42%
Bristol-Myers Squibb Co.		84,051		6,471,927


Eli Lilly and Co.		14,432		4,679,287


Johnson & Johnson		98,655		17,512,249


Merck & Co., Inc.		142,640		13,004,489


				41,667,952



Property & Casualty Insurance–1.79%
Travelers Cos., Inc. (The)		46,923		7,936,087



Regional Banks–4.25%
Comerica, Inc.		55,789		4,093,797


Cullen/Frost Bankers, Inc.		18,881		2,198,692


Fifth Third Bancorp^(b)		91,067		3,059,851


M&T Bank Corp.^(b)		37,055		5,906,197


Zions Bancorporation N.A.		69,261		3,525,385


				18,783,922



Research & Consulting Services–0.89%
Booz Allen Hamilton Holding Corp.		43,418		3,923,251



Restaurants–2.45%
McDonald’s Corp.^(b)		28,018		6,917,084


Starbucks Corp.		51,521		3,935,689


				10,852,773



Semiconductor Equipment–0.62%
Lam Research Corp.		6,380		2,718,837



Semiconductors–1.70%
Analog Devices, Inc.		23,837		3,482,347

Investment Abbreviations:

REIT – Real Estate Investment Trust


	Shares		Value


Semiconductors–(continued)
Broadcom, Inc.		8,334	$	4,048,741


				7,531,088



Soft Drinks–1.61%
Coca-Cola Co. (The)		113,498		7,140,159



Specialized REITs–2.11%
Crown Castle International Corp.		31,312		5,272,314


Weyerhaeuser Co.		122,690		4,063,493


				9,335,807



Specialty Chemicals–0.92%
DuPont de Nemours, Inc.		73,588		4,090,021



Systems Software–1.74%
Microsoft Corp.		30,049		7,717,485


Total Common Stocks & Other Equity Interests (Cost $364,848,675)				422,237,295



Money Market Funds–4.16%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(d)(e)		5,877,735		5,877,735


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(d)(e)		5,816,875		5,816,293


Invesco Treasury Portfolio, Institutional Class, 1.35%^(d)(e)		6,717,412		6,717,412


Total Money Market Funds (Cost $18,410,828)				18,411,440


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.60% (Cost $383,259,503)				440,648,735



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.57%
Invesco Private Government Fund, 1.38%^(d)(e)(f)		3,175,659		3,175,659


Invesco Private Prime Fund, 1.66%^(d)(e)(f)		8,165,982		8,165,982


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,342,105)				11,341,641


TOTAL INVESTMENTS IN SECURITIES–102.17% (Cost $394,601,608)				451,990,376


OTHER ASSETS LESS LIABILITIES–(2.17)%				(9,578,906	)


NET ASSETS–100.00%			$	442,411,470

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

Invesco V.I. Diversified Dividend Fund

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at June 30, 2022.

^(c)	Non-income producing security.

^(d)


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 3,208,900		$ 20,216,266		$ (17,547,431)		$ -		$ -		$ 5,877,735	$ 5,274
Invesco Liquid Assets Portfolio, Institutional Class		3,911,378		14,440,190		(12,533,879)		218		(1,614)		5,816,293	10,373
Invesco Treasury Portfolio, Institutional Class		3,667,314		23,104,304		(20,054,206)		-		-		6,717,412	10,099
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		2,831,276		45,262,997		(44,918,614)		-		-		3,175,659	8,132*
Invesco Private Prime Fund		6,606,311		81,142,506		(79,580,526)		(464)		(1,845)		8,165,982	22,031*
Total		$20,225,179		$184,166,263		$(174,634,656)		$(246)		$(3,459)		$29,753,081	$55,909

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

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

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022



Health Care	21.24	%

Financials	17.22

Industrials	9.41

Consumer Staples	8.32

Energy	8.08

Information Technology	7.99

Communication Services	7.05

Utilities	6.80

Consumer Discretionary	5.82

Real Estate	2.11

Materials	1.40

Money Market Funds Plus Other Assets Less Liabilities	4.56

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

Invesco V.I. Diversified Dividend Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $364,848,675)*	$	422,237,295


Investments in affiliated money market funds, at value (Cost $29,752,933)		29,753,081


Cash		243,330


Foreign currencies, at value (Cost $1,646)		1,614


Receivable for:
Investments sold		1,109,093


Fund shares sold		752,911


Dividends		880,354


Investment for trustee deferred compensation and retirement plans		69,000


Other assets		276


Total assets		455,046,954



Liabilities:
Payable for:
Investments purchased		464,396


Fund shares reacquired		435,660


Collateral upon return of securities loaned		11,342,105


Accrued fees to affiliates		246,400


Accrued trustees’ and officers’ fees and benefits		2,603


Accrued other operating expenses		45,725


Trustee deferred compensation and retirement plans		98,595


Total liabilities		12,635,484


Net assets applicable to shares outstanding	$	442,411,470



Net assets consist of:
Shares of beneficial interest	$	289,958,490


Distributable earnings		152,452,980


	$	442,411,470



Net Assets:
Series I	$	217,332,513


Series II	$	225,078,957



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		7,906,128


Series II		8,266,978


Series I:
Net asset value per share	$	27.49


Series II:
Net asset value per share	$	27.23

*	At June 30, 2022, securities with an aggregate value of $11,088,867 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $50,019)	$	6,002,675


Dividends from affiliated money market funds (includes securities lending income of $5,035)		30,781


Total investment income		6,033,456



Expenses:
Advisory fees		1,161,388


Administrative services fees		394,824


Custodian fees		8,502


Distribution fees - Series II		300,531


Transfer agent fees		12,141


Trustees’ and officers’ fees and benefits		10,834


Reports to shareholders		2,304


Professional services fees		18,886


Other		3,103


Total expenses		1,912,513


Less: Fees waived		(6,419	)


Net expenses		1,906,094


Net investment income		4,127,362



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		27,082,820


Affiliated investment securities		(3,459	)


Foreign currencies		(13,502	)


		27,065,859


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(69,196,012	)


Affiliated investment securities		(246	)


Foreign currencies		(18,771	)


		(69,215,029	)


Net realized and unrealized gain (loss)		(42,149,170	)


Net increase (decrease) in net assets resulting from operations	$	(38,021,808	)

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

Invesco V.I. Diversified Dividend Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30,			December 31,
	2022			2021


Operations:
Net investment income	$	4,127,362		$	8,150,312


Net realized gain		27,065,859			56,157,626


Change in net unrealized appreciation (depreciation)		(69,215,029	)		17,184,846


Net increase (decrease) in net assets resulting from operations		(38,021,808	)		81,492,784



Distributions to shareholders from distributable earnings:
Series I		–			(6,092,708	)


Series II		–			(5,554,813	)


Total distributions from distributable earnings		–			(11,647,521	)



Share transactions–net:
Series I		(6,746,259	)		(26,159,709	)


Series II		(732,627	)		(7,080,155	)


Net increase (decrease) in net assets resulting from share transactions		(7,478,886	)		(33,239,864	)


Net increase (decrease) in net assets		(45,500,694	)		36,605,399



Net assets:
Beginning of period		487,912,164			451,306,765


End of period	$	442,411,470		$	487,912,164

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

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 value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Series I
Six months ended 06/30/22		$	29.82		$	0.27		$	(2.60	)		$	(2.33	)		$	–			$	–			$	–			$	27.49		(7.81	)%		$	217,333		0.67	%^(d)		0.67	%^(d)		1.85	%^(d)		26	%
Year ended 12/31/21			25.72			0.52			4.32				4.84				(0.63	)			(0.11	)			(0.74	)			29.82		18.89				242,810		0.68			0.68			1.81			45
Year ended 12/31/20			27.23			0.58			(0.67	)			(0.09	)			(0.77	)			(0.65	)			(1.42	)			25.72		0.14				233,073		0.70			0.70			2.41			9
Year ended 12/31/19			23.70			0.67			5.15				5.82				(0.80	)			(1.49	)			(2.29	)			27.23		25.09				278,727		0.65			0.65			2.54			7
Year ended 12/31/18			27.18			0.63			(2.53	)			(1.90	)			(0.65	)			(0.93	)			(1.58	)			23.70		(7.57	)			337,461		0.64			0.65			2.38			10
Year ended 12/31/17			26.38			0.56			1.65				2.21				(0.46	)			(0.95	)			(1.41	)			27.18		8.58				437,104		0.64			0.65			2.06			16
Series II
Six months ended 06/30/22			29.57			0.23			(2.57	)			(2.34	)			–				–				–				27.23		(7.91	)			225,079		0.92	^(d)		0.92	^(d)		1.60	^(d)		26
Year ended 12/31/21			25.52			0.44			4.29				4.73				(0.57	)			(0.11	)			(0.68	)			29.57		18.59				245,103		0.93			0.93			1.56			45
Year ended 12/31/20			27.03			0.52			(0.68	)			(0.16	)			(0.71	)			(0.64	)			(1.35	)			25.52		(0.13	)			218,234		0.95			0.95			2.16			9
Year ended 12/31/19			23.54			0.60			5.11				5.71				(0.73	)			(1.49	)			(2.22	)			27.03		24.77				236,880		0.90			0.90			2.29			7
Year ended 12/31/18			27.00			0.56			(2.51	)			(1.95	)			(0.58	)			(0.93	)			(1.51	)			23.54		(7.78	)			204,889		0.89			0.90			2.13			10
Year ended 12/31/17			26.23			0.49			1.64				2.13				(0.41	)			(0.95	)			(1.36	)			27.00		8.31				242,614		0.89			0.90			1.81			16

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

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

Invesco V.I. Diversified Dividend Fund

Notes to Financial Statements

June 30, 2022

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

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

Invesco V.I. Diversified Dividend Fund

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

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

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the Investment Company 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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

Invesco V.I. Diversified Dividend Fund

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

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $250 million		0.545%


Next $750 million		0.420%


Next $1 billion		0.395%


Over $2 billion		0.370%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.48%.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $6,419.

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, 2022, Invesco was paid $35,627 for accounting and fund administrative services and was reimbursed $359,197 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco V.I. Diversified Dividend Fund

average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the six months ended June 30, 2022, the Fund incurred $406 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2			Level 3			Total
Investments in Securities
Common Stocks & Other Equity Interests		$	400,970,305		$	21,266,990		$	–	$422,237,295
Money Market Funds			18,411,440			11,341,641			–	29,753,081
Total Investments		$	419,381,745		$	32,608,631		$	–	$451,990,376

NOTE 4–Trustees’ and Officers’ Fees and Benefits

NOTE 5–Cash Balances

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

NOTE 6–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022 was $120,175,780 and $132,091,700, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	86,559,077


Aggregate unrealized (depreciation) of investments		(29,762,469	)


Net unrealized appreciation of investments	$	56,796,608

Cost of investments for tax purposes is $395,193,768.

Invesco V.I. Diversified Dividend Fund

NOTE 8–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		646,504		$	19,365,543			657,168		$	18,564,911


Series II		443,423			12,947,814			578,551			16,315,294



Issued as reinvestment of dividends:
Series I		-			-			208,583			6,092,708


Series II		-			-			191,677			5,554,813



Reacquired:
Series I		(883,010	)		(26,111,802	)		(1,784,234	)		(50,817,328	)


Series II		(465,047	)		(13,680,441	)		(1,032,125	)		(28,950,262	)


Net increase (decrease) in share activity		(258,130	)	$	(7,478,886	)		(1,180,380	)	$	(33,239,864	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 70% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Diversified Dividend Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$921.90	$3.19	$1,021.47	$3.36	0.67%
Series II	1,000.00	920.90	4.38	1,020.23	4.61	0.92

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Diversified Dividend Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

Invesco Advisers 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 are appropriate and satisfactory.

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 II 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 and the fifth quintile being the worst performing funds). The Board noted that performance of Series II 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 a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe. The Board noted that the Fund’s stock selection in and overweight exposure to certain sectors, as well as the Fund’s exposure to the dividend/yield factor, detracted from Fund performance. The Board also noted that the Fund underwent a portfolio management team change and investment process

Invesco V.I. Diversified Dividend Fund

change in March 2021. 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

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.

Invesco V.I. Diversified Dividend Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		MS-VIEWSP-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	-16.92	%
Series II Shares	-17.01
S&P 500 Index^▼ (Broad Market Index)	-19.96
S&P 500 Equal Weight Index^▼ (Style-Specific Index)	-16.68
Lipper VUF Multi-Cap Core Funds Index^∎ (Peer Group Index)	-19.93

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

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.
The S&P 500^® Equal Weight Index is the equally weighted version of the S&P 500^® Index, which is considered representative of the US stock market.
The Lipper VUF Multi-Cap Core Funds Index is an unmanaged index considered representative of multicap core variable insurance underlying funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series IShares*
Inception (11/9/94)	10.52	%
10 Years	12.22
5 Years	9.54
1 Year	-9.74

Series IIShares*
Inception (7/24/00)	8.76	%
10 Years	11.94
5 Years	9.27
1 Year	-9.94
*Amount includes the effect of the Adviser pay-in for an economic loss as a result of a delay in rebalancing to the Underlying Index that occurred on April 24, 2020. Had the pay-in not been made, the total return would have been lower.

Effective June 1, 2010, Class X and Class Y shares of the predecessor fund, Morgan Stanley Select Dimensions Investment Series Equally-Weighted S&P 500 Portfolio, advised by Morgan Stanley Investment Advisors Inc. were reorganized into Series I and Series II shares, respectively, of Invesco V.I. Select Dimensions Equally-Weighted S&P 500 Fund (renamed Invesco V.I. Equally-Weighted S&P 500 Fund on April 30, 2012). Returns shown above, prior to June 1, 2010, for Series I and Series II shares are those of the Class X shares and Class Y shares the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable

Invesco V.I. Equally-Weighted S&P 500 Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do

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

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

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

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

Schedule of Investments^(a)

June 30, 2022

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–98.83%
Advertising–0.39%

Interpublic Group of Cos., Inc. (The)^(b)		30,681	$ 844,648

Omnicom Group, Inc.		13,064	831,001

			1,675,649

Aerospace & Defense–2.05%

Boeing Co. (The)^(b)(c)		6,994	956,220

General Dynamics Corp.^(b)		3,954	874,822

Howmet Aerospace, Inc.		26,139	822,072

Huntington Ingalls Industries, Inc.		4,190	912,666

L3Harris Technologies, Inc.		3,694	892,840

Lockheed Martin Corp.		2,065	887,867

Northrop Grumman Corp.		1,915	916,461

Raytheon Technologies Corp.^(b)		9,302	894,015

Textron, Inc.^(b)		14,112	861,820

TransDigm Group, Inc.^(c)		1,528	820,032

			8,838,815

Agricultural & Farm Machinery–0.18%

Deere & Co.^(b)		2,650	793,596

Agricultural Products–0.19%

Archer-Daniels-Midland Co.		10,489	813,946

Air Freight & Logistics–0.85%

C.H. Robinson Worldwide, Inc.		8,731	885,061

Expeditors International of Washington, Inc.		9,021	879,187

FedEx Corp.		4,296	973,946

United Parcel Service, Inc., Class B^(b)		5,133	936,978

			3,675,172

Airlines–0.90%

Alaska Air Group, Inc.^(b)(c)		20,187	808,489

American Airlines Group, Inc.^(b)(c)		60,381	765,631

Delta Air Lines, Inc.^(c)		25,291	732,680

Southwest Airlines Co.^(c)		22,128	799,264

United Airlines Holdings, Inc.^(b)(c)		21,579	764,328

			3,870,392

Alternative Carriers–0.20%

Lumen Technologies, Inc.^(b)		78,812	859,839

Apparel Retail–0.38%

Ross Stores, Inc.		11,505	807,996

TJX Cos., Inc. (The)		15,062	841,213

			1,649,209

Apparel, Accessories & Luxury Goods–0.75%

PVH Corp.^(b)		13,536	770,199

Ralph Lauren Corp.^(b)		8,901	797,975

Tapestry, Inc.		27,162	828,984

VF Corp.^(b)		18,778	829,424

			3,226,582

Application Software–2.60%

Adobe, Inc.^(c)		2,256	825,831


	Shares		Value
Application Software–(continued)

ANSYS, Inc.^(c)		3,672	$ 878,673

Autodesk, Inc.^(c)		4,748	816,466

Cadence Design Systems, Inc.^(c)		5,957	893,729

Ceridian HCM Holding, Inc.^(c)		16,964	798,665

Citrix Systems, Inc.		9,069	881,235

Intuit, Inc.		2,330	898,075

Paycom Software, Inc.^(c)		3,017	845,122

PTC, Inc.^(c)		8,142	865,820

Roper Technologies, Inc.^(b)		2,273	897,040

salesforce.com, inc.^(c)		4,977	821,404

Synopsys, Inc.^(c)		2,908	883,160

Tyler Technologies, Inc.^(c)		2,632	875,087

			11,180,307

Asset Management & Custody Banks–1.58%

Ameriprise Financial, Inc.		3,531	839,248

Bank of New York Mellon Corp. (The)		20,757	865,775

BlackRock, Inc.^(b)		1,438	875,800

Franklin Resources, Inc.^(b)		36,165	843,006

Invesco Ltd.^(b)(d)		51,401	829,098

Northern Trust Corp.^(b)		8,757	844,875

State Street Corp.		13,617	839,488

T. Rowe Price Group, Inc.^(b)		7,734	878,660

			6,815,950

Auto Parts & Equipment–0.36%

Aptiv PLC^(c)		8,766	780,787

BorgWarner, Inc.^(b)		23,686	790,402

			1,571,189

Automobile Manufacturers–0.57%

Ford Motor Co.^(b)		69,664	775,360

General Motors Co.^(c)		25,370	805,751

Tesla, Inc.^(c)		1,275	858,611

			2,439,722

Automotive Retail–0.82%

Advance Auto Parts, Inc.^(b)		4,950	856,795

AutoZone, Inc.^(b)(c)		430	924,122

CarMax, Inc.^(c)		9,249	836,850

O’Reilly Automotive, Inc.^(c)		1,462	923,633

			3,541,400

Biotechnology–1.75%

AbbVie, Inc.		6,203	950,051

Amgen, Inc.^(b)		3,701	900,453

Biogen, Inc.^(c)		4,497	917,118

Gilead Sciences, Inc.		14,623	903,848

Incyte Corp.^(c)		12,617	958,514

Moderna, Inc.^(c)		6,987	998,093

Regeneron Pharmaceuticals, Inc.^(b)(c)		1,553	918,025

Vertex Pharmaceuticals, Inc.^(b)(c)		3,485	982,038

			7,528,140

Brewers–0.21%

Molson Coors Beverage Co., Class B		16,970	925,035

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

Invesco V.I. Equally–Weighted S&P 500 Fund


	Shares		Value
Broadcasting–0.39%

Fox Corp., Class A^(b)		19,203	$ 617,568

Fox Corp., Class B		8,865	263,291

Paramount Global, Class B^(b)		31,620	780,382

			1,661,241

Building Products–1.36%

A.O. Smith Corp.^(b)		15,298	836,495

Allegion PLC		8,292	811,787

Carrier Global Corp.		23,787	848,245

Fortune Brands Home & Security, Inc.		13,625	815,865

Johnson Controls International PLC		17,107	819,083

Masco Corp.^(b)		16,232	821,339

Trane Technologies PLC		6,821	885,843

			5,838,657

Cable & Satellite–0.58%

Charter Communications, Inc., Class A^(c)		1,873	877,557

Comcast Corp., Class A		21,336	837,225

DISH Network Corp., Class A^(b)(c)		44,234	793,115

			2,507,897

Casinos & Gaming–0.95%

Caesars Entertainment, Inc.^(c)		19,521	747,654

Las Vegas Sands Corp.^(b)(c)		26,514	890,605

MGM Resorts International		27,949	809,124

Penn National Gaming, Inc.^(b)(c)		27,601	839,622

Wynn Resorts Ltd.^(b)(c)		14,259	812,478

			4,099,483

Commodity Chemicals–0.35%

Dow, Inc.		14,356	740,913

LyondellBasell Industries N.V., Class A		8,660	757,404

			1,498,317

Communications Equipment–1.02%

Arista Networks, Inc.^(c)		9,354	876,844

Cisco Systems, Inc.^(b)		20,423	870,837

F5, Inc.^(c)		5,670	867,737

Juniper Networks, Inc.^(b)		30,830	878,655

Motorola Solutions, Inc.		4,245	889,752

			4,383,825

Computer & Electronics Retail–0.19%

Best Buy Co., Inc.^(b)		12,234	797,534

Construction & Engineering–0.20%

Quanta Services, Inc.^(b)		7,016	879,385

Construction Machinery & Heavy Trucks–0.75%

Caterpillar, Inc.		4,128	737,921

Cummins, Inc.		4,322	836,437

PACCAR, Inc.		10,437	859,383

Wabtec Corp.^(b)		9,842	807,831

			3,241,572

Construction Materials–0.38%

Martin Marietta Materials, Inc.^(b)		2,761	826,202

Vulcan Materials Co.		5,681	807,270

			1,633,472

Consumer Electronics–0.20%

Garmin Ltd.^(b)		8,888	873,246


	Shares		Value
Consumer Finance–0.76%

American Express Co.^(e)		5,752	$ 797,342

Capital One Financial Corp.		7,890	822,059

Discover Financial Services		9,050	855,949

Synchrony Financial		28,188	778,553

			3,253,903

Copper–0.15%

Freeport-McMoRan, Inc.		22,089	646,324

Data Processing & Outsourced Services–2.16%

Automatic Data Processing, Inc.		4,197	881,538

Broadridge Financial Solutions, Inc.		6,340	903,767

Fidelity National Information Services, Inc.^(b)		9,082	832,547

Fiserv, Inc.^(c)		9,415	837,653

FleetCor Technologies, Inc.^(c)		3,745	786,862

Global Payments, Inc.		7,563	836,770

Jack Henry & Associates, Inc.		4,922	886,058

Mastercard, Inc., Class A		2,653	836,968

Paychex, Inc.		7,363	838,425

PayPal Holdings, Inc.^(c)		11,201	782,278

Visa, Inc., Class A		4,452	876,554

			9,299,420

Distillers & Vintners–0.41%

Brown-Forman Corp., Class B		12,976	910,396

Constellation Brands, Inc., Class A		3,715	865,818

			1,776,214

Distributors–0.59%

Genuine Parts Co.^(b)		6,534	869,022

LKQ Corp.		17,926	879,987

Pool Corp.^(b)		2,307	810,288

			2,559,297

Diversified Banks–0.98%

Bank of America Corp.		26,778	833,599

Citigroup, Inc.		18,617	856,196

JPMorgan Chase & Co.		7,430	836,692

U.S. Bancorp^(b)		18,231	838,991

Wells Fargo & Co.		22,161	868,046

			4,233,524

Diversified Support Services–0.41%

Cintas Corp.		2,370	885,266

Copart, Inc.^(c)		8,201	891,121

			1,776,387

Drug Retail–0.19%

Walgreens Boots Alliance, Inc.		21,382	810,378

Electric Utilities–3.20%

Alliant Energy Corp.		14,973	877,567

American Electric Power Co., Inc.		9,039	867,202

Constellation Energy Corp.		14,855	850,597

Duke Energy Corp.		8,242	883,625

Edison International^(b)		13,261	838,626

Entergy Corp.^(b)		7,662	863,048

Evergy, Inc.		13,307	868,282

Eversource Energy^(b)		10,090	852,302

Exelon Corp.^(b)		19,305	874,902

FirstEnergy Corp.		21,877	839,858

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

Invesco V.I. Equally–Weighted S&P 500 Fund


	Shares		Value
Electric Utilities–(continued)

NextEra Energy, Inc.		11,701	$ 906,359

NRG Energy, Inc.^(b)		20,182	770,347

Pinnacle West Capital Corp.^(b)		12,047	880,877

PPL Corp.		31,352	850,580

Southern Co. (The)		12,312	877,969

Xcel Energy, Inc.^(b)		12,508	885,066

			13,787,207

Electrical Components & Equipment–0.94%

AMETEK, Inc.^(b)		7,693	845,384

Eaton Corp. PLC		6,482	816,667

Emerson Electric Co.		10,202	811,467

Generac Holdings, Inc.^(b)(c)		3,397	715,340

Rockwell Automation, Inc.^(b)		4,255	848,064

			4,036,922

Electronic Components–0.39%

Amphenol Corp., Class A		13,149	846,533

Corning, Inc.		26,689	840,970

			1,687,503

Electronic Equipment & Instruments–0.80%

Keysight Technologies, Inc.^(c)		6,320	871,212

Teledyne Technologies, Inc.^(c)		2,334	875,507

Trimble, Inc.^(c)		14,207	827,274

Zebra Technologies Corp., Class A^(c)		2,909	855,100

			3,429,093

Electronic Manufacturing Services–0.19%

TE Connectivity Ltd. (Switzerland)		7,199	814,567

Environmental & Facilities Services–0.63%

Republic Services, Inc.		7,019	918,577

Rollins, Inc.^(b)		26,170	913,856

Waste Management, Inc.^(b)		5,866	897,381

			2,729,814

Fertilizers & Agricultural Chemicals–0.77%

CF Industries Holdings, Inc.		10,126	868,102

Corteva, Inc.^(b)		15,319	829,371

FMC Corp.^(b)		7,881	843,346

Mosaic Co. (The)		16,646	786,190

			3,327,009

Financial Exchanges & Data–1.86%

Cboe Global Markets, Inc.		8,092	915,934

CME Group, Inc., Class A		4,443	909,482

FactSet Research Systems, Inc.		2,447	941,043

Intercontinental Exchange, Inc.		9,084	854,259

MarketAxess Holdings, Inc.		3,243	830,240

Moody’s Corp.		3,251	884,174

MSCI, Inc.		2,166	892,717

Nasdaq, Inc.^(b)		5,914	902,122

S&P Global, Inc.		2,669	899,613

			8,029,584

Food Distributors–0.21%

Sysco Corp.		10,844	918,595

Food Retail–0.19%

Kroger Co. (The)^(b)		17,385	822,832


	Shares		Value
Footwear–0.18%

NIKE, Inc., Class B		7,742	$ 791,232

Gas Utilities–0.21%

Atmos Energy Corp.^(b)		7,933	889,289

General Merchandise Stores–0.62%

Dollar General Corp.^(b)		3,806	934,144

Dollar Tree, Inc.^(c)		5,694	887,410

Target Corp.^(b)		5,934	838,059

			2,659,613

Gold–0.18%

Newmont Corp.		13,287	792,835

Health Care Distributors–0.81%

AmerisourceBergen Corp.		6,149	869,961

Cardinal Health, Inc.		16,614	868,414

Henry Schein, Inc.^(c)		10,908	837,080

McKesson Corp.		2,835	924,805

			3,500,260

Health Care Equipment–3.20%

Abbott Laboratories		8,102	880,282

ABIOMED, Inc.^(c)		3,547	877,918

Baxter International, Inc.		12,147	780,202

Becton, Dickinson and Co.		3,562	878,140

Boston Scientific Corp.^(c)		23,857	889,150

DexCom, Inc.^(c)		12,091	901,142

Edwards Lifesciences Corp.^(c)		9,551	908,205

Hologic, Inc.^(c)		12,383	858,142

IDEXX Laboratories, Inc.^(c)		2,568	900,675

Intuitive Surgical, Inc.^(c)		4,327	868,472

Medtronic PLC		9,577	859,536

ResMed, Inc.		4,260	893,024

STERIS PLC		4,021	828,929

Stryker Corp.		4,104	816,409

Teleflex, Inc.		3,318	815,730

Zimmer Biomet Holdings, Inc.		7,834	823,040

			13,778,996

Health Care Facilities–0.36%

HCA Healthcare, Inc.		4,515	758,791

Universal Health Services, Inc., Class B		7,740	779,495

			1,538,286

Health Care REITs–0.62%

Healthpeak Properties, Inc.		34,655	897,911

Ventas, Inc.		16,876	867,933

Welltower, Inc.		10,823	891,274

			2,657,118

Health Care Services–1.02%

Cigna Corp.^(b)		3,507	924,164

CVS Health Corp.		9,533	883,328

DaVita, Inc.^(b)(c)		9,534	762,339

Laboratory Corp. of America Holdings		3,955	926,894

Quest Diagnostics, Inc.^(b)		6,767	899,876

			4,396,601

Health Care Supplies–0.58%

Align Technology, Inc.^(b)(c)		3,455	817,695

Cooper Cos., Inc. (The)		2,673	836,970

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

Invesco V.I. Equally–Weighted S&P 500 Fund


	Shares		Value
Health Care Supplies–(continued)

DENTSPLY SIRONA, Inc.		23,239	$ 830,329

			2,484,994

Home Furnishings–0.19%

Mohawk Industries, Inc.^(b)(c)		6,734	835,622

Home Improvement Retail–0.39%

Home Depot, Inc. (The)		3,071	842,283

Lowe’s Cos., Inc.		4,767	832,652

			1,674,935

Homebuilding–0.78%

D.R. Horton, Inc.^(b)		12,618	835,186

Lennar Corp., Class A		11,930	841,900

NVR, Inc.^(c)		213	852,882

PulteGroup, Inc.		21,148	838,095

			3,368,063

Hotel & Resort REITs–0.17%

Host Hotels & Resorts, Inc.^(b)		47,651	747,168

Hotels, Resorts & Cruise Lines–1.19%

Booking Holdings, Inc.^(c)		422	738,074

Carnival Corp.^(b)(c)		80,381	695,296

Expedia Group, Inc.^(c)		7,713	731,424

Hilton Worldwide Holdings, Inc.		6,968	776,514

Marriott International, Inc., Class A^(b)		5,556	755,671

Norwegian Cruise Line Holdings Ltd.^(b)(c)		67,493	750,522

Royal Caribbean Cruises Ltd.^(b)(c)		19,414	677,743

			5,125,244

Household Appliances–0.19%

Whirlpool Corp.^(b)		5,404	836,917

Household Products–1.09%

Church & Dwight Co., Inc.		10,340	958,104

Clorox Co. (The)^(b)		6,775	955,139

Colgate-Palmolive Co.		11,591	928,903

Kimberly-Clark Corp.^(b)		6,952	939,563

Procter & Gamble Co. (The)		6,257	899,694

			4,681,403

Housewares & Specialties–0.21%

Newell Brands, Inc.^(b)		46,406	883,570

Human Resource & Employment Services–0.18%

Robert Half International, Inc.		10,499	786,270

Hypermarkets & Super Centers–0.42%

Costco Wholesale Corp.		1,917	918,780

Walmart, Inc.		7,298	887,291

			1,806,071

Independent Power Producers & Energy Traders–0.21%

AES Corp. (The)		42,929	901,938

Industrial Conglomerates–0.57%

3M Co.		6,453	835,083

General Electric Co.^(b)		12,470	793,965

Honeywell International, Inc.		4,768	828,726

			2,457,774


	Shares		Value
Industrial Gases–0.39%

Air Products and Chemicals, Inc.^(b)		3,579	$ 860,678

Linde PLC (United Kingdom)		2,857	821,473

			1,682,151

Industrial Machinery–2.35%

Dover Corp.^(b)		6,917	839,171

Fortive Corp.		15,014	816,461

IDEX Corp.^(b)		4,794	870,734

Illinois Tool Works, Inc.^(b)		4,514	822,677

Ingersoll Rand, Inc.^(b)		19,126	804,822

Nordson Corp.^(b)		4,278	866,038

Otis Worldwide Corp.		12,119	856,450

Parker-Hannifin Corp.^(b)		3,369	828,943

Pentair PLC		18,555	849,262

Snap-on, Inc.		4,243	835,998

Stanley Black & Decker, Inc.^(b)		8,078	847,059

Xylem, Inc.^(b)		11,083	866,469

			10,104,084

Industrial REITs–0.43%

Duke Realty Corp.		17,843	980,473

Prologis, Inc.^(b)		7,576	891,316

			1,871,789

Insurance Brokers–1.07%

Aon PLC, Class A		3,502	944,420

Arthur J. Gallagher & Co.		5,805	946,447

Brown & Brown, Inc.		15,932	929,473

Marsh & McLennan Cos., Inc.		5,920	919,080

Willis Towers Watson PLC		4,452	878,780

			4,618,200

Integrated Oil & Gas–0.54%

Chevron Corp.		5,064	733,166

Exxon Mobil Corp.		8,841	757,143

Occidental Petroleum Corp.^(b)		13,907	818,844

			2,309,153

Integrated Telecommunication Services–0.41%

AT&T, Inc.		42,929	899,792

Verizon Communications, Inc.^(b)		17,478	887,008

			1,786,800

Interactive Home Entertainment–0.60%

Activision Blizzard, Inc.		11,614	904,266

Electronic Arts, Inc.		6,656	809,703

Take-Two Interactive Software, Inc.^(c)		6,942	850,603

			2,564,572

Interactive Media & Services–0.78%

Alphabet, Inc., Class A^(c)		207	451,107

Alphabet, Inc., Class C^(c)		192	419,990

Match Group, Inc.^(c)		11,583	807,219

Meta Platforms, Inc., Class A^(c)		5,059	815,764

Twitter, Inc.^(b)(c)		22,786	851,969

			3,346,049

Internet & Direct Marketing Retail–0.59%

Amazon.com, Inc.^(c)		8,100	860,301

eBay, Inc.		20,059	835,859

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

Invesco V.I. Equally–Weighted S&P 500 Fund


	Shares		Value
Internet & Direct Marketing Retail–(continued)

Etsy, Inc.^(b)(c)		11,712	$ 857,435

			2,553,595

Internet Services & Infrastructure–0.40%

Akamai Technologies, Inc.^(c)		9,115	832,473

VeriSign, Inc.^(c)		5,253	878,984

			1,711,457

Investment Banking & Brokerage–0.83%

Charles Schwab Corp. (The)		14,275	901,894

Goldman Sachs Group, Inc. (The)		3,095	919,277

Morgan Stanley		11,476	872,865

Raymond James Financial, Inc.		9,941	888,825

			3,582,861

IT Consulting & Other Services–1.21%

Accenture PLC, Class A		3,106	862,381

Cognizant Technology Solutions Corp., Class A		12,705	857,461

DXC Technology Co.^(c)		27,129	822,280

EPAM Systems, Inc.^(c)		2,927	862,821

Gartner, Inc.^(c)		3,587	867,444

International Business Machines Corp.^(b)		6,522	920,841

			5,193,228

Leisure Products–0.20%

Hasbro, Inc.		10,459	856,383

Life & Health Insurance–1.22%

Aflac, Inc.^(b)		15,966	883,399

Globe Life, Inc.		9,673	942,827

Lincoln National Corp.		17,375	812,629

MetLife, Inc.		13,994	878,683

Principal Financial Group, Inc.^(b)		13,391	894,385

Prudential Financial, Inc.		9,027	863,703

			5,275,626

Life Sciences Tools & Services–2.47%

Agilent Technologies, Inc.		7,367	874,978

Bio-Rad Laboratories, Inc., Class A^(c)		1,754	868,230

Bio-Techne Corp.^(b)		2,655	920,329

Charles River Laboratories International, Inc.^(c)		4,047	865,937

Danaher Corp.		3,532	895,433

Illumina, Inc.^(c)		4,350	801,966

IQVIA Holdings, Inc.^(c)		4,283	929,368

Mettler-Toledo International, Inc.^(c)		740	850,090

PerkinElmer, Inc.^(b)		6,259	890,155

Thermo Fisher Scientific, Inc.		1,686	915,970

Waters Corp.^(c)		2,694	891,660

West Pharmaceutical Services, Inc.		3,026	914,972

			10,619,088

Managed Health Care–1.07%

Centene Corp.^(c)		11,171	945,178

Elevance Health, Inc.		1,840	887,947

Humana, Inc.		2,000	936,140

Molina Healthcare, Inc.^(c)		3,213	898,387

UnitedHealth Group, Inc.		1,833	941,484

			4,609,136


	Shares		Value
Metal & Glass Containers–0.21%

Ball Corp.^(b)		12,970	$ 891,947

Movies & Entertainment–0.76%

Live Nation Entertainment, Inc.^(b)(c)		9,622	794,585

Netflix, Inc.^(c)		4,855	848,994

Walt Disney Co. (The)^(c)		8,936	843,558

Warner Bros Discovery, Inc.^(c)		59,772	802,140

			3,289,277

Multi-line Insurance–0.60%

American International Group, Inc.		16,624	849,985

Assurant, Inc.		5,108	882,918

Hartford Financial Services Group, Inc. (The)		13,008	851,113

			2,584,016

Multi-Sector Holdings–0.19%

Berkshire Hathaway, Inc., Class B^(c)		3,045	831,346

Multi-Utilities–2.05%

Ameren Corp.		9,953	899,353

CenterPoint Energy, Inc.		29,489	872,285

CMS Energy Corp.		13,118	885,465

Consolidated Edison, Inc.		9,335	887,758

Dominion Energy, Inc.^(b)		11,199	893,792

DTE Energy Co.		6,966	882,941

NiSource, Inc.		29,558	871,665

Public Service Enterprise Group, Inc.		13,567	858,520

Sempra Energy		5,743	863,001

WEC Energy Group, Inc.^(b)		8,944	900,124

			8,814,904

Office REITs–0.58%

Alexandria Real Estate Equities, Inc.^(b)		6,072	880,622

Boston Properties, Inc.^(b)		9,164	815,413

Vornado Realty Trust^(b)		28,395	811,813

			2,507,848

Oil & Gas Equipment & Services–0.49%

Baker Hughes Co., Class A		25,212	727,870

Halliburton Co.		21,937	687,944

Schlumberger N.V.		18,814	672,789

			2,088,603

Oil & Gas Exploration & Production–1.43%

APA Corp.		18,197	635,075

ConocoPhillips		7,603	682,825

Coterra Energy, Inc.^(b)		25,888	667,652

Devon Energy Corp.		11,993	660,934

Diamondback Energy, Inc.		5,712	692,009

EOG Resources, Inc.		6,168	681,194

Hess Corp.		6,954	736,707

Marathon Oil Corp.		29,324	659,204

Pioneer Natural Resources Co.^(b)		3,279	731,479

			6,147,079

Oil & Gas Refining & Marketing–0.47%

Marathon Petroleum Corp.		8,198	673,958

Phillips 66		8,355	685,026

Valero Energy Corp.^(b)		6,321	671,796

			2,030,780

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

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


	Shares		Value
Oil & Gas Storage & Transportation–0.54%

Kinder Morgan, Inc.^(b)		46,674	$ 782,256

ONEOK, Inc.		13,720	761,460

Williams Cos., Inc. (The)		25,457	794,513

			2,338,229

Packaged Foods & Meats–2.54%

Campbell Soup Co.		18,926	909,394

Conagra Brands, Inc.		27,271	933,759

General Mills, Inc.		12,989	980,020

Hershey Co. (The)		4,163	895,711

Hormel Foods Corp.		19,376	917,647

JM Smucker Co. (The)^(b)		6,917	885,445

Kellogg Co.^(b)		12,765	910,655

Kraft Heinz Co. (The)		23,717	904,567

Lamb Weston Holdings, Inc.		13,340	953,277

McCormick & Co., Inc.^(b)		10,096	840,492

Mondelez International, Inc., Class A		14,609	907,073

Tyson Foods, Inc., Class A		10,556	908,449

			10,946,489

Paper Packaging–1.16%

Amcor PLC		69,609	865,240

Avery Dennison Corp.		5,259	851,274

International Paper Co.		19,738	825,641

Packaging Corp. of America		5,863	806,162

Sealed Air Corp.		14,823	855,584

WestRock Co.^(b)		19,686	784,290

			4,988,191

Personal Products–0.21%

Estee Lauder Cos., Inc. (The), Class A^(b)		3,560	906,625

Pharmaceuticals–1.90%

Bristol-Myers Squibb Co.		11,829	910,833

Catalent, Inc.^(c)		8,327	893,404

Eli Lilly and Co.		2,991	969,772

Johnson & Johnson		5,148	913,821

Merck & Co., Inc.		10,188	928,840

Organon & Co.^(b)		25,048	845,370

Pfizer, Inc.		17,775	931,943

Viatris, Inc.		79,304	830,313

Zoetis, Inc.		5,500	945,395

			8,169,691

Property & Casualty Insurance–1.44%

Allstate Corp. (The)^(b)		7,129	903,458

Chubb Ltd.		4,404	865,739

Cincinnati Financial Corp.		7,408	881,404

Loews Corp.		14,720	872,307

Progressive Corp. (The)		7,822	909,464

Travelers Cos., Inc. (The)^(b)		5,246	887,256

W.R. Berkley Corp.		13,012	888,199

			6,207,827

Publishing–0.19%

News Corp., Class A		40,787	635,462

News Corp., Class B		12,634	200,754

			836,216

Railroads–0.61%

CSX Corp.		29,314	851,865


	Shares		Value
Railroads–(continued)

Norfolk Southern Corp.		3,873	$ 880,294

Union Pacific Corp.		4,207	897,269

			2,629,428

Real Estate Services–0.21%

CBRE Group, Inc., Class A^(c)		12,109	891,344

Regional Banks–2.58%

Citizens Financial Group, Inc.		24,275	866,375

Comerica, Inc.		11,803	866,104

Fifth Third Bancorp^(b)		24,894	836,438

First Republic Bank		6,278	905,288

Huntington Bancshares, Inc.		71,342	858,244

KeyCorp		49,984	861,224

M&T Bank Corp.		5,356	853,693

PNC Financial Services Group, Inc. (The)		5,610	885,090

Regions Financial Corp.^(b)		44,102	826,913

Signature Bank^(b)		4,405	789,420

SVB Financial Group^(b)(c)		2,006	792,350

Truist Financial Corp.		19,330	916,822

Zions Bancorporation N.A.		16,825	856,392

			11,114,353

Reinsurance–0.21%

Everest Re Group Ltd.^(b)		3,194	895,214

Research & Consulting Services–1.03%

Equifax, Inc.		4,844	885,386

Jacobs Engineering Group, Inc.^(b)		6,884	875,163

Leidos Holdings, Inc.		8,819	888,162

Nielsen Holdings PLC		36,402	845,254

Verisk Analytics, Inc.^(b)		5,413	936,936

			4,430,901

Residential REITs–1.25%

AvalonBay Communities, Inc.^(b)		4,568	887,334

Camden Property Trust		6,669	896,847

Equity Residential^(b)		12,294	887,873

Essex Property Trust, Inc.		3,279	857,491

Mid-America Apartment Communities, Inc.		5,282	922,607

UDR, Inc.		19,844	913,618

			5,365,770

Restaurants–1.24%

Chipotle Mexican Grill, Inc.^(b)(c)		674	881,093

Darden Restaurants, Inc.		7,405	837,654

Domino’s Pizza, Inc.^(b)		2,334	909,583

McDonald’s Corp.		3,742	923,825

Starbucks Corp.		11,738	896,666

Yum! Brands, Inc.		7,763	881,178

			5,329,999

Retail REITs–1.00%

Federal Realty OP L.P.		8,712	834,087

Kimco Realty Corp.		43,013	850,367

Realty Income Corp.^(b)		13,466	919,189

Regency Centers Corp.^(b)		14,566	863,910

Simon Property Group, Inc.^(b)		8,772	832,638

			4,300,191

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

Invesco V.I. Equally–Weighted S&P 500 Fund


	Shares		Value
Semiconductor Equipment–1.16%

Applied Materials, Inc.		8,718	$ 793,164

Enphase Energy, Inc.^(c)		4,527	883,851

KLA Corp.		2,662	849,391

Lam Research Corp.		1,872	797,753

SolarEdge Technologies, Inc.^(b)(c)		3,124	854,976

Teradyne, Inc.^(b)		9,160	820,278

			4,999,413

Semiconductors–2.60%

Advanced Micro Devices, Inc.^(c)		9,367	716,295

Analog Devices, Inc.^(b)		5,660	826,869

Broadcom, Inc.		1,641	797,214

Intel Corp.		22,670	848,085

Microchip Technology, Inc.^(b)		13,846	804,176

Micron Technology, Inc.		14,184	784,092

Monolithic Power Systems, Inc.		2,097	805,332

NVIDIA Corp.		5,233	793,271

NXP Semiconductors N.V. (China)		4,974	736,301

ON Semiconductor Corp.^(c)		14,769	743,028

Qorvo, Inc.^(b)(c)		8,772	827,375

QUALCOMM, Inc.		6,668	851,770

Skyworks Solutions, Inc.		8,860	820,790

Texas Instruments, Inc.		5,629	864,896

			11,219,494

Soft Drinks–0.85%

Coca-Cola Co. (The)		14,464	909,930

Keurig Dr Pepper, Inc.		25,027	885,706

Monster Beverage Corp.^(c)		10,205	946,003

PepsiCo, Inc.		5,465	910,797

			3,652,436

Specialized REITs–2.04%

American Tower Corp.^(b)		3,539	904,533

Crown Castle International Corp.^(b)		5,145	866,315

Digital Realty Trust, Inc.		6,762	877,911

Equinix, Inc.		1,368	898,803

Extra Space Storage, Inc.		5,321	905,209

Iron Mountain, Inc.		17,402	847,303

Public Storage		2,889	903,304

SBA Communications Corp., Class A		2,729	873,416

VICI Properties, Inc.		29,666	883,750

Weyerhaeuser Co.		24,790	821,045

			8,781,589

Specialty Chemicals–1.50%

Albemarle Corp.		3,750	783,675

Celanese Corp.		6,095	716,833

DuPont de Nemours, Inc.^(b)		13,981	777,064

Eastman Chemical Co.		8,692	780,281

Ecolab, Inc.		5,595	860,287

International Flavors & Fragrances, Inc.^(b)		7,111	847,062

PPG Industries, Inc.		7,664	876,302

Sherwin-Williams Co. (The)		3,590	803,837

			6,445,341

Specialty Stores–0.56%

Bath & Body Works, Inc.^(b)		26,216	705,735

Tractor Supply Co.		4,548	881,630


	Shares		Value
Specialty Stores–(continued)

Ulta Beauty, Inc.^(c)		2,178	$ 839,575

			2,426,940

Steel–0.18%

Nucor Corp.		7,391	771,694

Systems Software–1.03%

Fortinet, Inc.^(c)		15,405	871,615

Microsoft Corp.		3,511	901,730

NortonLifeLock, Inc.^(b)		38,702	849,896

Oracle Corp.		13,229	924,310

ServiceNow, Inc.^(b)(c)		1,877	892,551

			4,440,102

Technology Distributors–0.19%

CDW Corp.		5,308	836,328

Technology Hardware, Storage & Peripherals–1.14%

Apple, Inc.		6,477	885,536

Hewlett Packard Enterprise Co.^(b)		62,418	827,663

HP, Inc.^(b)		25,176	825,269

NetApp, Inc.		13,295	867,366

Seagate Technology Holdings PLC		11,019	787,197

Western Digital Corp.^(c)		16,439	736,960

			4,929,991

Tobacco–0.38%

Altria Group, Inc.		18,149	758,084

Philip Morris International, Inc. (Switzerland)		8,680	857,063

			1,615,147

Trading Companies & Distributors–0.57%

Fastenal Co.^(b)		17,088	853,033

United Rentals, Inc.^(c)		3,170	770,025

W.W. Grainger, Inc.		1,817	825,699

			2,448,757

Trucking–0.41%

J.B. Hunt Transport Services, Inc.		5,425	854,275

Old Dominion Freight Line, Inc.		3,593	920,814

			1,775,089

Water Utilities–0.21%

American Water Works Co., Inc.^(b)		5,990	891,132

Wireless Telecommunication Services–0.21%

T-Mobile US, Inc.^(c)		6,806	915,679

Total Common Stocks & Other Equity Interests (Cost $275,131,061)			425,721,916

Money Market Funds–1.10%

Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(d)(f)		1,652,230	1,652,230

Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(d)(f)		1,180,450	1,180,332

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

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


	Shares		Value


Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 1.35%^(d)(f)		1,888,263	$	1,888,263


Total Money Market Funds (Cost $4,720,711)				4,720,825


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.93% (Cost $279,851,772)				430,442,741



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–25.46%
Invesco Private Government Fund, 1.38%^(d)(f)(g)		30,082,465		30,082,465


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 1.66%^(d)(f)(g)		79,570,570	$	79,570,570


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $109,656,610)				109,653,035


TOTAL INVESTMENTS IN SECURITIES–125.39% (Cost $389,508,382)				540,095,776


OTHER ASSETS LESS LIABILITIES–(25.39)%				(109,347,553	)


NET ASSETS–100.00%			$	430,748,223

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at June 30, 2022.

^(c)	Non-income producing security.

^(d)


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value June 30, 2022		Dividend Income
Invesco Ltd.		$ 822,850		$ 326,146	$	(36,890	)	$	(268,883)	$	(14,125)	$	829,098		$ 14,858
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		3,049,064		14,098,651		(15,495,485	)		-		-		1,652,230		2,214
Invesco Liquid Assets Portfolio, Institutional Class		2,200,493		10,070,247		(11,089,943	)		(324)		(141)		1,180,332		2,644
Invesco Treasury Portfolio, Institutional Class		3,484,645		16,112,743		(17,709,125	)		-		-		1,888,263		3,455
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		5,039,466		93,320,081		(68,277,082	)		-		-		30,082,465		40,637*
Invesco Private Prime Fund		11,758,755		206,199,128		(138,381,245	)		(3,365)		(2,703)		79,570,570		114,520*
Total		$26,355,273		$340,126,996	$	(250,989,770	)	$	(272,572)	$	(16,969)	$	115,202,958		$ 178,328

^(e)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1J.

^(f)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

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


Open Futures Contracts


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


Equity Risk


E-Mini S&P 500 Index		26		September-2022	$	4,926,350	$	(127,771	)		$(127,771)

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

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

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022



Information Technology	14.89	%

Industrials	14.00

Financials	13.34

Health Care	13.15

Consumer Discretionary	11.17

Consumer Staples	6.89

Real Estate	6.30

Utilities	5.87

Materials	5.26

Communication Services	4.51

Energy	3.46

Money Market Funds Plus Other Assets Less Liabilities	1.16

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

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

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $ 274,380,324)*	$	424,892,818


Investments in affiliates, at value (Cost $ 115,128,058)		115,202,958


Cash		35,515


Receivable for:
Fund shares sold		373,000


Dividends		531,308


Investment for trustee deferred compensation and retirement plans		63,054


Other assets		219


Total assets		541,098,872



Liabilities:
Other investments:
Variation margin payable - futures contracts		41,238


Payable for:
Fund shares reacquired		192,755


Collateral upon return of securities loaned		109,656,610


Accrued fees to affiliates		253,953


Accrued trustees’ and officers’ fees and benefits		2,378


Accrued other operating expenses		130,182


Trustee deferred compensation and retirement plans		73,533


Total liabilities		110,350,649


Net assets applicable to shares outstanding	$	430,748,223



Net assets consist of:
Shares of beneficial interest	$	222,844,838


Distributable earnings		207,903,385


	$	430,748,223



Net Assets:
Series I	$	60,538,088


Series II	$	370,210,135



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		2,353,317


Series II		14,910,621


Series I:
Net asset value per share	$	25.72


Series II:
Net asset value per share	$	24.83

*	At June 30, 2022, securities with an aggregate value of $108,217,377 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $1,129)	$	3,881,559


Dividends from affiliates (includes securities lending income of $20,925)		44,096


Total investment income		3,925,655



Expenses:
Advisory fees		253,535


Administrative services fees		347,102


Distribution fees - Series II		473,566


Transfer agent fees		10,502


Trustees’ and officers’ fees and benefits		9,643


Licensing fees		39,221


Reports to shareholders		1,192


Professional services fees		19,183


Other		(28,912	)


Total expenses		1,125,032


Less: Fees waived		(2,649	)


Net expenses		1,122,383


Net investment income		2,803,272



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		29,824,814


Affiliated investment securities		(16,969	)


Futures contracts		(1,181,645	)


		28,626,200


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(111,105,096	)


Affiliated investment securities		(272,572	)


Futures contracts		(321,039	)


		(111,698,707	)


Net realized and unrealized gain (loss)		(83,072,507	)


Net increase (decrease) in net assets resulting from operations	$	(80,269,235	)

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

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

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30,			December 31,
	2022			2021


Operations:
Net investment income	$	2,803,272		$	3,387,174


Net realized gain		28,626,200			25,470,693


Change in net unrealized appreciation (depreciation)		(111,698,707	)		65,825,520


Net increase (decrease) in net assets resulting from operations		(80,269,235	)		94,683,387



Distributions to shareholders from distributable earnings:
Series I		–			(392,488	)


Series II		–			(3,852,414	)


Total distributions from distributable earnings		–			(4,244,902	)



Share transactions–net:
Series I		32,677,864			(1,841,293	)


Series II		46,769,370			18,933,241


Net increase in net assets resulting from share transactions		79,447,234			17,091,948


Net increase (decrease) in net assets		(822,001	)		107,530,433



Net assets:
Beginning of period		431,570,224			324,039,791


End of period	$	430,748,223		$	431,570,224

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

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

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends from net investment income		Distributions from net realized gains		Total distributions		Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Series I
Six months ended 06/30/22		$30.96		$0.22		$(5.46)		$(5.24)		$ –		$ –		$ –		$25.72		(16.92	)%		$60,538		0.31	%^(d)		0.31	%^(d)		1.55	%^(d)		19	%
Year ended 12/31/21		24.24		0.31		6.75		7.06		(0.34)		–		(0.34)		30.96		29.17			36,788		0.35			0.35			1.10			23
Year ended 12/31/20		22.14		0.41		2.33		2.74		(0.31)		(0.33)		(0.64)		24.24		12.74	^(e)		30,438		0.33			0.33			2.00			34
Year ended 12/31/19		17.80		0.34		4.73		5.07		(0.35)		(0.38)		(0.73)		22.14		28.79			31,327		0.35			0.35			1.71			39
Year ended 12/31/18		19.88		0.32		(1.80)		(1.48)		(0.23)		(0.37)		(0.60)		17.80		(7.87	)		109,414		0.31			0.31			1.61			24
Year ended 12/31/17		17.24		0.29		2.87		3.16		(0.15)		(0.37)		(0.52)		19.88		18.58			127,462		0.32			0.32			1.55			22
Series II
Six months ended 06/30/22		29.92		0.18		(5.27)		(5.09)		–		–		–		24.83		(17.01	)		370,210		0.56	^(d)		0.56	^(d)		1.30	^(d)		19
Year ended 12/31/21		23.45		0.24		6.52		6.76		(0.29)		–		(0.29)		29.92		28.88			394,782		0.60			0.60			0.85			23
Year ended 12/31/20		21.46		0.35		2.24		2.59		(0.27)		(0.33)		(0.60)		23.45		12.41	^(e)		293,602		0.58			0.58			1.75			34
Year ended 12/31/19		17.29		0.29		4.57		4.86		(0.31)		(0.38)		(0.69)		21.46		28.46			248,057		0.60			0.60			1.46			39
Year ended 12/31/18		19.35		0.26		(1.74)		(1.48)		(0.21)		(0.37)		(0.58)		17.29		(8.11	)		149,913		0.56			0.56			1.36			24
Year ended 12/31/17		16.82		0.24		2.79		3.03		(0.13)		(0.37)		(0.50)		19.35		18.26			117,400		0.57			0.57			1.30			22

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended June 30, 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.

^(d)	Annualized.

^(e)	Amount includes the effect of the Adviser pay-in for an economic loss as a result of delay in rebalancing to the index that occurred on April 24, 2020. Had the pay-in not been made, the total return would have been 11.35% and 10.98% for Series I and Series II shares, respectively.

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

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

Notes to Financial Statements

June 30, 2022

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

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

Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the Investment Company Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, the Fund paid the Adviser $1,595 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliates on the Statement of Operations.

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

payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 2 billion		0.120%


Over $2 billion		0.100%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.12%.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $2,649.

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, 2022, Invesco was paid $30,183 for accounting and fund administrative services and was reimbursed $316,919 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Distribution fees.

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

NOTE 3–Additional Valuation Information


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

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


Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	425,721,916		$	–		$–		$425,721,916


Money Market Funds		4,720,825			109,653,035		–		114,373,860


Total Investments in Securities		430,442,741			109,653,035		–		540,095,776


Other Investments – Liabilities*


Futures Contracts		(127,771	)		–		–		(127,771	)


Total Investments	$	430,314,970		$	109,653,035		$–		$539,968,005

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2022:


	Value
	Equity
Derivative Liabilities	Risk


Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(127,771	)


Derivatives not subject to master netting agreements		127,771


Total Derivative Liabilities subject to master netting agreements	$	–

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

Effect of Derivative Investments for the six months ended June 30, 2022

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


		Location of Gain (Loss) on
		Statement of Operations
		Equity
		Risk


Realized Gain (Loss):
Futures contracts		$(1,181,645)


Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(321,039)


Total		$(1,502,684)

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


	Futures
	Contracts


Average notional value	$	6,137,585

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022 was $116,319,390 and $75,877,294, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	159,547,376


Aggregate unrealized (depreciation) of investments		(11,280,119	)


Net unrealized appreciation of investments	$	148,267,257

Cost of investments for tax purposes is $ 391,700,748.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended				Year ended
	June 30, 2022^(a)				December 31, 2021
	Shares		Amount		Shares		Amount


Sold:
Series I		163,265	$	4,552,206		143,474	$	4,038,895


Series II		1,380,670		38,171,515		1,787,174		48,913,614



Issued as reinvestment of dividends:
Series I		-		-		13,087		392,488


‘Series II		-		-		132,888		3,852,414



Issued in connection with acquisitions:^(b)
Series I		1,178,993		33,175,816		-		-


Series II		1,932,777		52,511,224		-		-

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


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount



Reacquired:
Series I		(177,250	)	$	(5,050,158	)		(224,036	)	$	(6,272,676	)


Series II		(1,598,941	)		(43,913,369	)		(1,242,842	)		(33,832,787	)


Net increase in share activity		2,879,514		$	79,447,234			609,745		$	17,091,948

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 87% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)

After the close of business on April 29, 2022, the Fund acquired all the net assets of Invesco V.I. S&P 500 Index Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on December 1, 2021 and by the shareholders of the Target Fund on March 31, 2022. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 3,111,770 shares of the Fund for 5,131,794 shares outstanding of the Target Fund as of the close of business on April 29, 2022. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 29, 2022. The Target Fund’s net assets as of the close of business on April 29, 2022 of $85,687,040, including $64,778,725 of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $387,559,878 and $473,246,918 immediately after the acquisition.


Net investment income	$	2,998,238


Net realized/unrealized gains (losses)		(96,569,584	)


Change in net assets resulting from operations	$	(93,571,345	)

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

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$830.80	$1.41	$1,023.26	$1.56	0.31%
Series II	1,000.00	829.90	2.54	1,022.02	2.81	0.56

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

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

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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, valuation and compliance risks, and technology used to manage such risks. The Board noted a delay in rebalancing to the index that occurred in 2020, and considered information regarding steps Invesco Advisers took to remediate the impact of that delay, including making a pay-in to the Fund and enhancing compliance controls. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. 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 considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the

Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers 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 are appropriate and satisfactory.

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 II 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 fourth 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 II shares of the Fund was reasonably comparable to the performance of the Index for the one, three and five year periods. The Board noted 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

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

data, in particular that differences may exist between a 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 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 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

sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2021.

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 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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 determination that the services are required for the operation of the Fund.

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. representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

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

Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

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

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. Equity and Income Fund

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VK-VIEQI-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	-12.03	%
Series II Shares	-12.12
Russell 1000 Value Index^q (Broad Market Index)	-12.86
Bloomberg U.S. Government/Credit Index^q (Style-Specific Index)	-11.05
Lipper VUF Mixed-Asset Target Allocation Growth Funds Index^∎ (Peer Group Index)	-17.76

Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.
The Russell 1000^®Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell^®is a trademark of the Frank Russell Co.
The Bloomberg U.S. Government/Credit Index is a broad-based benchmark that includes investment-grade, US dollar-denominated, fixed-rate Treasuries, government-related and corporate securities.
The Lipper VUF Mixed-Asset Target Allocation Growth Funds Index is an unmanaged index considered representative of mixed-asset target allocation growth variable insurance underlying funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (6/1/10)	8.62	%
10 Years	8.46
5 Years	5.92
1 Year	-7.90
Series II Shares
Inception (4/30/03)	7.50	%
10 Years	8.19
5 Years	5.64
1 Year	-8.11

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

Invesco V.I. Equity and Income Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

Invesco V.I. Equity and Income Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Equity and Income Fund

Schedule of Investments^(a)

June 30, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–62.47%
Aerospace & Defense–2.64%
General Dynamics Corp.^(b)		14,573	$	3,224,276


Raytheon Technologies Corp.		142,559		13,701,346


Textron, Inc.		191,560		11,698,569


				28,624,191



Apparel Retail–1.03%
TJX Cos., Inc. (The)		200,670		11,207,420



Application Software–0.49%
Splunk, Inc.^(c)		60,294		5,333,607



Automobile Manufacturers–1.60%
General Motors Co.^(c)		547,263		17,381,073



Building Products–1.03%
Johnson Controls International PLC		232,264		11,120,800



Cable & Satellite–1.72%
Charter Communications, Inc., Class A^(c)		18,407		8,624,232


Comcast Corp., Class A		255,314		10,018,521


				18,642,753



Casinos & Gaming–0.58%
Las Vegas Sands Corp.^(c)		188,210		6,321,974



Communications Equipment–1.15%
Cisco Systems, Inc.^(b)		293,302		12,506,397



Construction & Engineering–0.71%
Quanta Services, Inc.^(b)		61,202		7,671,059



Consumer Finance–0.98%
American Express Co.		76,494		10,603,598



Data Processing & Outsourced Services–1.32%
Fiserv, Inc.^(c)		78,950		7,024,181


PayPal Holdings, Inc.^(c)		103,663		7,239,824


				14,264,005



Distillers & Vintners–0.96%
Diageo PLC (United Kingdom)		240,703		10,384,365



Diversified Banks–3.92%
Bank of America Corp.		552,619		17,203,029


Wells Fargo & Co.		646,356		25,317,765


				42,520,794



Electric Utilities–1.30%
American Electric Power Co., Inc.		66,799		6,408,696


Exelon Corp.^(b)		99,143		4,493,161


FirstEnergy Corp.		83,539		3,207,062


				14,108,919



Electrical Components & Equipment–0.57%
Emerson Electric Co.		77,780		6,186,621


	Shares		Value


Electronic Manufacturing Services–0.52%
TE Connectivity Ltd. (Switzerland)		49,867	$	5,642,451



Fertilizers & Agricultural Chemicals–1.11%
Corteva, Inc.		222,173		12,028,446



Food Distributors–1.27%
Sysco Corp.^(b)		95,048		8,051,516


US Foods Holding Corp.^(c)		186,570		5,723,968


				13,775,484



Gold–0.48%
Barrick Gold Corp. (Canada)		292,319		5,171,123



Health Care Distributors–1.02%
McKesson Corp.		34,018		11,097,012



Health Care Equipment–1.70%
Medtronic PLC		136,677		12,266,761


Zimmer Biomet Holdings, Inc.		58,369		6,132,247


				18,399,008



Health Care Facilities–0.60%
Universal Health Services, Inc., Class B^(b)		64,797		6,525,706



Health Care Services–2.14%
Cigna Corp.		55,192		14,544,196


CVS Health Corp.		93,637		8,676,404


				23,220,600



Hotels, Resorts & Cruise Lines–0.80%
Booking Holdings, Inc.^(c)		4,937		8,634,764



Industrial Machinery–0.97%
Parker-Hannifin Corp.		42,707		10,508,057



Insurance Brokers–0.78%
Willis Towers Watson PLC		42,802		8,448,687



Integrated Oil & Gas–1.53%
Chevron Corp.		114,848		16,627,693



Internet & Direct Marketing Retail–0.75%
Amazon.com, Inc.^(c)		76,505		8,125,596



Investment Banking & Brokerage–2.96%
Charles Schwab Corp. (The)		148,186		9,362,392


Goldman Sachs Group, Inc. (The)		42,450		12,608,499


Morgan Stanley		132,454		10,074,451


				32,045,342



IT Consulting & Other Services–1.72%
Cognizant Technology Solutions Corp., Class A		276,247		18,643,910



Managed Health Care–1.63%
Centene Corp.^(c)		117,260		9,921,369


Elevance Health, Inc.		16,056		7,748,304


				17,669,673

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

Invesco V.I. Equity and Income Fund


	Shares		Value


Movies & Entertainment–0.89%
Walt Disney Co. (The)^(c)		101,857	$	9,615,301



Multi-line Insurance–1.60%
American International Group, Inc.		339,264		17,346,568



Oil & Gas Exploration & Production–4.40%
Canadian Natural Resources Ltd. (Canada)		133,365		7,166,608


ConocoPhillips		223,215		20,046,939


Devon Energy Corp.^(b)		208,010		11,463,431


Pioneer Natural Resources Co.^(b)		40,224		8,973,170


				47,650,148



Other Diversified Financial Services–0.51%
Voya Financial, Inc.^(b)		93,038		5,538,552



Pharmaceuticals–5.09%
Bristol-Myers Squibb Co.		182,434		14,047,418


GSK PLC		381,979		8,213,469


Johnson & Johnson		40,530		7,194,481


Merck & Co., Inc.		170,254		15,522,057


Sanofi (France)		101,257		10,239,683


				55,217,108



Railroads–1.14%
CSX Corp.		423,192		12,297,960



Real Estate Services–1.41%
CBRE Group, Inc., Class A^(c)		208,244		15,328,841



Regional Banks–1.62%
Citizens Financial Group, Inc.		335,082		11,959,077


PNC Financial Services Group, Inc. (The)		35,251		5,561,550


				17,520,627



Semiconductor Equipment–0.43%
Lam Research Corp.		10,826		4,613,500



Semiconductors–2.14%
Intel Corp.		244,808		9,158,267


NXP Semiconductors N.V. (China)		42,029		6,221,553


QUALCOMM, Inc.		60,997		7,791,757


				23,171,577



Tobacco–1.19%
Philip Morris International, Inc. (Switzerland)		130,472		12,882,805



Trading Companies & Distributors–0.80%
Ferguson PLC^(b)		77,909		8,625,305



Wireless Telecommunication Services–1.27%
T-Mobile US, Inc.^(c)		102,626		13,807,302


Total Common Stocks & Other Equity Interests (Cost $514,953,717)				677,056,722



	Principal Amount
U.S. Dollar Denominated Bonds & Notes–22.08%
Advertising–0.05%
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026	$	550,000		534,967


	Principal Amount		Value


Aerospace & Defense–0.25%
Boeing Co. (The), 5.81%, 05/01/2050	$	1,625,000	$	1,495,461


Lockheed Martin Corp., 4.15%, 06/15/2053^(b)		643,000		601,469


Precision Castparts Corp., 2.50%, 01/15/2023		333,000		333,031


Raytheon Technologies Corp., 4.45%, 11/16/2038		308,000		294,325


				2,724,286



Agricultural Products–0.02%
Ingredion, Inc., 6.63%, 04/15/2037		232,000		265,342



Air Freight & Logistics–0.06%
FedEx Corp., 4.90%, 01/15/2034		402,000		402,345


United Parcel Service, Inc., 3.40%, 11/15/2046		240,000		200,661


				603,006



Airlines–0.33%
American Airlines Pass-Through Trust, Series 2014-1, Class A, 3.70%, 04/01/2028		261,127		226,665


JetBlue Airways Corp., Conv., 0.50%, 04/01/2026		1,732,000		1,282,546


Spirit Airlines, Inc., Conv., 1.00%, 05/15/2026		1,157,000		1,048,821


United Airlines Pass-Through Trust,
Series 2012-1, Class A, 4.15%, 04/11/2024		259,020		254,441


Series 2014-2, Class A, 3.75%, 09/03/2026		334,836		319,417


Series 2018-1, Class AA, 3.50%, 03/01/2030		426,955		390,981


				3,522,871



Alternative Carriers–0.22%
Liberty Latin America Ltd. (Chile), Conv., 2.00%, 07/15/2024		2,743,000		2,388,124



Application Software–1.20%
Dropbox, Inc., Conv., 0.00%, 03/01/2026^(d)		5,339,000		4,834,464


salesforce.com, inc., 2.70%, 07/15/2041		1,413,000		1,094,724


Splunk, Inc., Conv., 1.13%, 06/15/2027		7,967,000		6,612,610


Workday, Inc., 3.50%, 04/01/2027		528,000		505,355


				13,047,153



Asset Management & Custody Banks–0.45%
Apollo Management Holdings L.P., 4.00%, 05/30/2024^(e)		2,755,000		2,720,751


Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025		445,000		443,288


KKR Group Finance Co. III LLC, 5.13%, 06/01/2044^(e)		372,000		355,764


KKR Group Finance Co. XII LLC, 4.85%, 05/17/2032^(e)		1,364,000		1,348,319


				4,868,122

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

Invesco V.I. Equity and Income Fund


	Principal Amount		Value
Automobile Manufacturers–0.32%

American Honda Finance Corp., 2.05%, 01/10/2023	$	1,540,000	$ 1,531,170

General Motors Co., 6.60%, 04/01/2036		377,000	382,343

General Motors Financial Co., Inc., 5.25%, 03/01/2026		480,000	481,338

Honda Motor Co. Ltd. (Japan), 2.97%, 03/10/2032		1,138,000	1,019,648

			3,414,499

Biotechnology–1.10%
AbbVie, Inc.,

4.50%, 05/14/2035		694,000	674,642
4.05%, 11/21/2039		1,322,000	1,181,095
4.85%, 06/15/2044		264,000	252,817

Gilead Sciences, Inc., 3.25%, 09/01/2022		2,070,000	2,070,000

Halozyme Therapeutics, Inc., Conv., 0.25%, 03/01/2027		3,840,000	3,406,764

Jazz Investments I Ltd., Conv., 2.00%, 06/15/2026		1,556,000	1,832,190

Neurocrine Biosciences, Inc., Conv., 2.25%, 05/15/2024		1,875,000	2,489,063

			11,906,571

Brewers–0.24%
Anheuser-Busch Cos. LLC/Anheuser- Busch InBev Worldwide, Inc. (Belgium),

4.70%, 02/01/2036		959,000	920,297
4.90%, 02/01/2046		538,000	506,670

Heineken N.V. (Netherlands), 3.50%, 01/29/2028^(e)		945,000	912,251

Molson Coors Beverage Co., 4.20%, 07/15/2046		377,000	310,322

			2,649,540

Broadcasting–0.03%

Paramount Global, 4.00%, 01/15/2026		367,000	358,475

Cable & Satellite–1.90%

BofA Finance LLC, Conv., 0.13%, 09/01/2022		2,213,000	2,214,106
Cable One, Inc., Conv.,

0.00%, 03/15/2026^(d)		5,466,000	4,531,314
1.13%, 03/15/2028		2,850,000	2,402,550

Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		550,000	552,023
Comcast Corp.,

3.15%, 03/01/2026		1,101,000	1,073,510
4.15%, 10/15/2028		935,000	933,302
3.90%, 03/01/2038		756,000	684,925
2.89%, 11/01/2051		352,000	251,922
2.94%, 11/01/2056		265,000	184,687

Cox Communications, Inc., 2.95%, 10/01/2050^(e)		202,000	134,137

DISH Network Corp., Conv., 3.38%, 08/15/2026		7,604,000	5,155,512


	Principal Amount		Value
Cable & Satellite–(continued)

Liberty Broadband Corp., Conv., 1.25%, 10/05/2023^(e)(f)	$	2,645,000	$ 2,483,655

			20,601,643

Commodity Chemicals–0.04%

LYB Finance Co. B.V. (Netherlands), 8.10%, 03/15/2027^(e)		339,000	388,039

Computer & Electronics Retail–0.22%
Dell International LLC/EMC Corp.,

5.45%, 06/15/2023		163,000	164,697
6.02%, 06/15/2026		2,125,000	2,209,569
8.35%, 07/15/2046		4,000	4,992

			2,379,258

Consumer Finance–0.39%
American Express Co.,

3.38%, 05/03/2024		2,490,000	2,474,379
3.63%, 12/05/2024		324,000	322,376

Capital One Financial Corp., 3.20%, 01/30/2023		958,000	958,745

Synchrony Financial, 3.95%, 12/01/2027		556,000	507,367

			4,262,867

Data Processing & Outsourced Services–0.47%

Block, Inc., Conv., 0.13%, 03/01/2025		3,914,000	3,688,945

Fiserv, Inc., 3.80%, 10/01/2023		1,412,000	1,413,342

			5,102,287

Diversified Banks–1.39%
Bank of America Corp.,

3.25%, 10/21/2027		525,000	493,968
2.57%, 10/20/2032^(g)		874,000	721,792

BBVA Bancomer S.A. (Mexico), 4.38%, 04/10/2024^(e)		700,000	696,168
Citigroup, Inc.,

4.00%, 08/05/2024		60,000	59,874
3.67%, 07/24/2028^(g)		511,000	482,847
6.68%, 09/13/2043		741,000	832,760
5.30%, 05/06/2044		228,000	218,849
4.75%, 05/18/2046		356,000	318,610

Discover Bank, 3.35%, 02/06/2023		1,500,000	1,500,412

HSBC Holdings PLC (United Kingdom), 2.63%, 11/07/2025^(g)		1,775,000	1,694,507
JPMorgan Chase & Co.,

Series V, 5.60%(3 mo. USD LIBOR + 3.32%)^(b)(h)(i)		732,000	687,165
3.20%, 06/15/2026		394,000	380,842
3.51%, 01/23/2029^(g)		1,058,000	990,697
4.26%, 02/22/2048^(g)		489,000	437,220
3.90%, 01/23/2049^(g)		1,058,000	895,386

Mizuho Financial Group Cayman 3 Ltd. (Japan), 4.60%, 03/27/2024^(e)		200,000	200,692

Societe Generale S.A. (France), 5.00%, 01/17/2024^(e)		735,000	738,480

U.S. Bancorp, Series W, 3.10%, 04/27/2026		2,097,000	2,023,847

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

Invesco V.I. Equity and Income Fund


	Principal Amount		Value
Diversified Banks–(continued)
Wells Fargo & Co.,

3.55%, 09/29/2025	$	626,000	$ 615,767
4.10%, 06/03/2026		505,000	497,622
4.65%, 11/04/2044		647,000	583,293
			15,070,798

Diversified Capital Markets–0.06%

Credit Suisse AG (Switzerland), 6.50%, 08/08/2023^(e)		686,000	687,715

Diversified Metals & Mining–0.02%

Rio Tinto Finance USA Ltd. (Australia), 7.13%, 07/15/2028		182,000	209,776

Diversified REITs–0.08%

CubeSmart L.P., 2.50%, 02/15/2032		1,063,000	864,492

Diversified Support Services–0.23%

Siemens Financieringsmaatschappij N.V. (Germany), 0.40%, 03/11/2023^(b)(e)		2,490,000	2,444,882

Drug Retail–0.08%

CVS Pass-Through Trust, 6.04%, 12/10/2028		485,376	498,340

Walgreens Boots Alliance, Inc., 4.50%, 11/18/2034		428,000	393,921
			892,261

Electric Utilities–0.58%

Electricite de France S.A. (France), 4.88%, 01/22/2044^(e)		846,000	716,956

Georgia Power Co., Series B, 3.70%, 01/30/2050		350,000	278,669

National Rural Utilities Cooperative Finance Corp., 2.75%, 04/15/2032		1,227,000	1,069,873
NextEra Energy Capital Holdings, Inc.,

0.65%, 03/01/2023		2,415,000	2,374,374
3.55%, 05/01/2027		530,000	512,157

PPL Electric Utilities Corp., 6.25%, 05/15/2039		46,000	52,647
Xcel Energy, Inc.,

0.50%, 10/15/2023		566,000	544,910
3.50%, 12/01/2049		964,000	765,150
			6,314,736

Electrical Components & Equipment–0.02%

Rockwell Automation, Inc., 1.75%, 08/15/2031		307,000	250,436

General Merchandise Stores–0.03%

Dollar General Corp., 3.25%, 04/15/2023		353,000	351,372

Health Care Equipment–0.48%

Becton, Dickinson and Co., 4.88%, 05/15/2044		428,000	390,594

Integra LifeSciences Holdings Corp., Conv., 0.50%, 08/15/2025		4,244,000	3,994,453

Medtronic, Inc., 4.38%, 03/15/2035		249,000	248,719


	Principal Amount		Value
Health Care Equipment–(continued)

Tandem Diabetes Care, Inc., Conv., 1.50%, 05/01/2025^(e)	$	579,000	$ 539,049
			5,172,815

Health Care Services–0.15%

Cigna Corp., 4.80%, 08/15/2038		307,000	299,153

CVS Health Corp., 3.38%, 08/12/2024		361,000	359,085

Laboratory Corp. of America Holdings, 4.70%, 02/01/2045		263,000	234,102

NXP B.V./NXP Funding LLC (China), 5.35%, 03/01/2026		676,000	689,608
			1,581,948

Health Care Technology–0.23%

Teladoc Health, Inc., Conv., 1.25%, 06/01/2027		3,430,000	2,529,625

Home Improvement Retail–0.04%

Lowe’s Cos., Inc., 4.25%, 04/01/2052		497,000	431,519

Hotels, Resorts & Cruise Lines–0.68%

Airbnb, Inc., Conv., 0.00%, 03/15/2026^(d)		4,881,000	4,080,516

Booking Holdings, Inc., Conv., 0.75%, 05/01/2025		396,000	476,705

Trip.com Group Ltd. (China), Conv., 1.25%, 09/15/2022		2,834,000	2,812,745
			7,369,966

Industrial Conglomerates–0.04%

Honeywell International, Inc., 0.48%, 08/19/2022		480,000	478,939

Industrial Machinery–0.14%

Burlington Northern Santa Fe LLC, 3.85%, 09/01/2023		735,000	739,659

John Bean Technologies Corp., Conv., 0.25%, 05/15/2026		868,000	803,768
			1,543,427

Insurance Brokers–0.02%

Willis North America, Inc., 3.60%, 05/15/2024		233,000	229,668

Integrated Oil & Gas–0.40%

BP Capital Markets America, Inc., 2.94%, 06/04/2051		991,000	710,738

Chevron Corp., 2.95%, 05/16/2026		952,000	929,514
Exxon Mobil Corp.,

2.71%, 03/06/2025		549,000	537,696
3.04%, 03/01/2026		1,098,000	1,078,875

Shell International Finance B.V. (Netherlands), 3.25%, 05/11/2025		1,098,000	1,086,013
			4,342,836

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

Invesco V.I. Equity and Income Fund


	Principal Amount		Value
Integrated Telecommunication Services–0.37%
AT&T, Inc.,

4.30%, 02/15/2030	$	318,000	$ 310,590
3.50%, 09/15/2053		447,000	339,579
3.55%, 09/15/2055		157,000	117,892
3.80%, 12/01/2057		255,000	197,530
Telefonica Emisiones S.A. (Spain),

4.67%, 03/06/2038		750,000	663,186
5.21%, 03/08/2047		700,000	621,811
Verizon Communications, Inc.,

3.38%, 02/15/2025		1,284,000	1,276,067
3.40%, 03/22/2041		561,000	457,685

			3,984,340

Interactive Home Entertainment–0.03%

Take-Two Interactive Software, Inc., 3.70%, 04/14/2027		357,000	346,863

Interactive Media & Services–0.46%

Snap, Inc., Conv., 0.75%, 08/01/2026		3,098,000	2,948,522

TripAdvisor, Inc., Conv., 0.25%, 04/01/2026		338,000	259,415

Twitter, Inc., Conv., 0.00%, 03/15/2026^(d)		2,051,000	1,825,519

			5,033,456

Internet & Direct Marketing Retail–0.22%
Amazon.com, Inc.,

4.80%, 12/05/2034		9,000	9,439
2.88%, 05/12/2041		2,996,000	2,401,819

			2,411,258

Internet Services & Infrastructure–0.25%

Shopify, Inc. (Canada), Conv., 0.13%, 11/01/2025		3,174,000	2,658,225

Investment Banking & Brokerage–0.70%
Goldman Sachs Group, Inc. (The),

4.25%, 10/21/2025		529,000	525,772
2.91%, 07/21/2042^(g)		323,000	236,394

GS Finance Corp., Series 0001, Conv., 0.25%, 07/08/2024		6,118,000	6,138,189

Morgan Stanley, 4.00%, 07/23/2025		654,000	654,394

			7,554,749

IT Consulting & Other Services–0.13%

International Business Machines Corp., 2.88%, 11/09/2022		1,421,000	1,423,011

Leisure Products–0.23%

Peloton Interactive, Inc., Conv., 0.00%, 02/15/2026^(d)		4,003,000	2,541,685

Life & Health Insurance–0.82%

American Equity Investment Life Holding Co., 5.00%, 06/15/2027		853,000	842,887

Athene Global Funding, 2.75%, 06/25/2024^(e)		260,000	251,298

Athene Holding Ltd., 3.45%, 05/15/2052		1,465,000	1,008,908

Brighthouse Financial, Inc., 3.85%, 12/22/2051		1,846,000	1,258,936


	Principal Amount		Value
Life & Health Insurance–(continued)

Delaware Life Global Funding, Series 21-1, 2.66%, 06/29/2026^(e)	$	2,184,000	$ 2,008,756

Guardian Life Global Funding, 2.90%, 05/06/2024^(b)(e)		689,000	679,463

Jackson National Life Global Funding, 3.25%, 01/30/2024^(e)		453,000	448,465

Nationwide Financial Services, Inc., 5.30%, 11/18/2044^(e)		440,000	424,940

Protective Life Global Funding, 2.62%, 08/22/2022^(e)		1,865,000	1,864,057

Prudential Financial, Inc., 3.91%, 12/07/2047		141,000	121,864

			8,909,574

Managed Health Care–0.05%

UnitedHealth Group, Inc., 3.50%, 08/15/2039		559,000	488,302

Movies & Entertainment–1.43%

Discovery Communications LLC, 4.90%, 03/11/2026		367,000	369,070

Liberty Media Corp., Conv., 1.38%, 10/15/2023		5,671,000	6,666,261

Liberty Media Corp.-Liberty Formula One, Conv., 1.00%, 01/30/2023		540,000	933,323

Live Nation Entertainment, Inc., Conv., 2.50%, 03/15/2023		2,015,000	2,610,634
Magallanes, Inc.,

3.79%, 03/15/2025^(e)		1,720,000	1,668,885
5.05%, 03/15/2042^(e)		835,000	711,698
5.14%, 03/15/2052^(e)		1,036,000	870,922

TWDC Enterprises 18 Corp., 3.00%, 02/13/2026		367,000	356,623

Walt Disney Co. (The), 3.00%, 09/15/2022		1,350,000	1,351,696

			15,539,112

Multi-line Insurance–0.06%

Liberty Mutual Group, Inc., 3.95%, 05/15/2060^(e)		887,000	640,005

Multi-Utilities–0.09%

NiSource, Inc., 4.38%, 05/15/2047		571,000	503,720

Sempra Energy, 3.80%, 02/01/2038		559,000	472,713

			976,433

Oil & Gas Exploration & Production–0.07%

Cameron LNG LLC, 3.70%, 01/15/2039^(e)		622,000	525,503

ConocoPhillips Co., 4.15%, 11/15/2034		230,000	213,838

			739,341

Oil & Gas Refining & Marketing–0.04%

Valero Energy Corp., 4.00%, 06/01/2052		531,000	424,788

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

Invesco V.I. Equity and Income Fund


	Principal Amount		Value


Oil & Gas Storage & Transportation–0.75%
Energy Transfer L.P.,
Series 5Y, 4.20%, 09/15/2023	$	1,724,000	$	1,727,335


4.90%, 03/15/2035		344,000		309,031


5.30%, 04/01/2044		587,000		510,271


5.00%, 05/15/2050		724,000		617,190


Enterprise Products Operating LLC,
6.45%, 09/01/2040		23,000		24,928


4.25%, 02/15/2048		696,000		586,942


Kinder Morgan, Inc.,
4.30%, 06/01/2025		878,000		874,783


5.30%, 12/01/2034		407,000		398,381


MPLX L.P.,
4.50%, 07/15/2023		1,721,000		1,726,419


4.50%, 04/15/2038		810,000		711,541


Spectra Energy Partners L.P., 4.50%, 03/15/2045		488,000		425,621


Texas Eastern Transmission L.P., 7.00%, 07/15/2032		169,000		192,243


				8,104,685



Other Diversified Financial Services–0.03%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.85%, 10/29/2041		410,000		296,090



Packaged Foods & Meats–0.01%
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025		63,000		63,710



Paper Packaging–0.02%
International Paper Co., 6.00%, 11/15/2041		223,000		231,955



Personal Products–0.03%
GSK Consumer Healthcare Capital U.S. LLC, 4.00%, 03/24/2052^(e)		315,000		270,501



Pharmaceuticals–0.56%
Bayer US Finance II LLC (Germany), 4.38%, 12/15/2028^(e)		985,000		960,203


Bristol-Myers Squibb Co., 4.13%, 06/15/2039		621,000		594,258


GlaxoSmithKline Capital, Inc. (United Kingdom), 6.38%, 05/15/2038		64,000		76,569


Pacira BioSciences, Inc., Conv., 0.75%, 08/01/2025		2,870,000		2,979,060


Supernus Pharmaceuticals, Inc., Conv., 0.63%, 04/01/2023		1,182,000		1,153,189


Zoetis, Inc., 4.70%, 02/01/2043		333,000		319,391


				6,082,670



Property & Casualty Insurance–0.16%
Allstate Corp. (The), 3.28%, 12/15/2026		302,000		296,148


Markel Corp.,
5.00%, 03/30/2043		351,000		334,236


5.00%, 05/20/2049		497,000		476,299


Travelers Cos., Inc. (The), 4.60%, 08/01/2043		605,000		576,033


				1,682,716



Railroads–0.26%
Canadian Pacific Railway Co. (Canada), 3.00%, 12/02/2041		399,000		312,810


	Principal Amount		Value


Railroads–(continued)
CSX Corp., 5.50%, 04/15/2041	$	346,000	$	362,419


Norfolk Southern Corp., 3.40%, 11/01/2049		461,000		363,586


Union Pacific Corp.,
3.65%, 02/15/2024		92,000		92,160


3.20%, 05/20/2041		1,018,000		832,282


4.15%, 01/15/2045		426,000		376,358


3.84%, 03/20/2060		519,000		434,579


				2,774,194



Real Estate Services–0.21%
Redfin Corp., Conv., 0.00%, 10/15/2025^(d)		3,783,000		2,252,672



Regional Banks–0.06%
PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029		689,000		643,511



Reinsurance–0.08%
PartnerRe Finance B LLC, 3.70%, 07/02/2029		500,000		475,694


Reinsurance Group of America, Inc., 4.70%, 09/15/2023		352,000		355,205


				830,899



Renewable Electricity–0.06%
Oglethorpe Power Corp., 4.55%, 06/01/2044		679,000		599,766



Restaurants–0.06%
Starbucks Corp., 3.55%, 08/15/2029		705,000		662,630



Retail REITs–0.20%
Kimco Realty Corp., 3.20%, 04/01/2032^(b)		1,500,000		1,312,468


Regency Centers L.P.,
2.95%, 09/15/2029		750,000		659,940


4.65%, 03/15/2049		256,000		229,488


				2,201,896



Semiconductors–0.89%
Broadcom, Inc., 3.47%, 04/15/2034^(e)		640,000		521,726


Marvell Technology, Inc., 2.45%, 04/15/2028		1,210,000		1,057,314


Microchip Technology, Inc., Conv., 0.13%, 11/15/2024		5,161,000		5,161,000


Micron Technology, Inc., 4.66%, 02/15/2030		680,000		652,774


3.37%, 11/01/2041		179,000		130,007


Texas Instruments, Inc., 2.63%, 05/15/2024		215,000		213,197


Wolfspeed, Inc., Conv., 0.25%, 02/15/2028^(e)		2,257,000		1,878,952


				9,614,970



Specialized REITs–0.35%
American Tower Corp., 1.60%, 04/15/2026^(b)		852,000		762,558


Crown Castle International Corp., 2.50%, 07/15/2031		1,413,000		1,157,772


4.75%, 05/15/2047		46,000		41,650

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

Invesco V.I. Equity and Income Fund


	Principal Amount		Value


Specialized REITs–(continued)
EPR Properties, 4.75%, 12/15/2026	$	1,556,000	$	1,463,416


LifeStorage L.P., 3.50%, 07/01/2026		404,000		386,771


				3,812,167



Specialty Chemicals–0.01%
Sherwin-Williams Co. (The), 4.50%, 06/01/2047		159,000		141,133



Systems Software–0.38%
Mandiant, Inc., Series A, Conv., 1.00%, 06/01/2025^(f)		1,642,000		1,639,497


Microsoft Corp., 3.50%, 02/12/2035^(b)		404,000		387,786


Oracle Corp., 3.60%, 04/01/2040		965,000		722,666


VMware, Inc., 1.00%, 08/15/2024		1,509,000		1,413,128


				4,163,077



Technology Distributors–0.06%
Avnet, Inc., 4.63%, 04/15/2026^(b)		671,000		675,552



Technology Hardware, Storage & Peripherals–0.26%
Apple, Inc., 3.35%, 02/09/2027^(b)		315,000		313,236


Western Digital Corp., Conv., 1.50%, 02/01/2024		2,649,000		2,529,795


				2,843,031



Tobacco–0.22%
Altria Group, Inc., 5.80%, 02/14/2039		1,124,000		1,023,153


Philip Morris International, Inc.,
3.60%, 11/15/2023		369,000		370,280


4.88%, 11/15/2043		1,102,000		982,719


				2,376,152



Trading Companies & Distributors–0.11%
Air Lease Corp.,
3.00%, 09/15/2023		63,000		61,620


4.25%, 09/15/2024		427,000		419,371


Aircastle Ltd., 4.40%, 09/25/2023		771,000		761,388


				1,242,379



Trucking–0.06%
Aviation Capital Group LLC, 4.88%, 10/01/2025^(e)		709,000		688,192



Wireless Telecommunication Services–0.34%
America Movil S.A.B. de C.V. (Mexico), 4.38%, 07/16/2042		600,000		545,576


Rogers Communications, Inc. (Canada),
4.50%, 03/15/2043		533,000		459,272


4.30%, 02/15/2048		1,394,000		1,169,497


T-Mobile USA, Inc.,
2.70%, 03/15/2032		1,074,000		902,370


3.40%, 10/15/2052		750,000		555,542


				3,632,257


Total U.S. Dollar Denominated Bonds & Notes (Cost $261,025,100)				239,342,208


	Principal Amount		Value


U.S. Treasury Securities–8.71%
U.S. Treasury Bills–0.00%
0.84%, 09/15/2022^(j)(k)	$	1,000	$	997


1.46% - 1.49%, 11/17/2022^(j)(k)		14,000		13,889


				14,886



U.S. Treasury Bonds–0.88%
4.50%, 02/15/2036		2,636,800		3,101,845


4.50%, 08/15/2039		36,400		42,828


4.38%, 05/15/2040		72,800		83,962


3.25%, 05/15/2042		5,122,800		5,001,133


2.25%, 02/15/2052		1,588,000		1,307,371


				9,537,139



U.S. Treasury Notes–7.83%
2.50%, 05/31/2024^(b)		24,664,300		24,443,670


2.88%, 06/15/2025		24,618,500		24,522,334


2.63%, 05/31/2027		13,218,000		12,969,646


2.75%, 05/31/2029		22,222,100		21,788,075


2.88%, 05/15/2032		1,155,800		1,142,978


				84,866,703


Total U.S. Treasury Securities (Cost $95,158,219)				94,418,728



	Shares
Preferred Stocks–0.63%
Asset Management & Custody Banks–0.20%
AMG Capital Trust II, 5.15%, Conv. Pfd.		44,432		2,155,841



Diversified Banks–0.02%
Wells Fargo & Co., 5.85%, Series Q, Pfd.^(g)		10,911		259,027



Oil & Gas Storage & Transportation–0.41%
El Paso Energy Capital Trust I, 4.75%, Conv. Pfd.		95,499		4,435,929


Total Preferred Stocks (Cost $5,960,701)				6,850,797



	Principal Amount
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.08%
Federal Home Loan Mortgage Corp. (FHLMC)–0.08%
6.75%, 03/15/2031	$	682,000		855,559


5.50%, 02/01/2037		3		4


				855,563



Federal National Mortgage Association (FNMA)–0.00%
9.50%, 04/01/2030		314		329


Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $842,674)				855,892



	Shares
Money Market Funds–5.87%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(l)(m)		23,167,259		23,167,259


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(l)(m)		13,938,334		13,936,940

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

Invesco V.I. Equity and Income Fund


	Shares		Value


Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 1.35%^(l)(m)		26,476,867	$	26,476,867


Total Money Market Funds (Cost $63,580,658)				63,581,066


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.84% (Cost $941,521,069)				1,082,105,413



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–6.46%
Invesco Private Government Fund, 1.38%^(l)(m)(n)		19,609,732		19,609,732


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 1.66%^(l)(m)(n)		50,423,317	$	50,423,317


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $70,033,049)				70,033,049


TOTAL INVESTMENTS IN SECURITIES–106.30% (Cost $1,011,554,118)				1,152,138,462


OTHER ASSETS LESS LIABILITIES–(6.30)%				(68,236,444	)


NET ASSETS–100.00%			$	1,083,902,018

Investment Abbreviations:

Conv.

LIBOR

Pfd.

REIT

USD

– Convertible

– London Interbank Offered Rate

– Preferred

– Real Estate Investment Trust

– U.S. Dollar

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at June 30, 2022.

^(c)	Non-income producing security.

^(d)	Zero coupon bond issued at a discount.

^(e)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2022 was $28,780,424, which represented 2.66% of the Fund’s Net Assets.

^(f)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(g)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

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

⁽ⁱ⁾	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2022.

^(j)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1L.

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

^(l)


	Value December 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value June 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	18,629,728		$	76,264,381		$	(71,726,850	)		$	-			$	-			$	23,167,259		$	34,750
Invesco Liquid Assets Portfolio, Institutional Class			7,883,240			54,474,558			(48,418,895	)			(4,778	)			2,815				13,936,940			17,687
Invesco Treasury Portfolio, Institutional Class			21,291,118			87,159,292			(81,973,543	)			-				-				26,476,867			32,177
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			22,604,761			370,331,435			(373,326,464	)			-				-				19,609,732			35,400	*
Invesco Private Prime Fund			52,744,442			846,490,728			(848,808,532	)			-				(3,321	)			50,423,317			100,445	*
Total		$	123,153,289		$	1,434,720,394		$	(1,424,254,284	)		$	(4,778	)		$	(506	)		$	133,614,115		$	220,459

^(m)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

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

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

Invesco V.I. Equity and Income Fund

Open Futures Contracts

Short Futures Contracts

Number of
Contracts

Expiration

Month

Notional
Value

Value

Unrealized
Appreciation

Interest Rate Risk

U.S. Treasury 5 Year Notes

September-2022

$(1,010,250)

$9,839


Open Forward Foreign Currency Contracts


Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty		Deliver			Receive		Unrealized Appreciation (Depreciation)


Currency Risk


07/01/2022	Bank of New York Mellon (The)	EUR		7,516,364	USD		8,058,723	$ 181,949


07/01/2022	Bank of New York Mellon (The)	GBP		11,056,940	USD		13,817,913	358,297


07/29/2022	Bank of New York Mellon (The)	CAD		6,461,534	USD		5,031,489	11,744


07/29/2022	Bank of New York Mellon (The)	EUR		7,563,139	USD		7,989,405	51,164


07/29/2022	Bank of New York Mellon (The)	GBP		11,635,826	USD		14,224,425	54,414


07/01/2022	State Street Bank & Trust Co.	EUR		822,114	USD		870,954	9,421


07/01/2022	State Street Bank & Trust Co.	GBP		1,272,377	USD		1,567,366	18,501


07/01/2022	State Street Bank & Trust Co.	USD		315,479	EUR		301,977	979


07/01/2022	State Street Bank & Trust Co.	USD		485,934	GBP		399,656	567


07/05/2022	State Street Bank & Trust Co.	CAD		8,778,998	USD		6,869,788	49,559


07/05/2022	State Street Bank & Trust Co.	USD		1,709,166	CAD		2,216,441	12,741


07/29/2022	State Street Bank & Trust Co.	CAD		414,099	USD		322,537	838


07/29/2022	State Street Bank & Trust Co.	GBP		17,502	USD		21,405	91


07/29/2022	State Street Bank & Trust Co.	USD		130,436	CAD		168,039	108



Subtotal-Appreciation								750,373



Currency Risk


07/01/2022	Bank of New York Mellon (The)	USD		7,975,330	EUR		7,563,139	(49,538)


07/01/2022	Bank of New York Mellon (The)	USD		14,218,979	GBP		11,635,826	(54,685)


07/05/2022	Bank of New York Mellon (The)	USD		5,031,956	CAD		6,461,534	(12,119)


07/01/2022	State Street Bank & Trust Co.	USD		503,980	EUR		473,362	(7,920)


07/01/2022	State Street Bank & Trust Co.	USD		365,613	GBP		293,835	(7,928)


07/05/2022	State Street Bank & Trust Co.	CAD		484,438	USD		375,104	(1,246)


07/05/2022	State Street Bank & Trust Co.	USD		463,232	CAD		585,461	(8,399)


07/29/2022	State Street Bank & Trust Co.	CAD		309,072	USD		239,706	(402)



Subtotal-Depreciation								(142,237)



Total Forward Foreign Currency Contracts								$ 608,136

Abbreviations:

CAD - Canadian Dollar

EUR - Euro

GBP - British Pound Sterling

USD - U.S. Dollar

Portfolio Composition

By security type, based on Net Assets

as of June 30, 2022



Common Stocks & Other Equity Interests	62.47	%

U.S. Dollar Denominated Bonds & Notes	22.08

U.S. Treasury Securities	8.71

Security Types Each Less Than 1% of Portfolio	0.71

Money Market Funds Plus Other Assets Less Liabilities	6.03

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

Invesco V.I. Equity and Income Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $877,940,411)*	$	1,018,524,347


Investments in affiliated money market funds, at value (Cost $133,613,707)		133,614,115


Other investments: Unrealized appreciation on forward foreign currency contracts outstanding		750,373


Cash		1,547,419


Foreign currencies, at value (Cost $3,428)		3,497


Receivable for: Investments sold		904,798


Fund shares sold		163,156


Dividends		1,277,111


Interest		1,881,320


Investment for trustee deferred compensation and retirement plans		158,373


Other assets		775


Total assets		1,158,825,284



Liabilities:
Other investments: Variation margin payable - futures contracts		6,309


Unrealized depreciation on forward foreign currency contracts outstanding		142,237


Payable for: Investments purchased		3,404,211


Fund shares reacquired		439,403


Collateral upon return of securities loaned		70,033,049


Accrued fees to affiliates		646,008


Accrued trustees’ and officers’ fees and benefits		2,881


Accrued other operating expenses		73,331


Trustee deferred compensation and retirement plans		175,837


Total liabilities		74,923,266


Net assets applicable to shares outstanding	$	1,083,902,018



Net assets consist of:
Shares of beneficial interest	$	748,932,696


Distributable earnings		334,969,322


	$	1,083,902,018



Net Assets:
Series I	$	70,057,756


Series II	$	1,013,844,262



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		3,849,211


Series II		56,148,612


Series I: Net asset value per share	$	18.20


Series II: Net asset value per share	$	18.06

*	At June 30, 2022, securities with an aggregate value of $68,515,034 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:
Interest	$	4,452,396


Dividends (net of foreign withholding taxes of $98,154)		8,597,842


Dividends from affiliated money market funds (includes securities lending income of $86,864)		171,478


Total investment income		13,221,716



Expenses:
Advisory fees		2,361,277


Administrative services fees		1,030,351


Custodian fees		9,001


Distribution fees - Series II		1,458,485


Transfer agent fees		33,851


Trustees’ and officers’ fees and benefits		11,884


Reports to shareholders		3,541


Professional services fees		27,632


Other		7,092


Total expenses		4,943,114


Less: Fees waived		(15,731	)


Net expenses		4,927,383


Net investment income		8,294,333



Realized and unrealized gain (loss) from:
Net realized gain (loss) from: Unaffiliated investment securities		30,252,826


Affiliated investment securities		(506	)


Foreign currencies		(9,748	)


Forward foreign currency contracts		1,345,776


Futures contracts		57,397


		31,645,745


Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities		(195,975,345	)


Affiliated investment securities		(4,778	)


Foreign currencies		(8,625	)


Forward foreign currency contracts		1,037,855


Futures contracts		14,409


		(194,936,484	)


Net realized and unrealized gain (loss)		(163,290,739	)


Net increase (decrease) in net assets resulting from operations	$	(154,996,406	)

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

Invesco V.I. Equity and Income Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30, 2022			December 31, 2021


Operations:
Net investment income	$	8,294,333		$	13,493,343


Net realized gain		31,645,745			157,674,818


Change in net unrealized appreciation (depreciation)		(194,936,484	)		52,887,271


Net increase (decrease) in net assets resulting from operations		(154,996,406	)		224,055,432



Distributions to shareholders from distributable earnings:
Series I		-			(2,210,004	)


Series II		-			(33,156,264	)


Total distributions from distributable earnings		-			(35,366,268	)



Share transactions-net:
Series I		310,166			28,892,785


Series II		(124,565,871	)		(121,909,012	)


Net increase (decrease) in net assets resulting from share transactions		(124,255,705	)		(93,016,227	)


Net increase (decrease) in net assets		(279,252,111	)		95,672,937



Net assets:
Beginning of period		1,363,154,129			1,267,481,192


End of period	$	1,083,902,018		$	1,363,154,129

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

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 value, beginning of period			Net investment income^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Series I
Six months ended 06/30/22		$	20.69		$	0.16			$	(2.65	)		$	(2.49	)		$	–			$	–			$	–			$	18.20		(12.03	)%		$	70,058		0.56	%^(d)		0.56	%^(d)		1.57	%^(d)		80	%
Year ended 12/31/21			17.93			0.25				3.09				3.34				(0.38	)			(0.20	)			(0.58	)			20.69		18.65				79,349		0.55			0.55			1.24			144
Year ended 12/31/20			17.52			0.30				1.30				1.60				(0.42	)			(0.77	)			(1.19	)			17.93		9.95				43,099		0.56			0.57			1.84			96
Year ended 12/31/19			16.12			0.36				2.82				3.18				(0.47	)			(1.31	)			(1.78	)			17.52		20.37				50,731		0.54			0.55			2.02			150
Year ended 12/31/18			19.04			0.35				(2.00	)			(1.65	)			(0.43	)			(0.84	)			(1.27	)			16.12		(9.50	)			165,924		0.54			0.55			1.91			150
Year ended 12/31/17			17.76			0.35	^(e)			1.58				1.93				(0.31	)			(0.34	)			(0.65	)			19.04		11.03				184,768		0.55			0.56			1.93	^(e)		119
Series II
Six months ended 06/30/22			20.55			0.13				(2.62	)			(2.49	)			–				–				–				18.06		(12.12	)			1,013,844		0.81	^(d)		0.81	^(d)		1.32	^(d)		80
Year ended 12/31/21			17.82			0.20				3.07				3.27				(0.34	)			(0.20	)			(0.54	)			20.55		18.35				1,283,805		0.80			0.80			0.99			144
Year ended 12/31/20			17.42			0.26				1.28				1.54				(0.37	)			(0.77	)			(1.14	)			17.82		9.65				1,224,382		0.81			0.82			1.59			96
Year ended 12/31/19			16.04			0.31				2.80				3.11				(0.42	)			(1.31	)			(1.73	)			17.42		20.01				1,235,269		0.79			0.80			1.77			150
Year ended 12/31/18			18.95			0.31				(2.00	)			(1.69	)			(0.38	)			(0.84	)			(1.22	)			16.04		(9.73	)			1,041,911		0.79			0.80			1.66			150
Year ended 12/31/17			17.68			0.31	^(e)			1.57				1.88				(0.27	)			(0.34	)			(0.61	)			18.95		10.78				1,385,490		0.80			0.81			1.68	^(e)		119

^(a)	Calculated using average shares outstanding.

^(b)

^(c)

Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2021, the portfolio turnover calculation excludes the value of securities purchased of $22,225,472 in connection with the acquisition of Invesco V.I. Managed Volatility Fund into the Fund.

^(d)	Annualized.

^(e)

Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the year ended December 31, 2017. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.30 and 1.64% and $0.26 and 1.39% for Series I and Series II shares, respectively.

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

Invesco V.I. Equity and Income Fund

Notes to Financial Statements

June 30, 2022

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

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

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

Invesco V.I. Equity and Income Fund

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

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

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

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

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, the Fund paid the Adviser $808 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

Invesco V.I. Equity and Income Fund

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

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.

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets			Rate


First $ 150 million			0.500%


Next $100 million			0.450%


Next $100 million			0.400%


Over $350 million			0.350%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.38%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Invesco V.I. Equity and Income Fund

For the six months ended June 30, 2022, the Adviser waived advisory fees of $15,731.

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, 2022, Invesco was paid $98,694 for accounting and fund administrative services and was reimbursed $931,657 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the six months ended June 30, 2022, the Fund incurred $10,151 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2			Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests		$648,219,205		$ 28,837,517			$–		$ 677,056,722


U.S. Dollar Denominated Bonds & Notes		–		239,342,208			–		239,342,208


U.S. Treasury Securities		–		94,418,728			–		94,418,728


Preferred Stocks		6,850,797		–			–		6,850,797


U.S. Government Sponsored Agency Mortgage-Backed Securities		–		855,892			–		855,892


Money Market Funds		63,581,066		70,033,049			–		133,614,115


Total Investments in Securities		718,651,068		433,487,394			–		1,152,138,462


Other Investments – Assets*


Futures Contracts		9,839		–			–		9,839


Forward Foreign Currency Contracts		–		750,373			–		750,373


		9,839		750,373			–		760,212


Other Investments – Liabilities*


Forward Foreign Currency Contracts		–		(142,237	)		–		(142,237	)


Total Other Investments		9,839		608,136			–		617,975


Total Investments		$718,660,907		$434,095,530			$–		$1,152,756,437

*	Unrealized appreciation (depreciation).

Invesco V.I. Equity and Income Fund

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period–End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2022:


			Value



Derivative Assets	Currency Risk		Interest Rate Risk			Total


Unrealized appreciation on futures contracts-Exchange-Traded^(a)	$	–	$	9,839		$	9,839


Unrealized appreciation on forward foreign currency contracts outstanding		750,373		–			750,373


Total Derivative Assets		750,373		9,839			760,212


Derivatives not subject to master netting agreements		–		(9,839	)		(9,839	)


Total Derivative Assets subject to master netting agreements	$	750,373	$	–		$	750,373



						Value



Derivative Liabilities						Currency Risk


Unrealized depreciation on forward foreign currency contracts outstanding						$	(142,237	)


Derivatives not subject to master netting agreements							–


Total Derivative Liabilities subject to master netting agreements						$	(142,237	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2022.

Financial
Derivative

Assets

Financial
Derivative
Liabilities

Collateral
(Received)/Pledged

Counterparty

Forward Foreign
Currency Contracts

Net Value of
Derivatives

Non-Cash

Cash

Net
Amount

Bank of New York Mellon (The)

$657,568

$(116,342)

$541,226

$–

$541,226

State Street Bank & Trust Co.

92,805

(25,895)

66,910

–

66,910

Total

$750,373

$(142,237)

$608,136

$–

$608,136

Effect of Derivative Investments for the six months ended June 30, 2022

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


	Location of Gain on Statement of Operations


	Currency Risk		Interest Rate Risk		Total


Realized Gain:
Forward foreign currency contracts	$	1,345,776	$	–	$	1,345,776


Futures contracts		–		57,397		57,397


Change in Net Unrealized Appreciation:
Forward foreign currency contracts		1,037,855		–		1,037,855


Futures contracts		–		14,409		14,409


Total	$	2,383,631	$	71,806	$	2,455,437

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


	Forward
	Foreign Currency		Futures
	Contracts		Contracts


Average notional value		$40,568,346		$1,035,070

Invesco V.I. Equity and Income Fund

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022 was $154,741,889 and $231,913,082, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	191,478,729


Aggregate unrealized (depreciation) of investments		(61,712,004	)


Net unrealized appreciation of investments	$	129,766,725

Cost of investments for tax purposes is $1,022,989,712.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended				Year ended
	June 30, 2022^(a)				December 31, 2021
	Shares		Amount		Shares		Amount


Sold:
Series I		318,819	$	6,395,547		500,860	$	10,189,630


Series II		2,798,613		54,822,945		1,860,777		37,310,495



Issued as reinvestment of dividends:
Series I		–		–		107,752		2,210,004


Series II		–		–		1,626,902		33,156,264



Issued in connection with acquisitions:^(b)
Series I		–		–		1,421,249		28,595,529


Series II		–		–		55,570		1,110,840

Invesco V.I. Equity and Income Fund


	Summary of Share Activity


	Six months ended June 30, 2022^(a)						Year ended December 31, 2021
	Shares			Amount			Shares			Amount



Reacquired:
Series I		(304,425	)	$	(6,085,381	)		(599,027	)	$	(12,102,378	)


Series II		(9,112,246	)		(179,388,816	)		(9,775,168	)		(193,486,611	)


Net increase (decrease) in share activity		(6,299,239	)	$	(124,255,705	)		(4,801,085	)	$	(93,016,227	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 71% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)

After the close of business on April 30, 2021, the Fund acquired all the net assets of Invesco V.I. Managed Volatility Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on December 3, 2020 and by the shareholders of the Target Fund on April 5, 2021. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 1,476,819 shares of the Fund for 2,408,211 shares outstanding of the Target Fund as of the close of business on April 30, 2021. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 30, 2021. The Target Fund’s net assets as of the close of business on April 30, 2021 of $29,706,369, including $8,543,643 of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,356,523,614 and $1,386,229,983 immediately after the acquisition.


Net investment income	$	13,487,872


Net realized/unrealized gains		212,925,767


Change in net assets resulting from operations	$	226,413,639

Invesco V.I. Equity and Income Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$879.70	$2.61	$1,022.02	$2.81	0.56%
Series II	1,000.00	878.80	3.77	1,020.78	4.06	0.81

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Equity and Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

Invesco V.I. Equity and Income Fund

opposed to a core or growth fund, and the value investment style has lagged behind the core and growth investment styles, which contributed to the Fund’s relative underperformance. 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 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 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.

Invesco V.I. Equity and Income Fund

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.

Invesco V.I. Equity and Income Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. Global Fund

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


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


Invesco Distributors, Inc.		O-VIGLBL-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	-31.76	%
Series II Shares	-31.83
MSCI All Country World Index^q*	-20.18
MSCI All Country World Growth Index^q*	-27.92

Source(s): ^qRIMES Technologies Corp.
*Effective June 30, 2022, the Fund changed its broad-based securities market benchmark from the MSCI All Country World Index to the MSCI All Country World Growth Index. The Fund believes the MSCI All Country World Growth Index is a more appropriate comparison for evaluating the Fund’s performance.

The MSCI All Country World Index is an unmanaged index considered representative of large- and mid-cap stocks across developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The MSCI All Country World Growth Index is an unmanaged index considered representative of large- and mid-cap growth stocks of developed and emerging markets. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (11/12/90)	9.30	%
10 Years	9.44
5 Years	5.57
1 Year	-29.46
Series II Shares
Inception (7/13/00)	5.70	%
10 Years	9.17
5 Years	5.31
1 Year	-29.62

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

Invesco V.I. Global Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

Invesco V.I. Global Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Global Fund

Schedule of Investments

June 30, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–99.07%
Brazil–0.17%
StoneCo Ltd., Class A^(a)		381,396	$	2,936,749



China–5.87%
JD.com, Inc., ADR		1,361,636		87,444,264


Meituan, B Shares^(a)(b)		502,500		12,698,116


Tencent Holdings Ltd.		78,100		3,546,794


				103,689,174



Denmark–3.00%
Ambu A/S, Class B		235,469		2,301,290


Novo Nordisk A/S, Class B		456,499		50,667,449


				52,968,739



France–12.63%
Airbus SE		651,855		64,004,206


Dassault Systemes SE		180,436		6,685,749


Kering S.A.		97,960		50,895,958


LVMH Moet Hennessy Louis Vuitton SE		164,317		101,405,472


				222,991,385



Germany–1.75%
SAP SE		339,067		30,889,907



India–4.80%
DLF Ltd.		13,702,319		54,376,235


ICICI Bank Ltd., ADR		1,712,325		30,376,645


				84,752,880



Italy–0.40%
Brunello Cucinelli S.p.A.		156,446		7,090,825



Japan–8.75%
FANUC Corp.		26,400		4,138,011


Keyence Corp.		132,744		45,428,922


Murata Manufacturing Co. Ltd.		876,300		47,460,839


Nidec Corp.		390,900		24,170,765


Omron Corp.		201,900		10,267,276


TDK Corp.		745,300		23,049,391


				154,515,204



Netherlands–0.90%
ASML Holding N.V.		32,882		15,869,771



Sweden–3.29%
Assa Abloy AB, Class B		1,295,418		27,721,871


Atlas Copco AB, Class A		3,236,880		30,289,054


				58,010,925



Switzerland–0.80%
Lonza Group AG		21,415		11,418,991


Zur Rose Group AG^(a)		34,975		2,625,255


				14,044,246



United Kingdom–0.30%
Farfetch Ltd., Class A^(a)		743,141		5,320,890


	Shares		Value


United States–56.41%
Adobe, Inc.^(a)		187,712	$	68,713,855


Agilent Technologies, Inc.		226,718		26,927,297


Alphabet, Inc., Class A^(a)		94,686		206,345,412


Amazon.com, Inc.^(a)		148,491		15,771,229


Analog Devices, Inc.		531,098		77,588,107


Avantor, Inc.^(a)		1,062,240		33,035,664


Boston Scientific Corp.^(a)		208,335		7,764,645


Charles River Laboratories International, Inc.^(a)		38,141		8,161,030


Charter Communications, Inc., Class A^(a)		8,062		3,777,289


Danaher Corp.		32,372		8,206,949


Datadog, Inc., Class A^(a)		43,505		4,143,416


Dun & Bradstreet Holdings, Inc.^(a)		202,978		3,050,759


Ecolab, Inc.		18,262		2,807,965


Equifax, Inc.		197,300		36,062,494


Fidelity National Information Services, Inc.		106,568		9,769,089


IDEXX Laboratories, Inc.^(a)		12,913		4,528,976


Illumina, Inc.^(a)		55,841		10,294,847


Intuit, Inc.		258,363		99,583,435


Intuitive Surgical, Inc.^(a)		44,874		9,006,661


IQVIA Holdings, Inc.^(a)		77,482		16,812,819


Lam Research Corp.		4,148		1,767,670


Marriott International, Inc., Class A		52,666		7,163,103


Marvell Technology, Inc.		489,098		21,290,436


Meta Platforms, Inc., Class A^(a)		414,902		66,902,947


Microsoft Corp.		98,985		25,422,318


NVIDIA Corp.		51,624		7,825,682


Omnicell, Inc.^(a)		68,972		7,845,565


Phathom Pharmaceuticals, Inc.^(a)		227,332		1,918,682


Qualtrics International, Inc., Class A^(a)		394,442		4,934,469


S&P Global, Inc.		290,295		97,846,833


Splunk, Inc.^(a)		106,112		9,386,668


United Parcel Service, Inc., Class B		278,162		50,775,691


Veracyte, Inc.^(a)		335,405		6,674,559


Visa, Inc., Class A		155,766		30,668,768


Walt Disney Co. (The)^(a)		34,239		3,232,162


				996,007,491


Total Common Stocks & Other Equity Interests (Cost $812,119,108)				1,749,088,186



Money Market Funds–0.52%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(c)(d)		3,212,345		3,212,345


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(c)(d)		2,295,709		2,295,479


Invesco Treasury Portfolio, Institutional Class, 1.35%^(c)(d)		3,671,252		3,671,252


Total Money Market Funds (Cost $9,179,022)				9,179,076


TOTAL INVESTMENTS IN SECURITIES–99.59% (Cost $821,298,130)				1,758,267,262


OTHER ASSETS LESS LIABILITIES–0.41%				7,306,007


NET ASSETS–100.00%			$	1,765,573,269

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

Invesco V.I. Global Fund

Investment Abbreviations:

ADR - American Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at June 30, 2022 represented less than 1% of the Fund’s Net Assets.

^(c)


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 5,237,805		$ 50,265,944		$ (52,291,404)		$ -		$ -		$3,212,345	$ 5,294
Invesco Liquid Assets Portfolio, Institutional Class		4,386,090		35,904,246		(37,995,216)		54		305		2,295,479	5,753
Invesco Treasury Portfolio, Institutional Class		5,986,062		57,446,793		(59,761,603)		-		-		3,671,252	7,106
Total		$15,609,957		$143,616,983		$(150,048,223)		$54		$305		$9,179,076	$18,153

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

Portfolio Composition

By country, based on Net Assets

as of June 30, 2022



United States	56.41	%

France	12.63

Japan	8.75

China	5.87

India	4.80

Sweden	3.29

Denmark	3.00

Countries each less than 2% of portfolio	4.32

Money Market Funds Plus Other Assets Less Liabilities	0.93

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

Invesco V.I. Global Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $812,119,108)	$	1,749,088,186


Investments in affiliated money market funds, at value (Cost $9,179,022)		9,179,076


Cash		2,000,000


Foreign currencies, at value (Cost $1,556,418)		1,554,486


Receivable for:
Fund shares sold		3,795,974


Dividends		3,718,823


Investment for trustee deferred compensation and retirement plans		170,497


Other assets		1,632


Total assets		1,769,508,674



Liabilities:
Payable for:
Fund shares reacquired		813,296


Accrued foreign taxes		1,855,545


Accrued fees to affiliates		955,653


Accrued trustees’ and officers’ fees and benefits		4,966


Accrued other operating expenses		135,448


Trustee deferred compensation and retirement plans		170,497


Total liabilities		3,935,405


Net assets applicable to shares outstanding	$	1,765,573,269



Net assets consist of:

Shares of beneficial interest	$	362,043,243
Distributable earnings		1,403,530,026


	$	1,765,573,269



Net Assets:
Series I	$	988,289,062


Series II	$	777,284,207



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		25,309,985


Series II		20,297,188


Series I:
Net asset value per share	$	39.05


Series II:
Net asset value per share	$	38.30

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $960,865)	$	11,235,933


Dividends from affiliated money market funds		18,153


Non-cash dividend income		626,935


Total investment income		11,881,021



Expenses:
Advisory fees		6,584,756


Administrative services fees		1,729,119


Custodian fees		107,589


Distribution fees - Series II		1,165,964


Transfer agent fees		64,018


Trustees’ and officers’ fees and benefits		16,893


Professional services fees		25,572


Other		10,649


Total expenses		9,704,560


Less: Fees waived		(299,823	)


Net expenses		9,404,737


Net investment income		2,476,284



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $152,623)		150,197,849


Affiliated investment securities		305


Foreign currencies		(199,407	)


		149,998,747


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $1,382,394)		(993,591,303	)


Affiliated investment securities		54


Foreign currencies		(292,473	)


		(993,883,722	)


Net realized and unrealized gain (loss)		(843,884,975	)


Net increase (decrease) in net assets resulting from operations	$	(841,408,691	)

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

Invesco V.I. Global Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30, 2022			December 31, 2021


Operations:
Net investment income (loss)	$	2,476,284		$	(9,762,975	)


Net realized gain		149,998,747			343,349,768


Change in net unrealized appreciation (depreciation)		(993,883,722	)		71,077,742


Net increase (decrease) in net assets resulting from operations		(841,408,691	)		404,664,535



Distributions to shareholders from distributable earnings:
Series I		-			(74,843,220	)


Series II		-			(64,990,704	)


Total distributions from distributable earnings		-			(139,833,924	)



Share transactions–net:
Series I		(30,472,060	)		(91,025,858	)


Series II		(105,195,164	)		(192,722,461	)


Net increase (decrease) in net assets resulting from share transactions		(135,667,224	)		(283,748,319	)


Net increase (decrease) in net assets		(977,075,915	)		(18,917,708	)



Net assets:
Beginning of period		2,742,649,184			2,761,566,892


End of period	$	1,765,573,269		$	2,742,649,184

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

Invesco V.I. Global Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(d)
Series I
Six months ended 06/30/22		$	57.22		$	0.08			$	(18.25	)		$	(18.17	)		$	–			$	–			$	–			$	39.05		(31.76	)%		$	988,289		0.78	%^(e)		0.81	%^(e)		0.35	%^(e)		8	%
Year ended 12/31/21			52.12			(0.13	)			8.23				8.10				–				(3.00	)			(3.00	)			57.22		15.49				1,484,706		0.77			0.78			(0.23	)		7
Year ended 12/31/20			42.55			(0.01	)			11.51				11.50				(0.31	)			(1.62	)			(1.93	)			52.12		27.64				1,438,773		0.77			0.81			(0.01	)		13
Year ended 12/31/19			38.00			0.29				11.03				11.32				(0.40	)			(6.37	)			(6.77	)			42.55		31.79				1,334,573		0.77			0.80			0.70			23
Year ended 12/31/18			47.42			0.37				(5.99	)			(5.62	)			(0.47	)			(3.33	)			(3.80	)			38.00		(13.18	)			1,160,317		0.78			0.78			0.81			16
Year ended 12/31/17			35.02			0.29				12.50				12.79				(0.39	)			–				(0.39	)			47.42		36.66				1,479,034		0.76			0.76			0.69			9
Series II
Six months ended 06/30/22			56.18			0.02				(17.90	)			(17.88	)			–				–				–				38.30		(31.83	)			777,284		1.03	^(e)		1.06	^(e)		0.10	^(e)		8
Year ended 12/31/21			51.36			(0.27	)			8.09				7.82				–				(3.00	)			(3.00	)			56.18		15.17				1,257,943		1.02			1.03			(0.48	)		7
Year ended 12/31/20			41.95			(0.11	)			11.34				11.23				(0.20	)			(1.62	)			(1.82	)			51.36		27.34				1,322,794		1.02			1.06			(0.26	)		13
Year ended 12/31/19			37.53			0.18				10.89				11.07				(0.28	)			(6.37	)			(6.65	)			41.95		31.45				1,187,107		1.02			1.04			0.45			23
Year ended 12/31/18			46.88			0.26				(5.92	)			(5.66	)			(0.36	)			(3.33	)			(3.69	)			37.53		(13.39	)			911,848		1.03			1.03			0.56			16
Year ended 12/31/17			34.64			0.18				12.36				12.54				(0.30	)			–				(0.30	)			46.88		36.32				1,309,590		1.01			1.01			0.43			9

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019, 2018 and 2017, respectively.

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

^(e)	Annualized.

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

Invesco V.I. Global Fund

Notes to Financial Statements

June 30, 2022

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

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

Invesco V.I. Global Fund

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

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

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

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

Invesco V.I. Global Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets*			Rate


Up to $200 million			0.750%


Next $200 million			0.720%


Next $200 million			0.690%


Next $200 million			0.660%


Next $4.2 billion			0.600%


Over $5 billion			0.580%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.63%.

Effective May 1, 2022, through at least June 30, 2023, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement of Series I shares to 2.25% and Series II shares to 2.50% of the Fund’s average daily net asset (the “expense limits”). Prior to May 1, 2022, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement excluding certain items discussed below) of Series I shares to 0.77% and Series II shares to 1.02% of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. 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.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $299,823.

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, 2022, Invesco was paid $151,143 for accounting and fund administrative services and was reimbursed $1,577,976 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the six months ended June 30, 2022, the Fund incurred $2,428 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Invesco V.I. Global Fund


	Level 1		Level 2		Level 3		Total


Investments in Securities


Brazil		$ 2,936,749	$	–		$–		$ 2,936,749


China		87,444,264		16,244,910		–		103,689,174


Denmark		–		52,968,739		–		52,968,739


France		–		222,991,385		–		222,991,385


Germany		–		30,889,907		–		30,889,907


India		30,376,645		54,376,235		–		84,752,880


Italy		–		7,090,825		–		7,090,825


Japan		–		154,515,204		–		154,515,204


Netherlands		–		15,869,771		–		15,869,771


Sweden		–		58,010,925		–		58,010,925


Switzerland		–		14,044,246		–		14,044,246


United Kingdom		5,320,890		–		–		5,320,890


United States		996,007,491		–		–		996,007,491


Money Market Funds		9,179,076		–		–		9,179,076


Total Investments		$1,131,265,115		$627,002,147		$–		$1,758,267,262

NOTE 4–Trustees’ and Officers’ Fees and Benefits

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

NOTE 5–Cash Balances

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

NOTE 6–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022 was $171,423,903 and $303,232,268, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	1,028,040,395


Aggregate unrealized (depreciation) of investments		(99,959,867	)


Net unrealized appreciation of investments	$	928,080,528

Cost of investments for tax purposes is $830,186,734.

Invesco V.I. Global Fund

NOTE 8–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		6,015,956		$	261,396,664			1,087,526		$	61,384,048


Series II		4,060,072			173,596,802			786,412			43,542,860



Issued as reinvestment of dividends:
Series I		-			-			1,297,784			74,843,220


Series II		-			-			1,147,232			64,990,704



Reacquired:
Series I		(6,655,266	)		(291,868,724	)		(4,038,886	)		(227,253,126	)


Series II		(6,153,373	)		(278,791,966	)		(5,300,318	)		(301,256,025	)


Net increase (decrease) in share activity		(2,732,611	)	$	(135,667,224	)		(5,020,250	)	$	(283,748,319	)

^(a)

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

Invesco V.I. Global Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$682.40	$3.25	$1,020.93	$3.91	0.78%
Series II	1,000.00	681.70	4.29	1,019.69	5.16	1.03

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Global Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World Index (Index). The Board noted that performance of Series II shares of the Fund was in the fourth 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 and the fifth quintile being the worst performing funds). The Board noted that performance of Series II shares of the Fund was below 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 considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund’s stock selection in and underweight and overweight exposures to certain sectors and regions detracted from Fund performance. The Board recognized that the

Invesco V.I. Global 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

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 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.

Invesco V.I. Global Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. Global Core Equity Fund

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.				VIGCE-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	-20.22	%
Series II Shares	-20.38
MSCI World Index^q (Broad Market/Style-Specific Index)	-20.51
Lipper VUF Global Multi-Cap Value Funds Classification Average^∎ (Peer Group)	-11.99

Source(s): ^qRIMES Technologies Corp.; ^∎Lipper Inc.
The MSCI World Index^SMis an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Lipper VUF Global Multi-Cap Value Funds Classification Average represents an average of all variable insurance underlyng funds in the Lipper Global Multi Cap Value Funds classification.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (1/2/97)	4.90	%
10 Years	7.14
5 Years	4.21
1 Year	-18.66
Series II Shares
Inception (6/1/10)	6.35	%
10 Years	6.87
5 Years	3.95
1 Year	-18.87

Effective June 1, 2010, Class I shares of the predecessor fund, Universal Funds Global Value Equity Portfolio, advised by Morgan Stanley Investment Management Inc. were reorganized into Series I shares of Invesco Van Kampen V.I. Global Value Equity Fund (renamed Invesco V.I. Global Core Equity Fund on April 30, 2012). Returns shown above, prior to June 1, 2010, for Series I shares are those of the Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Invesco V.I. Global Core Equity Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

Invesco V.I. Global Core Equity Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Global Core Equity Fund

Schedule of Investments

June 30, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–93.92%
Belgium–3.16%
Anheuser-Busch InBev S.A./N.V., ADR^(a)		34,599	$	1,866,616



Canada–1.70%
Constellation Software, Inc.		675		1,002,049



China–2.44%
Kweichow Moutai Co. Ltd., A Shares		4,700		1,441,721



Finland–2.12%
Kone OYJ, Class B		26,201		1,252,853



France–2.85%
LVMH Moet Hennessy Louis Vuitton SE		2,719		1,677,985



Germany–6.14%
KION Group AG		36,179		1,500,501


SAP SE		23,297		2,122,418


				3,622,919



Hong Kong–3.82%
AIA Group Ltd.		205,400		2,256,144



Japan–0.96%
FANUC Corp.		1,800		282,137


Nabtesco Corp.		12,200		285,339


				567,476



Netherlands–1.90%
Topicus.com, Inc.^(b)		19,870		1,121,161



Switzerland–4.25%
Cie Financiere Richemont S.A., Wts., expiring 11/22/2023^(b)		40,270		21,935


Temenos AG		29,140		2,487,002


				2,508,937



United Kingdom–11.27%
British American Tobacco PLC		72,721		3,116,640


Imperial Brands PLC		43,477		971,753


London Stock Exchange Group PLC		27,558		2,561,769


				6,650,162



United States–53.31%
Accenture PLC, Class A		6,209		1,723,929


Adobe, Inc.^(b)		1,570		574,714


Alphabet, Inc., Class A^(b)		1,111		2,421,158


	Shares		Value


United States–(continued)
Analog Devices, Inc.		13,971	$	2,041,023


Aon PLC, Class A		7,197		1,940,887


Aptiv PLC^(b)		13,725		1,222,486


AutoZone, Inc.^(b)		767		1,648,375


Becton, Dickinson and Co.		7,900		1,947,587


Charter Communications, Inc., Class A^(b)		4,330		2,028,735


Equinix, Inc.		3,204		2,105,092


Floor & Decor Holdings, Inc., Class A^(b)		2,245		141,345


Honeywell International, Inc.		10,779		1,873,498


Microsoft Corp.		10,599		2,722,141


Roche Holding AG		5,395		1,801,000


Sabre Corp.^(a)(b)		233,026		1,358,542


Visa, Inc., Class A^(a)		16,078		3,165,598


Walt Disney Co. (The)^(b)		12,091		1,141,390


Zoetis, Inc.		9,334		1,604,421


				31,461,921


Total Common Stocks & Other Equity Interests (Cost $56,485,943)				55,429,944



Money Market Funds–6.26%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(c)(d)		1,295,691		1,295,691


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(c)(d)		919,854		919,762


Invesco Treasury Portfolio, Institutional Class, 1.35%^(c)(d)		1,480,790		1,480,790


Total Money Market Funds (Cost $3,696,202)				3,696,243


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–100.18% (Cost $60,182,145)				59,126,187


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–9.97%
Invesco Private Government Fund, 1.38%^(c)(d)(e)		1,647,664		1,647,664


Invesco Private Prime Fund, 1.66%^(c)(d)(e)		4,236,850		4,236,850


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,884,735)				5,884,514


TOTAL INVESTMENTS IN SECURITIES–110.15% (Cost $66,066,880)				65,010,701


OTHER ASSETS LESS LIABILITIES–(10.15)%				(5,990,654	)


NET ASSETS–100.00%			$	59,020,047

Investment Abbreviations:

ADR – American Depositary Receipt

Wts. – Warrants

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

Invesco V.I. Global Core Equity Fund

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at June 30, 2022.

^(b)	Non-income producing security.

^(c)


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$1,638,209	$	1,789,294	$	(2,131,812	)	$	-	$	-	$	1,295,691		$ 1,135
Invesco Liquid Assets Portfolio, Institutional Class		1,164,786		1,278,066		(1,522,723	)		94		(461)		919,762		1,421
Invesco Treasury Portfolio, Institutional Class		1,872,239		2,044,907		(2,436,356	)		-		-		1,480,790		1,892
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		1,204,237		9,974,960		(9,531,533	)		-		-		1,647,664		3,887*
Invesco Private Prime Fund		2,809,885		23,283,527		(21,856,548	)		(92)		78		4,236,850		10,557*
Total		$8,689,356	$	38,370,754	$	(37,478,972	)	$	2	$	(383)	$	9,580,757		$ 18,892

^(d)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

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

Portfolio Composition

By country, based on Net Assets

as of June 30, 2022



United States	53.31	%

United Kingdom	11.27

Germany	6.14

Switzerland	4.25

Hong Kong	3.82

Belgium	3.16

France	2.85

China	2.44

Finland	2.12

Countries each less than 2% of portfolio	4.56

Money Market Funds Plus Other Assets Less Liabilities	6.08

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

Invesco V.I. Global Core Equity Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $56,485,943)*	$	55,429,944


Investments in affiliated money market funds, at value (Cost $9,580,937)		9,580,757


Cash		535


Foreign currencies, at value (Cost $96,493)		94,670


Receivable for:
Fund shares sold		736


Dividends		62,838


Investment for trustee deferred compensation and retirement plans		20,067


Other assets		44


Total assets		65,189,591



Liabilities:
Payable for:
Investments purchased		139,476


Fund shares reacquired		62,808


Collateral upon return of securities loaned		5,884,735


Accrued fees to affiliates		30,670


Accrued trustees’ and officers’ fees and benefits		2,113


Accrued other operating expenses		26,740


Trustee deferred compensation and retirement plans		23,002


Total liabilities		6,169,544


Net assets applicable to shares outstanding	$	59,020,047



Net assets consist of:
Shares of beneficial interest	$	55,874,099


Distributable earnings		3,145,948


	$	59,020,047



Net Assets:
Series I	$	50,860,491


Series II	$	8,159,556



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		5,730,133


Series II		919,921


Series I:
Net asset value per share	$	8.88


Series II:
Net asset value per share	$	8.87

*	At June 30, 2022, securities with an aggregate value of $5,791,422 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $43,558)	$	535,036


Dividends from affiliated money market funds (includes securities lending income of $5,185)		9,633


Total investment income		544,669



Expenses:
Advisory fees		220,449


Administrative services fees		54,579


Custodian fees		3,229


Distribution fees - Series II		11,417


Transfer agent fees		1,817


Trustees’ and officers’ fees and benefits		8,222


Reports to shareholders		2,727


Professional services fees		22,242


Other		1,717


Total expenses		326,399


Less: Fees waived		(1,429	)


Net expenses		324,970


Net investment income		219,699



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(171,615	)


Affiliated investment securities		(383	)


Foreign currencies		(3,892	)


		(175,890	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(15,217,594	)


Affiliated investment securities		2


Foreign currencies		(4,541	)


		(15,222,133	)


Net realized and unrealized gain (loss)		(15,398,023	)


Net increase (decrease) in net assets resulting from operations	$	(15,178,324	)

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

Invesco V.I. Global Core Equity Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30, 2022			December 31, 2021


Operations:
Net investment income	$	219,699		$	207,530


Net realized gain (loss)		(175,890	)		4,091,537


Change in net unrealized appreciation (depreciation)		(15,222,133	)		6,511,206


Net increase (decrease) in net assets resulting from operations		(15,178,324	)		10,810,273



Distributions to shareholders from distributable earnings:
Series I		–			(10,897,710	)


Series II		–			(1,801,903	)


Total distributions from distributable earnings		–			(12,699,613	)



Share transactions–net:
Series I		(1,131,093	)		8,578,868


Series II		(440,001	)		316,507


Net increase (decrease) in net assets resulting from share transactions		(1,571,094	)		8,895,375


Net increase (decrease) in net assets		(16,749,418	)		7,006,035



Net assets:
Beginning of period		75,769,465			68,763,430


End of period	$	59,020,047		$	75,769,465

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

Invesco V.I. Global 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 value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Series I
Six months ended 06/30/22		$11.13		$0.03		$(2.28	)		$(2.25	)		$ -			$ -			$ -			$ 8.88		(20.22	)%		$50,860		0.96	%^(d)		0.96	%^(d)		0.70	%^(d)		7	%
Year ended 12/31/21		11.49		0.04		1.81			1.85			(0.12	)		(2.09	)		(2.21	)		11.13		15.97			65,044		0.96			0.96			0.31			27
Year ended 12/31/20		10.28		0.11		1.24			1.35			(0.14	)		-			(0.14	)		11.49		13.23			58,139		1.00			1.00			1.14			127
Year ended 12/31/19		8.99		0.15		2.03			2.18			(0.15	)		(0.74	)		(0.89	)		10.28		25.20			60,078		1.01			1.01			1.54			24
Year ended 12/31/18		10.73		0.13		(1.76	)		(1.63	)		(0.11	)		-			(0.11	)		8.99		(15.32	)		54,854		1.02			1.02			1.19			26
Year ended 12/31/17		8.83		0.09		1.93			2.02			(0.12	)		-			(0.12	)		10.73		22.90			73,716		1.04			1.04			0.95			69
Series II
Six months ended 06/30/22		11.14		0.02		(2.29	)		(2.27	)		-			-			-			8.87		(20.38	)		8,160		1.21	^(d)		1.21	^(d)		0.45	^(d)		7
Year ended 12/31/21		11.50		0.01		1.82			1.83			(0.10	)		(2.09	)		(2.19	)		11.14		15.71			10,725		1.21			1.21			0.06			27
Year ended 12/31/20		10.28		0.09		1.24			1.33			(0.11	)		-			(0.11	)		11.50		13.03			10,625		1.25			1.25			0.89			127
Year ended 12/31/19		8.99		0.13		2.02			2.15			(0.12	)		(0.74	)		(0.86	)		10.28		24.82			10,561		1.26			1.26			1.29			24
Year ended 12/31/18		10.73		0.10		(1.75	)		(1.65	)		(0.09	)		-			(0.09	)		8.99		(15.54	)		9,616		1.27			1.27			0.94			26
Year ended 12/31/17		8.83		0.07		1.92			1.99			(0.09	)		-			(0.09	)		10.73		22.60			13,043		1.29			1.29			0.70			69

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

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

Invesco V.I. Global Core Equity Fund

Notes to Financial Statements

June 30, 2022

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

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

Invesco V.I. Global Core Equity Fund

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

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

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

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

Invesco V.I. Global Core Equity Fund

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

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 1 billion		0.670%


Next $500 million		0.645%


Next $1 billion		0.620%


Next $1 billion		0.595%


Next $1 billion		0.570%


Over $4.5 billion		0.545%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.67%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.25% and Series II shares to 2.50% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $1,429.

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, 2022, Invesco was paid $5,257 for accounting and fund administrative services and was reimbursed $49,322 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco V.I. Global Core Equity Fund

annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the six months ended June 30, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

For the six months ended June 30, 2022, the Fund incurred $215 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

Level 1 -

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

Level 2 -

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

Level 3 -

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


	Level 1		Level 2		Level 3	Total


Investments in Securities


Belgium	$	1,866,616	$	–	$–	$	1,866,616


Canada		1,002,049		–	–		1,002,049


China		–		1,441,721	–		1,441,721


Finland		–		1,252,853	–		1,252,853


France		–		1,677,985	–		1,677,985


Germany		–		3,622,919	–		3,622,919


Hong Kong		–		2,256,144	–		2,256,144


Japan		–		567,476	–		567,476


Netherlands		1,121,161		–	–		1,121,161


Switzerland		21,935		2,487,002	–		2,508,937


United Kingdom		–		6,650,162	–		6,650,162


United States		29,660,921		1,801,000	–		31,461,921


Money Market Funds		3,696,243		5,884,514	–		9,580,757


Total Investments	$	37,368,925	$	27,641,776	$–	$	65,010,701

NOTE 4–Trustees’ and Officers’ Fees and Benefits

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

NOTE 5–Cash Balances

NOTE 6–Tax Information

Invesco V.I. Global Core Equity Fund

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022 was $4,123,070 and $4,415,335, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	5,288,646


Aggregate unrealized (depreciation) of investments		(6,390,904	)


Net unrealized appreciation (depreciation) of investments	$	(1,102,258	)

Cost of investments for tax purposes is $66,112,959.

NOTE 8–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		281,338		$	2,743,455			422,604		$	5,215,802


Series II		24,952			233,484			6,831			87,378



Issued as reinvestment of dividends:
Series I		-			-			972,142			10,897,710


Series II		-			-			160,422			1,799,935



Reacquired:
Series I		(395,795	)		(3,874,548	)		(609,870	)		(7,534,644	)


Series II		(68,222	)		(673,485	)		(128,015	)		(1,570,806	)


Net increase (decrease) in share activity		(157,727	)	$	(1,571,094	)		824,114		$	8,895,375

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 85% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Global Core Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$797.80	$4.28	$1,020.03	$4.81	0.96%
Series II	1,000.00	796.20	5.39	1,018.79	6.06	1.21

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Global Core Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI World Index (Index). The Board noted that performance of Series II shares of the Fund was in the fourth 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 and the fifth quintile being the worst performing funds). The Board noted that performance of Series II shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s stock selection in certain sectors, as well as the Fund’s exposure to certain Chinese issuers, detracted from Fund performance. The Board noted that the Fund underwent a change with respect to the Fund’s investment process and portfolio management team in October 2020, and that performance results prior to such date were those of the prior investment process and portfolio management team. 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

Invesco V.I. Global Core Equity 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 noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

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 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.

Invesco V.I. Global Core Equity Fund

LOGO

Semiannual Report to Shareholders

June 30, 2022

Invesco V.I. Global Real Estate Fund


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

Invesco Distributors, Inc.				VIGRE-SAR-1

Fund Performance


Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	-19.62	%
Series II Shares	-19.74
MSCI World Index^q (Broad Market Index)	-20.51
Custom Invesco Global Real Estate Index^∎ (Style-Specific Index)	-20.71
Lipper VUF Real Estate Funds Classification Average^◆ (Peer Group)	-21.26

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

The MSCI World Index^SMis an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Custom Invesco Global Real Estate Index is composed of the FTSE EPRA/NAREIT Developed Index (gross) from fund inception through February 17, 2005; the FTSE EPRA/ NAREIT Developed Index (net) from February 18, 2005, through June 30, 2014; the FTSE EPRA Nareit Global Index (Net) from July 1, 2014 through June 30, 2021, and the FTSE EPRA Nareit Developed Index (Net) from July 1, 2021 onward. The net version of indexes is computed using the net return, which withholds taxes for non-resident investors.
The Lipper VUF Real Estate Funds Classification Average represents an average of all variable insurance underlying funds in the Lipper Real Estate Funds classification.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.


Average Annual Total Returns
As of 6/30/22

Series I Shares
Inception (3/31/98)	6.58	%
10 Years	4.33
5 Years	1.72
1 Year	-11.75

Series II Shares
Inception (4/30/04)	6.03	%
10 Years	4.07
5 Years	1.46
1 Year	-11.97

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

fluctuate so that you may have a gain or loss when you sell shares.

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

The most recent month-end performance at the Fund level, excluding variable product charges, is available at

800 451 4246. As mentioned above, for the most recent month-end performance including variable product charges, please contact your variable product issuer or financial adviser.

Invesco V.I. Global Real Estate Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Global Real Estate Fund

Schedule of Investments

June 30, 2022

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–97.90%
Australia–2.72%
GPT Group (The)		425,782	$	1,238,843

National Storage REIT		347,048		511,965

NEXTDC Ltd.^(a)		85,721		626,189

Stockland		277,962		692,830

				3,069,827


Belgium–2.36%
Aedifica S.A.		12,522		1,201,312

Cofinimmo S.A.		10,598		1,151,184

VGP N.V.		1,944		309,979

				2,662,475


Canada–2.20%
Chartwell Retirement Residences		162,754		1,409,810

Summit Industrial Income REIT		81,108		1,078,121

				2,487,931


Germany–2.97%
Aroundtown S.A.		142,160		452,022

Instone Real Estate Group SE^(b)		27,441		327,105

Sirius Real Estate Ltd.		458,996		498,512

Vonovia SE		67,353		2,075,644

				3,353,283


Hong Kong–6.60%
Hang Lung Properties Ltd.		637,000		1,209,024

Hongkong Land Holdings Ltd.		236,200		1,187,743

Hysan Development Co. Ltd.		271,000		816,414

Kerry Properties Ltd.		297,500		827,167

Link REIT		125,100		1,021,701

New World Development Co. Ltd.		245,000		884,360

Sun Hung Kai Properties Ltd.		112,500		1,331,167

Swire Properties Ltd.		67,600		168,059

				7,445,635


Israel–0.75%
Azrieli Group Ltd.		12,040		847,429


Japan–10.19%
Advance Residence Investment Corp.		270		718,444

GLP J-Reit		587		717,436

Japan Hotel REIT Investment Corp.		1,051		525,336

Japan Metropolitan Fund Investment Corp.		1,255		978,130

Japan Prime Realty Investment Corp.		271		796,049

Japan Real Estate Investment Corp.		226		1,039,490

Kenedix Office Investment Corp.		129		646,809

Mitsubishi Estate Logistics REIT Investment Corp.		88		298,386

Mitsui Fudosan Co. Ltd.		47,258		1,016,946

Mitsui Fudosan Logistics Park, Inc.		139		525,659

Nippon Accommodations Fund, Inc.		100		502,614

Nomura Real Estate Master Fund, Inc.		344		429,544

ORIX JREIT, Inc.		218		295,462

Sumitomo Realty & Development Co. Ltd.		18,700		494,255


	Shares		Value
Japan–(continued)
Tokyo Tatemono Co. Ltd.		46,000	$	634,051

Tokyu Fudosan Holdings Corp.		260,900		1,374,165

United Urban Investment Corp.		487		509,981

				11,502,757


Macau–0.84%
Galaxy Entertainment Group Ltd.		158,000		945,480


Malta–0.01%
BGP Holdings PLC^(c)		1,355,927		6,470


Singapore–3.82%
Ascendas REIT		352,200		722,888

CapitaLand Integrated Commercial Trust		776,200		1,213,335

CapitaLand Investment Ltd.		274,700		756,390

Digital Core REIT Management Pte Ltd.^(a)		937,900		722,965

Mapletree Commercial Trust		339,200		447,193

Mapletree Industrial Trust		241,630		452,574

				4,315,345


Sweden–0.89%
Castellum AB		31,893		410,125

Samhallsbyggnadsbolaget i Norden AB, Class B		74,350		123,950

Wihlborgs Fastigheter AB		66,836		467,808

				1,001,883


Switzerland–0.75%
PSP Swiss Property AG		7,570		842,161


United Kingdom–3.37%
Assura PLC		986,694		785,811

Capital & Counties Properties PLC		164,267		280,671

LondonMetric Property PLC		278,377		774,183

Segro PLC		109,824		1,305,965

UNITE Group PLC (The)		50,673		656,790

				3,803,420


United States–60.43%
American Homes 4 Rent, Class A		42,049		1,490,217

American Tower Corp.		9,572		2,446,507

AvalonBay Communities, Inc.		24,591		4,776,802

Brixmor Property Group, Inc.		53,719		1,085,661

CubeSmart		28,031		1,197,484

Duke Realty Corp.		23,098		1,269,235

Equinix, Inc.		5,753		3,779,836

Equity LifeStyle Properties, Inc.		28,106		1,980,630

Equity Residential		10,983		793,192

Essential Properties Realty Trust, Inc.		39,402		846,749

Gaming and Leisure Properties, Inc.		19,172		879,228

Healthcare Realty Trust, Inc.		51,210		1,392,912

Healthpeak Properties, Inc.		37,589		973,931

Hilton Worldwide Holdings, Inc.		1,453		161,922

Invitation Homes, Inc.		131,946		4,694,639

Kimco Realty Corp.		145,337		2,873,313

Lamar Advertising Co., Class A		4,039		355,311

Life Storage, Inc.		23,681		2,644,220

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

Invesco V.I. Global Real Estate Fund


	Shares		Value
United States–(continued)
Prologis, Inc.		67,792	$	7,975,729

Realty Income Corp.		37,218		2,540,501

Rexford Industrial Realty, Inc.		45,257		2,606,351

Ryman Hospitality Properties, Inc.^(a)		5,314		404,023

SBA Communications Corp., Class A		5,580		1,785,879

Simon Property Group, Inc.		3,840		364,493

SITE Centers Corp.		29,220		393,593

Sun Communities, Inc.		19,993		3,186,085

UDR, Inc.		94,610		4,355,844

Ventas, Inc.		53,733		2,763,488

VICI Properties, Inc.		148,648		4,428,224

Welltower, Inc.		45,574		3,753,019

				68,199,018

Total Common Stocks & Other Equity Interests (Cost $111,693,354)				110,483,114


	Shares		Value
Money Market Funds–1.77%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(d)(e)		691,953	$	691,953

Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(d)(e)		521,910		521,858

Invesco Treasury Portfolio, Institutional Class, 1.35%^(d)(e)		790,803		790,803

Total Money Market Funds (Cost $2,004,609)				2,004,614

TOTAL INVESTMENTS IN SECURITIES–99.67% (Cost $113,697,963)				112,487,728

OTHER ASSETS LESS LIABILITIES–0.33%				368,086

NET ASSETS–100.00%			$	112,855,814

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at June 30, 2022 represented less than 1% of the Fund’s Net Assets.

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

^(d)


	Value December 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value June 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	414,569		$	8,963,858		$	(8,686,474	)		$	-		$	-			$	691,953		$	417
Invesco Liquid Assets Portfolio, Institutional Class			431,297			6,402,756			(6,312,159	)			5			(41	)			521,858			602
Invesco Treasury Portfolio, Institutional Class			473,793			10,244,409			(9,927,399	)			-			-				790,803			702
Total		$	1,319,659		$	25,611,023		$	(24,926,032	)		$	5		$	(41	)		$	2,004,614		$	1,721

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

Portfolio Composition

By country, based on Net Assets

as of June 30, 2022


United States			60.43%

Japan			10.19

Hong Kong			6.60

Singapore			3.82

United Kingdom			3.37

Germany			2.97

Australia			2.72

Belgium			2.36

Canada			2.20

Countries each less than 2% of portfolio			3.24

Money Market Funds Plus Other Assets Less Liabilities			2.10

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

Invesco V.I. Global Real Estate Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $111,693,354)	$	110,483,114

Investments in affiliated money market funds, at value (Cost $2,004,609)		2,004,614

Foreign currencies, at value (Cost $150,712)		150,332

Receivable for:
Investments sold		187,485

Fund shares sold		24,269

Dividends		422,074

Investment for trustee deferred compensation and retirement plans		47,949

Other assets		90

Total assets		113,319,927


Liabilities:
Payable for:
Investments purchased		180,518

Fund shares reacquired		101,230

Accrued fees to affiliates		59,483

Accrued trustees’ and officers’ fees and benefits		2,356

Accrued other operating expenses		65,359

Trustee deferred compensation and retirement plans		55,167

Total liabilities		464,113

Net assets applicable to shares outstanding	$	112,855,814


Net assets consist of:
Shares of beneficial interest	$	115,816,320

Distributable earnings (loss)		(2,960,506	)

	$	112,855,814


Net Assets:
Series I	$	88,566,028

Series II	$	24,289,786


Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		6,124,733

Series II		1,726,305

Series I:
Net asset value per share	$	14.46

Series II:
Net asset value per share	$	14.07

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $67,058)	$	2,011,429

Dividends from affiliated money market funds		1,721

Total investment income		2,013,150


Expenses:
Advisory fees		500,976

Administrative services fees		110,744

Custodian fees		44,620

Distribution fees - Series II		40,727

Transfer agent fees		3,758

Trustees’ and officers’ fees and benefits		8,602

Reports to shareholders		3,154

Professional services fees		18,627

Other		1,999

Total expenses		733,207

Less: Fees waived		(564	)

Net expenses		732,643

Net investment income		1,280,507


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		1,911,982

Affiliated investment securities		(41	)

Foreign currencies		(37,656	)

		1,874,285

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(33,180,615	)

Affiliated investment securities		5

Foreign currencies		(4,151	)

		(33,184,761	)

Net realized and unrealized gain (loss)		(31,310,476	)

Net increase (decrease) in net assets resulting from operations	$	(30,029,969	)

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

Invesco V.I. Global Real Estate Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30, 2022			December 31, 2021
Operations:
Net investment income	$	1,280,507		$	2,301,455
Net realized gain		1,874,285			16,039,158
Change in net unrealized appreciation (depreciation)		(33,184,761	)		18,597,477
Net increase (decrease) in net assets resulting from operations		(30,029,969	)		36,938,090

Distributions to shareholders from distributable earnings:
Series I		–			(3,061,258	)
Series II		–			(1,034,025	)
Total distributions from distributable earnings		–			(4,095,283	)

Share transactions-net:
Series I		(6,161,802	)		(27,200,184	)
Series II		(10,611,134	)		(208,852	)
Net increase (decrease) in net assets resulting from share transactions		(16,772,936	)		(27,409,036	)
Net increase (decrease) in net assets		(46,802,905	)		5,433,771

Net assets:
Beginning of period		159,658,719			154,224,948
End of period	$	112,855,814		$	159,658,719

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

Invesco V.I. Global Real Estate Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Series I
Six months ended 06/30/22		$17.99		$0.16			$	(3.69	)		$	(3.53	)		$	–			$	–			$	–			$	14.46		(19.62	)%		$	88,566		1.04	%^(d)		1.04	%^(d)		1.97	%^(d)		49	%
Year ended 12/31/21		14.69		0.25				3.51				3.76				(0.46	)			–				(0.46	)			17.99		25.71				116,762		0.97			0.97			1.51			95
Year ended 12/31/20		18.22		0.28				(2.61	)			(2.33	)			(0.77	)			(0.43	)			(1.20	)			14.69		(12.32	)			119,114		1.04			1.04			1.86			154
Year ended 12/31/19		15.52		0.39				3.15				3.54				(0.82	)			(0.02	)			(0.84	)			18.22		23.00				150,255		1.04			1.04			2.22			61
Year ended 12/31/18		17.38		0.40				(1.41	)			(1.01	)			(0.65	)			(0.20	)			(0.85	)			15.52		(6.10	)			124,816		1.01			1.01			2.38			57
Year ended 12/31/17		16.15		0.45	^(e)			1.62				2.07				(0.56	)			(0.28	)			(0.84	)			17.38		12.98				158,229		1.02			1.02			2.63	^(e)		50
Series II
Six months ended 06/30/22		17.53		0.14				(3.60	)			(3.46	)			–				–				–				14.07		(19.74	)			24,290		1.29	^(d)		1.29	^(d)		1.72	^(d)		49
Year ended 12/31/21		14.33		0.20				3.43				3.63				(0.43	)			–				(0.43	)			17.53		25.44				42,896		1.22			1.22			1.26			95
Year ended 12/31/20		17.78		0.24				(2.55	)			(2.31	)			(0.71	)			(0.43	)			(1.14	)			14.33		(12.56	)			35,111		1.29			1.29			1.61			154
Year ended 12/31/19		15.03		0.34				3.04				3.38				(0.61	)			(0.02	)			(0.63	)			17.78		22.65				45,233		1.29			1.29			1.97			61
Year ended 12/31/18		16.86		0.34				(1.35	)			(1.01	)			(0.62	)			(0.20	)			(0.82	)			15.03		(6.33	)			26,799		1.26			1.26			2.13			57
Year ended 12/31/17		15.69		0.39	^(e)			1.58				1.97				(0.52	)			(0.28	)			(0.80	)			16.86		12.73				260,083		1.27			1.27			2.38	^(e)		50

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

^(e)

Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.38 and 2.18%, $0.32 and 1.93% for Series I and Series II shares, respectively.

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

Invesco V.I. Global Real Estate Fund

Notes to Financial Statements

June 30, 2022

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

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

Invesco V.I. Global Real Estate Fund

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

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

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

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

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

Invesco V.I. Global Real Estate Fund

K.	Other Risks - The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.

Because the Fund concentrates its assets in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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


Average Daily Net Assets	Rate

First $250 million		0.750%

Next $250 million		0.740%

Next $500 million		0.730%

Next $1.5 billion		0.720%

Next $2.5 billion		0.710%

Next $2.5 billion		0.700%

Next $2.5 billion		0.690%

Over $10 billion		0.680%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.75%.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $564.

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, 2022, Invesco was paid $10,616 for accounting and fund administrative services and was reimbursed $100,128 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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

NOTE 3–Additional Valuation Information

Invesco V.I. Global Real Estate Fund

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

Level 1 -

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

Level 2 -

Level 3 -


	Level 1		Level 2		Level 3		Total
Investments in Securities
Australia	$	–	$	3,069,827		$ –	$	3,069,827
Belgium		–		2,662,475		–		2,662,475
Canada		2,487,931		–		–		2,487,931
Germany		–		3,353,283		–		3,353,283
Hong Kong		–		7,445,635		–		7,445,635
Israel		–		847,429		–		847,429
Japan		–		11,502,757		–		11,502,757
Macau		–		945,480		–		945,480
Malta		–		–		6,470		6,470
Singapore		–		4,315,345		–		4,315,345
Sweden		–		1,001,883		–		1,001,883
Switzerland		–		842,161		–		842,161
United Kingdom		–		3,803,420		–		3,803,420
United States		68,199,018		–		–		68,199,018
Money Market Funds		2,004,614		–		–		2,004,614
Total Investments	$	72,691,563	$	39,789,695		$6,470	$	112,487,728

NOTE 4–Trustees’ and Officers’ Fees and Benefits

NOTE 5–Cash Balances

NOTE 6–Tax Information

The Fund had a capital loss carryforward as of December 31, 2021, as follows:

Capital Loss Carryforward*

Expiration

Short-Term

Long-Term

Total

Not subject to expiration

$4,130,741

$1,610,011

$5,740,752

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

Invesco V.I. Global Real Estate 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, 2022 was $65,754,241 and $81,847,829, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	7,065,838

Aggregate unrealized (depreciation) of investments		(10,895,137	)

Net unrealized appreciation (depreciation) of investments	$	(3,829,299	)

Cost of investments for tax purposes is $116,317,027.

NOTE 8–Share Information


	Summary of Share Activity
	Six months ended June 30, 2022^(a)							Year ended December 31, 2021
	Shares			Amount				Shares			Amount
Sold:
Series I		659,237			$	10,823,264			1,324,364			$	21,722,305
Series II		730,212				12,093,386			351,404				5,523,380

Issued as reinvestment of dividends:
Series I		-				-			175,732				3,061,258
Series II		-				-			60,897				1,034,025

Reacquired:
Series I		(1,023,537	)			(16,985,066	)		(3,121,988	)			(51,983,747	)
Series II		(1,450,717	)			(22,704,520	)		(415,673	)			(6,766,257	)
Net increase (decrease) in share activity		(1,084,805	)		$	(16,772,936	)		(1,625,264	)		$	(27,409,036	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 58% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Global Real Estate Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (01/01/22)	ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹		Expenses Paid During Period²		Ending Account Value (06/30/22)		Expenses Paid During Period²		Annualized Expense Ratio
Series I	$1,000.00		$803.80		$4.65		$1,019.64		$5.21		1.04	%
Series II	1,000.00		802.60		5.77		1,018.40		6.46		1.29

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Global Real Estate Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 II 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 and the fifth quintile being the worst performing funds). The Board noted that performance of Series II 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 noted that stock selection in the developed American countries and overweight exposure to certain holdings in developed Asian countries negatively impacted 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.

Invesco V.I. Global Real Estate Fund

C.	Advisory and Sub-Advisory Fees and Fund Expenses

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 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

Invesco V.I. Global Real Estate Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. Global Strategic Income Fund

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


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

Invesco Distributors, Inc.				O-VIGLSI-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	-14.38	%
Series II Shares	-14.53
Bloomberg U.S. Aggregate Bond Index^q*	-10.35
Bloomberg Global Aggregate Index^q*	-13.91

Source(s): ^qRIMES Technologies Corp.
*Effective April 29, 2022, the Fund changed its benchmark index from the Bloomberg
U.S. Aggregate Bond Index to the Bloomberg Global Aggregate Index. The Fund’s investment adviser believes the Bloomberg Global Aggregate Index provides a more appropriate comparison for evaluating the Fund’s performance.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.
The Bloomberg Global Aggregate Index is an unmanaged index considered representative of global investment-grade, fixed-income markets.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.


Average Annual Total Returns
As of 6/30/22

Series I Shares
Inception (5/3/93)			4.59%
10 Years			0.97
5 Years			-1.49
1 Year			-14.84

Series II Shares
Inception (3/19/01)			3.82%
10 Years			0.72
5 Years			-1.75
1 Year			-15.03

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

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

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

Invesco V.I. Global Strategic Income Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Global Strategic Income Fund

Consolidated Schedule of Investments

June 30, 2022

(Unaudited)


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–38.53%
Angola–0.08%
Angolan Government International Bond, 8.75%, 04/14/2032^(a)	$	750,000	$ 602,253

Bahamas–0.08%
Bahamas Government International Bond, 9.00%, 06/16/2029^(a)		750,000	603,750

Belgium–0.19%
Telenet Finance Luxembourg Notes S.a r.l., 5.50%, 03/01/2028^(a)		1,605,000	1,418,098

Brazil–0.37%
Braskem Netherlands Finance B.V., 4.50%, 01/31/2030^(a)		750,000	641,693
CSN Inova Ventures, 6.75%, 01/28/2028^(a)		725,000	633,607
Klabin Austria GmbH,
5.75%, 04/03/2029^(a)		290,000	274,544
7.00%, 04/03/2049^(a)		725,000	659,938
Suzano Austria GmbH, 2.50%, 09/15/2028		701,000	570,586
			2,780,368

Canada–0.36%
1011778 BC ULC/New Red Finance, Inc.,
3.88%, 01/15/2028^(a)		97,000	84,394
4.00%, 10/15/2030^(a)		527,000	424,622
Hudbay Minerals, Inc., 6.13%, 04/01/2029^(a)(b)		468,000	380,199
Precision Drilling Corp.,
7.13%, 01/15/2026^(a)		86,000	80,953
6.88%, 01/15/2029^(a)		385,000	345,139
Transcanada Trust, Series 16-A, 5.88%, 08/15/2076^(c)		1,455,000	1,385,887
			2,701,194

Chile–0.56%
AES Andes S.A., 6.35%, 10/07/2079^(a)(c)		750,000	666,064
Kenbourne Invest S.A., 4.70%, 01/22/2028^(a)		1,350,000	1,035,463
Mercury Chile Holdco LLC, 6.50%, 01/24/2027^(a)		2,900,000	2,518,418
			4,219,945

Colombia–0.66%
Bancolombia S.A., 4.88%, 10/18/2027^(c)		2,800,000	2,616,600
Colombia Government International Bond, 4.13%, 02/22/2042		2,225,000	1,388,014
Ecopetrol S.A., 4.63%, 11/02/2031		1,318,000	1,001,680
			5,006,294


	Principal Amount		Value
Denmark–0.16%
Danske Bank A/S, 7.00%^(a)(c)(d)	$	1,300,000	$ 1,225,714

Dominican Republic–0.18%
Dominican Republic International Bond,
4.50%, 01/30/2030^(a)		305,000	245,699
4.88%, 09/23/2032^(a)		920,000	710,182
5.30%, 01/21/2041^(a)		550,000	383,098
			1,338,979

Ecuador–0.10%
Ecuador Government International Bond,
5.00%, 07/31/2030^(a)(e)		700,000	455,890
0.00%, 07/31/2030^(a)(f)		750,000	313,439
			769,329

Egypt–0.26%
Egypt Government International Bond,
7.63%, 05/29/2032^(a)		1,350,000	887,915
8.50%, 01/31/2047^(a)		1,050,000	625,209
8.88%, 05/29/2050^(a)		725,000	442,529
			1,955,653

El Salvador–0.01%
El Salvador Government International Bond, 5.88%, 01/30/2025^(a)		250,000	90,265

France–1.24%
Altice France S.A.,
8.13%, 02/01/2027^(a)		463,000	426,955
5.13%, 07/15/2029^(a)		448,000	339,649
5.50%, 10/15/2029^(a)		315,000	241,600
BNP Paribas S.A., 7.38%^(a)(c)(d)		800,000	792,514
Credit Agricole S.A.,
8.13%^(a)(c)(d)		750,000	770,831
6.88%^(a)(c)(d)		750,000	724,490
Electricite de France S.A., 5.25%^(a)(c)(d)		800,000	757,820
Iliad Holding S.A.S.,
6.50%, 10/15/2026^(a)		200,000	180,354
7.00%, 10/15/2028^(a)(b)		764,000	665,788
Societe Generale S.A.,
7.38%^(a)(c)(d)		750,000	722,883
4.75%^(a)(c)(d)		2,250,000	1,833,937
TotalEnergies Capital International S.A., 3.13%, 05/29/2050		2,600,000	1,992,789
			9,449,610

Guatemala–0.21%
CT Trust, 5.13%, 02/03/2032^(a)		817,000	656,239
Guatemala Government Bond,
4.90%, 06/01/2030^(a)		480,000	439,321
3.70%, 10/07/2033^(a)		687,000	530,433
			1,625,993

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

Invesco V.I. Global Strategic Income Fund


	Principal Amount		Value
Hong Kong–0.43%
Melco Resorts Finance Ltd.,
4.88%, 06/06/2025^(a)	$	3,750,000	$ 2,807,850
5.75%, 07/21/2028^(a)		725,000	467,625
			3,275,475

India–1.07%
Adani Electricity Mumbai Ltd.,
3.95%, 02/12/2030^(a)		1,500,000	1,226,361
3.87%, 07/22/2031^(a)		750,000	593,231
JSW Steel Ltd., 3.95%, 04/05/2027^(a)		1,740,000	1,404,566
Muthoot Finance Ltd., 4.40%, 09/02/2023^(a)		1,500,000	1,460,175
Network i2i Ltd.,
5.65%^(a)(c)(d)		450,000	418,592
3.98%^(a)(c)(d)		450,000	376,904
Oil & Natural Gas Corp. Ltd., 3.38%, 12/05/2029^(a)		1,500,000	1,324,110
Reliance Industries Ltd., 4.88%, 02/10/2045^(a)		1,400,000	1,321,580
			8,125,519

Indonesia–1.62%
PT Bank Tabungan Negara (Persero) Tbk, 4.20%, 01/23/2025^(a)		2,610,000	2,469,712
PT Cikarang Listrindo Tbk, 4.95%, 09/14/2026^(a)		2,025,000	1,879,595
PT Indofood CBP Sukses Makmur Tbk, 4.75%, 06/09/2051^(a)		2,900,000	1,950,224
PT Indonesia Asahan Aluminium (Persero), 4.75%, 05/15/2025^(a)		2,950,000	2,935,353
PT Pertamina (Persero), 4.18%, 01/21/2050^(a)		725,000	569,466
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara,
4.13%, 05/15/2027^(a)		1,500,000	1,443,608
4.38%, 02/05/2050^(a)		1,400,000	1,032,612
			12,280,570

Iraq–0.06%
Iraq International Bond, 5.80%, 01/15/2028^(a)		525,000	473,185

Ireland–0.47%
Coriolanus DAC,
Series 116, 0.00%, 04/30/2025^(a)(f)		427,013	407,807
Series 119, 0.00%, 04/30/2025^(a)(f)		454,289	433,857
Series 120, 0.00%, 04/30/2025^(a)(f)		568,656	543,079
Series 122, 0.00%, 04/30/2025^(a)(f)		498,231	475,823
Series 124, 0.00%, 04/30/2025^(a)(f)		400,163	382,165
Series 126, 0.00%, 04/30/2025^(a)		447,669	427,534
Series 127, 0.00%, 04/30/2025^(a)(f)		518,532	495,210
0.00%, 04/30/2025^(a)(f)		406,965	388,661
			3,554,136


	Principal Amount		Value
Ivory Coast–0.11%
Ivory Coast Government International Bond, 5.38%, 07/23/2024^(a)	$	900,000	$ 842,625

Japan–0.13%
Takeda Pharmaceutical Co. Ltd., 3.18%, 07/09/2050		1,300,000	975,123

Kazakhstan–0.12%
Development Bank of Kazakhstan JSC, 5.75%, 05/12/2025^(a)		889,000	888,652

Macau–0.40%
MGM China Holdings Ltd.,
5.38%, 05/15/2024^(a)		1,505,000	1,284,465
5.25%, 06/18/2025^(a)		1,200,000	922,399
Wynn Macau Ltd., 4.88%, 10/01/2024^(a)		1,160,000	864,200
			3,071,064

Mexico–2.43%
Alpek S.A.B. de C.V., 3.25%, 02/25/2031^(a)		656,000	527,237
America Movil S.A.B. de C.V., 5.38%, 04/04/2032^(a)		2,024,000	1,800,642
Banco Mercantil del Norte S.A.,
5.88%^(a)(c)(d)		710,000	589,300
8.38%^(a)(c)(d)		650,000	628,462
Braskem Idesa S.A.P.I.,
7.45%, 11/15/2029^(a)		1,450,000	1,246,485
6.99%, 02/20/2032^(a)		893,000	691,937
Cemex S.A.B. de C.V., 5.13%^(a)(c)(d)		965,000	821,847
Mexico Remittances Funding Fiduciary Estate Management S.a.r.l., 4.88%, 01/15/2028^(a)		3,905,000	3,169,298
Nemak S.A.B. de C.V., 3.63%, 06/28/2031^(a)		1,195,000	836,416
Petroleos Mexicanos,
6.50%, 03/13/2027		4,518,000	3,931,021
8.75%, 06/02/2029^(a)(b)		3,000,000	2,721,720
7.69%, 01/23/2050		725,000	495,237
6.95%, 01/28/2060		1,575,000	974,374
			18,433,976

Morocco–0.07%
OCP S.A., 3.75%, 06/23/2031^(a)		750,000	568,541

Netherlands–0.79%
ING Groep N.V.,
6.50%^(c)(d)		2,400,000	2,266,108
5.75%^(c)(d)		2,900,000	2,655,922
6.75%^(a)(c)(d)		700,000	678,083
VZ Secured Financing B.V., 5.00%, 01/15/2032^(a)		519,000	431,850
			6,031,963

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

Invesco V.I. Global Strategic Income Fund


	Principal Amount		Value
Nigeria–0.23%
Nigeria Government International Bond,
6.50%, 11/28/2027^(a)	$	750,000	$ 573,390
8.38%, 03/24/2029^(a)		789,000	602,599
7.88%, 02/16/2032^(a)		805,000	562,896
			1,738,885

Norway–0.25%
DNB Bank ASA, 4.88%^(a)(c)(d)		2,050,000	1,918,031

Oman–0.55%
Oman Government International Bond,
4.75%, 06/15/2026^(a)		3,018,000	2,883,382
6.75%, 01/17/2048^(a)		1,500,000	1,298,325
			4,181,707

Panama–0.08%
Cable Onda S.A., 4.50%, 01/30/2030^(a)		750,000	630,893

Peru–0.22%
Fondo MIVIVIENDA S.A., 4.63%, 04/12/2027^(a)		1,712,000	1,659,127

South Africa–0.21%
Sasol Financing USA LLC, 4.38%, 09/18/2026		840,000	741,665
Stillwater Mining Co., 4.00%, 11/16/2026^(a)		1,000,000	835,750
			1,577,415

Sweden–0.54%
Skandinaviska Enskilda Banken AB, 5.13%^(a)(c)(d)		2,800,000	2,551,500
Swedbank AB, Series NC5, 5.63%^(a)(c)(d)		1,600,000	1,529,000
			4,080,500

Switzerland–1.40%
Credit Suisse Group AG,
7.50%^(a)(c)(d)		1,450,000	1,341,250
6.25%^(a)(c)(d)		3,015,000	2,754,022
Swiss Re Finance (Luxembourg) S.A., 5.00%, 04/02/2049^(a)(c)		1,680,000	1,594,950
UBS Group AG,
7.00%^(a)(c)(d)		3,130,000	3,109,542
5.13%^(a)(c)(d)		2,070,000	1,861,545
			10,661,309

Thailand–0.18%
GC Treasury Center Co. Ltd., 4.40%, 03/30/2032^(a)		750,000	689,744
Muang Thai Life Assurance PCL, 3.55%, 01/27/2037^(a)(c)		750,000	674,033
			1,363,777

United Kingdom–2.13%
abrdn PLC, 4.25%, 06/30/2028^(a)		675,000	634,500
BP Capital Markets PLC, 4.88%^(c)(d)		910,000	795,131
British Telecommunications PLC, 4.25%, 11/23/2081^(a)(c)		4,350,000	3,794,325


	Principal Amount		Value
United Kingdom–(continued)
HSBC Holdings PLC,
6.00%^(c)(d)	$	1,125,000	$ 1,011,094
6.50%^(c)(d)		725,000	658,363
M&G PLC, 6.50%, 10/20/2048^(a)(c)		675,000	694,406
NatWest Group PLC, 6.00%^(c)(d)		1,500,000	1,391,861
Prudential PLC, 4.88%^(a)(d)		1,450,000	1,341,250
Standard Chartered PLC, 7.75%^(a)(c)(d)		2,600,000	2,571,199
Virgin Media Finance PLC, 5.00%, 07/15/2030^(a)		348,000	276,726
Virgin Media Secured Finance PLC, 5.50%, 05/15/2029^(a)		130,000	116,498
Vodafone Group PLC,
3.25%, 06/04/2081^(b)(c)		2,743,000	2,281,915
4.13%, 06/04/2081^(c)		769,000	577,405
			16,144,673

United Republic of Tanzania–0.15%
HTA Group Ltd., 7.00%, 12/18/2025^(a)		1,370,000	1,177,378

United States–20.10%
AECOM, 5.13%, 03/15/2027		189,000	179,111
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026^(a)		1,159,000	1,128,142
Alcoa Nederland Holding B.V., 6.13%, 05/15/2028^(a)		2,010,000	1,958,413
Allison Transmission, Inc.,
4.75%, 10/01/2027^(a)		114,000	104,438
3.75%, 01/30/2031^(a)		1,014,000	814,465
Ally Financial, Inc.,
5.75%, 11/20/2025		521,000	514,117
8.00%, 11/01/2031		254,000	282,677
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026^(a)		2,378,000	2,193,229
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028^(a)		502,000	430,919
Apache Corp., 7.75%, 12/15/2029		392,000	416,412
Arconic Corp., 6.13%, 02/15/2028^(a)		4,070,000	3,808,930
Asbury Automotive Group, Inc.,
4.50%, 03/01/2028		130,000	112,955
4.63%, 11/15/2029^(a)		628,000	519,783
Bausch Health Cos., Inc.,
4.88%, 06/01/2028^(a)		265,000	207,924
5.25%, 02/15/2031^(a)		2,736,000	1,408,219
Becton, Dickinson and Co., 3.79%, 05/20/2050^(b)		2,600,000	2,151,174
Boeing Co. (The), 4.51%, 05/01/2023		3,000,000	3,008,246
Callon Petroleum Co., 8.00%, 08/01/2028^(a)(b)		488,000	469,493
Calpine Corp., 3.75%, 03/01/2031^(a)		527,000	429,742
Camelot Finance S.A., 4.50%, 11/01/2026^(a)		1,461,000	1,334,761
Carnival Corp., 10.50%, 02/01/2026^(a)		1,863,000	1,858,193

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

Invesco V.I. Global Strategic Income Fund


	Principal Amount		Value
United States–(continued)
Carriage Services, Inc., 4.25%, 05/15/2029^(a)	$	1,020,000	$ 831,060
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.00%, 03/01/2023^(a)		61,000	60,644
5.13%, 05/01/2027^(a)		253,000	239,588
5.00%, 02/01/2028^(a)		550,000	509,385
4.75%, 03/01/2030^(a)		1,683,000	1,444,544
4.50%, 08/15/2030^(a)		2,186,000	1,821,994
4.50%, 05/01/2032		837,000	680,552
4.25%, 01/15/2034^(a)		175,000	135,796
Centene Corp.,
4.25%, 12/15/2027		816,000	764,241
4.63%, 12/15/2029		474,000	443,396
Charles Schwab Corp. (The), Series G, 5.38%^(b)(c)(d)		3,025,000	3,002,313
Citigroup, Inc., 3.88%^(c)(d)		1,873,000	1,559,273
Clarios Global L.P., 6.75%, 05/15/2025^(a)		110,000	109,108
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027^(a)		100,000	96,855
Clarivate Science Holdings Corp., 4.88%, 07/01/2029^(a)		519,000	427,664
Clearway Energy Operating LLC, 4.75%, 03/15/2028^(a)		564,000	508,360
Clydesdale Acquisition Holdings, Inc., 6.63%, 04/15/2029^(a)		476,000	447,947
Cogent Communications Group, Inc., 7.00%, 06/15/2027^(a)		208,000	199,529
Community Health Systems, Inc.,
8.00%, 03/15/2026^(a)		1,837,000	1,678,228
8.00%, 12/15/2027^(a)		585,000	532,245
5.25%, 05/15/2030^(a)		341,000	259,747
4.75%, 02/15/2031^(a)		227,000	166,816
Cox Communications, Inc., 2.95%, 10/01/2050^(a)		956,000	634,827
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 8.00%, 04/01/2029^(a)		727,000	676,568
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		1,041,000	901,876
Crown Castle International Corp., 3.25%, 01/15/2051		1,300,000	935,213
CSC Holdings LLC,
5.88%, 09/15/2022		100,000	99,646
5.50%, 04/15/2027^(a)		304,000	276,047
6.50%, 02/01/2029^(a)		280,000	253,434
5.75%, 01/15/2030^(a)		780,000	569,579
4.50%, 11/15/2031^(a)		256,000	198,221
5.00%, 11/15/2031^(a)		200,000	135,118
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028^(a)		519,000	444,207
CVS Health Corp., 5.05%, 03/25/2048		1,500,000	1,438,033
Dana, Inc., 5.38%, 11/15/2027		42,000	36,467


	Principal Amount		Value
United States–(continued)
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028^(a)	$	513,000	$ 462,636
Dell International LLC/EMC Corp., 6.20%, 07/15/2030		2,600,000	2,708,740
DISH DBS Corp., 7.75%, 07/01/2026		150,000	117,451
DISH Network Corp., Conv., 3.38%, 08/15/2026		100,000	67,800
Diversified Healthcare Trust,
4.75%, 05/01/2024		247,000	221,925
9.75%, 06/15/2025		261,000	257,842
4.38%, 03/01/2031		194,000	132,171
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029^(a)		102,000	88,237
Earthstone Energy Holdings LLC, 8.00%, 04/15/2027^(a)		758,000	718,323
Encompass Health Corp., 4.50%, 02/01/2028^(b)		494,000	423,805
EnerSys,
5.00%, 04/30/2023^(a)		497,000	493,342
4.38%, 12/15/2027^(a)		536,000	472,706
EnPro Industries, Inc., 5.75%, 10/15/2026		901,000	871,145
Entegris Escrow Corp.,
4.75%, 04/15/2029^(a)		476,000	444,133
5.95%, 06/15/2030^(a)		461,000	439,582
EQM Midstream Partners L.P.,
7.50%, 06/01/2027^(a)		148,000	143,055
6.50%, 07/01/2027^(a)		470,000	437,843
4.75%, 01/15/2031^(a)		237,000	189,687
Everi Holdings, Inc., 5.00%, 07/15/2029^(a)		508,000	429,941
Expedia Group, Inc., 2.95%, 03/15/2031^(b)		1,151,000	916,705
FedEx Corp., 4.05%, 02/15/2048		1,500,000	1,258,581
FirstCash, Inc., 5.63%, 01/01/2030^(a)		475,000	410,932
Ford Motor Co.,
3.25%, 02/12/2032		509,000	382,450
4.75%, 01/15/2043		241,000	172,445
Ford Motor Credit Co. LLC,
5.13%, 06/16/2025		4,704,000	4,501,916
3.38%, 11/13/2025		206,000	186,146
4.39%, 01/08/2026		138,000	127,464
4.95%, 05/28/2027^(b)		500,000	465,520
5.11%, 05/03/2029		638,000	573,309
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028^(a)		864,000	715,625
Freeport-McMoRan, Inc., 4.63%, 08/01/2030^(b)		2,710,000	2,518,918
Gap, Inc. (The), 3.63%, 10/01/2029^(a)		803,000	565,348
Gartner, Inc.,
4.50%, 07/01/2028^(a)		482,000	443,440
3.63%, 06/15/2029^(a)		247,000	214,418

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

Invesco V.I. Global Strategic Income Fund


	Principal Amount		Value
United States–(continued)
Genesis Energy L.P./Genesis Energy Finance Corp.,
6.50%, 10/01/2025	$	150,000	$ 138,578
6.25%, 05/15/2026		274,000	245,197
8.00%, 01/15/2027		386,000	342,691
7.75%, 02/01/2028		112,000	97,042
Global Medical Response, Inc., 6.50%, 10/01/2025^(a)		23,000	20,525
Gray Escrow II, Inc., 5.38%, 11/15/2031^(a)(b)		743,000	596,930
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029^(a)		510,000	442,008
Group 1 Automotive, Inc., 4.00%, 08/15/2028^(a)		1,010,000	846,131
HCA, Inc.,
5.38%, 02/01/2025		562,000	560,755
5.63%, 09/01/2028		163,000	160,651
4.13%, 06/15/2029		491,000	448,157
3.50%, 09/01/2030^(b)		615,000	524,967
Hess Midstream Operations L.P., 5.63%, 02/15/2026^(a)		465,000	443,849
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028^(a)		173,000	163,377
6.00%, 04/15/2030^(a)		374,000	325,986
6.25%, 04/15/2032^(a)		374,000	329,139
Holly Energy Partners L.P./Holly Energy Finance Corp., 6.38%, 04/15/2027^(a)		457,000	431,079
Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027^(a)		505,000	435,847
Intrado Corp., 5.38%, 07/15/2022^(a)		332,000	332,191
iStar, Inc.,
4.75%, 10/01/2024		794,000	748,763
5.50%, 02/15/2026		185,000	173,706
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026^(a)		560,000	538,336
Jabil, Inc., 3.00%, 01/15/2031		1,300,000	1,093,106
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029^(a)		489,000	436,093
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc.,
5.13%, 02/01/2028^(a)		1,105,000	1,081,126
5.75%, 04/01/2033^(a)		550,000	525,135
JPMorgan Chase & Co., Series KK, 3.65%^(b)(c)(d)		3,418,000	2,807,887
Kontoor Brands, Inc., 4.13%, 11/15/2029^(a)		522,000	415,413
Kraft Heinz Foods Co. (The), 5.20%, 07/15/2045		3,510,000	3,255,845
Lamar Media Corp.,
4.88%, 01/15/2029^(b)		764,000	689,068
4.00%, 02/15/2030		1,402,000	1,179,574
3.63%, 01/15/2031		100,000	82,005
LCM Investments Holdings II LLC, 4.88%, 05/01/2029^(a)		304,000	232,251


	Principal Amount		Value
United States–(continued)
Lennar Corp.,
4.50%, 04/30/2024	$	89,000	$ 88,857
4.75%, 05/30/2025		244,000	243,909
5.00%, 06/15/2027		381,000	378,167
Level 3 Financing, Inc., 3.75%, 07/15/2029^(a)(b)		762,000	590,550
Lithia Motors, Inc., 3.88%, 06/01/2029^(a)		502,000	427,486
Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039		445,000	349,832
Macy’s Retail Holdings LLC,
5.88%, 04/01/2029^(a)		480,000	409,476
5.88%, 03/15/2030^(a)		227,000	190,862
4.50%, 12/15/2034		269,000	192,063
Magallanes, Inc., 3.43%, 03/15/2024^(a)		3,000,000	2,943,602
Marriott International, Inc.,
Series FF, 4.63%, 06/15/2030		255,000	244,722
Series GG, 3.50%, 10/15/2032		3,640,000	3,144,183
Match Group Holdings II LLC, 4.63%, 06/01/2028^(a)		743,000	674,837
Mativ, Inc., 6.88%, 10/01/2026^(a)		2,198,000	1,959,132
Mattel, Inc.,
6.20%, 10/01/2040		725,000	694,148
5.45%, 11/01/2041		725,000	637,781
Medline Borrower L.P., 3.88%, 04/01/2029^(a)		256,000	218,911
MGM Resorts International,
6.00%, 03/15/2023		758,000	757,594
4.63%, 09/01/2026		221,000	196,468
Micron Technology, Inc., 4.66%, 02/15/2030		424,000	407,024
Midwest Gaming Borrower LLC/ Midwest Gaming Finance Corp., 4.88%, 05/01/2029^(a)		514,000	419,750
Mohegan Gaming & Entertainment, 8.00%, 02/01/2026^(a)		486,000	414,531
Mueller Water Products, Inc., 4.00%, 06/15/2029^(a)		500,000	436,835
Murphy Oil Corp., 6.13%, 12/01/2042		195,000	146,127
Murray Energy Corp., 3.00% PIK Rate, 9.00% Cash Rate, 04/15/2024^(a)(g)		2,352,945	12,000
Nabors Industries, Inc., 7.38%, 05/15/2027^(a)		473,000	449,944
Navient Corp.,
6.13%, 03/25/2024		288,000	273,600
5.88%, 10/25/2024		210,000	193,390
6.75%, 06/25/2025		203,000	183,504
6.75%, 06/15/2026		110,000	97,511
5.00%, 03/15/2027		277,000	228,241
5.63%, 08/01/2033		282,000	196,237
NESCO Holdings II, Inc., 5.50%, 04/15/2029^(a)		494,000	415,172

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

Invesco V.I. Global Strategic Income Fund


	Principal Amount		Value
United States–(continued)
Netflix, Inc.,
5.88%, 11/15/2028	$	387,000	$ 379,341
5.38%, 11/15/2029^(a)		262,000	248,060
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028^(a)		54,000	44,468
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026^(a)		400,000	361,410
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026		649,000	486,263
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026^(a)		240,000	221,952
Novelis Corp., 4.75%, 01/30/2030^(a)		469,000	390,719
Occidental Petroleum Corp.,
6.95%, 07/01/2024		165,000	170,241
8.50%, 07/15/2027		87,000	95,881
6.13%, 01/01/2031		262,000	266,092
6.20%, 03/15/2040		249,000	245,780
Omnicare, Inc., 4.75%12/01/2022		1,765,000	1,769,615
OneMain Finance Corp.,
6.88%, 03/15/2025		434,000	412,200
7.13%, 03/15/2026		543,000	503,128
3.88%, 09/15/2028		274,000	210,000
5.38%, 11/15/2029		106,000	86,097
Papa John’s International, Inc., 3.88%, 09/15/2029^(a)		521,000	430,528
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028^(a)		250,000	217,030
Plains All American Pipeline L.P./PAA Finance Corp.,
4.50%, 12/15/2026		2,900,000	2,852,510
3.80%, 09/15/2030		780,000	690,282
Prestige Brands, Inc., 3.75%, 04/01/2031^(a)		775,000	643,893
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026^(a)		482,000	421,225
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027		535,000	475,377
Rockies Express Pipeline LLC,
4.95%, 07/15/2029^(a)		207,000	177,341
4.80%, 05/15/2030^(a)		445,000	371,230
6.88%, 04/15/2040^(a)		351,000	291,107
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029^(a)		63,000	53,686
RR Donnelley & Sons Co., 8.25%, 07/01/2027		165,000	157,163
SBA Communications Corp., 3.88%, 02/15/2027		747,000	683,613
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030^(a)		595,000	506,684
Scripps Escrow II, Inc., 3.88%, 01/15/2029^(a)		509,000	427,486
Seagate HDD Cayman, 4.13%, 01/15/2031		1,040,000	852,020


	Principal Amount		Value
United States–(continued)
Select Medical Corp., 6.25%, 08/15/2026^(a)(b)	$	472,000	$ 441,547
Sempra Energy, 4.13%, 04/01/2052^(c)		4,350,000	3,497,250
Sensata Technologies B.V.,
4.88%, 10/15/2023^(a)		1,407,000	1,386,695
5.63%, 11/01/2024^(a)		163,000	161,139
Sensata Technologies, Inc., 3.75%, 02/15/2031^(a)		307,000	246,592
Service Properties Trust, 4.38%, 02/15/2030		591,000	395,208
Sirius XM Radio, Inc.,
3.13%, 09/01/2026^(a)		869,000	777,685
4.00%, 07/15/2028^(a)		404,000	350,892
Sonic Automotive, Inc., 4.63%, 11/15/2029^(a)(b)		945,000	733,466
Southern Co. (The),
Series B, 4.00%, 01/15/2051^(c)		3,271,000	2,940,564
Series 21-A, 3.75%, 09/15/2051^(c)		2,263,000	1,928,461
Sprint Capital Corp., 8.75%, 03/15/2032		341,000	411,498
Sprint Corp., 7.63%, 03/01/2026		421,000	444,499
SS&C Technologies, Inc., 5.50%, 09/30/2027^(a)		917,000	858,037
SunCoke Energy, Inc., 4.88%, 06/30/2029^(a)		518,000	414,624
Sunoco L.P./Sunoco Finance Corp.,
6.00%, 04/15/2027		70,000	66,861
5.88%, 03/15/2028		487,000	444,910
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.,
6.50%, 07/15/2027		70,000	71,822
5.00%, 01/15/2028		246,000	234,563
5.50%, 03/01/2030		75,000	71,700
4.88%, 02/01/2031		82,000	74,902
Tenet Healthcare Corp., 4.88%, 01/01/2026^(a)		707,000	652,890
Terminix Co. LLC (The), 7.45%, 08/15/2027		480,000	538,740
T-Mobile USA, Inc.,
4.75%, 02/01/2028		1,212,000	1,177,216
3.38%, 04/15/2029		1,072,000	941,114
Twilio, Inc., 3.63%, 03/15/2029		515,000	433,947
Uber Technologies, Inc., Conv., 0.00%, 12/15/2025^(f)		2,800,000	2,247,610
United Airlines, Inc., 4.38%, 04/15/2026^(a)		1,455,000	1,287,268
United States International Development Finance Corp., Series 4, 3.13%, 04/15/2028		480,000	472,414
Universal Health Services, Inc., 2.65%, 10/15/2030^(a)		1,460,000	1,169,109
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		505,000	448,892

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

Invesco V.I. Global Strategic Income Fund


	Principal Amount		Value
United States–(continued)
Valaris Ltd.,
12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028^(a)(h)	$	177,000	$ 171,952
Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028^(h)		335,000	325,446
Valvoline, Inc., 3.63%, 06/15/2031^(a)		433,000	347,223
Viatris, Inc., 3.85%, 06/22/2040		780,000	553,631
Vistra Corp., 7.00%^(a)(c)(d)		83,000	75,488
Vistra Operations Co. LLC,
5.50%, 09/01/2026^(a)		87,000	82,315
5.63%, 02/15/2027^(a)		149,000	140,404
5.00%, 07/31/2027^(a)		326,000	297,032
4.38%, 05/01/2029^(a)(b)		517,000	434,055
WMG Acquisition Corp., 3.75%, 12/01/2029^(a)		764,000	639,258
WRKCo, Inc., 3.00%, 06/15/2033^(b)		1,820,000	1,544,849
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029^(a)		494,000	389,801
Yum! Brands, Inc., 5.38%, 04/01/2032		461,000	426,324
			152,675,614

Zambia–0.33%
First Quantum Minerals Ltd., 6.88%, 10/15/2027^(a)		2,800,000	2,508,184
Total U.S. Dollar Denominated Bonds & Notes (Cost $339,749,714)			292,625,767

Non-U.S. Dollar Denominated Bonds & Notes–31.91%⁽ⁱ⁾
Argentina–2.34%
Argentina Treasury Bond BONCER,
1.40%, 03/25/2023	ARS	434,000,000	8,287,900
1.50%, 03/25/2024	ARS	248,481,000	3,968,743
4.00%, 04/27/2025	ARS	29,500,000	1,152,022
2.00%, 11/09/2026	ARS	380,000,000	4,377,530
			17,786,195

Australia–0.38%
Australia Government Bond, 1.00%, 02/21/2050^(a)	AUD	4,500,000	2,874,331

Austria–0.07%
Erste Group Bank AG,
4.25%^(a)(c)(d)	EUR	600,000	497,357

Belgium–0.50%
KBC Group N.V.,
4.25%^(a)(c)(d)	EUR	2,000,000	1,820,872
4.75%^(a)(c)(d)	EUR	1,000,000	993,965
Kingdom of Belgium Government Bond, Series 88, 1.70%, 06/22/2050^(a)	EUR	1,114,000	955,983
			3,770,820


	Principal Amount		Value
Brazil–6.99%
Brazil Notas do Tesouro Nacional,
Series B, 6.00%, 08/15/2026	BRL	20,300,000	$ 15,964,205
Series B, 6.00%, 05/15/2055	BRL	2,300,000	1,761,766
Series F, 10.00%, 01/01/2029	BRL	206,750,000	34,661,881
Swiss Insured Brazil Power Finance S.a r.l., 9.85%, 07/16/2032^(a)	BRL	3,981,128	661,816
			53,049,668

Chile–0.42%
Bonos de la Tesoreria de la Republica en pesos, 2.80%, 10/01/2033^(a)	CLP	4,000,000,000	3,154,911

China–5.96%
China Development Bank, Series 2103, 3.30%, 03/03/2026	CNY	270,000,000	40,641,361
China Government Bond, 3.53%, 10/18/2051	CNY	30,000,000	4,647,080
			45,288,441

Colombia–2.07%
Colombian TES,
Series B, 7.75%, 09/18/2030	COP	31,000,000,000	6,072,305
Series B, 9.25%, 05/28/2042	COP	4,875,000,000	945,344
Series B, 7.25%, 10/26/2050	COP	21,750,000,000	3,322,864
Colombian Titulos De Tesoreria, Series B, 7.00%, 06/30/2032	COP	30,000,000,000	5,364,404
			15,704,917

Czech Rep–0.10%
CPI Property Group S.A., 4.88%^(a)(c)(d)	EUR	1,300,000	792,331

Egypt–0.08%
Egypt Government International Bond, 4.75%, 04/16/2026^(a)	EUR	800,000	628,874

France–0.80%
Accor S.A., 4.38%^(a)(c)(d)	EUR	800,000	734,663
BPCE S.A., Series NC5, 1.50%, 01/13/2042^(a)(c)	EUR	2,000,000	1,801,363
Credit Agricole S.A.,
4.00%^(a)(c)(d)	EUR	500,000	446,217
7.50%^(a)(c)(d)	GBP	890,000	1,056,394
Electricite de France S.A., 5.38%^(a)(c)(d)	EUR	2,100,000	2,018,119
			6,056,756

Germany–0.40%
Bayer AG, 2.38%, 11/12/2079^(a)(c)	EUR	1,500,000	1,330,910
Deutsche Lufthansa AG, 4.38%, 08/12/2075^(a)(c)	EUR	1,400,000	1,182,873

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

Invesco V.I. Global Strategic Income Fund


	Principal Amount		Value
Germany–(continued)
Volkswagen International Finance N.V., 4.63%^(a)(c)(d)	EUR	520,000	$ 515,644
			3,029,427

Greece–0.29%
Hellenic Republic Government Bond,
1.88%, 01/24/2052^(a)	EUR	3,373,000	2,163,544
Series GDP, 0.00%, 10/15/2042	EUR	23,730,000	43,519
			2,207,063

Ivory Coast–0.11%
Ivory Coast Government International Bond, 4.88%, 01/30/2032^(a)	EUR	1,150,000	870,474

Malaysia–0.15%
Malaysia Government Bond, Series 317, 4.76%, 04/07/2037	MYR	5,100,000	1,173,248

Mexico–1.64%
Mexican Bonos, Series M, 7.75%, 05/29/2031	MXN	272,150,000	12,458,649

Netherlands–0.37%
Cooperatieve Rabobank U.A., 4.38%^(a)(c)(d)	EUR	3,000,000	2,773,514

New Zealand–0.50%
New Zealand Government Bond, Series 551, 2.75%, 05/15/2051	NZD	8,000,000	3,827,940

Poland–1.13%
Republic of Poland Government Bond, Series 432, 1.75%, 04/25/2032	PLN	60,000,000	8,614,942

Romania–0.11%
Romanian Government International Bond, 2.00%, 04/14/2033^(a)	EUR	1,209,000	824,669

Russia–0.00%
Mos.ru, 5.00%, 08/22/2034	RUB	22,725,040	0
Russian Federal Bond -OFZ,
Series 6212, 7.05%, 01/19/2028^(j)	RUB	125,000,000	0
Series 6226, 7.95%, 10/07/2026^(j)	RUB	300,000,000	0
			0

South Africa–3.47%
Republic of South Africa Government Bond,
Series 2030, 8.00%, 01/31/2030	ZAR	142,000,000	7,585,844
Series 2032, 8.25%, 03/31/2032	ZAR	68,700,000	3,537,245
Series 2035, 8.88%, 02/28/2035	ZAR	70,000,000	3,608,483
Series 2037, 8.50%, 01/31/2037	ZAR	239,400,000	11,633,203
			26,364,775


	Principal Amount		Value
Spain–1.16%
Banco Bilbao Vizcaya Argentaria S.A.,
6.00%^(a)(c)(d)	EUR	600,000	$ 591,451
6.00%^(a)(c)(d)	EUR	200,000	191,151
Banco Santander S.A.,
4.38%^(a)(c)(d)	EUR	1,800,000	1,592,470
4.13%(5 yr. EUR Swap Rate + 4.31%)^(c)(d)	EUR	1,000,000	788,455
CaixaBank S.A.,
5.25%^(a)(c)(d)	EUR	1,000,000	894,032
5.88%^(a)(c)(d)	EUR	800,000	739,329
Repsol International Finance B.V., 3.75%^(a)(c)(d)	EUR	1,500,000	1,420,627
Telefonica Europe B.V.,
2.88%^(a)(c)(d)	EUR	1,500,000	1,266,681
4.38%^(a)(c)(d)	EUR	1,300,000	1,302,774
			8,786,970

Supranational–0.64%
African Development Bank, 0.00%, 01/17/2050^(f)	ZAR	78,000,000	478,465
Corp. Andina de Fomento, 6.82%, 02/22/2031^(a)	MXN	81,800,000	3,390,473
International Finance Corp.,
0.00%, 02/15/2029^(a)(f)	TRY	3,700,000	31,925
0.00%, 03/23/2038^(f)	MXN	90,000,000	972,078
			4,872,941

Sweden–0.05%
Heimstaden Bostad AB, 3.38%^(a)(c)(d)	EUR	650,000	404,423

Switzerland–0.32%
Credit Suisse Group AG, 2.88%, 04/02/2032^(a)(c)	EUR	1,500,000	1,324,330
Dufry One B.V., 2.00%, 02/15/2027^(a)	EUR	1,400,000	1,104,884
			2,429,214

United Kingdom–1.86%
Alba PLC, Series 2006-2, Class F, 4.47% (SONIA + 3.37%), 12/15/2038^(a)(k)	GBP	631,616	730,478
Barclays PLC,
7.25%^(a)(c)(d)	GBP	1,800,000	2,160,011
6.38%(5 yr. UK Gilt Rate + 6.02%)^(a)(c)(d)	GBP	550,000	617,879
8.88%(5 yr. UK Gilt Rate + 6.96%)^(a)(c)(d)	GBP	2,375,000	2,875,557
Gatwick Airport Finance PLC, 4.38%, 04/07/2026^(a)	GBP	2,175,000	2,322,028
HSBC Holdings PLC, 5.25%^(a)(c)(d)	EUR	1,500,000	1,553,219
International Consolidated Airlines Group S.A.,
2.75%, 03/25/2025^(a)	EUR	600,000	535,523
1.50%, 07/04/2027^(a)	EUR	800,000	572,615
Nationwide Building Society, 5.75%^(a)(c)(d)	GBP	725,000	791,208

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

Invesco V.I. Global Strategic Income Fund


	Principal Amount		Value
United Kingdom–(continued)
NatWest Group PLC,
5.13%^(c)(d)	GBP	1,035,000	$ 1,068,330
4.50%^(c)(d)	GBP	900,000	864,131
			14,090,979
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $273,771,889)			242,333,829

Asset-Backed Securities–8.24%
American Credit Acceptance Receivables Trust, Series 2019-2, Class D, 3.41%, 06/12/2025^(a)	$	1,347,536	1,346,575
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036^(k)		9,154	8,970
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.63%, 01/15/2051^(l)		4,964,042	109,684
CarMax Auto Owner Trust, Series 2019-3, Class D, 2.85%, 01/15/2026		990,000	970,502
CCG Receivables Trust,
Series 2019-1, Class B, 3.22%, 09/14/2026^(a)		129,662	129,856
Series 2019-1, Class C, 3.57%, 09/14/2026^(a)		35,000	35,054
CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 1.06%, 11/13/2050^(l)		2,154,868	64,057
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 2.97%, 01/25/2036^(m)		4,901	4,445
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 1.22%, 10/12/2050^(l)		5,711,201	208,975
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-2, Class 1A3, 2.82%, 05/25/2035^(m)		193,558	188,637
Series 2006-AR1, Class 1A1, 3.15% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035^(k)		43,156	42,628
COMM Mortgage Trust,
Series 2012-CR5, Class XA, IO, 1.65%, 12/10/2045^(l)		1,826,801	2,506
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		1,600,000	1,573,350
Series 2014-CR21, Class AM, 3.99%, 12/10/2047		25,000	24,587
Series 2019-GC44, Class AM, 3.26%, 08/15/2057		1,000,000	900,113
Countrywide Home Loans Mortgage Pass-Through Trust,
Series 2005-17, Class 1A8, 5.50%, 09/25/2035		133,503	127,621
Series 2005-JA, Class A7, 5.50%, 11/25/2035		213,863	190,614


	Principal Amount		Value
CWHEQ Revolving Home Equity Loan Trust,
Series 2005-G, Class 2A, 1.55% (1 mo. USD LIBOR + 0.23%), 12/15/2035^(k)	$	3,829	$ 3,783
Series 2006-H, Class 2A1A, 1.47% (1 mo. USD LIBOR + 0.15%), 11/15/2036^(k)		8,791	6,421
Dell Equipment Finance Trust, Series 2019-2, Class D, 2.48%, 04/22/2025^(a)		1,290,000	1,289,644
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A1, 5.89%, 06/25/2036^(m)		25,805	23,334
DT Auto Owner Trust, Series 2019-2A, Class D,
3.48%, 02/18/2025^(a)		285,000	284,465
Series 2019-4A, Class D, 2.85%, 07/15/2025^(a)		2,050,000	2,024,539
Exeter Automobile Receivables Trust,
Series 2019-1A, Class D, 4.13%, 12/16/2024^(a)		1,285,796	1,289,433
Series 2019-4A, Class D, 2.58%, 09/15/2025^(a)		2,730,000	2,697,199
FREMF Mortgage Trust,
Series 2017-K62, Class B, 4.01%, 01/25/2050^(a)(m)		280,000	274,996
Series 2016-K54, Class C, 4.19%, 04/25/2048^(a)(m)		1,810,000	1,746,264
GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.57%, 07/25/2035^(m)		2,323	2,259
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class AS, 3.22%, 04/15/2046		235,000	231,960
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 2.42%, 07/25/2035^(m)		14,036	13,782
JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class B, 4.12%, 11/15/2047^(m)		680,000	647,048
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3, 1.72% (1 mo. USD LIBOR + 0.10%), 08/25/2036^(k)		686,616	271,930
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C9, Class AS, 3.46%, 05/15/2046		570,000	564,561
Series 2014-C14, Class B, 5.02%, 02/15/2047^(m)		240,000	240,162
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.92%, 12/15/2050^(l)		1,654,156	63,192
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024^(a)		1,168,825	1,167,197
Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		5,817	4,868

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

Invesco V.I. Global Strategic Income Fund


	Principal Amount		Value
Santander Retail Auto Lease Trust,
Series 2019-B, Class C, 2.77%, 08/21/2023^(a)	$	247,326	$ 247,270
Series 2019-C, Class C, 2.39%, 11/20/2023^(a)		2,365,000	2,363,388
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.12%, 11/15/2050^(l)		3,295,209	122,756
WaMu Mortgage Pass-Through Ctfs. Trust,
Series 2005-AR16, Class 1A1, 2.72%, 12/25/2035^(m)		3,211	3,139
Series 2003-AR10, Class A7, 2.50%, 10/25/2033^(m)		19,754	19,045
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 1.02%, 12/15/2050^(l)		2,743,381	105,364
WFRBS Commercial Mortgage Trust,
Series 2013-C14, Class AS, 3.49%, 06/15/2046		640,000	629,621
Series 2014-LC14, Class AS, 4.35%, 03/15/2047^(m)		395,000	391,235
Series 2014-C20, Class AS, 4.18%, 05/15/2047		490,000	482,809
Madison Park Funding XI Ltd., Series 2013-11A, Class DR, 4.43% (3 mo. USD LIBOR + 3.25%), 07/23/2029^(a)(k)		250,000	232,567
Alba PLC,
Series 2007-1, Class F, 4.49% (SONIA + 3.37%), 03/17/2039^(a)(i)(k)	GBP	912,817	1,040,877
Series 2007-1, Class E, 2.44% (SONIA + 1.32%), 03/17/2039^(a)(i)(k)	GBP	2,585,436	2,808,365
Eurohome UK Mortgages PLC,
Series 2007-1, Class B1, 2.50% (3 mo. GBP LIBOR + 0.90%), 06/15/2044^(a)(i)(k)	GBP	780,000	771,978
Series 2007-2, Class B1, 3.00% (3 mo. GBP LIBOR + 1.40%), 09/15/2044^(a)(i)(k)	GBP	872,000	914,904
Eurosail PLC,
Series 2006-2X, Class E1C, 4.85% (3 mo. GBP LIBOR + 3.25%), 12/15/2044^(a)(i)(k)	GBP	1,830,000	1,924,328
Series 2006-4X, Class E1C, 4.54% (3 mo. GBP LIBOR + 3.00%), 12/10/2044^(a)(i)(k)	GBP	1,608,336	1,822,059
Series 2007-2X, Class D1A, 0.52% (3 mo. EURIBOR + 0.80%), 03/13/2045^(a)(i)(k)	EUR	3,360,000	2,891,579
Series 2006-2X, Class D1A, 0.52% (3 mo. EURIBOR + 0.80%), 12/15/2044^(a)(i)(k)	EUR	2,700,000	2,218,629
Great Hall Mortgages No. 1 PLC, Series 2007-2X, Class EB, 3.58% (3 mo. EURIBOR + 3.75%), 06/18/2039^(a)(i)(k)	EUR	1,780,000	1,733,900


	Principal Amount		Value
Hawksmoor Mortgage Funding PLC,
Series 2019-1X, Class G, 4.52% (SONIA + 3.50%), 05/25/2053^(a)(i)(k)	GBP	1,654,000	$ 2,012,976
Series 2019-1X, Class F, 4.52% (SONIA + 3.50%), 05/25/2053^(a)(i)(k)	GBP	2,700,000	3,287,039
Ludgate Funding PLC, Series 2007-1, Class MA, 1.93% (3 mo. GBP LIBOR + 0.24%), 01/01/2061^(a)(i)(k)	GBP	1,082,061	1,188,179
Stratton Mortgage Funding PLC,
Series 2021-1, Class D, 3.29% (SONIA + 2.10%), 09/25/2051^(a)(i)(k)	GBP	1,300,000	1,552,730
Series 2021-1, Class E, 3.94% (SONIA + 2.75%), 09/25/2051^(a)(i)(k)	GBP	780,000	929,551
Towd Point Mortgage Funding 2019 - Granite4 PLC,
Series 2019-GR4X, Class FR, 2.97% (SONIA + 2.05%), 10/20/2051^(a)(i)(k)	GBP	870,000	1,044,705
Series 2019-GR4X, Class GR, 3.42% (SONIA + 2.50%), 10/20/2051^(a)(i)(k)	GBP	725,000	873,471
Prosil Acquisition S.A., Series 2019-1, Class A, 1.56% (3 mo. EURIBOR + 2.00%), 10/31/2039^(a)(i)(k)	EUR	1,829,742	1,837,078
Alhambra SME Funding DAC,
Series 2019-1, Class A, 2.00% (1 mo. EURIBOR + 2.00%), 11/30/2028^(a)(i)(k)	EUR	2,299,824	2,378,560
Series 2019-1, Class B, 2.50% (1 mo. EURIBOR + 2.50%), 11/30/2028^(a)(i)(k)	EUR	625,000	635,232
Series 2019-1, Class D, 8.71% (1 mo. EURIBOR + 9.25%), 11/30/2028^(a)(i)(k)	EUR	141,425	125,101
Lusitano Mortgages No. 5 PLC, Class D, 0.51% (3 mo. EURIBOR + 0.96%), 07/15/2059^(a)(i)(k)	EUR	824,305	724,813
Futura S.r.l., Series 2019-1, Class A, 2.48% (6 mo. EURIBOR + 3.00%), 07/31/2044^(a)(i)(k)	EUR	1,647,693	1,734,531
Taurus, Series 2018-IT1, Class A, 1.00% (3 mo. EURIBOR + 1.00%), 05/18/2030^(i)(k)	EUR	4,069,950	4,198,901
IM Pastor 4, FTA, Series A, 0.00% (3 mo. EURIBOR + 0.14%), 03/22/2044^(a)(i)(k)	EUR	663,395	584,803
Total Asset-Backed Securities (Cost $70,015,372)			62,606,694

	Shares
Exchange-Traded Funds–1.85%
United States–1.85%
Invesco Senior Loan ETF^(b)(n) (Cost $15,343,171)		693,021	14,047,536

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

Invesco V.I. Global Strategic Income Fund


	Principal Amount		Value
Agency Credit Risk Transfer Notes–1.78%
United States–1.78%
Fannie Mae Connecticut Avenue Securities,
Series 2017-C04, Class 2M2, 4.47% (1 mo. USD LIBOR + 2.85%), 11/25/2029^(k)	$	731,832	$ 734,409
Series 2018-C06, Class 2M2, 3.72% (1 mo. USD LIBOR + 2.10%), 03/25/2031^(k)		844,362	828,211
Series 2018-R07, Class 1M2, 4.02% (1 mo. USD LIBOR + 2.40%), 04/25/2031^(a)(k)		254,832	253,777
Series 2019-R02, Class 1M2, 3.92% (1 mo. USD LIBOR + 2.30%), 08/25/2031^(a)(k)		54,758	54,772
Series 2019-R03, Class 1M2, 3.77% (1 mo. USD LIBOR + 2.15%), 09/25/2031^(a)(k)		123,502	123,309
Series 2022-R04, Class 1M2, 4.03% (30 Day Average SOFR + 3.10%), 03/25/2042^(a)(k)		770,000	722,266
Series 2022-R05, Class 2M1, 2.83% (30 Day Average SOFR + 1.90%), 04/25/2042^(a)(k)		4,136,218	4,070,354
Freddie Mac,
Series 2022-DNA2, Class M1B, STACR^® , 3.33% (30 Day Average SOFR + 2.40%), 02/25/2042^(a)(k)		1,500,000	1,387,805
Series 2022-DNA3, Class M1B, STACR^® , 3.80% (30 Day Average SOFR + 2.90%), 04/25/2042^(a)(k)		3,000,000	2,827,807
Series 2022-DNA3, Class M1A, STACR^® , 2.90% (30 Day Average SOFR + 2.00%), 04/25/2042^(a)(k)		2,567,701	2,528,927
Total Agency Credit Risk Transfer Notes (Cost $13,947,021)			13,531,637

U.S. Government Sponsored Agency Mortgage-Backed Securities–0.43%
Fannie Mae Interest STRIPS,
IO,
7.50%, 03/25/2023 - 01/25/2024^(o)		21,432	687
6.50%, 04/25/2029 - 07/25/2032^(o)		218,110	34,913
6.00%, 12/25/2032 - 08/25/2035^(l)(o)		622,314	102,488
5.50%, 01/25/2034 - 06/25/2035^(o)		200,827	33,422


	Principal Amount		Value
Fannie Mae REMICs,
IO,
5.08%, 02/25/2024 - 05/25/2035^(k)(o)	$	161,321	$ 17,966
6.30%, 11/18/2031 - 12/18/2031^(k)(o)		21,360	2,852
6.28% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031^(k)(o)		3,225	451
6.33% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032^(k)(o)		3,337	443
6.48% (8.10% - (1.00 x 1 mo. USD LIBOR)), 03/25/2032^(k)(o)		4,996	736
5.38% (7.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032^(k)(o)		19,397	2,226
6.18% (7.80% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032^(k)(o)		2,675	387
6.38%, 07/25/2032 - 09/25/2032^(k)(o)		12,267	1,916
6.50%, 12/18/2032^(k)(o)		37,742	5,187
6.63%, 02/25/2033 - 05/25/2033^(k)(o)		37,930	6,492
7.00%, 03/25/2033 - 04/25/2033^(o)		104,320	16,754
5.93% (7.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2033^(k)(o)		145,900	21,030
4.43%, 03/25/2035 - 07/25/2038^(k)(o)		186,391	17,279
5.13%, 03/25/2035 - 05/25/2035^(k)(o)		223,261	13,366
4.98% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035^(k)(o)		96,013	8,907
5.61% (7.23% - (1.00 x 1 mo. USD LIBOR)), 09/25/2036^(k)(o)		176,851	12,870
4.92% (6.54% - (1.00 x 1 mo. USD LIBOR)), 06/25/2037^(k)(o)		150,641	17,461
4.00%, 04/25/2041^(o)		280,602	31,282
4.93% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041^(k)(o)		68,744	7,130
4.53% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042^(k)(o)		178,172	25,337
5.50%, 12/25/2025		71,557	71,955
4.00%, 08/25/2026 - 03/25/2041		22,998	22,904
6.00%, 01/25/2032		27,702	29,276
2.62%, 04/25/2032 - 12/25/2032^(k)		149,074	150,404
2.12% (1 mo. USD LIBOR + 0.50%), 09/25/2032^(k)		35,982	36,009
2.10% (1 mo. USD LIBOR + 0.50%), 10/18/2032^(k)		10,924	10,933
2.02% (1 mo. USD LIBOR + 0.40%), 11/25/2033^(k)		6,670	6,659
18.61% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036^(k)		36,489	49,301

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

Invesco V.I. Global Strategic Income Fund


	Principal Amount		Value
18.25% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036^(k)	$	46,733	$ 59,512
2.56% (1 mo. USD LIBOR + 0.94%), 06/25/2037^(k)		9,595	9,692
Federal Home Loan Mortgage Corp.,
6.50%, 11/01/2022 - 08/01/2031		45,411	47,726
5.00%, 09/01/2033		88,774	93,508
7.00%, 10/01/2037		9,250	9,850
Federal National Mortgage Association,
5.00%, 01/01/2024 - 07/01/2033		93,457	98,252
7.50%, 10/01/2029 - 03/01/2033		164,563	178,368
7.00%, 07/01/2032 - 04/01/2033		19,338	20,708
5.50%, 02/01/2035		8,970	9,618
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series K734, Class X1, IO, 0.79%, 02/25/2026^(l)		1,659,567	32,263
Series K735, Class X1, IO, 1.10%, 05/25/2026^(l)		2,919,965	90,806
Series K093, Class X1, IO, 1.09%, 05/25/2029^(l)		19,994,764	1,072,105
Freddie Mac REMICs,
1.50%, 07/15/2023		432	432
5.00%, 09/15/2023		32,946	33,124
6.75%, 02/15/2024		14,104	14,345
7.00%, 09/15/2026		80,252	83,858
1.77%, 12/15/2028 - 02/15/2029^(k)		97,465	97,442
6.00%, 04/15/2029		50,624	53,259
6.50%, 10/15/2029 - 06/15/2032		133,400	143,542
1.87%, 06/15/2031 - 01/15/2032^(k)		85,577	85,789
2.32%, 02/15/2032 - 03/15/2032^(k)		56,443	57,201
3.50%, 05/15/2032		17,467	17,348
19.90% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035^(k)		33,570	45,527
4.00%, 06/15/2038		15,309	15,332
3.00%, 05/15/2040		784	777
IO,
4.68%, 03/15/2024 - 04/15/2038^(k)(o)		48,082	2,880
6.63% (7.95% - (1.00 x 1 mo. USD LIBOR)), 12/15/2026^(k)(o)		59,082	2,655
7.18%, 07/17/2028^(k)(o)		2,347	82
6.33% (7.65% - (1.00 x 1 mo. USD LIBOR)), 03/15/2029^(k)(o)		121,323	9,443
6.78% (8.10% - (1.00 x 1 mo. USD LIBOR)), 06/15/2029^(k)(o)		4,751	448
6.68% (8.00% - (1.00 x 1 mo. USD LIBOR)), 04/15/2032^(k)(o)		222,103	14,556


	Principal Amount		Value
5.73% (7.05% - (1.00 x 1 mo. USD LIBOR)), 10/15/2033^(k)(o)	$	56,544	$ 5,517
5.38% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035^(k)(o)		62,293	5,046
5.43% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035^(k)(o)		9,853	805
5.40%, 05/15/2035^(k)(o)		201,542	17,995
5.68% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037^(k)(o)		38,672	5,359
4.75% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038^(k)(o)		82,988	9,300
4.93% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039^(k)(o)		22,318	2,350
Freddie Mac STRIPS,
IO,
6.50%, 02/01/2028^(o)		1,448	167
7.00%, 09/01/2029^(o)		10,961	1,639
6.00%, 12/15/2032^(o)		25,435	3,480
Government National Mortgage Association,
ARM, 1.75% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 11/20/2025^(k)		566	565
8.00%, 05/15/2026		4,717	4,730
7.00%, 04/15/2028 - 07/15/2028		23,874	24,668
IO,
5.04% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037^(k)(o)		97,760	11,151
5.14% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041^(k)(o)		158,528	15,149
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $4,192,706)			3,267,392

Variable Rate Senior Loan Interests–0.40%^(p)(q)
United States–0.40%
Claire’s Stores, Inc., Term Loan, 8.17% (1 mo. USD LIBOR + 6.50%), 12/18/2026		71,151	69,905
Dun & Bradstreet Corp. (The), Term Loan, 4.87% (1 mo. USD LIBOR + 3.25%), 02/06/2026		422,329	399,628
Endo Luxembourg Finance Co. I S.a.r.l., Term Loan, 6.69% (1 mo. USD LIBOR + 5.00%), 03/27/2028		498,687	383,149
IRB Holding Corp., Term Loan, 4.24% (TSFR1M + 3.00%), 12/15/2027		408,964	384,938
Mativ, Inc., Term Loan B, 5.44% (1 mo. USD LIBOR + 3.75%), 04/20/2028^(j)		954,101	906,396
PetSmart LLC, Term Loan, 4.50% (1 mo. USD LIBOR + 3.75%), 02/11/2028		462,086	436,325

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

Invesco V.I. Global Strategic Income Fund


	Principal Amount		Value
United States–(continued)
United Natural Foods, Inc., Term Loan B, 4.89% (3 mo. USD LIBOR + 3.25%), 10/22/2025	$	462,381	$ 446,776
Total Variable Rate Senior Loan Interests (Cost $3,265,508)			3,027,117

	Shares

Common Stocks & Other Equity Interests–0.19%
Argentina–0.17%
TMF Trust Co. S.A.^(j)		135,988,156	1,086,003
YPF S.A., Class D		30,000	200,049
			1,286,052

United States–0.02%
ACNR Holdings, Inc.		911	67,870
Claire’s Holdings LLC		235	82,250
Cxloyalty Group, Inc., Wts., expiring 04/10/2024^(j)		775	0
McDermott International Ltd.^(r)		15,957	8,641
McDermott International Ltd., Series A, Wts., expiring 06/30/2027^(j)(r)		31,946	4,153
McDermott International Ltd., Series B, Wts., expiring 06/30/2027^(j)(r)		35,496	4,614
McDermott International Ltd., Wts.,expiring 12/31/2049^(j)		23,067	12,491
Party City Holdco, Inc.^(r)		3,212	4,239
Sabine Oil & Gas Holdings, Inc.^(j)(r)		837	569
Windstream Services LLC		176	2,860
			187,687
Total Common Stocks & Other Equity Interests (Cost $4,486,456)			1,473,739

Preferred Stocks–0.18%
United States–0.18%
AT&T, Inc., 2.88%, Series B, Pfd.^(c)		1,500,000	1,377,305


	Shares		Value
United States–(continued)
Claire’s Holdings LLC, Series A, Pfd.		71	$ 18,371
Total Preferred Stocks (Cost $1,841,922)			1,395,676

Money Market Funds–6.56%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(n)(s)		17,134,115	17,134,115
Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(n)(s)		13,071,774	13,070,467
Invesco Treasury Portfolio, Institutional Class, 1.35%^(n)(s)		19,581,846	19,581,846
Total Money Market Funds (Cost $49,785,943)			49,786,428

Options Purchased–1.61%
(Cost $13,150,567)^(t)			12,207,149
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-91.68% (Cost $789,550,269)			696,302,964

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.71%
Invesco Private Government Fund, 1.38%^(n)(s)(u)		7,889,873	7,889,873
Invesco Private Prime Fund, 1.66%^(n)(s)(u)		20,288,245	20,288,245
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,178,837)			28,178,118
TOTAL INVESTMENTS IN SECURITIES–95.39% (Cost $817,729,106)			724,481,082
OTHER ASSETS LESS LIABILITIES–4.61%			35,000,530
NET ASSETS–100.00%			$759,481,612

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

Invesco V.I. Global Strategic Income Fund


Investment Abbreviations:

ARM		– Adjustable Rate Mortgage
ARS		– Argentina Peso
AUD		– Australian Dollar
BRL		– Brazilian Real
CLP		– Chile Peso
CNY		– Chinese Yuan Renminbi
Conv.		– Convertible
COP		– Colombia Peso
Ctfs.		– Certificates
ETF		– Exchange-Traded Fund
EUR		– Euro
EURIBOR		– Euro Interbank Offered Rate
GBP		– British Pound Sterling
IO		– Interest Only
LIBOR		– London Interbank Offered Rate
MXN		– Mexican Peso
MYR		– Malaysian Ringgit
NZD		– New Zealand Dollar
Pfd.		– Preferred
PIK		– Pay-in-Kind
PLN		– Polish Zloty
REMICs		– Real Estate Mortgage Investment Conduits
RUB		– Russian Ruble
SOFR		– Secured Overnight Financing Rate
SONIA		– Sterling Overnight Index Average
STACR^®		– 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

Notes to Consolidated Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2022 was $297,900,327, which represented 39.22% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at June 30, 2022.

^(c)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

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

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

^(f)	Zero coupon bond issued at a discount.

^(g)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at June 30, 2022 represented less than 1% of the Fund’s Net Assets.

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

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

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

^(k)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2022.

^(l)

^(m)	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, 2022.

⁽ⁿ⁾


	Value December 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value June 30, 2022			Dividend Income
Invesco Senior Loan ETF		$	29,610,464		$	-		$	(13,975,447	)		$	(1,146,766	)		$	(440,715	)		$	14,047,536	$341,790
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			36,238,696			89,287,057			(108,391,638	)			-				-				17,134,115	43,442
Invesco Liquid Assets Portfolio, Institutional Class			26,717,080			63,776,469			(77,422,599	)			2,613				(3,096	)			13,070,467	31,679
Invesco Treasury Portfolio, Institutional Class			41,415,653			102,042,350			(123,876,157	)			-				-				19,581,846	38,569

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

Invesco V.I. Global Strategic Income Fund


	Value December 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value June 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	13,176,631		$	31,720,560		$	(37,007,318	)		$	-			$	-			$	7,889,873	$ 15,405*
Invesco Private Prime Fund			30,745,471			58,325,001			(68,775,349	)			(372	)			(6,506	)			20,288,245	44,148*
Total		$	177,903,995		$	345,151,437		$	(429,448,508	)		$	(1,144,525	)		$	(450,317	)		$	92,012,082	$515,033

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.

^(o)	Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(p)

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.

^(q)

Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(r)	Non-income producing security.

^(s)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

^(t)	The table below details options purchased.

^(u)	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 Over-The-Counter Foreign Currency Options Purchased^(a)

Description

Type of
Contract

Counterparty

Expiration

Date

Exercise

Price

Notional

Value

Currency Risk

AUD Versus USD

Call

Bank of America, N.A.

12/05/2022

AUD

0.80

AUD

2,175,000

38,098

EUR Versus CHF

Call

UBS AG

09/06/2022

CHF

1.06

EUR

18,000,000

3,867

EUR Versus USD

Call

Bank of America, N.A.

10/31/2022

USD

1.15

EUR

1,800,000

79,210

USD Versus CNH

Call

Goldman Sachs International

11/17/2022

CNH

7.15

USD

600,000

25,633

Subtotal – Foreign Currency Call Options Purchased

146,808

Currency Risk

EUR Versus CZK

Put

J.P. Morgan Chase Bank, N.A.

07/17/2023

CZK

24.00

EUR

600,000

45,860

EUR Versus CZK

Put

J.P. Morgan Chase Bank, N.A.

02/05/2024

CZK

24.30

EUR

1,000,000

105,591

EUR Versus CZK

Put

Morgan Stanley and Co. International PLC

12/07/2022

CZK

24.60

EUR

750,000

155,089

EUR Versus PLN

Put

Bank of America, N.A.

03/24/2023

PLN

4.50

EUR

1,500,000

97,914

EUR Versus PLN

Put

Bank of America, N.A.

03/24/2023

PLN

4.50

EUR

600,000

39,165

EUR Versus SEK

Put

J.P. Morgan Chase Bank, N.A.

07/27/2022

SEK

10.20

EUR

15,000,000

1,698

EUR Versus SEK

Put

UBS AG

09/09/2022

SEK

10.35

EUR

15,000,000

8,284

USD Versus BRL

Put

Goldman Sachs International

09/23/2022

BRL

5.20

USD

24,000,000

608,617

USD Versus BRL

Put

J.P. Morgan Chase Bank, N.A.

08/22/2022

BRL

4.60

USD

750,000

17,921

USD Versus BRL

Put

J.P. Morgan Chase Bank, N.A.

09/22/2022

BRL

4.30

USD

1,800,000

22,748

USD Versus BRL

Put

Morgan Stanley and Co. International PLC

10/11/2022

BRL

4.75

USD

1,200,000

117,426

USD Versus CAD

Put

Goldman Sachs International

08/12/2022

CAD

1.23

USD

15,000,000

6,735

USD Versus CLP

Put

Bank of America, N.A.

09/28/2022

CLP

825.00

USD

1,200,000

84,558

USD Versus CLP

Put

Morgan Stanley and Co. International PLC

07/11/2022

CLP

780.00

USD

900,000

USD Versus COP

Put

Morgan Stanley and Co. International PLC

10/27/2022

COP

4,050.00

USD

15,000,000

287,385

USD Versus INR

Put

Standard Chartered Bank PLC

07/06/2022

INR

74.00

USD

13,000,000

USD Versus JPY

Put

Bank of America, N.A.

07/18/2022

JPY

125.50

USD

1,500,000

11,478

USD Versus JPY

Put

Bank of America, N.A.

07/22/2022

JPY

125.00

USD

30,000,000

1,140

USD Versus JPY

Put

Bank of America, N.A.

08/15/2022

JPY

113.00

USD

1,500,000

2,913

USD Versus JPY

Put

Goldman Sachs International

07/08/2022

JPY

113.50

USD

29,000,000

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

Invesco V.I. Global Strategic Income Fund

Open Over-The-Counter Foreign Currency Options Purchased^(a)–(continued)

Description

Type of
Contract

Counterparty

Expiration

Date

Exercise

Price

Notional

Value

USD Versus JPY

Put

Goldman Sachs International

07/08/2022

JPY

114.00

USD

29,000,000

USD Versus JPY

Put

Goldman Sachs International

09/28/2022

JPY

123.00

USD

1,200,000

101,652

USD Versus MXN

Put

Bank of America, N.A.

07/27/2022

MXN

19.25

USD

21,000,000

6,258

USD Versus MXN

Put

Goldman Sachs International

09/09/2022

MXN

19.40

USD

21,000,000

26,796

USD Versus MXN

Put

Goldman Sachs International

11/23/2022

MXN

19.40

USD

15,000,000

104,280

USD Versus MXN

Put

Morgan Stanley and Co. International PLC

09/01/2022

MXN

19.20

USD

18,000,000

38,790

USD Versus RUB

Put

Bank of America, N.A.

02/22/2023

RUB

70.00

USD

750,000

298,968

USD Versus RUB

Put

J.P. Morgan Chase Bank, N.A.

02/16/2023

RUB

68.00

USD

900,000

337,477

USD Versus RUB

Put

J.P. Morgan Chase Bank, N.A.

02/21/2023

RUB

68.00

USD

1,200,000

445,344

USD Versus THB

Put

Standard Chartered Bank PLC

08/19/2022

THB

34.10

USD

18,000,000

6,552

USD Versus ZAR

Put

J.P. Morgan Chase Bank, N.A.

09/09/2022

ZAR

14.85

USD

12,000,000

5,340

Subtotal – Foreign Currency Put Options Purchased

2,986,057

Total Foreign Currency Options Purchased

3,132,865

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $28,182,000.

Open Over-The-Counter Interest Rate Swaptions Purchased^(a)

Description

Type of
Contract

Counterparty

Exercise
Rate

Pay/
Receive

Exercise
Rate

Floating Rate

Index

Payment
Frequency

Expiration
Date

Notional

Value

Interest Rate Risk

10 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

0.55%

Pay

TONAR

Annually

05/26/2025

JPY

6,429,000,000

1,625,203

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

2.84

Pay

SOFR

Annually

12/07/2022

USD

87,000,000

2,171,312

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

2.84

Pay

SOFR

Annually

06/07/2023

USD

106,200,000

3,535,564

2 Year Interest Rate Swap

Put

Goldman Sachs International

7.75

Pay

6 Month WIBOR

Semi-Annually

12/12/2022

PLN

75,000,000

67,477

30 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

1.93

Pay

6 Month EURIBOR

Semi-Annually

06/12/2023

EUR

9,000,000

875,726

50 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

1.37

Pay

6 Month EURIBOR

Semi-Annually

04/21/2023

EUR

4,500,000

799,002

Total Interest Rate Swaptions Purchased

9,074,284

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $28,182,000.

Open Over-The-Counter Credit Default Swaptions Written^(a)

Counterparty

Type of
Contract

Exercise
Rate

Reference

Entity

(Pay)/
Receive
Fixed
Rate

Payment
Frequency

Expiration
Date

Implied
Credit
Spread^(b)

Notional

Value

Credit Risk

J.P. Morgan Chase Bank, N.A.

Put

0.93%

Markit CDX North America High Yield Index, Series 38, Version 2

5.00%

Quarterly

09/21/2022

5.765%

USD 45,000,000

(755,563

)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $28,182,000.

^(b)

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

Invesco V.I. Global Strategic Income Fund

Open Over-The-Counter Foreign Currency Options Written^(a)

Description

Type of
Contract

Counterparty

Expiration

Date

Exercise

Price

Notional

Value

Currency Risk

EUR Versus CZK

Call

Morgan Stanley and Co. International PLC

07/07/2022

CZK

27.30

EUR

7,500,000

(142

)

EUR Versus SEK

Call

J.P. Morgan Chase Bank, N.A.

07/27/2022

SEK

10.70

EUR

15,000,000

(149,113

)

USD Versus BRL

Call

Goldman Sachs International

09/23/2022

BRL

5.70

USD

24,000,000

(422,736

)

USD Versus BRL

Call

J.P. Morgan Chase Bank, N.A.

09/22/2022

BRL

6.00

USD

600,000

(63,155

)

USD Versus BRL

Call

Morgan Stanley and Co. International PLC

10/11/2022

BRL

5.80

USD

600,000

(119,257

)

USD Versus CAD

Call

Bank of America, N.A.

12/09/2022

CAD

1.36

USD

2,400,000

(295,056

)

USD Versus CLP

Call

Bank of America, N.A.

11/28/2022

CLP

900.00

USD

18,000,000

(1,280,628

)

USD Versus COP

Call

Morgan Stanley and Co. International PLC

10/27/2022

COP

4,450.00

USD

15,000,000

(341,940

)

USD Versus MXN

Call

Goldman Sachs International

11/23/2022

MXN

22.00

USD

15,000,000

(212,460

)

USD Versus MXN

Call

Morgan Stanley and Co. International PLC

09/01/2022

MXN

21.50

USD

18,000,000

(117,594

)

USD Versus ZAR

Call

Goldman Sachs International

11/10/2022

ZAR

17.45

USD

15,000,000

(323,220

)

USD Versus ZAR

Call

J.P. Morgan Chase Bank, N.A.

07/07/2022

ZAR

15.50

USD

9,000,000

(438,975

)

Subtotal - Foreign Currency Call Options Written

(3,764,276

)

Currency Risk

EUR Versus SEK

Put

J.P. Morgan Chase Bank, N.A.

07/27/2022

SEK

9.90

EUR

15,000,000

(157

)

EUR Versus USD

Put

Bank of America, N.A.

10/31/2022

USD

0.95

EUR

900,000

(117,265

)

USD Versus BRL

Put

Goldman Sachs International

09/23/2022

BRL

4.95

USD

24,000,000

(254,112

)

USD Versus COP

Put

Morgan Stanley and Co. International PLC

10/27/2022

COP

3,850.00

USD

15,000,000

(107,400

)

Subtotal – Foreign Currency Put Options Written

(478,934

)

Total – Foreign Currency Options Written

(4,243,210

)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $28,182,000.

Open Over-The-Counter Interest Rate Swaptions Written^(a)

Description

Type of
Contract

Counterparty

Exercise
Rate

Floating
Rate Index

Pay/
Receive
Exercise
Rate

Payment
Frequency

Expiration
Date

Notional

Value

Interest Rate Risk

30 Year Interest Rate Swap

Call

Bank of America, N.A.

2.25%

SOFR

Receive

Annually

06/13/2023

USD

30,000,000

(1,247,666

)

5 Year Interest Rate Swap

Call

Bank of America, N.A.

3.04

SOFR

Receive

Annually

12/15/2022

USD

131,250,000

(3,019,175

)

5 Year Interest Rate Swap

Call

Goldman Sachs International

2.45

SOFR

Receive

Annually

07/18/2022

USD

37,500,000

(35,150

)

30 Year Interest Rate Swap

Call

Goldman Sachs International

1.76

6 Month
EURIBOR

Receive

Semi-Annually

09/13/2022

EUR

30,000,000

(688,962

)

5 Year Interest Rate Swap

Call

Goldman Sachs International

3.00

SOFR

Receive

Annually

12/16/2022

USD

114,750,000

(2,507,175

)

10 Year Interest Rate Swap

Call

Goldman Sachs International

2.85

SOFR

Receive

Annually

12/15/2022

USD

99,000,000

(2,784,803

)

1 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

2.82

SOFR

Receive

Straight

02/17/2023

USD

225,000,000

(675,428

)

2 Year Interest Rate Swap

Call

J.P. Morgan Chase Bank, N.A.

2.25

6 Month
EURIBOR

Receive

Semi-Annually

02/16/2023

EUR

150,000,000

(2,115,313

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

1.85

SONIA

Receive

Annually

07/20/2022

GBP

7,500,000

(54,076

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

1.85

SONIA

Receive

Annually

08/09/2022

GBP

15,000,000

(251,306

)

30 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

2.63

SOFR

Receive

Annually

12/05/2022

USD

33,750,000

(1,755,864

)

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

Invesco V.I. Global Strategic Income Fund

Open Over-The-Counter Interest Rate Swaptions Written^(a)–(continued)

Description

Type of
Contract

Counterparty

Exercise
Rate

Floating
Rate Index

Pay/
Receive
Exercise
Rate

Payment
Frequency

Expiration
Date

Notional

Value

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

2.84%

SOFR

Receive

Annually

12/07/2022

USD

87,000,000

(2,369,736

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

2.84

SOFR

Receive

Annually

06/07/2023

USD

106,200,000

(3,984,436

)

10 Year Interest Rate Swap

Call

Morgan Stanley and Co. International PLC

3.00

SOFR

Receive

Annually

09/14/2022

USD

30,000,000

(851,505

)

Subtotal-Interest Rate Call Swaptions Written

(22,340,595

)

Interest Rate Risk

5 Year Interest Rate Swap

Put

Bank of America, N.A.

3.35

SOFR

Pay

Annually

09/12/2022

USD

45,000,000

(165,491

)

2 Year Interest Rate Swap

Put

Bank of America, N.A.

3.75

CDOR

Pay

Quarterly

12/07/2022

CAD

75,000,000

(352,928

)

10 Year Interest Rate Swap

Put

Goldman Sachs International

3.67

SOFR

Pay

Annually

12/13/2022

USD

90,000,000

(563,750

)

10 Year Interest Rate Swap

Put

Goldman Sachs International

3.25

6 Month
EURIBOR

Pay

Semi-Annually

06/16/2023

EUR

80,640,000

(1,269,948

)

2 Year Interest Rate Swap

Put

Goldman Sachs International

8.25

6 Month
WIBOR

Pay

Semi-Annually

12/12/2022

PLN

75,000,000

(27,338

)

20 Year Interest Rate Swap

Put

Goldman Sachs International

0.53

TONAR

Pay

Annually

08/22/2022

JPY

1,542,857,000

(679,180

)

10 Year Interest Rate Swap

Put

Goldman Sachs International

2.75

6 Month
EURIBOR

Pay

Semi-Annually

04/22/2024

EUR

45,000,000

(1,824,787

)

10 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

2.39

6 Month
EURIBOR

Pay

Semi-Annually

06/12/2023

EUR

24,300,000

(974,696

)

10 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

1.05

TONAR

Pay

Annually

05/26/2025

JPY

6,429,000,000

(843,678

)

1 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

2.82

SOFR

Pay

Straight

02/17/2023

USD

225,000,000

(1,512,322

)

10 Year Interest Rate Swap

Put

J.P. Morgan Chase Bank, N.A.

2.16

6 Month
EURIBOR

Pay

Semi-Annually

04/21/2023

EUR

18,000,000

(867,658

)

30 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

2.10

SONIA

Pay

Annually

08/08/2022

GBP

7,500,000

(419,528

)

10 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

3.75

SOFR

Pay

Annually

04/22/2024

USD

225,000,000

(4,651,429

)

30 Year Interest Rate Swap

Put

Morgan Stanley and Co. International PLC

2.25

SOFR

Pay

Annually

12/05/2022

USD

21,750,000

(2,121,132

)

Subtotal-Interest Rate Put Swaptions Written

(16,273,865

)

Total Open Over-The-Counter Interest Rate Swaptions Written

(38,614,460

)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $28,182,000.


Open Futures Contracts^(a)

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

Interest Rate Risk

Euro-BTP		57		September-2022	$	7,354,345	$	(11,947	)	$	(11,947	)

U.S. Treasury 2 Year Notes		86		September-2022		18,061,344		(102,797	)		(102,797	)

U.S. Treasury 10 Year Notes		297		September-2022		35,203,781		512,016			512,016

Subtotal-Long Futures Contracts								397,272			397,272

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

Invesco V.I. Global Strategic Income Fund


Open Futures Contracts^(a)–(continued)

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

Interest Rate Risk

Euro-Bobl		600		August-2022	$	(968,306	)	$	(214,675	)	$	(214,675	)

Euro-Bobl		300		August-2022		(575,324	)		(275,087	)		(275,087	)

Euro-Bund		12		September-2022		(1,870,968	)		33,325			33,325

U.S. Treasury 5 Year Notes		87		September-2022		(9,765,750	)		95,078			95,078

U.S. Treasury 10 Year Ultra Notes		103		September-2022		(13,119,625	)		183,704			183,704

U.S. Treasury Long Bonds		24		September-2022		(3,327,000	)		52,500			52,500

U.S. Treasury Ultra Bonds		106		September-2022		(16,360,437	)		439,647			439,647

Subtotal-Short Futures Contracts									314,492			314,492

Total Futures Contracts								$	711,764		$	711,764

^(a)	Futures contracts collateralized by $3,129,843 cash held with Merrill Lynch, the futures commission merchant.


Open Forward Foreign Currency Contracts

Settlement		Contract to				Unrealized Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)

Currency Risk

07/05/2022	Bank of America, N.A.	BRL	289,765,000	USD	59,147,181	$	3,779,308

07/05/2022	Bank of America, N.A.	USD	55,319,779	BRL	289,765,000		48,096

08/30/2022	Bank of America, N.A.	CAD	3,707,969	USD	2,941,781		60,807

08/30/2022	Bank of America, N.A.	EUR	3,658,000	USD	3,933,082		84,681

08/30/2022	Bank of America, N.A.	GBP	6,782,649	USD	8,516,633		251,514

08/30/2022	Bank of America, N.A.	NOK	108,230,740	USD	11,398,709		397,280

08/30/2022	Bank of America, N.A.	NZD	7,013,911	USD	4,499,073		121,151

08/31/2022	Bank of America, N.A.	CLP	1,266,300,000	USD	1,500,000		136,159

08/30/2022	Citibank, N.A.	EUR	11,271,756	USD	12,102,823		244,365

08/30/2022	Citibank, N.A.	GBP	1,422,000	USD	1,784,328		51,524

08/30/2022	Citibank, N.A.	MXN	600,000	USD	30,193		660

07/05/2022	Deutsche Bank AG	BRL	144,115,242	USD	27,566,037		28,707

07/05/2022	Deutsche Bank AG	USD	27,513,410	BRL	144,115,242		23,920

08/02/2022	Deutsche Bank AG	BRL	308,089,155	USD	58,495,575		130,778

08/30/2022	Goldman Sachs International	AUD	12,334,000	USD	8,816,097		298,566

08/30/2022	Goldman Sachs International	CAD	14,438,916	USD	11,464,643		246,060

08/30/2022	Goldman Sachs International	EUR	52,617,189	USD	56,354,227		998,282

08/30/2022	Goldman Sachs International	GBP	9,996,000	USD	12,552,977		372,170

08/30/2022	Goldman Sachs International	JPY	945,136,850	USD	7,096,155		104,609

08/30/2022	Goldman Sachs International	MXN	308,347,209	USD	15,518,229		340,547

08/30/2022	Goldman Sachs International	NOK	14,692,250	USD	1,547,041		53,605

08/30/2022	Goldman Sachs International	NZD	7,250,000	USD	4,651,600		126,316

08/30/2022	Goldman Sachs International	PLN	38,779,000	USD	8,929,698		343,894

08/30/2022	Goldman Sachs International	USD	21,911,537	CNY	146,905,900		23,188

08/30/2022	Goldman Sachs International	USD	8,629,399	EUR	8,225,000		23,718

08/30/2022	Goldman Sachs International	ZAR	165,955,028	USD	10,702,634		560,486

09/16/2022	Goldman Sachs International	USD	6,090,000	RUB	500,293,500		1,918,148

02/27/2023	Goldman Sachs International	USD	2,053,589	RUB	160,488,000		95,848

07/11/2022	J.P. Morgan Chase Bank, N.A.	ZAR	44,848,500	USD	3,000,000		244,925

07/29/2022	J.P. Morgan Chase Bank, N.A.	SEK	24,192,090	USD	2,612,282		245,509

08/22/2022	J.P. Morgan Chase Bank, N.A.	USD	1,052,699	RUB	72,855,000		167,028

08/30/2022	J.P. Morgan Chase Bank, N.A.	AUD	9,622,000	USD	6,873,110		228,413

08/30/2022	J.P. Morgan Chase Bank, N.A.	EUR	16,134,083	USD	17,330,023		356,149

08/30/2022	J.P. Morgan Chase Bank, N.A.	GBP	9,493,510	USD	11,828,971		260,482

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

Invesco V.I. Global Strategic Income Fund


Open Forward Foreign Currency Contracts–(continued)

Settlement		Contract to				Unrealized Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)

08/30/2022	J.P. Morgan Chase Bank, N.A.	MXN	441,872,975	USD	22,242,663	$	492,482

08/30/2022	J.P. Morgan Chase Bank, N.A.	PLN	9,520,000	USD	2,189,472		81,711

08/30/2022	J.P. Morgan Chase Bank, N.A.	SEK	34,076,018	USD	3,475,559		137,038

08/30/2022	J.P. Morgan Chase Bank, N.A.	ZAR	392,325,000	USD	25,307,208		1,330,727

02/17/2023	J.P. Morgan Chase Bank, N.A.	USD	1,223,373	RUB	93,037,500		30,671

02/22/2023	J.P. Morgan Chase Bank, N.A.	USD	1,305,643	RUB	99,555,300		31,970

07/13/2022	Morgan Stanley and Co. International PLC	CLP	1,000,440,000	USD	1,200,000		111,466

08/30/2022	Morgan Stanley and Co. International PLC	GBP	1,913,000	USD	2,402,592		71,471

08/30/2022	Morgan Stanley and Co. International PLC	JPY	861,819,143	USD	6,471,387		96,175

08/30/2022	Morgan Stanley and Co. International PLC	NZD	7,908,000	USD	5,074,943		138,951

08/30/2022	Morgan Stanley and Co. International PLC	PLN	29,990,000	USD	6,904,570		264,680

09/21/2022	Morgan Stanley and Co. International PLC	CLP	3,765,000,000	USD	4,467,252		430,237

09/21/2022	Morgan Stanley and Co. International PLC	COP	74,852,000,000	USD	19,205,624		1,408,760

09/21/2022	Morgan Stanley and Co. International PLC	INR	18,160,350	USD	230,403		2,055

10/14/2022	Morgan Stanley and Co. International PLC	BRL	12,709,110	USD	2,445,000		84,187

08/30/2022	Royal Bank of Canada	CAD	479,000	USD	380,449		8,282

08/30/2022	Royal Bank of Canada	EUR	24,076,281	USD	25,877,668		548,203

08/30/2022	Royal Bank of Canada	GBP	4,290,000	USD	5,388,068		160,411

Subtotal–Appreciation							17,796,370


Currency Risk

07/05/2022	Bank of America, N.A.	BRL	144,115,242	USD	27,513,410		(23,920	)

07/05/2022	Bank of America, N.A.	USD	29,416,977	BRL	144,115,242		(1,879,647	)

08/30/2022	Bank of America, N.A.	USD	17,255,401	AUD	24,143,558		(582,505	)

08/30/2022	Bank of America, N.A.	USD	8,882,061	CZK	207,858,000		(142,266	)

08/30/2022	Bank of America, N.A.	USD	11,314,352	EUR	10,523,021		(243,601	)

08/30/2022	Bank of America, N.A.	USD	13,924,287	JPY	1,855,689,724		(197,027	)

08/30/2022	Bank of America, N.A.	USD	15,778,044	PLN	68,749,670		(556,629	)

08/30/2022	Bank of America, N.A.	USD	12,333,763	SEK	120,790,708		(499,565	)

08/30/2022	Bank of America, N.A.	USD	4,144,798	ZAR	64,234,000		(219,212	)

08/31/2022	Bank of America, N.A.	USD	1,650,000	CLP	1,504,470,000		(29,643	)

02/27/2023	Bank of America, N.A.	RUB	160,488,000	USD	1,800,000		(349,437	)

08/30/2022	Citibank, N.A.	USD	1,841,447	EUR	1,715,000		(37,180	)

07/05/2022	Deutsche Bank AG	BRL	289,765,000	USD	55,319,779		(48,096	)

07/05/2022	Deutsche Bank AG	USD	55,425,593	BRL	289,765,000		(57,719	)

08/02/2022	Deutsche Bank AG	USD	27,346,605	BRL	144,115,242		(45,233	)

08/30/2022	Goldman Sachs International	USD	622,343	EUR	588,000		(3,737	)

08/30/2022	Goldman Sachs International	USD	3,410,753	GBP	2,716,000		(101,122	)

09/16/2022	Goldman Sachs International	RUB	478,890,000	USD	6,208,217		(1,457,327	)

07/29/2022	J.P. Morgan Chase Bank, N.A.	USD	2,612,282	EUR	2,340,000		(156,228	)

08/25/2022	J.P. Morgan Chase Bank, N.A.	EUR	2,520,000	NOK	25,527,600		(55,672	)

08/30/2022	J.P. Morgan Chase Bank, N.A.	CNY	189,878,981	USD	28,332,070		(19,025	)

08/30/2022	J.P. Morgan Chase Bank, N.A.	USD	10,844,525	AUD	15,185,538		(357,798	)

08/30/2022	J.P. Morgan Chase Bank, N.A.	USD	9,397,051	CAD	11,839,062		(198,472	)

08/30/2022	J.P. Morgan Chase Bank, N.A.	USD	35,345,336	EUR	32,906,166		(726,384	)

08/30/2022	J.P. Morgan Chase Bank, N.A.	USD	11,532,959	GBP	9,191,000		(333,099	)

08/30/2022	J.P. Morgan Chase Bank, N.A.	USD	12,153,100	JPY	1,618,197,418		(182,663	)

08/30/2022	J.P. Morgan Chase Bank, N.A.	USD	3,322,257	MXN	66,000,000		(73,559	)

08/30/2022	J.P. Morgan Chase Bank, N.A.	USD	8,855,111	NOK	84,236,367		(292,660	)

08/30/2022	J.P. Morgan Chase Bank, N.A.	USD	8,047,059	NZD	12,555,481		(210,216	)

08/30/2022	J.P. Morgan Chase Bank, N.A.	USD	5,606,422	ZAR	86,913,557		(294,802	)

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

Invesco V.I. Global Strategic Income Fund


Open Forward Foreign Currency Contracts–(continued)
Settlement		Contract to				Unrealized Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)

09/16/2022	J.P. Morgan Chase Bank, N.A.	RUB	21,403,500	USD	290,414	$	(52,190	)

09/21/2022	J.P. Morgan Chase Bank, N.A.	USD	2,799,181	KRW	3,578,360,900		(17,893	)

02/17/2023	J.P. Morgan Chase Bank, N.A.	RUB	93,037,500	USD	1,125,000		(129,044	)

02/22/2023	J.P. Morgan Chase Bank, N.A.	RUB	99,555,300	USD	1,170,000		(167,613	)

08/30/2022	Morgan Stanley and Co. International PLC	USD	1,167,805	AUD	1,633,649		(39,650	)

08/30/2022	Morgan Stanley and Co. International PLC	USD	5,001,461	CAD	6,297,333		(108,632	)

08/30/2022	Morgan Stanley and Co. International PLC	USD	4,903,978	EUR	4,562,820		(103,661	)

08/30/2022	Morgan Stanley and Co. International PLC	USD	671,290	GBP	534,497		(19,969	)

08/30/2022	Morgan Stanley and Co. International PLC	USD	22,870,057	MXN	454,126,150		(516,742	)

08/30/2022	Morgan Stanley and Co. International PLC	USD	8,564,518	NOK	81,359,664		(294,477	)

08/30/2022	Morgan Stanley and Co. International PLC	USD	9,153,836	NZD	14,263,911		(250,631	)

08/30/2022	Morgan Stanley and Co. International PLC	USD	114,434	SEK	1,119,795		(4,725	)

08/30/2022	Morgan Stanley and Co. International PLC	USD	8,527,439	ZAR	132,144,600		(451,577	)

09/21/2022	Morgan Stanley and Co. International PLC	USD	8,719,026	CLP	7,348,394,800		(839,721	)

09/21/2022	Morgan Stanley and Co. International PLC	USD	1,271,489	COP	4,955,500,000		(93,266	)

09/21/2022	Morgan Stanley and Co. International PLC	USD	5,477,474	INR	431,734,504		(48,866	)

08/30/2022	Royal Bank of Canada	USD	1,119,962	EUR	1,042,000		(23,725	)

08/30/2022	Royal Bank of Canada	USD	968,423	JPY	128,968,342		(14,394	)

08/30/2022	Standard Chartered Bank PLC	CNY	286,338,324	USD	42,721,122		(32,452	)

08/30/2022	Standard Chartered Bank PLC	USD	13,628,704	THB	473,679,250		(197,729	)

08/22/2022	UBS AG	RUB	72,855,000	USD	900,000		(319,727	)

Subtotal–Depreciation							(13,101,128	)

Total Forward Foreign Currency Contracts						$	4,695,242


Open Centrally Cleared Credit Default Swap Agreements^(a)

Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate		Payment Frequency		Maturity Date		Implied Credit Spread^(b)			Notional Value		Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)

Credit Risk

South Africa Republic International Bonds		Buy		(1.00)%		Quarterly		06/20/2027		2.042	%	USD	1,500,000		$119,481		$	138,549		$	19,068

Markit iTraxx Europe Index, Series 37, Version 1		Buy		(1.00)		Quarterly		06/20/2027		1.190		EUR	6,450,000		(71,137	)		59,745			130,882

Markit iTraxx Europe Sub Financials, Series 37, Version 1		Buy		(1.00)		Quarterly		06/20/2027		2.473		EUR	6,375,000		216,830			442,114			225,284

Brazil Government International Bonds		Buy		(1.00)		Quarterly		06/20/2027		2.923		USD	750,000		41,634			62,937			21,303

Brazil Government International Bonds		Buy		(1.00)		Quarterly		06/20/2025		2.042		USD	825,000		12,712			23,966			11,254

Credit Suisse Group AG		Buy		(1.00)		Quarterly		06/20/2027		2.095		EUR	1,450,000		16,887			75,302			58,415

Subtotal - Appreciation															336,407			802,613			466,206

Credit Risk

Markit iTraxx Europe Crossover Index, Series 37, Version 1		Buy		(5.00)		Quarterly		06/20/2027		5.802		EUR	24,000,000		176,871			(781,694	)		(958,565	)

Peru Government International Bonds		Buy		(1.00)		Quarterly		06/20/2027		1.243		USD	4,500,000		50,328			49,713			(615	)

Societe Generale		Sell		1.00		Quarterly		06/20/2027		1.481		EUR	4,500,000		4,769			(105,608	)		(110,377	)

Panama Government International Bonds		Sell		1.00		Quarterly		06/20/2027		1.328		USD	4,500,000		(64,916	)		(66,986	)		(2,070	)

Subtotal - Depreciation															167,052			(904,575	)		(1,071,627	)

Total Centrally Cleared Credit Default Swap Agreements															$503,459		$	(101,962	)	$	(605,421	)

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

Invesco V.I. Global Strategic Income Fund

^(a)	Centrally cleared swap agreements collateralized by $22,157,876 cash held with Counterparties.

^(b)

Open Centrally Cleared Interest Rate Swap Agreements^(a)

Pay/
Receive
Floating
Rate

Floating Rate Index

Payment
Frequency

(Pay)/
Receive
Fixed
Rate

Payment
Frequency

Maturity
Date

Notional Value

Upfront
Payments
Paid

(Received)

Value

Unrealized

Appreciation
(Depreciation)

Interest Rate Risk

Pay

6 Month EURIBOR

Semi-Annually

2.21

Annually

07/11/2032

EUR

20,415,000

–

Pay

SOFR

Annually

2.62

Annually

07/05/2052

USD

3,682,500

–

Pay

SOFR

Annually

2.80

Annually

07/05/2027

USD

16,099,500

–

Pay

SOFR

Annually

2.84

Annually

07/05/2032

USD

34,470,000

–

Receive

COOVIBR

Quarterly

(8.88

)

Quarterly

05/09/2032

COP

11,600,000,000

–

8,230

Receive

6 Month THBFIX

Semi-Annually

(2.11

)

Semi-Annually

05/11/2024

THB

255,000,000

–

12,980

Pay

6 Month CZK PRIBOR

Semi-Annually

4.87

Annually

05/31/2032

CZK

87,000,000

–

18,301

Receive

COOVIBR

Quarterly

(8.54

)

Quarterly

05/27/2032

COP

4,050,000,000

–

26,623

Receive

6 Month WIBOR

Semi-Annually

(7.61

)

Annually

09/21/2024

PLN

37,800,000

–

28,492

Pay

3 Month ADBB

Quarterly

3.56

Quarterly

06/09/2025

AUD

14,490,000

–

29,775

Pay

6 Month THBFIX

Semi-Annually

(1.97

)

Semi-Annually

05/13/2024

THB

262,500,000

–

29,862

Receive

6 Month THBFIX

Semi-Annually

(1.95

)

Semi-Annually

05/13/2024

THB

255,000,000

–

31,648

Receive

6 Month THBFIX

Semi-Annually

(1.71

)

Semi-Annually

04/18/2025

THB

172,000,000

–

40,480

Pay

6 Month EURIBOR

Semi-Annually

2.03

Annually

09/15/2052

EUR

7,305,000

(4,183

)

55,962

60,145

Pay

28 Day MXN TIIE

At Maturity

8.98

At Maturity

09/08/2032

MXN

323,750,000

–

63,411

Receive

6 Month THBFIX

Semi-Annually

(1.66

)

Semi-Annually

05/26/2024

THB

255,000,000

–

70,261

Receive

3 Month CZK PRIBOR

Quarterly

(5.46

)

Annually

05/24/2024

CZK

380,000,000

–

75,812

Receive

BZDIOVRA

At Maturity

(12.25

)

At Maturity

01/02/2025

BRL

59,609,829

–

111,150

Receive

3 Month JIBAR

Quarterly

(7.15

)

Quarterly

02/24/2031

ZAR

17,550,000

101

115,401

115,300

Pay

6 Month CZK PRIBOR

Semi-Annually

5.20

Annually

06/10/2032

CZK

95,250,000

–

116,471

Pay

3 Month ADBB

Quarterly

3.91

Quarterly

06/23/2025

AUD

15,225,000

–

129,983

Pay

SOFR

Annually

2.94

Annually

06/24/2032

USD

8,955,000

(3,208

)

136,416

139,624

Receive

3 Month JIBAR

Quarterly

(6.61

)

Quarterly

10/19/2026

ZAR

48,800,000

234

153,300

153,066

Receive

3 Month JIBAR

Quarterly

(7.98

)

Quarterly

03/07/2032

ZAR

37,300,000

–

156,424

Receive

3 Month JIBAR

Quarterly

(6.65

)

Quarterly

10/11/2026

ZAR

50,750,000

–

161,033

Receive

3 Month JIBAR

Quarterly

(7.95

)

Quarterly

03/07/2032

ZAR

38,500,000

–

166,143

Receive

6 Month CZK PRIBOR

Semi-Annually

(3.95

)

Annually

01/17/2027

CZK

70,500,000

–

188,073

Pay

SOFR

Annually

2.84

Annually

12/09/2032

USD

58,740,000

–

243,785

Receive

28 Day MXN TIIE

At Maturity

(8.35

)

At Maturity

03/06/2025

MXN

236,250,000

–

281,357

Receive

3 Month JIBAR

Quarterly

(6.63

)

Quarterly

02/11/2031

ZAR

48,500,000

–

409,796

Receive

3 Month JIBAR

Quarterly

(6.70

)

Quarterly

01/29/2031

ZAR

51,000,000

–

415,894

Receive

3 Month JIBAR

Quarterly

(6.70

)

Quarterly

01/27/2031

ZAR

52,000,000

–

423,886

Pay

SOFR

Annually

2.84

Annually

06/09/2033

USD

81,000,000

–

492,153

Receive

SONIA

Semi-Annually

(5.65

)

Semi-Annually

02/17/2027

INR

787,500,000

–

499,927

Receive

3 Month JIBAR

Quarterly

(7.32

)

Quarterly

07/15/2031

ZAR

86,900,000

–

545,876

Receive

28 Day MXN TIIE

At Maturity

(5.53

)

At Maturity

05/29/2031

MXN

108,750,000

–

1,127,741

Receive

6 Month CLICP

Semi-Annually

(2.35

)

Semi-Annually

03/11/2026

CLP

7,500,000,000

–

1,285,205

Subtotal – Appreciation

(7,056

)

7,651,851

7,658,907

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

Invesco V.I. Global Strategic Income Fund


Open Centrally Cleared Interest Rate Swap Agreements^(a)–(continued)

Pay/ Receive Floating Rate	Floating Rate Index	Payment Frequency	(Pay)/ Receive Fixed Rate			Payment Frequency	Maturity Date	Notional Value		Upfront Payments Paid (Received)			Value			Unrealized Appreciation (Depreciation)

Interest Rate Risk

Pay	6 Month EURIBOR	Semi-Annually		0.64	%	Annually	03/03/2032	EUR	23,134,000	$	(2,862	)	$	(3,206,679	)	$	(3,203,817	)

Pay	SONIA	Annually		1.03		Annually	09/02/2052	GBP	3,675,000		–			(1,100,233	)		(1,100,233	)

Pay	SOFR	Annually		2.41		Annually	06/02/2052	USD	20,490,000		–			(817,067	)		(817,067	)

Pay	SONIA	Annually		1.75		Annually	06/09/2032	GBP	7,500,000		(205	)		(459,419	)		(459,214	)

Pay	BZDIOVRA	At Maturity		11.07		At Maturity	01/04/2027	BRL	35,447,847		–			(434,270	)		(434,270	)

Pay	BZDIOVRA	At Maturity		11.21		At Maturity	01/02/2031	BRL	15,774,178		–			(376,772	)		(376,772	)

Pay	SONIA	Annually		2.09		Annually	05/25/2027	GBP	14,400,000		(191	)		(315,120	)		(314,929	)

Pay	BZDIOVRA	At Maturity		8.68		At Maturity	01/04/2027	BRL	24,429,011		–			(302,463	)		(302,463	)

Pay	3 Month CZK PRIBOR	Quarterly		4.75		Annually	01/17/2023	CZK	329,000,000		–			(188,889	)		(188,889	)

Pay	BZDIOVRA	At Maturity		12.11		At Maturity	01/02/2029	BRL	23,633,536		–			(153,327	)		(153,327	)

Receive	MUTKCALM	Annually		(0.63	)	Annually	06/20/2032	JPY	1,018,500,000		–			(134,500	)		(134,500	)

Receive	SOFR	Annually		(3.24	)	Annually	06/24/2025	USD	10,515,000		–			(125,317	)		(125,317	)

Pay	BZDIOVRA	At Maturity		12.24		At Maturity	01/02/2029	BRL	25,316,771		–			(119,976	)		(119,976	)

Receive	28 Day MXN TIIE	At Maturity		(9.75	)	At Maturity	09/18/2024	MXN	510,000,000		–			(65,129	)		(65,129	)

Receive	SONIA	Semi-Annually		(7.02	)	Semi-Annually	05/25/2027	INR	562,500,000		–			(55,051	)		(55,051	)

Receive	6 Month WIBOR	Semi-Annually		(8.05	)	Annually	09/21/2024	PLN	38,250,000		–			(36,658	)		(36,658	)

Receive	COOVIBR	Quarterly		(9.06	)	Quarterly	05/16/2032	COP	11,100,000,000		–			(23,719	)		(23,719	)

Receive	COOVIBR	Quarterly		(9.01	)	Quarterly	05/24/2032	COP	10,900,000,000		–			(11,440	)		(11,440	)

Receive	TTHORON	Quarterly		(2.59	)	Quarterly	06/13/2027	THB	106,500,000		–			(2,800	)		(2,800	)

Receive	SOFR	Annually		(2.83	)	Annually	06/10/2025	USD	10,500,000		–			(1,403	)		(1,403	)

Subtotal – Depreciation											(3,258	)		(7,930,232	)		(7,926,974	)

Total Centrally Cleared Interest Rate Swap Agreements										$	(10,314	)	$	(278,381	)	$	(268,067	)

^(a)	Centrally cleared swap agreements collateralized by $22,157,876 cash held with Counterparties.


Open Over-The-Counter Credit Default Swap Agreements^(a)

Counterparty	Reference Entity	Buy/Sell Protection	(Pay)/ Receive Fixed Rate		Payment Frequency	Maturity Date	Implied Credit Spread^(b)		Notional Value		Upfront Payments Paid (Received)		Value		Unrealized Appreciation (Depreciation)

Credit Risk

Citibank, N.A.	Assicurazioni Generali S.p.A.	Buy		(1.00)%	Quarterly	12/20/2024		1.569%	EUR	1,250,000	$	7,813	$	18,113	$	10,300

J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 28, Version 9	Sell		5.00	Quarterly	12/20/2022		0.245	EUR	15,000,000		283,849		359,209		75,360

J.P. Morgan Chase Bank, N.A.	Royal Bank of Scotland Group PLC (The)	Buy		(1.00)	Quarterly	06/20/2027		2.315	EUR	2,250,000		77,366		142,861		65,495

Subtotal–Appreciation												369,028		520,183		151,155

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

Invesco V.I. Global Strategic Income Fund


Open Over-The-Counter Credit Default Swap Agreements^(a)–(continued)

Counterparty	Reference Entity	Buy/Sell Protection		(Pay)/ Receive Fixed Rate		Payment Frequency		Maturity Date		Implied Credit Spread^(b)			Notional Value		Upfront Payments Paid (Received)		Value			Unrealized Appreciation (Depreciation)

Credit Risk

Citibank, N.A.	Assicurazioni Generali S.p.A.		Sell		1.00%		Quarterly		12/20/2024		0.937	%	EUR	1,250,000		$ 12,027		$ 2,007			$ (10,020	)

Goldman Sachs International	Markit CDX North America High Yield Index, Series 35, Version 1		Sell		5.00		Quarterly		12/20/2025		3.349		USD	18,200,000		2,300,788		971,752			(1,329,036	)

Goldman Sachs International	Markit iTraxx Europe Crossover Index, Series 32, Version 5		Sell		5.00		Quarterly		12/20/2024		10.607		EUR	2,900,000		179,783		(385,029	)		(564,812	)

J.P. Morgan Chase Bank, N.A.	Markit CDX North America High Yield Index, Series 35, Version 1		Sell		5.00		Quarterly		12/20/2025		3.349		USD	5,400,000		642,552		288,322			(354,230	)

J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8		Sell		5.00		Quarterly		12/20/2023		17.885		EUR	2,500,000		13,344		(453,346	)		(466,690	)

J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8		Sell		5.00		Quarterly		12/20/2023		17.885		EUR	2,900,000		49,410		(525,882	)		(575,292	)

J.P. Morgan Chase Bank, N.A.	Markit iTraxx Europe Crossover Index, Series 30, Version 8		Sell		5.00		Quarterly		12/20/2023		17.885		EUR	1,450,000		18,633		(262,941	)		(281,574	)

Subtotal–Depreciation																3,216,537		(365,117	)		(3,581,654	)

Total Open Over-The-Counter Credit Default Swap Agreements																$3,585,565		$155,066			$(3,430,499	)

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $28,182,000.

^(b)

Open Over-The-Counter Interest Rate Swap Agreements^(a)

Counterparty

Pay/
Receive
Floating
Rate

Floating Rate Index

Payment
Frequency

(Pay)/
Received
Fixed
Rate

Payment
Frequency

Maturity
Date

Notional

Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation

Interest Rate Risk

Bank of America, N.A.

Receive

3 Month MYR KLIBOR

Quarterly

(2.70)%

Quarterly

03/16/2024

MYR

30,600,000

$–

84,952

$ 84,952

Standard Chartered Bank PLC

Receive

3 Month MYR KLIBOR

Quarterly

(2.97)

Quarterly

04/11/2024

MYR

65,000,000

–

125,932

Bank of America, N.A.

Receive

3 Month MYR KLIBOR

Quarterly

(3.62)

Quarterly

05/24/2025

MYR

22,500,000

–

6,935

Total Over-The-Counter Interest Rate Swap Agreements

$–

217,819

$217,819

^(a)	Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $28,182,000.

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

Invesco V.I. Global Strategic Income Fund


Abbreviations:

AUD		–Australian Dollar
BRL		–Brazilian Real
BZDIOVRA		–Brazil Ceptip DI Interbank Deposit Rate
CAD		–Canadian Dollar
CDOR		–Canadian Dealer Offered Rate
CHF		–Swiss Franc
CLICP		–Sinacofi Chile Interbank Rate Avg (CAMARA)
CLP		–Chile Peso
CNH		–Chinese Renminbi
CNY		–Chinese Yuan Renminbi
COOVIBR		–Colombia IBR Overnight Nominal Interbank Reference Rate
COP		–Colombia Peso
CZK		–Czech Koruna
EUR		–Euro
EURIBOR		–Euro Interbank Offered Rate
GBP		–British Pound Sterling
INR		–Indian Rupee
JIBAR		–Johannesburg Interbank Average Rate
JPY		–Japanese Yen
KLIBOR		–Kuala Lumpur Interbank Offered Rate
KRW		–South Korean Won
MXN		–Mexican Peso
MYR		–Malaysian Ringgit
NOK		–Norwegian Krone
NZD		–New Zealand Dollar
PLN		–Polish Zloty
PRIBOR		–Prague Interbank Offerred Rate
RUB		–Russian Ruble
SEK		–Swedish Krona
SOFR		–Secured Overnight Financing Rate
SONIA		–Sterling Overnight Index Average
THB		–Thai Baht
THBFIX		–Thai Baht Interest Rate Fixing
TIIE		–Interbank Equilibrium Interest Rate
TONAR		–Tokyo Overnight Average Rate
USD		–U.S. Dollar
WIBOR		–Warsaw Interbank Offered Rate
ZAR		–South African Rand

Portfolio Composition

By security type, based on Net Assets

as of June 30, 2022


U.S. Dollar Denominated Bonds & Notes	38.53	%

Non-U.S. Dollar Denominated Bonds & Notes	31.91

Asset-Backed Securities	8.24

Exchange-Traded Funds	1.85

Agency Credit Risk Transfer Notes	1.78

Options Purchased	1.61

Security Types Each Less Than 1% of Portfolio	1.20

Money Market Funds Plus Other Assets Less Liabilities	14.88

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

Invesco V.I. Global Strategic Income Fund

Consolidated Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $724,421,155)*	$	632,469,000
Investments in affiliates, at value (Cost $93,307,951)		92,012,082
Other investments:
Variation margin receivable – futures contracts		2,715,387
Variation margin receivable–centrally cleared swap agreements		4,732,333
Swaps receivable – OTC		72,970
Unrealized appreciation on swap agreements – OTC		368,974
Premiums paid on swap agreements – OTC		3,585,565
Unrealized appreciation on forward foreign currency contracts outstanding		17,796,370
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		3,129,843
Cash collateral – centrally cleared swap agreements		22,157,876
Cash collateral – OTC Derivatives		28,182,000
Cash		24,451,913
Foreign currencies, at value (Cost $3,284,782)		3,026,060
Receivable for:
Investments sold		10,471,049
Fund shares sold		8,716
Dividends		80,596
Interest		10,482,549
Principal paydowns		77,260
Investment for trustee deferred compensation and retirement plans		146,679
Other assets		553
Total assets		855,967,775

Liabilities:
Other investments:
Options written, at value (premiums received $34,826,605)		43,613,233
Unrealized depreciation on forward foreign currency contracts outstanding		13,101,128
Swaps payable – OTC		42,538
Unrealized depreciation on swap agreements–OTC		3,581,654
Payable for:
Investments purchased		1,213,444
Fund shares reacquired		3,533,283
Collateral upon return of securities loaned		28,178,837
Accrued fees to affiliates		443,359
Accrued trustees’ and officers’ fees and benefits		3,049
Accrued other operating expenses		2,628,959
Trustee deferred compensation and retirement plans		146,679
Total liabilities		96,486,163
Net assets applicable to shares outstanding	$	759,481,612


Net assets consist of:

Shares of beneficial interest	$	1,130,214,496

Distributable earnings (loss)		(370,732,884	)

	$	759,481,612


Net Assets:
Series I	$	268,382,194

Series II	$	491,099,418


Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		70,450,758

Series II		124,687,260

Series I:
Net asset value per share	$	3.81

Series II:
Net asset value per share	$	3.94

*	At June 30, 2022, securities with an aggregate value of $27,732,261 were on loan to brokers.

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

Invesco V.I. Global Strategic Income Fund

Consolidated Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:

Interest (net of foreign withholding taxes of $84,400)	$	15,049,710

Dividends		2,027

Dividends from affiliates (includes securities lending income of $212,238)		667,718

Total investment income		15,719,455


Expenses:
Advisory fees		2,926,420

Administrative services fees		703,257

Custodian fees		135,698

Distribution fees - Series II		691,429

Transfer agent fees		23,329

Trustees’ and officers’ fees and benefits		11,064

Professional services fees		51,992

Other		235,795

Total expenses		4,778,984

Less: Expenses reimbursed		(90,042	)

Net expenses		4,688,942

Net investment income		11,030,513


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(35,392,566	)

Affiliated investment securities		(450,317	)

Foreign currencies		(1,294,348	)

Forward foreign currency contracts		(2,605,640	)

Futures contracts		8,770,957

Option contracts written		(5,770,523	)

Swap agreements		(22,628,521	)

		(59,370,958	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(76,188,706	)

Affiliated investment securities		(1,144,525	)

Foreign currencies		(891,087	)

Forward foreign currency contracts		5,964,566

Futures contracts		(423,058	)

Option contracts written		(9,516,730	)

Swap agreements		(3,357,213	)

		(85,556,753	)

Net realized and unrealized gain (loss)		(144,927,711	)

Net increase (decrease) in net assets resulting from operations	$	(133,897,198	)

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

Invesco V.I. Global Strategic Income Fund

Consolidated Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30,			December 31,
	2022			2021

Operations:
Net investment income	$	11,030,513		$	23,756,515

Net realized gain (loss)		(59,370,958	)		(17,887,423	)

Change in net unrealized appreciation (depreciation)		(85,556,753	)		(39,499,750	)

Net increase (decrease) in net assets resulting from operations		(133,897,198	)		(33,630,658	)


Distributions to shareholders from distributable earnings:
Series I		–			(16,089,003	)

Series II		–			(27,017,441	)

Total distributions from distributable earnings		–			(43,106,444	)


Share transactions–net:
Series I		(20,684,627	)		303,104

Series II		(35,259,538	)		1,076,421

Net increase (decrease) in net assets resulting from share transactions		(55,944,165	)		1,379,525

Net increase (decrease) in net assets		(189,841,363	)		(75,357,577	)


Net assets:
Beginning of period		949,322,975			1,024,680,552

End of period	$	759,481,612		$	949,322,975

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

Invesco V.I. Global Strategic Income Fund

Consolidated Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets			Portfolio turnover ^(d)(e)
Series I
Six months ended 06/30/22		$	4.46		$	0.06		$	(0.71	)		$	(0.65	)		$	-			$	3.81		(14.57	)%		$	268,382		0.93	%^(f)		0.95	%^(f)		2.74	%^(f)		47	%
Year ended 12/31/21			4.83			0.12			(0.27	)			(0.15	)			(0.22	)			4.46		(3.00	)			336,327		0.82			0.86			2.59			209
Year ended 12/31/20			4.97			0.15			(0.01	)			0.14				(0.28	)			4.83		3.19				363,404		0.82			0.87			3.10			324
Year ended 12/31/19			4.66			0.24			0.26				0.50				(0.19	)			4.97		10.80				395,324		0.77	^(g)		0.82	^(g)		4.86	^(h)		134
Year ended 12/31/18			5.13			0.25			(0.47	)			(0.22	)			(0.25	)			4.66		(4.40	)			346,707		0.81	^(g)		0.88	^(g)		5.07	^(h)		68
Year ended 12/31/17			4.94			0.22			0.09				0.31				(0.12	)			5.13		6.27				393,337		0.76	^(g)		0.82	^(g)		4.40	^(h)		74
Series II
Six months ended 06/30/22			4.61			0.05			(0.72	)			(0.67	)			-				3.94		(14.53	)			491,099		1.18	^(f)		1.20	^(f)		2.49	^(f)		47
Year ended 12/31/21			4.99			0.11			(0.28	)			(0.17	)			(0.21	)			4.61		(3.37	)			612,996		1.07			1.11			2.34			209
Year ended 12/31/20			5.13			0.14			(0.01	)			0.13				(0.27	)			4.99		2.79				661,276		1.07			1.12			2.85			324
Year ended 12/31/19			4.80			0.23			0.27				0.50				(0.17	)			5.13		10.61				736,339		1.02	^(g)		1.08	^(g)		4.60	^(h)		134
Year ended 12/31/18			5.27			0.24			(0.48	)			(0.24	)			(0.23	)			4.80		(4.54	)			1,081,833		1.06	^(g)		1.13	^(g)		4.82	^(h)		68
Year ended 12/31/17			5.07			0.22			0.08				0.30				(0.10	)			5.27		6.04				1,277,689		1.01	^(g)		1.07	^(g)		4.15	^(h)		74

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.04%, 0.02% and 0.01% for the years ended December 31, 2019, 2018 and 2017, respectively.

^(d)	The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $2,177,497,748 and $2,279,114,634, $2,370,164,194 and $2,399,236,376 and $2,271,944,419 and $2,153,905,799 for the years ended December 31, 2019, 2018 and 2017, respectively.

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

^(f)	Annualized.

^(g)	Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

^(h)	Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund.

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

Invesco V.I. Global Strategic Income Fund

Notes to Consolidated Financial Statements

June 30, 2022

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

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

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

Invesco V.I. Global Strategic Income Fund

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.

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

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

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

Securities Purchased on a When-Issued and Delayed Delivery Basis – The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

Treasury Inflation-Protected Securities – The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as interest income in the Consolidated Statement of Operations, even though investors do not receive their principal until maturity.

Invesco V.I. Global Strategic Income Fund

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 Investment Company 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 affiliates 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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, the Fund paid the Adviser $9,537 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliates on the Consolidated Statement of Operations.

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

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.

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

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.

Invesco V.I. Global Strategic Income Fund

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.

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.

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

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Consolidated Schedule of Investments and cash deposited is recorded on the Consolidated Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

Invesco V.I. Global Strategic Income Fund

may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

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

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

LIBOR Risk – The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (FCA), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

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

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

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

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

The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively

Invesco V.I. Global Strategic Income Fund

impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate
First $200 million		0.750	%
Next $200 million		0.720	%
Next $200 million		0.690	%
Next $200 million		0.660	%
Next $200 million		0.600	%
Next $4 billion		0.500	%
Over $5 billion		0.480	%

*	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, 2022, the effective advisory fee rate incurred by the Fund was 0.68%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of a Fund directly, but are fees and expenses, including management fees, of the investment companies in which a Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the expense limits above. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $90,042.

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, 2022, Invesco was paid $61,660 for accounting and fund administrative services and was reimbursed $641,597 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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

Invesco V.I. Global Strategic Income Fund

NOTE 3–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of June 30, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1			Level 2			Level 3		Total


Investments in Securities

U.S. Dollar Denominated Bonds & Notes	$	–		$	292,625,767		$	–	$	292,625,767

Non-U.S. Dollar Denominated Bonds & Notes		–			242,333,829			0		242,333,829

Asset-Backed Securities		–			62,606,694			–		62,606,694

Exchange-Traded Funds		14,047,536			–			–		14,047,536

Agency Credit Risk Transfer Notes		–			13,531,637			–		13,531,637

U.S. Government Sponsored Agency Mortgage-Backed Securities		–			3,267,392			–		3,267,392

Variable Rate Senior Loan Interests		–			2,120,721			906,396		3,027,117

Common Stocks & Other Equity Interests		212,929			152,980			1,107,830		1,473,739

Preferred Stocks		–			1,395,676			–		1,395,676

Money Market Funds		49,786,428			28,178,118			–		77,964,546

Options Purchased		–			12,207,149			–		12,207,149

Total Investments in Securities		64,046,893			658,419,963			2,014,226		724,481,082


Other Investments - Assets*

Futures Contracts		1,316,270			–			–		1,316,270

Forward Foreign Currency Contracts		–			17,796,370			–		17,796,370

Swap Agreements		–			8,494,087			–		8,494,087

		1,316,270			26,290,457			–		27,606,727


Other Investments - Liabilities*

Futures Contracts		(604,506	)		–			–		(604,506	)

Forward Foreign Currency Contracts		–			(13,101,128	)		–		(13,101,128	)

Options Written		–			(43,613,233	)		–		(43,613,233	)

Swap Agreements		–			(12,580,255	)		–		(12,580,255	)

		(604,506	)		(69,294,616	)		–		(69,899,122	)

Total Other Investments		711,764			(43,004,159	)		–		(42,292,395	)

Total Investments	$	64,758,657		$	615,415,804		$	2,014,226	$	682,188,687

*	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

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.

Invesco V.I. Global Strategic Income Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2022:


	Value


Derivative Assets	Credit Risk			Currency Risk			Interest Rate Risk			Total

Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	–		$	–		$	1,316,270		$	1,316,270

Unrealized appreciation on swap agreements – Centrally Cleared^(a)		466,206			–			7,658,907			8,125,113

Unrealized appreciation on forward foreign currency contracts outstanding		–			17,796,370			–			17,796,370

Unrealized appreciation on swap agreements – OTC		151,155			–			217,819			368,974

Options purchased, at value – OTC^(b)		–			3,132,865			9,074,284			12,207,149

Total Derivative Assets		617,361			20,929,235			18,267,280			39,813,876

Derivatives not subject to master netting agreements		(466,206	)		–			(8,975,177	)		(9,441,383	)

Total Derivative Assets subject to master netting agreements	$	151,155		$	20,929,235		$	9,292,103		$	30,372,493


	Value


Derivative Liabilities	Credit Risk			Currency Risk			Interest Rate Risk			Total

Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	–		$	–		$	(604,506	)	$	(604,506	)

Unrealized depreciation on swap agreements – Centrally Cleared^(a)		(1,071,627	)		–			(7,926,974	)		(8,998,601	)

Unrealized depreciation on forward foreign currency contracts outstanding		–			(13,101,128	)		–			(13,101,128	)

Unrealized depreciation on swap agreements – OTC		(3,581,654	)		–			–			(3,581,654	)

Options written, at value – OTC		(755,563	)		(4,243,210	)		(38,614,460	)		(43,613,233	)

Total Derivative Liabilities		(5,408,844	)		(17,344,338	)		(47,145,940	)		(69,899,122	)

Derivatives not subject to master netting agreements		1,071,627			–			8,531,480			9,603,107

Total Derivative Liabilities subject to master netting agreements	$	(4,337,217	)	$	(17,344,338	)	$	(38,614,460	)	$	(60,296,015	)

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

^(b)	Options purchased, at value as reported in the Consolidated Schedule of Investments.

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2022.


																								Collateral
	Financial Derivative Assets								Financial Derivative Liabilities															(Received)/Pledged
	Forward								Forward
	Foreign								Foreign
	Currency		Options		Swap		Total		Currency			Options			Swap			Total			Net Value of							Net
Counterparty	Contracts		Purchased		Agreements		Assets		Contracts			Written			Agreements			Liabilities			Derivatives			Non-Cash	Cash			Amount

Bank of America, N.A.		$ 4,878,996		$ 659,702		$ 91,887		$ 5,630,585		$ (4,723,452	)		$ (6,478,209	)		$ (8,229	)		$(11,209,890	)		$ (5,579,305	)	$–		$ 5,340,000			$ (239,305	)

Citibank, N.A.		296,549		–		10,702		307,251		(37,180	)		–			(10,422	)		(47,602	)		259,649		–		(259,649	)		–

Deutsche Bank AG		183,405		–		–		183,405		(151,048	)		–			–			(151,048	)		32,357		–		–			32,357

Goldman Sachs International		5,505,437		941,248		29,940		6,476,625		(1,562,186	)		(11,593,621	)		(1,893,848	)		(15,049,655	)		(8,573,030	)	–		8,460,000			(113,030	)

J.P. Morgan Chase Bank, N.A.		3,607,105		4,281,910		183,483		8,072,498		(3,267,318	)		(8,396,058	)		(1,678,509	)		(13,341,885	)		(5,269,387	)	–		3,662,000			(1,607,387	)

Morgan Stanley and Co. International PLC		2,607,982		6,305,573		–		8,913,555		(2,771,917	)		(17,145,345	)		–			(19,917,262	)		(11,003,707	)	–		4,910,000			(6,093,707	)

Royal Bank of Canada		716,896		–		–		716,896		(38,119	)		–			–			(38,119	)		678,777		–		(678,777	)		–

Standard Chartered Bank PLC		–		6,565		125,932		132,497		(230,181	)		–			(33,184	)		(263,365	)		(130,868	)	–		–			(130,868	)

UBS AG		–		12,151		–		12,151		(319,727	)		–			–			(319,727	)		(307,576	)	–		270,000			(37,576	)

Total		$17,796,370		$12,207,149		$441,944		$30,445,463		$(13,101,128	)		$(43,613,233	)		$(3,624,192	)		$(60,338,553	)		$(29,893,090	)	$–		$21,703,574			$(8,189,516	)

Invesco V.I. Global Strategic Income Fund

Effect of Derivative Investments for the six months ended June 30, 2022

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


	Location of Gain (Loss) on
	Consolidated Statement of Operations


	Credit Risk			Currency Risk			Interest Rate Risk			Total

Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	(2,605,640	)	$	-		$	(2,605,640	)

Futures contracts		-			-			8,770,957			8,770,957

Options purchased^(a)		-			(339,766	)		337,770			(1,996	)

Options written		-			(6,592,114	)		821,591			(5,770,523	)

Swap agreements		4,085,569			-			(26,714,090	)		(22,628,521	)

Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			5,964,566			-			5,964,566

Futures contracts		-			-			(423,058	)		(423,058	)

Options purchased^(a)		-			223,839			657,048			880,887

Options written		(408,196	)		359,285			(9,467,819	)		(9,516,730	)

Swap agreements		(4,441,693	)		-			1,084,480			(3,357,213	)

Total	$	(764,320	)	$	(2,989,830	)	$	(24,933,121	)	$	(28,687,271	)

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

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


	Forward Foreign Currency Contracts		Futures Contracts		Swaptions Purchased		Foreign Currency Options Purchased		Swaptions Written		Foreign Currency Options Written		Swap Agreements

Average notional value	$	1,356,092,936	$	155,957,715	$	116,465,616	$	342,142,717	$	1,545,855,408	$	176,888,291	$	1,598,506,671

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Tax Information

The Fund had a capital loss carryforward as of December 31, 2021, as follows:


Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total

Not subject to expiration	$	93,721,923	$	119,350,141	$	213,072,064

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

Invesco V.I. Global Strategic Income Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2022 was $316,953,807 and $353,025,583, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$ 40,205,428

Aggregate unrealized (depreciation) of investments	(149,117,654	)

Net unrealized appreciation (depreciation) of investments	$(108,912,226	)

Cost of investments for tax purposes is $791,100,913.

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended June 30, 2022^(a)						Year ended December 31, 2021
	Shares			Amount			Shares			Amount

Sold:
Series I		1,886,787		$	7,793,266			7,410,911		$	34,410,387

Series II		2,042,248			8,666,602			6,876,383			33,223,398


Issued as reinvestment of dividends:
Series I		-			-			3,640,046			16,089,003

Series II		-			-			5,899,005			27,017,441


Reacquired:
Series I		(6,920,414	)		(28,477,893	)		(10,741,994	)		(50,196,286	)

Series II		(10,257,219	)		(43,926,140	)		(12,265,619	)		(59,164,418	)

Net increase (decrease) in share activity		(13,248,598	)	$	(55,944,165	)		818,732		$	1,379,525

^(a)

Invesco V.I. Global Strategic Income Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$856.20	$4.28	$1,020.18	$4.66	0.93%
Series II	1,000.00	854.70	5.43	1,018.94	5.91	1.18

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Global Strategic Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

Invesco V.I. Global Strategic Income Fund

Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund’s negative duration exposure to the U.S. detracted from short-term performance and that the Fund’s duration, credit, and exposure to emerging markets currencies and the energy sector detracted from longer-term performance. The Board also considered that, effective February 28, 2022, the Fund changed its primary benchmark to the Bloomberg Global Aggregate Bond Index. The Board considered that the Fund’s performance universe was expected to change in connection with the primary benchmark change, and requested and considered comparative data showing the Fund’s performance compared to the anticipated new performance universe. 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 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 fee rate for Series II shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual 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 in the fifth quintile of its expense group and actual management fees were in the fourth quintile of its expense group and discussed with management reasons for such relative contractual management fees, actual management fees and total expenses. The Board requested and considered additional information from management regarding the Fund’s actual and contractual management fees in light of current asset levels, as well as the Fund’s total expenses relative to peers. The Board considered the Fund’s current utilization of breakpoints, that the Fund’s peer group is narrowly priced, and the differentiated client based associated with variable insurance products. The Board considered that the Fund’s expense group was expected to change in connection with the change in the Fund’s benchmark described above under “Fund Investment Performance,” and requested and considered comparative data showing how the Fund’s actual management fees, contractual management fees and total expense ratio compared against the anticipated new expense group. As previously noted, the independent Trustees reviewed and considered

information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management, including with respect to management’s philosophy regarding breakpoints in the Fund’s contractual management fee schedule. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.

Invesco V.I. Global Strategic Income Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. Government Money Market Fund

The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. The Fund’s Form N-MFP filings are available on the SEC website, sec.gov. The SEC file numbers for the Fund are 811-07452 and 033-57340. The Fund’s most recent portfolio holdings, as filed on Form N-MFP, have also been made available to insurance companies issuing variable annuity contracts and variable life insurance policies (“variable products”) that invest in the Fund.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.								VIGMKT-SAR-1

About your Fund

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

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risks associated with an investment in the Fund.

Invesco V.I. Government Money Market Fund

Schedule of Investments

June 30, 2022

(Unaudited)


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value


U.S. Treasury Securities-39.13%
U.S. Treasury Bills-28.39%^(a)
U.S. Treasury Bills		0.65	%		07/19/2022	$	15,000	$	14,995,125


U.S. Treasury Bills		0.97	%		08/16/2022		25,000		24,969,174


U.S. Treasury Bills		0.71	%		08/18/2022		10,000		9,990,533


U.S. Treasury Bills		1.07	%		08/23/2022		10,000		9,984,247


U.S. Treasury Bills		0.61%-0.71	%		08/25/2022		20,000		19,980,563


U.S. Treasury Bills		1.11	%		08/30/2022		27,000		26,950,050


U.S. Treasury Bills		0.73	%		09/08/2022		5,000		4,993,004


U.S. Treasury Bills		1.16	%		09/13/2022		25,000		24,940,302


U.S. Treasury Bills		0.82	%		09/15/2022		5,000		4,991,334


U.S. Treasury Bills		1.26	%		09/20/2022		35,000		34,901,563


U.S. Treasury Bills		1.68	%		09/22/2022		50,000		49,807,486


U.S. Treasury Bills		1.29	%		09/27/2022		50,000		49,843,556


U.S. Treasury Bills		1.40	%		10/04/2022		14,000		13,948,647


U.S. Treasury Bills		0.09	%		10/06/2022		18,000		17,995,554


U.S. Treasury Bills		1.52	%		10/11/2022		10,000		9,957,217


U.S. Treasury Bills		2.18	%		11/01/2022		15,000		14,891,660


U.S. Treasury Bills		1.18	%		02/23/2023		4,000		3,969,190


									337,109,205



U.S. Treasury Floating Rate Notes-9.05%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		1.91	%		07/31/2022		7,000		7,000,080


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		1.91	%		10/31/2022		16,000		15,999,943


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		1.91	%		01/31/2023		6,000		6,000,071


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		1.89	%		04/30/2023		10,000		10,000,336


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		1.89	%		07/31/2023		16,000		16,000,274


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		1.89	%		10/31/2023		10,000		9,999,797


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)		1.78	%		04/30/2024		42,500		42,443,831


									107,444,332



U.S. Treasury Notes-1.69%
U.S. Treasury Notes		2.00	%		07/31/2022		5,000		5,007,848


U.S. Treasury Notes		1.88	%		08/31/2022		5,000		5,009,703


U.S. Treasury Notes		1.50	%		09/15/2022		10,000		10,029,161


									20,046,712


Total U.S. Treasury Securities (Cost $464,600,249)									464,600,249



U.S. Government Sponsored Agency Securities-28.41%
Federal Farm Credit Bank (FFCB)-6.75%
Federal Farm Credit Bank (SOFR + 0.15%)^(b)		1.07	%		07/28/2022		5,000		5,000,000


Federal Farm Credit Bank		1.55	%		08/22/2022		2,650		2,653,134


Federal Farm Credit Bank (SOFR + 0.06%)^(b)		1.17	%		08/26/2022		2,500		2,499,980


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.83	%		10/12/2022		5,000		4,999,957


Federal Farm Credit Bank (SOFR + 0.01%)^(b)		1.06	%		11/16/2022		5,000		4,999,962


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		1.57	%		07/07/2023		3,000		3,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		1.51	%		09/18/2023		3,000		3,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		1.53	%		09/20/2023		7,000		7,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		1.54	%		09/27/2023		1,000		1,000,000


Federal Farm Credit Bank (SOFR + 0.06%)^(b)		1.06	%		11/07/2023		2,000		2,000,000

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

Invesco V.I. Government Money Market Fund


						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value


Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.04%)^(b)		0.94	%		01/25/2024	$	5,000	$	5,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		1.03	%		02/05/2024		3,000		3,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		1.13	%		02/23/2024		5,000		5,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		1.46	%		03/15/2024		12,000		12,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		1.52	%		03/18/2024		10,000		10,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		0.94	%		04/25/2024		4,000		4,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		1.06	%		05/09/2024		5,000		5,000,000


									80,153,033



Federal Home Loan Bank (FHLB)-19.96%
Federal Home Loan Bank^(c)		0.00	%		07/15/2022		10,000		9,996,772


Federal Home Loan Bank^(c)		0.00	%		07/20/2022		8,626		8,622,130


Federal Home Loan Bank^(c)		0.00	%		07/29/2022		20,000		19,986,000


Federal Home Loan Bank (SOFR + 0.13%)^(b)		1.12	%		08/05/2022		5,000		5,000,000


Federal Home Loan Bank^(c)		0.00	%		08/09/2022		15,000		14,983,750


Federal Home Loan Bank^(c)		0.00	%		08/10/2022		50,000		49,944,056


Federal Home Loan Bank^(c)		0.00	%		08/22/2022		25,000		24,938,611


Federal Home Loan Bank^(c)		0.00	%		09/09/2022		30,000		29,921,250


Federal Home Loan Bank^(c)		0.00	%		09/14/2022		7,000		6,987,604


Federal Home Loan Bank^(c)		0.00	%		09/16/2022		25,000		24,898,403


Federal Home Loan Bank^(c)		0.00	%		10/14/2022		40,000		39,766,667


Federal Home Loan Bank (SOFR + 0.06%)^(b)		1.31	%		12/08/2022		2,000		2,000,000


									237,045,243



Federal Home Loan Mortgage Corp. (FHLMC)-0.42%
Federal Home Loan Mortgage Corp. (SOFR + 0.09%)^(b)		1.53	%		09/16/2022		5,000		5,000,000



U.S. International Development Finance Corp. (DFC)-1.28%
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(d)		1.00	%		07/13/2022		168		168,278


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(d)		1.24	%		07/13/2022		6,389		6,388,889


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(d)		1.68	%		07/13/2022		1,800		1,800,000


U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)^(d)		1.83	%		07/13/2022		6,857		6,857,190


									15,214,357


Total U.S. Government Sponsored Agency Securities (Cost $337,412,633)									337,412,633


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-67.54% (Cost $802,012,882)									802,012,882



						Repurchase Amount
Repurchase Agreements-31.21%^(e)
BofA Securities, Inc., joint agreement dated 06/30/2022, aggregate maturing value of $945,040,688 (collateralized by domestic agency mortgage-backed securities valued at $963,900,001; 0.76% - 8.00%; 02/25/2023 - 03/20/2052)		1.55	%		07/01/2022		50,002,153		50,000,000


J.P. Morgan Securities LLC, joint open agreement dated 04/27/2022 (collateralized by domestic agency mortgage-backed securities valued at $918,000,000; 0.97% - 7.31%; 07/25/2025 - 06/16/2063)^(f)		1.57	%		07/01/2022		10,009,750		10,000,000


Metropolitan Life Insurance Co., joint term agreement dated 06/30/2022, aggregate maturing value of $350,115,362 (collateralized by U.S. Treasury obligations valued at $362,980,112; 0.00%; 08/15/2027 - 11/15/2045)^(g)		1.57	%		07/07/2022		15,006,230		15,001,650


Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 06/30/2022, aggregate maturing value of $500,021,528 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 1.48% - 6.00%; 01/25/2023 - 07/01/2052)		1.55	%		07/01/2022		62,679,000		62,676,301


Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 06/29/2022, aggregate maturing value of $1,343,222,431 (collateralized by U.S. Treasury obligations valued at $1,387,409,665; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)^(g)		1.57	%		07/06/2022		27,983,540		27,975,000

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

Invesco V.I. Government Money Market Fund


	Interest			Maturity		Repurchase
	Rate			Date		Amount		Value


Sumitomo Mitsui Banking Corp., joint agreement dated 06/30/2022, aggregate maturing value of $1,759,076,223 (collateralized by domestic agency mortgage-backed securities valued at $1,794,180,000; 2.50% - 5.50%; 09/20/2039 - 10/20/2051)		1.56	%		07/01/2022	$	100,004,333	$	100,000,000


Wells Fargo Securities, LLC, joint agreement dated 06/30/2022, aggregate maturing value of $200,008,667 (collateralized by domestic agency mortgage-backed securities valued at $204,000,001; 2.50% - 5.50%; 02/01/2034 - 07/01/2052)		1.56	%		07/01/2022		105,004,550		105,000,000


Total Repurchase Agreements (Cost $370,652,951)									370,652,951


TOTAL INVESTMENTS IN SECURITIES^(h)-98.75% (Cost $1,172,665,833)									1,172,665,833


OTHER ASSETS LESS LIABILITIES-1.25%									14,805,230


NET ASSETS-100.00%								$	1,187,471,063

Investment Abbreviations:

SOFR -Secured Overnight Financing Rate

VRD -Variable Rate Demand

Notes to Schedule of Investments:

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

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2022.

^(c)	Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue.

^(d)	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, 2022.

^(e)	Principal amount equals value at period end. See Note 1I.

^(f)	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.

^(g)	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

^(h)	Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity*

In days, as of 06/30/2022



1-7	32.0	%

8-30	5.1

31-60	15.3

61-90	24.0

91-180	10.8

181+	12.8

*	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.

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

Invesco V.I. Government Money Market Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, excluding repurchase agreements, at value and cost	$	802,012,882


Repurchase agreements, at value and cost		370,652,951


Cash		23,707


Receivable for:
Fund shares sold		30,659,462


Interest		505,142


Investment for trustee deferred compensation and retirement plans		31,720


Total assets		1,203,885,864



Liabilities:
Payable for:
Investments purchased		14,891,660


Fund shares reacquired		139,058


Dividends		716,406


Accrued fees to affiliates		568,106


Accrued trustees’ and officers’ fees and benefits		4,684


Accrued operating expenses		53,168


Trustee deferred compensation and retirement plans		41,719


Total liabilities		16,414,801


Net assets applicable to shares outstanding	$	1,187,471,063



Net assets consist of:
Shares of beneficial interest	$	1,187,562,551


Distributable earnings (loss)		(91,488	)


	$	1,187,471,063



Net Assets:
Series I	$	1,073,114,290


Series II	$	114,356,773



Shares outstanding, no par value, unlimited number of shares authorized:
Series I		1,073,155,603


Series II		114,361,086


Series I:
Net asset value and offering price per share	$	1.00


Series II:
Net asset value and offering price per share	$	1.00

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:
Interest	$	2,470,130



Expenses:
Advisory fees		742,011


Administrative services fees		508,190


Distribution fees - Series II		122,637


Trustees’ and officers’ fees and benefits		11,410


Other		(156,982	)


Total expenses		1,227,266


Less: Fees waived and expenses reimbursed		(127,085	)


Net expenses		1,100,181


Net investment income		1,369,949


Net realized gain (loss) from unaffiliated investment securities		(92,963	)


Net increase in net assets resulting from operations	$	1,276,986

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

Invesco V.I. Government Money Market Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30,			December 31,
	2022			2021


Operations:
Net investment income	$	1,369,949		$	54,794


Net realized gain (loss)		(92,963	)		-


Net increase in net assets resulting from operations		1,276,986			54,794



Distributions to shareholders from distributable earnings:
Series I		(1,303,010	)		(48,851	)


Series II		(66,939	)		(5,943	)


Total distributions from distributable earnings		(1,369,949	)		(54,794	)



Share transactions-net:
Series I		384,418,425			(22,868,753	)


Series II		35,827,091			(12,306,552	)


Net increase (decrease) in net assets resulting from share transactions		420,245,516			(35,175,305	)


Net increase (decrease) in net assets		420,152,553			(35,175,305	)



Net assets:
Beginning of period		767,318,510			802,493,815


End of period	$	1,187,471,063		$	767,318,510

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

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 value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (realized)				Total from investment operations			Dividends from net investment income				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets
Series I
Six months ended 06/30/22		$	1.00		$	0.00		$	(0.00	)		$	0.00		$	(0.00	)		$	1.00		0.13	%		$	1,073,114		0.21	%^(c)		0.22	%^(c)		0.29	%^(c)
Year ended 12/31/21			1.00			0.00			-				0.00			(0.00	)			1.00		0.01				688,779		0.07			0.34			0.01
Year ended 12/31/20			1.00			0.00			0.00				0.00			(0.00	)			1.00		0.29				711,648		0.29			0.35			0.26
Year ended 12/31/19			1.00			0.02			0.00				0.02			(0.02	)			1.00		1.90				598,670		0.36			0.36			1.90
Year ended 12/31/18			1.00			0.02			(0.00	)			0.02			(0.02	)			1.00		1.55				900,901		0.36			0.36			1.55
Year ended 12/31/17			1.00			0.01			(0.00	)			0.01			(0.01	)			1.00		0.56				656,368		0.40			0.40			0.56
Series II
Six months ended 06/30/22			1.00			0.00			(0.00	)			0.00			(0.00	)			1.00		0.06				114,357		0.36	^(c)		0.47	^(c)		0.14	^(c)
Year ended 12/31/21			1.00			0.00			-				0.00			(0.00	)			1.00		0.01				78,539		0.07			0.59			0.01
Year ended 12/31/20			1.00			0.00			0.00				0.00			(0.00	)			1.00		0.21				90,846		0.36			0.60			0.19
Year ended 12/31/19			1.00			0.02			0.00				0.02			(0.02	)			1.00		1.64				71,978		0.61			0.61			1.65
Year ended 12/31/18			1.00			0.01			(0.00	)			0.01			(0.01	)			1.00		1.30				96,339		0.61			0.61			1.30
Year ended 12/31/17			1.00			0.00			(0.00	)			0.00			(0.00	)			1.00		0.31				85,541		0.65			0.65			0.31

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Annualized.

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

Invesco V.I. Government Money Market Fund

Notes to Financial Statements

June 30, 2022

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

Security Valuations - The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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

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

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

Invesco V.I. Government Money Market Fund

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.

Repurchase Agreements - The Fund may enter into repurchase agreements. Collateral on repurchase agreements, including the Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment adviser or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Fund might incur expenses in enforcing its rights, and could experience losses, including a decline in the value of the collateral and loss of income.

Other Risks - Investments in obligations issued by agencies and instrumentalities of the U.S. Government may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of the Fund that holds securities of that entity will be adversely impacted.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Adviser based on the annual rate of 0.15% of the Fund’s average daily net assets.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual operating expenses after fee waivers and/or expense reimbursements (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waivers and/or expense reimbursements to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Adviser and/or Invesco Distributors, Inc., (“IDI”) voluntarily agreed to waive fees and/or reimburse expenses in order to increase the Fund’s yield. Voluntary fee waivers and/or reimbursements may be modified at any time upon consultation with the Board of Trustees without further notice to investors. For the six months ended June 30, 2022, the Adviser waived advisory fees of $80,730 and IDI reimbursed $46,355 for Series II shares in order to increase the Fund’s yield.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2022, Invesco was paid $217,657 for accounting and fund administrative services and was reimbursed $290,533 for fees paid to insurance companies. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as custodian and fund accountant and provides certain administrative services to the Fund.

The Trust has entered into a master distribution agreement with IDI to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. 12b-1 fees before fee waivers are shown as Distribution fees in the Statement of Operations. For the six months ended June 30, 2022, 12b-1 fees incurred for Series II shares were $76,282, after waivers of $46,355.

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

NOTE 3–Additional Valuation Information

Invesco V.I. Government Money Market Fund


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of June 30, 2022, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Trustees’ and Officers’ Fees and Benefits

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

NOTE 5–Cash Balances

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

NOTE 6–Tax Information

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 carryforwards 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 any capital loss carryforward as of December 31, 2021.

NOTE 7–Share Information


	Summary of Share Activity
	Six months ended June 30, 2022^(a)						Year ended December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		1,308,503,701		$	1,308,503,701			1,772,925,010		$	1,772,925,010


Series II		48,420,692			48,420,692			39,161,882			39,161,882



Issued as reinvestment of dividends:
Series I		1,280,447			1,280,447			47,696			47,696


Series II		66,936			66,936			5,943			5,943



Reacquired:
Series I		(925,365,723	)		(925,365,723	)		(1,795,841,459	)		(1,795,841,459	)


Series II		(12,660,537	)		(12,660,537	)		(51,474,377	)		(51,474,377	)


Net increase (decrease) in share activity		420,245,516		$	420,245,516			(35,175,305	)	$	(35,175,305	)

^(a)

Invesco V.I. Government Money Market Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Class	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,001.30	$1.04	$1,023.75	$1.05	0.21%
Series II	1,000.00	1,000.60	1.79	1,023.01	1.81	0.36

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Government Money Market Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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, valuation and compliance risks, and technology used to manage such risks. 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 considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers 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 are appropriate and satisfactory.

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 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 II shares of the Fund was in the second 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 and the fifth quintile being the worst performing funds). The Board noted that performance of Series II 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 performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco V.I. Government Money Market Fund

was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual 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 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 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.

D.	Economies of Scale and Breakpoints

investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

Invesco V.I. Government Money Market Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. Government Securities Fund

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VIGOV-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	-6.97	%
Series II Shares	-7.12
Bloomberg U.S. Aggregate Bond Index^q (Broad Market Index)	-10.35
Bloomberg Intermediate U.S. Government Index^q (Style-Specific Index)	-5.77
Lipper VUF Intermediate U.S. Government Funds Classification Average^∎ (Peer Group)	-7.60

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

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.
The Bloomberg Intermediate U.S. Government Index is comprised of the Intermediate U.S. Treasury and U.S. Agency Indices.
The Lipper VUF Intermediate U.S. Government Funds Classification Average represents an average of all variable insurance underlying funds in the Lipper Intermediate U.S. Government Funds classification.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (5/5/93)	3.67	%
10 Years	0.86
5 Years	0.72
1 Year	-8.09
Series II Shares
Inception (9/19/01)	2.63	%
10 Years	0.60
5 Years	0.46
1 Year	-8.31

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

fluctuate so that you may have a gain or loss when you sell shares.

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

Invesco V.I. Government Securities Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Government Securities Fund

Schedule of Investments

June 30, 2022

(Unaudited)


	Principal Amount		Value


U.S. Government Sponsored Agency Mortgage-Backed Securities–53.72%
Collateralized Mortgage Obligations–12.11%
Fannie Mae ACES,
2.76% (1 mo. USD LIBOR + 0.59%), 09/25/2023^(a)	$	232,507	$	232,773


3.27%, 02/25/2029		5,000,000		4,870,634


Fannie Mae REMICs,
2.50%, 03/25/2026		15		15


7.00%, 09/18/2027		58,525		60,913


1.50%, 01/25/2028		1,089,357		1,049,888


6.50%, 03/25/2032		289,810		313,746


5.75%, 10/25/2035		79,674		83,192


1.92% (1 mo. USD LIBOR + 0.30%), 05/25/2036^(a)		1,027,438		1,019,348


2.07% (1 mo. USD LIBOR + 0.45%), 03/25/2037^(a)		564,082		563,468


6.61%, 06/25/2039^(b)		1,381,951		1,510,197


4.00%, 07/25/2040		769,457		773,245


2.17% (1 mo. USD LIBOR + 0.55%), 02/25/2041^(a)		361,350		361,947


2.12% (1 mo. USD LIBOR + 0.50%), 05/25/2041^(a)		386,207		386,609


2.14% (1 mo. USD LIBOR + 0.52%), 11/25/2041^(a)		559,339		560,097


1.12% (1 mo. USD LIBOR + 0.32%), 08/25/2044^(a)		802,538		796,447


1.28% (1 mo. USD LIBOR + 0.48%), 02/25/2056^(a)		1,615,651		1,604,701


1.22% (1 mo. USD LIBOR + 0.42%), 12/25/2056^(a)		1,929,759		1,916,185


Series 2021-11, Class MI, IO, 2.00%, 03/25/2051^(c)		2,715,949		377,228


Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series KLU1, Class A2, 2.51%, 12/25/2025		5,000,000		4,869,286


Series KG01, Class A7, 2.88%, 04/25/2026		5,000,000		4,923,299


Series KS11, Class AFX1, 2.15%, 12/25/2028		5,000,000		4,700,589


Series K093, Class A1, 2.76%, 12/25/2028		1,834,178		1,791,233


Series K092, Class AM, 3.02%, 04/25/2029		5,000,000		4,793,033


	Principal Amount		Value


Collateralized Mortgage Obligations–(continued)
Freddie Mac REMICs,
3.00%, 04/15/2026	$	3	$	3


1.82% (1 mo. USD LIBOR + 0.50%), 12/15/2035 to 03/15/2040^(a)		1,039,933		1,041,308


1.62% (1 mo. USD LIBOR + 0.30%), 03/15/2036 to 09/15/2044^(a)		1,157,505		1,152,540


1.15% (1 mo. USD LIBOR + 0.35%), 11/15/2036^(a)		1,203,876		1,198,715


1.69% (1 mo. USD LIBOR + 0.37%), 03/15/2037^(a)		559,383		556,763


2.18% (1 mo. USD LIBOR + 0.86%), 11/15/2039^(a)		279,904		284,878


1.77% (1 mo. USD LIBOR + 0.45%), 03/15/2040 to 02/15/2042^(a)		2,499,086		2,496,468


Series 331, Class AF, 1.72% (1 mo. USD LIBOR + 0.40%), 06/15/2037^(a)		803,690		800,781


Freddie Mac STRIPS,
1.15% (1 mo. USD LIBOR + 0.35%), 10/15/2037^(a)		923,896		929,085


				46,018,614



Federal Home Loan Mortgage Corp. (FHLMC)–9.51%
7.50%, 09/01/2022 to 06/01/2035		414,541		442,042


7.00%, 01/01/2023 to 11/01/2035		1,219,503		1,304,048


6.50%, 07/01/2023 to 12/01/2035		913,637		977,339


8.00%, 10/01/2023 to 02/01/2035		143,650		147,765


8.50%, 05/01/2026 to 08/01/2031		74,863		77,057


7.05%, 05/20/2027		20,881		21,491


6.00%, 09/01/2029 to 07/01/2038		122,846		130,259


6.03%, 10/20/2030		351,473		370,044


3.00%, 02/01/2032 to 01/01/2050		10,810,171		10,251,828


2.50%, 09/01/2034 to 12/01/2050		15,602,732		14,746,055


5.00%, 01/01/2037 to 01/01/2040		417,957		440,758


4.50%, 01/01/2040 to 08/01/2041		2,068,747		2,122,781


ARM, 2.13% (1 yr. USD LIBOR + 1.88%), 09/01/2035^(a)		1,143,228		1,176,856


2.69% (1 yr. USD LIBOR + 1.87%), 07/01/2036^(a)		1,071,305		1,100,501


1.81% (1 yr. USD LIBOR + 1.56%), 10/01/2036^(a)		532,132		545,579


2.16% (1 yr. USD LIBOR + 1.91%), 10/01/2036^(a)		52,714		54,441


2.28% (1 yr. USD LIBOR + 1.97%), 11/01/2037^(a)		216,178		224,760

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

Invesco V.I. Government Securities Fund


	Principal Amount		Value


Federal Home Loan Mortgage Corp. (FHLMC)–(continued)
2.45% (1 yr. USD LIBOR + 2.08%), 01/01/2038^(a)	$	18,095	$	18,533


2.87% (1 yr. USD LIBOR + 1.84%), 07/01/2038^(a)		319,845		330,280


2.32% (1 yr. USD LIBOR + 1.78%), 06/01/2043^(a)		358,361		366,672


2.90%, 01/01/2048^(d)		1,314,020		1,310,704


				36,159,793



Federal National Mortgage Association (FNMA)–14.48%
7.00%, 08/01/2022 to 03/01/2036		607,744		632,869


6.00%, 09/01/2022 to 10/01/2038		567,168		616,031


7.50%, 11/01/2022 to 08/01/2037		1,755,598		1,874,252


5.50%, 11/01/2023 to 05/01/2035		648,355		695,389


6.50%, 12/01/2023 to 11/01/2037		743,370		787,964


6.75%, 07/01/2024		24,810		26,036


8.50%, 09/01/2024 to 08/01/2037		242,044		261,048


4.50%, 11/01/2024 to 08/01/2041		2,063,236		2,124,907


6.95%, 10/01/2025		6,162		6,203


0.50%, 11/07/2025		4,000,000		3,673,592


8.00%, 09/01/2026 to 10/01/2037		1,019,387		1,113,521


3.50%, 05/01/2027 to 08/01/2027		1,266,314		1,265,665


0.75%, 10/08/2027		6,000,000		5,310,257


3.59%, 10/01/2028		4,000,000		4,029,641


3.00%, 12/01/2031 to 03/01/2050		6,088,713		5,902,470


5.00%, 08/01/2033 to 12/01/2033		127,841		129,675


2.50%, 12/01/2034 to 07/01/2035		12,488,589		11,971,291


2.00%, 09/01/2035 to 01/01/2051		8,314,683		7,492,923


4.00%, 09/01/2043 to 12/01/2048		5,226,571		5,247,568


ARM, 2.57% (1 yr. U.S. Treasury Yield Curve Rate + 2.36%), 10/01/2034^(a)		908,973		943,841


2.77% (1 yr. U.S. Treasury Yield Curve Rate + 2.19%), 05/01/2035^(a)		68,659		70,944


2.34% (1 yr. USD LIBOR + 1.70%), 03/01/2038^(a)		16,649		17,080


2.25% (1 yr. USD LIBOR + 1.77%), 02/01/2042^(a)		160,212		159,650


1.77% (1 yr. USD LIBOR + 1.52%), 08/01/2043^(a)		342,687		345,936


1.95% (1 yr. U.S. Treasury Yield Curve Rate + 1.88%), 05/01/2044^(a)		341,767		346,831


				55,045,584


	Principal Amount		Value


Government National Mortgage Association (GNMA)–12.59%
7.50%, 11/15/2022 to 10/15/2035	$	705,199	$	749,449


8.00%, 01/15/2023 to 01/15/2037		512,961		547,016


7.00%, 09/15/2023 to 12/15/2036		342,977		356,939


6.50%, 12/15/2023 to 09/15/2034		1,274,410		1,336,223


6.00%, 01/16/2025 to 08/15/2033		238,054		250,350


5.00%, 02/15/2025		35,564		36,863


6.95%, 08/20/2025 to 09/20/2026		40,676		40,756


6.38%, 10/20/2027 to 12/20/2027		60,736		62,432


6.10%, 12/20/2033		2,047,977		2,221,876


5.69%, 08/20/2034^(b)		507,132		538,165


8.50%, 10/15/2036 to 01/15/2037		113,327		116,547


5.90%, 01/20/2039^(b)		1,870,813		2,003,729


2.31% (1 mo. USD LIBOR + 0.80%), 09/16/2039^(a)		486,305		492,598


2.30% (1 mo. USD LIBOR + 0.70%), 05/20/2040^(a)		1,000,298		1,009,658


4.51%, 07/20/2041^(b)		287,613		294,529


1.98%, 09/20/2041		1,076,340		1,093,432


1.85% (1 mo. USD LIBOR + 0.25%), 01/20/2042^(a)		12,840		12,746


3.50%, 10/20/2042 to 06/20/2050		6,183,597		6,103,431


1.36% (1 mo. USD LIBOR + 0.30%), 08/20/2047^(a)		1,917,447		1,899,925


2.50%, 07/20/2049		3,279,548		3,114,350


3.00%, 10/20/2049 to 11/20/2049		5,899,941		5,576,072


Series 2019-29, Class PE, 3.00%, 10/20/2048		1,882,734		1,838,597


Series 2019-52, Class JL, 3.00%, 11/20/2048		2,203,139		2,135,406


Series 2019-30, Class MA, 3.50%, 03/20/2049		398,553		389,143


TBA, 3.00%, 07/01/2052^(e)		5,490,000		5,177,327


4.00%, 07/01/2052^(e)		3,840,000		3,824,325


4.50%, 07/01/2052^(e)		3,800,000		3,857,000


Series 2020-137, Class A, 1.50%, 04/16/2062		3,201,670		2,785,752


				47,864,636



Uniform Mortgage-Backed Securities–5.03%
TBA, 4.50%, 07/01/2052^(e)		10,210,000		10,251,877


4.00%, 08/01/2052^(e)		9,000,000		8,862,363


				19,114,240


Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $213,556,979)				204,202,867



U.S. Treasury Securities–33.21%
U.S. Treasury Bills–0.21%^(f)(g)
1.46% - 2.10%, 11/17/2022		806,000		799,632

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

Invesco V.I. Government Securities Fund


	Principal Amount		Value


U.S. Treasury Bonds–1.18%
5.38%, 02/15/2031	$	3,800,000	$	4,477,469


U.S. Treasury Notes–31.82%
2.00%, 11/30/2022		2,700,000		2,695,837


0.13% - 2.38%, 01/31/2023		7,557,000		7,476,353


0.13%, 02/28/2023		5,557,000		5,462,754


1.63%, 04/30/2023		4,000,000		3,959,693


2.75%, 05/31/2023		6,300,000		6,291,915


1.63%, 10/31/2023		625,000		614,331


2.63%, 12/31/2023		1,900,000		1,890,834


0.25%, 03/15/2024		7,000,000		6,684,727


0.25%, 05/15/2024		3,000,000		2,851,758


2.00%, 05/31/2024^(h)		2,500,000		2,455,078


2.25%, 11/15/2024		5,200,000		5,113,570


2.13%, 05/15/2025		5,480,000		5,347,067


2.25%, 11/15/2025		8,300,000		8,086,664


0.38% - 2.88%, 11/30/2025		11,500,000		10,708,086


0.38%, 12/31/2025		7,000,000		6,380,254


0.88%, 06/30/2026		7,000,000		6,426,875


1.50%, 08/15/2026		8,550,000		8,031,656


1.13%, 02/28/2027		9,159,000		8,393,007


2.38%, 05/15/2027		1,000,000		968,281


0.50%, 06/30/2027		1,900,000		1,675,006


2.25%, 11/15/2027		2,900,000		2,780,941


2.75%, 02/15/2028		1,900,000		1,867,270


1.25%, 06/30/2028		4,500,000		4,048,770


2.88%, 08/15/2028		8,000,000		7,904,375


2.38%, 05/15/2029		2,600,000		2,491,176


1.63%, 08/15/2029		400,000		364,281


				120,970,559


Total U.S. Treasury Securities (Cost $133,190,327)				126,247,660



Asset-Backed Securities–9.29%⁽ⁱ⁾
Angel Oak Mortgage Trust, Series 2020-6, Class A2, 1.52%, 05/25/2065^(b)(j)		809,332		774,954


Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class XA, IO, 0.90%, 09/15/2048^(k)		13,212,934		265,102


Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 12A1, 2.83%, 01/25/2035^(b)		227,985		221,536


Chase Mortgage Finance Corp.,
Series 2016-SH1, Class M3, 3.75%, 04/25/2045^(b)(j)		1,067,563		980,487


Series 2016-SH2, Class M3, 3.75%, 12/25/2045^(b)(j)		1,362,794		1,265,158


COLT Mortgage Loan Trust,
Series 2020-2, Class A1, 1.85%, 03/25/2065^(b)(j)		268,299		265,120


Series 2021-4, Class A1, 1.40%, 10/25/2066^(b)(j)		4,517,391		3,932,376


FRESB Mortgage Trust, Series 2019-SB63, Class A5, 2.55%, 02/25/2039^(b)		3,101,930		3,067,589


GCAT Trust, Series 2020-NQM1, Class A3, 2.55%, 01/25/2060^(j)(l)		3,154,210		3,121,104


Mello Mortgage Capital Acceptance Trust, Series 2021-INV1, Class A4, 2.50%, 06/25/2051^(b)(j)		548,956		500,524


MFA Trust, Series 2021-INV2, Class A1, 1.91%, 11/25/2056^(b)(j)		4,726,656		4,298,425


	Principal Amount		Value


New Residential Mortgage Loan Trust,
Series 2018-4A, Class A1S, 2.37% (1 mo. USD LIBOR + 0.75%), 01/25/2048^(a)(j)	$	1,378,795	$	1,352,840


Series 2020-NQM1, Class A3, 2.77%, 01/26/2060^(b)(j)		1,252,415		1,191,388


NextGear Floorplan Master Owner Trust, Series 2021-1A, Class A, 0.85%, 07/15/2026^(j)		2,000,000		1,871,392


SGR Residential Mortgage Trust, Series 2021-2, Class A1, 1.74%, 12/25/2061^(b)(j)		3,682,583		3,258,989


SMB Private Education Loan Trust, Series 2021-D, Class A1A, 1.34%, 03/17/2053^(j)		2,328,537		2,162,195


Starwood Mortgage Residential Trust, Series 2022-1, Class A1, 2.45%, 12/25/2066^(b)(j)		1,843,547		1,722,201


Textainer Marine Containers VII Ltd., Series 2021-2A, Class B, 2.82%, 04/20/2046^(j)		3,626,667		3,189,707


Textainer Marine Containers VIII Ltd., Series 2020-3A, Class A, 2.11%, 09/20/2045^(j)		2,098,512		1,890,587


Total Asset-Backed Securities (Cost $38,330,834)				35,331,674



Certificates of Deposit–4.73%
Diversified Banks–4.73%
Canadian Imperial Bank of Commerce (Canada), 1.75% (SOFR + 0.25%), 02/21/2023^(a)		10,000,000		9,982,621


Svenska Handelsbanken AB (Sweden), 1.77% (SOFR + 0.23%), 11/30/2022^(a)		8,000,000		7,991,846


				17,974,467



U.S. Government Sponsored Agency Securities–4.08%
Federal Home Loan Bank (FHLB)–3.56%
Federal Home Loan Bank, 0.50%, 04/14/2025		14,500,000		13,520,733



Independent Power Producers & Energy Traders–0.52%
Tennessee Valley Authority, 1.88%, 08/15/2022		2,000,000		1,999,639


Total U.S. Government Sponsored Agency Securities (Cost $16,507,687)				15,520,372



Agency Credit Risk Transfer Notes–1.16%
Fannie Mae Connecticut Avenue Securities,
Series 2015-C02, Class 1M2, 5.62% (1 mo. USD LIBOR + 4.00%), 05/25/2025^(a)		920,146		925,726


Series 2022-R03, Class 1M1, 3.03% (30 Day Average SOFR + 2.10%), 03/25/2042^(a)(j)		2,365,578		2,325,452


Freddie Mac, Series 2021-DNA3, Class M2, STACR^®, 3.03% (30 Day Average SOFR + 2.10%), 10/25/2033^(a)(j)		1,240,000		1,149,554


Total Agency Credit Risk Transfer Notes (Cost $4,486,924)				4,400,732



U.S. Dollar Denominated Bonds & Notes–1.04%
Sovereign Debt–1.04%
Israel Government AID Bond, 5.13%, 11/01/2024 (Cost $3,806,595)		3,800,000		3,939,886

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

Invesco V.I. Government Securities Fund


	Shares		Value


Money Market Funds–0.87%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(m)(n)(Cost $3,296,196)		3,296,196	$	3,296,196


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–108.10% (Cost $431,175,542)				410,913,854



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.65%
Invesco Private Government Fund, 1.38%^(m)(n)(o)		694,654		694,654


	Shares		Value


Money Market Funds–(continued)
Invesco Private Prime Fund, 1.66%^(m)(n)(o)		1,786,254	$	1,786,254


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,480,908)				2,480,908


TOTAL INVESTMENTS IN SECURITIES–108.75% (Cost $433,656,450)				413,394,762


OTHER ASSETS LESS LIABILITIES–(8.75)%				(33,246,526	)


NET ASSETS–100.00%			$	380,148,236


Investment Abbreviations:

ACES		– Automatically Convertible Extendable Security
ARM		– Adjustable Rate Mortgage
Ctfs.		– Certificates
IO		– Interest Only
LIBOR		– London Interbank Offered Rate
REMICs		– Real Estate Mortgage Investment Conduits
SOFR		– Secured Overnight Financing Rate
STACR^®		– Structured Agency Credit Risk
STRIPS		– Separately Traded Registered Interest and Principal Security
TBA		– To Be Announced
USD		– U.S. Dollar

Notes to Schedule of Investments:

^(a)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2022.

^(b)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2022.

^(c)	Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

^(d)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

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

^(f)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1K.

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

^(h)	All or a portion of this security was out on loan at June 30, 2022.

⁽ⁱ⁾	Non-U.S. government sponsored securities.

^(j)

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, 2022 was $35,252,453, which represented 9.27% of the Fund’s Net Assets.

^(k)

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

^(m)


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$10,539,293		$ 41,561,660		$ (48,804,757)		$-		$ -		$3,296,196		$ 4,519
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		35,828,408		(35,133,754)		-		-		694,654		2,125*
Invesco Private Prime Fund		-		49,140,367		(47,354,133)		-		20		1,786,254		4,880*
Total		$10,539,293		$126,530,435		$(131,292,644)		$-		$20		$5,777,104		$11,524

⁽ⁿ⁾	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

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

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

Invesco V.I. Government Securities Fund


	Open Futures Contracts


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


Interest Rate Risk


U.S. Treasury 2 Year Notes		262		September-2022	$	55,024,094		$	(310,008	)	$	(310,008	)


U.S. Treasury 5 Year Notes		251		September-2022		28,174,750			(254,797	)		(254,797	)


U.S. Treasury 10 Year Notes		199		September-2022		23,587,719			(297,820	)		(297,820	)


U.S. Treasury 10 Year Ultra Notes		72		September-2022		9,171,000			(137,945	)		(137,945	)


Subtotal–Long Futures Contracts									(1,000,570	)		(1,000,570	)



Short Futures Contracts


Interest Rate Risk


U.S. Treasury Long Bonds		120		September-2022		(16,635,000	)		262,500			262,500


U.S. Treasury Ultra Bonds		10		September-2022		(1,543,438	)		44,087			44,087


Subtotal–Short Futures Contracts									306,587			306,587


Total Futures Contracts								$	(693,983	)	$	(693,983	)

Portfolio Composition

By security type, based on Total Investments

as of June 30, 2022



U.S. Government Sponsored Agency Mortgage-Backed Securities	49.40	%

U.S. Treasury Securities	30.54

Asset-Backed Securities	8.55

Certificates of Deposit	4.35

U.S. Government Sponsored Agency Securities	3.75

Agency Credit Risk Transfer Notes	1.06

U.S. Dollar Denominated Bonds & Notes	0.95

Money Market Funds	1.40

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

Invesco V.I. Government Securities Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $427,879,346)*	$	407,617,658


Investments in affiliated money market funds, at value (Cost $5,777,104)		5,777,104


Other investments:
Variation margin receivable - futures contracts		359,652


Cash		14,089


Receivable for:
TBA sales commitment		8,900,500


Fund shares sold		40,526


Dividends		1,815


Interest		1,027,994


Principal paydowns		255,421


Investment for trustee deferred compensation and retirement plans		169,375


Other assets		252


Total assets		424,164,386



Liabilities:
Payable for:
TBA sales commitment		40,859,781


Fund shares reacquired		243,044


Collateral upon return of securities loaned		2,480,908


Accrued fees to affiliates		200,001


Accrued trustees’ and officers’ fees and benefits		2,523


Accrued other operating expenses		48,142


Trustee deferred compensation and retirement plans		181,751


Total liabilities		44,016,150


Net assets applicable to shares outstanding	$	380,148,236



Net assets consist of:
Shares of beneficial interest	$	409,931,827


Distributable earnings (loss)		(29,783,591	)


	$	380,148,236



Net Assets:
Series I	$	203,873,558


Series II	$	176,274,678



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		19,094,927


Series II		16,692,953


Series I:
Net asset value per share	$	10.68


Series II:
Net asset value per share	$	10.56

*	At June 30, 2022, security with a value of $2,440,345 was on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:

Interest	$	3,978,647


Dividends from affiliated money market funds (includes securities lending income of $2,131)		6,650


Total investment income		3,985,297



Expenses:
Advisory fees		965,885


Administrative services fees		332,458


Custodian fees		12,421


Distribution fees - Series II		231,246


Transfer agent fees		10,675


Trustees’ and officers’ fees and benefits		9,534


Reports to shareholders		1,739


Professional services fees		19,166


Other		3,099


Total expenses		1,586,223


Less: Fees waived		(727	)


Net expenses		1,585,496


Net investment income		2,399,801



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(3,829,384	)


Affiliated investment securities		20


Futures contracts		(3,450,544	)


		(7,279,908	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(24,606,553	)


Futures contracts		(789,599	)


		(25,396,152	)


Net realized and unrealized gain (loss)		(32,676,060	)


Net increase (decrease) in net assets resulting from operations	$	(30,276,259	)

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

Invesco V.I. Government Securities Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30, 2022			December 31, 2021


Operations:
Net investment income	$	2,399,801		$	3,632,319


Net realized gain (loss)		(7,279,908	)		(777,077	)


Change in net unrealized appreciation (depreciation)		(25,396,152	)		(13,171,144	)


Net increase (decrease) in net assets resulting from operations		(30,276,259	)		(10,315,902	)



Distributions to shareholders from distributable earnings:
Series I		–			(5,864,271	)


Series II		–			(4,378,930	)


Total distributions from distributable earnings		–			(10,243,201	)



Share transactions–net:
Series I		(15,809,976	)		(10,066,900	)


Series II		(6,621,875	)		21,041,877


Net increase (decrease) in net assets resulting from share transactions		(22,431,851	)		10,974,977


Net increase (decrease) in net assets		(52,708,110	)		(9,584,126	)



Net assets:
Beginning of period		432,856,346			442,440,472


End of period	$	380,148,236		$	432,856,346

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

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 value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Series I
Six months ended 06/30/22		$	11.48		$	0.07		$	(0.87	)		$	(0.80	)		$	–			$	10.68		(6.97	)%		$	203,874		0.67	%^(d)		0.67	%^(d)		1.31	%^(d)		85	%
Year ended 12/31/21			12.04			0.11			(0.38	)			(0.27	)			(0.29	)			11.48		(2.27	)			235,924		0.68			0.68			0.92			170
Year ended 12/31/20			11.61			0.20			0.53				0.73				(0.30	)			12.04		6.27				257,369		0.67			0.67			1.64			346
Year ended 12/31/19			11.22			0.25			0.43				0.68				(0.29	)			11.61		6.07				251,440		0.68			0.68			2.18			35
Year ended 12/31/18			11.41			0.25			(0.19	)			0.06				(0.25	)			11.22		0.56				279,476		0.69			0.69			2.25			25
Year ended 12/31/17			11.44			0.22			(0.01	)			0.21				(0.24	)			11.41		1.87				318,298		0.70			0.70			1.97			35
Series II
Six months ended 06/30/22			11.37			0.06			(0.87	)			(0.81	)			–				10.56		(7.12	)			176,275		0.92	^(d)		0.92	^(d)		1.06	^(d)		85
Year ended 12/31/21			11.92			0.08			(0.37	)			(0.29	)			(0.26	)			11.37		(2.43	)			196,932		0.93			0.93			0.67			170
Year ended 12/31/20			11.50			0.17			0.52				0.69				(0.27	)			11.92		5.97				185,071		0.92			0.92			1.39			346
Year ended 12/31/19			11.12			0.22			0.42				0.64				(0.26	)			11.50		5.75				174,828		0.93			0.93			1.93			35
Year ended 12/31/18			11.31			0.22			(0.19	)			0.03				(0.22	)			11.12		0.29				191,725		0.94			0.94			2.00			25
Year ended 12/31/17			11.33			0.19			(0.00	)			0.19				(0.21	)			11.31		1.72				207,086		0.95			0.95			1.72			35

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

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

Invesco V.I. Government Securities Fund

Notes to Financial Statements

June 30, 2022

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

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

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

Invesco V.I. Government Securities Fund

on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

Treasury Inflation-Protected Securities – The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be shown as Treasury Inflation–Protected Securities inflation adjustments in the Statement of Operations, even though investors do not receive their principal until maturity.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

Invesco V.I. Government Securities Fund

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

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

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

Other Risks – The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets		Rate


First $ 250 million		0.500%


Over $250 million		0.450%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.48%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $727.

Invesco V.I. Government Securities Fund

master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2022, Invesco was paid $31,158 for accounting and fund administrative services and was reimbursed $301,300 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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

NOTE 3–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2		Level 3	Total


Investments in Securities


U.S. Government Sponsored Agency Mortgage-Backed Securities	$	–		$	204,202,867	$–	$	204,202,867


U.S. Treasury Securities		–			126,247,660	–		126,247,660


Asset-Backed Securities		–			35,331,674	–		35,331,674


Certificates of Deposit		–			17,974,467	–		17,974,467


U.S. Government Sponsored Agency Securities		–			15,520,372	–		15,520,372


Agency Credit Risk Transfer Notes		–			4,400,732	–		4,400,732


U.S. Dollar Denominated Bonds & Notes		–			3,939,886	–		3,939,886


Money Market Funds		3,296,196			2,480,908	–		5,777,104


Total Investments in Securities		3,296,196			410,098,566	–		413,394,762



Other Investments - Assets*


Futures Contracts		306,587			–	–		306,587



Other Investments - Liabilities*


Futures Contracts		(1,000,570	)		–	–		(1,000,570	)


Total Other Investments		(693,983	)		–	–		(693,983	)


Total Investments	$	2,602,213		$	410,098,566	$–	$	412,700,779

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

Invesco V.I. Government Securities Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2022:


	Value
	Interest
Derivative Assets	Rate Risk


Unrealized appreciation on futures contracts – Exchange-Traded^(a)	$	306,587


Derivatives not subject to master netting agreements		(306,587	)


Total Derivative Assets subject to master netting agreements	$	–


	Value
	Interest
Derivative Liabilities	Rate Risk


Unrealized depreciation on futures contracts – Exchange-Traded^(a)	$	(1,000,570	)


Derivatives not subject to master netting agreements		1,000,570


Total Derivative Liabilities subject to master netting agreements	$	–

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

Effect of Derivative Investments for the six months ended June 30, 2022

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


	Location of Gain (Loss) on Statement of Operations
	Interest
	Rate Risk


Realized Gain (Loss):
Futures contracts		$(3,450,544)


Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(789,599)



Total		$(4,240,143)

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


	Futures
	Contracts



Average notional value	$	128,594,870

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

NOTE 7–Tax Information

Invesco V.I. Government Securities Fund

The Fund had a capital loss carryforward as of December 31, 2021, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	6,527,954	$	2,530,574	$	9,058,528

*	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, 2022 was $1,999,967 and $5,941,042, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	1,687,135


Aggregate unrealized (depreciation) of investments		(24,136,395	)


Net unrealized appreciation (depreciation) of investments	$	(22,449,260	)

Cost of investments for tax purposes is $435,150,039.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		1,056,727		$	11,722,238			2,991,166		$	35,652,293


Series II		358,519			3,957,318			2,806,873			33,046,504



Issued as reinvestment of dividends:
Series I		-			-			508,610			5,864,271


Series II		-			-			383,444			4,378,930



Reacquired:
Series I		(2,506,587	)		(27,532,214	)		(4,339,665	)		(51,583,464	)


Series II		(983,458	)		(10,579,193	)		(1,394,975	)		(16,383,557	)


Net increase (decrease) in share activity		(2,074,799	)	$	(22,431,851	)		955,453		$	10,974,977

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 84% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Government Securities Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$930.30	$3.21	$1,021.47	$3.36	0.67%
Series II	1,000.00	928.80	4.40	1,020.23	4.61	0.92

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Government Securities Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

Invesco V.I. Government Securities Fund

five year period. The Board considered that the Fund’s overweight exposure to duration at the short end of the yield curve detracted from relative short-term 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 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 fee rate for Series II shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual 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 relative total expenses, including the differentiated client based associated with variable insurance products. As previously noted, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management, including with respect to management’s philosophy regarding breakpoints in the Fund’s contractual management fee schedule. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

with the Fund and the Invesco Funds. 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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 (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.

Invesco V.I. Government Securities Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. Growth and Income Fund

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VK-VIGRI-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	-13.25	%
Series II Shares	-13.40
S&P 500 Index^▼ (Broad Market Index)	-19.96
Russell 1000 Value Index^▼ (Style-Specific Index)	-12.86
Lipper VUF Large-Cap Value Funds Index^∎ (Peer Group Index)	-12.68

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

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.
The Russell 1000^® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.
The Lipper VUF Large-Cap Value Funds Index is an unmanaged index considered representative of large-cap value variable insurance underlying funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (12/23/96)	8.48	%
10 Years	9.94
5 Years	6.17
1 Year	-6.75

Series II Shares
Inception (9/18/00)	6.55	%
10 Years	9.66
5 Years	5.89
1 Year	-7.03

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

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please contact your variable

Invesco V.I. Growth and Income Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

Invesco V.I. Growth and Income Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Growth and Income Fund

Schedule of Investments^(a)

June 30, 2022

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–97.41%
Aerospace & Defense–4.00%

General Dynamics Corp.^(b)		22,374	$ 4,950,248

Raytheon Technologies Corp.		222,651	21,398,988

Textron, Inc.		291,235	17,785,721

			44,134,957

Apparel Retail–1.58%

TJX Cos., Inc. (The)		312,825	17,471,276

Application Software–0.77%

Splunk, Inc.^(c)		95,520	8,449,699

Automobile Manufacturers–2.39%

General Motors Co.^(c)		828,969	26,328,055

Building Products–1.60%

Johnson Controls International PLC		369,611	17,696,976

Cable & Satellite–2.79%

Charter Communications, Inc., Class A^(c)		28,273	13,246,748

Comcast Corp., Class A		447,920	17,576,381

			30,823,129

Casinos & Gaming–0.90%

Las Vegas Sands Corp.^(c)		294,400	9,888,896

Communications Equipment–1.79%

Cisco Systems, Inc.		463,054	19,744,623

Construction & Engineering–1.09%

Quanta Services, Inc.^(b)		95,852	12,014,090

Consumer Finance–1.52%

American Express Co.		120,875	16,755,693

Data Processing & Outsourced Services–2.04%

Fiserv, Inc.^(c)		123,096	10,951,851

PayPal Holdings, Inc.^(c)		164,889	11,515,848

			22,467,699

Distillers & Vintners–1.47%

Diageo PLC (United Kingdom)		376,504	16,243,067

Diversified Banks–6.04%

Bank of America Corp.		867,241	26,997,213

Wells Fargo & Co.		1,011,031	39,602,084

			66,599,297

Electric Utilities–2.00%

American Electric Power Co., Inc.		105,213	10,094,135

Exelon Corp.^(b)		156,668	7,100,194

FirstEnergy Corp.		126,452	4,854,492

			22,048,821

Electrical Components & Equipment–0.87%

Emerson Electric Co.		120,353	9,572,878

Electronic Manufacturing Services–0.86%

TE Connectivity Ltd. (Switzerland)		84,423	9,552,462


	Shares		Value
Fertilizers & Agricultural Chemicals–1.78%

Corteva, Inc.		362,369	$ 19,618,658

Food Distributors–1.98%

Sysco Corp.^(b)		150,030	12,709,041

US Foods Holding Corp.^(c)		298,294	9,151,660

			21,860,701

Gold–0.72%

Barrick Gold Corp. (Canada)		446,486	7,898,337

Health Care Distributors–1.52%

McKesson Corp.		51,534	16,810,906

Health Care Equipment–2.65%

Medtronic PLC		219,961	19,741,500

Zimmer Biomet Holdings, Inc.		90,898	9,549,744

			29,291,244

Health Care Facilities–0.95%

Universal Health Services, Inc., Class B		103,846	10,458,331

Health Care Services–3.28%

Cigna Corp.		86,852	22,887,239

CVS Health Corp.		143,458	13,292,818

			36,180,057

Hotels, Resorts & Cruise Lines–1.23%

Booking Holdings, Inc.^(c)		7,790	13,624,632

Industrial Machinery–1.50%

Parker-Hannifin Corp.^(b)		67,147	16,521,519

Insurance Brokers–1.22%

Willis Towers Watson PLC		68,014	13,425,283

Integrated Oil & Gas–2.35%

Chevron Corp.		178,937	25,906,499

Internet & Direct Marketing Retail–1.17%

Amazon.com, Inc.^(c)		121,153	12,867,660

Investment Banking & Brokerage–4.50%

Charles Schwab Corp. (The)		236,428	14,937,521

Goldman Sachs Group, Inc. (The)		66,350	19,707,277

Morgan Stanley		197,224	15,000,857

			49,645,655

IT Consulting & Other Services–2.83%

Cognizant Technology Solutions Corp., Class A		461,839	31,169,514

Managed Health Care–2.55%

Centene Corp.^(c)		189,231	16,010,835

Elevance Health, Inc.		25,130	12,127,235

			28,138,070

Movies & Entertainment–1.37%

Walt Disney Co. (The)^(c)		159,794	15,084,554

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

Invesco V.I. Growth and Income Fund


	Shares		Value
Multi-line Insurance–2.66%

American International Group, Inc.		573,748	$ 29,335,735

Oil & Gas Exploration & Production–7.07%

Canadian Natural Resources Ltd. (Canada)^(b)		229,519	12,333,615

ConocoPhillips		365,610	32,835,434

Devon Energy Corp.		324,660	17,892,013

Pioneer Natural Resources Co.^(b)		66,751	14,890,813

			77,951,875

Other Diversified Financial Services–0.75%

Voya Financial, Inc.^(b)		138,475	8,243,417

Pharmaceuticals–7.80%

Bristol-Myers Squibb Co.		265,951	20,478,227

GSK PLC		596,766	12,831,907

Johnson & Johnson		67,097	11,910,389

Merck & Co., Inc.		265,377	24,194,421

Sanofi (France)		164,180	16,602,814

			86,017,758

Railroads–1.75%

CSX Corp.		663,559	19,283,025

Real Estate Services–2.31%

CBRE Group, Inc., Class A^(c)		346,421	25,500,050

Regional Banks–2.49%

Citizens Financial Group, Inc.		524,137	18,706,449

PNC Financial Services Group, Inc. (The)		55,492	8,754,973

			27,461,422

Semiconductor Equipment–0.68%

Lam Research Corp.		17,666	7,528,366

Semiconductors–3.46%

Intel Corp.		394,236	14,748,368

NXP Semiconductors N.V. (China)		73,161	10,830,023

QUALCOMM, Inc.		98,370	12,565,784

			38,144,175


	Shares		Value


Tobacco–1.83%
Philip Morris International, Inc. (Switzerland)		204,711	$	20,213,164



Trading Companies & Distributors–1.34%
Ferguson PLC		133,149		14,740,926



Wireless Telecommunication Services–1.96%
T-Mobile US, Inc.^(c)		160,786		21,632,148


Total Common Stocks & Other Equity Interests (Cost $822,652,689)				1,074,345,299



Money Market Funds–1.90%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(d)(e)		7,321,760		7,321,760


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(d)(e)		5,225,463		5,224,941


Invesco Treasury Portfolio, Institutional Class, 1.35%^(d)(e)		8,367,726		8,367,726


Total Money Market Funds (Cost $20,914,427)				20,914,427


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.31% (Cost $843,567,116)				1,095,259,726



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–6.58%
Invesco Private Government Fund, 1.38%^(d)(e)(f)		20,315,089		20,315,089


Invesco Private Prime Fund, 1.66%^(d)(e)(f)		52,238,800		52,238,800


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $72,555,156)				72,553,889


TOTAL INVESTMENTS IN SECURITIES–105.89% (Cost $916,122,272)				1,167,813,615


OTHER ASSETS LESS LIABILITIES–(5.89)%				(64,909,965	)


NET ASSETS–100.00%			$	1,102,903,650

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at June 30, 2022.

^(c)	Non-income producing security.

^(d)


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$11,116,205	$	119,319,900	$	(123,114,345	)	$	-	$	-	$	7,321,760	$	15,119
Invesco Liquid Assets Portfolio, Institutional Class		6,630,010		85,228,500		(86,631,945	)		-		(1,624)		5,224,941		10,114
Invesco Treasury Portfolio, Institutional Class		12,704,234		136,365,600		(140,702,108	)		-		-		8,367,726		13,475

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

Invesco V.I. Growth and Income Fund


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value June 30, 2022		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$ 3,298,019	$	210,247,284	$	(193,230,214	)	$	-	$	-	$	20,315,089		$ 30,710*
Invesco Private Prime Fund		7,695,376		441,135,096		(396,585,614	)		(1,267)		(4,791)		52,238,800		90,626*
Total		$41,443,844	$	992,296,380	$	(940,264,226	)	$	(1,267)	$	(6,415)	$	93,468,316		$160,044

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

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


Open Forward Foreign Currency Contracts

Settlement		Contract to				Unrealized Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)

Currency Risk

07/01/2022	Bank of New York Mellon (The)	EUR	12,901,521	USD	13,832,456	$	312,307

07/01/2022	Bank of New York Mellon (The)	GBP	18,261,227	USD	22,821,147		591,750

07/29/2022	Bank of New York Mellon (The)	CAD	11,120,195	USD	8,659,111		20,211

07/29/2022	Bank of New York Mellon (The)	EUR	12,263,015	USD	12,954,170		82,959

07/29/2022	Bank of New York Mellon (The)	GBP	18,191,102	USD	22,238,040		85,070

07/01/2022	State Street Bank & Trust Co.	EUR	938,420	USD	994,765		11,349

07/01/2022	State Street Bank & Trust Co.	GBP	1,453,901	USD	1,792,674		22,840

07/01/2022	State Street Bank & Trust Co.	USD	528,712	EUR	506,085		1,640

07/01/2022	State Street Bank & Trust Co.	USD	725,033	GBP	596,235		764

07/05/2022	State Street Bank & Trust Co.	CAD	15,725,336	USD	12,305,493		88,792

07/05/2022	State Street Bank & Trust Co.	USD	3,011,904	CAD	3,905,838		22,464

07/29/2022	State Street Bank & Trust Co.	CAD	712,657	USD	555,081		1,442

07/29/2022	State Street Bank & Trust Co.	GBP	27,335	USD	33,430		142

07/29/2022	State Street Bank & Trust Co.	USD	224,481	CAD	289,195		185

Subtotal–Appreciation							1,241,915


Currency Risk

07/01/2022	Bank of New York Mellon (The)	USD	12,931,349	EUR	12,263,014		(80,323	)

07/01/2022	Bank of New York Mellon (The)	USD	22,229,527	GBP	18,191,102		(85,493	)

07/05/2022	Bank of New York Mellon (The)	USD	8,659,914	CAD	11,120,195		(20,856	)

07/01/2022	State Street Bank & Trust Co.	USD	1,139,555	EUR	1,070,842		(17,368	)

07/01/2022	State Street Bank & Trust Co.	USD	1,157,150	GBP	927,791		(27,750	)

07/05/2022	State Street Bank & Trust Co.	CAD	451,004	USD	349,056		(1,320	)

07/05/2022	State Street Bank & Trust Co.	USD	909,382	CAD	1,150,307		(15,731	)

07/29/2022	State Street Bank & Trust Co.	CAD	531,911	USD	412,532		(691	)

Subtotal–Depreciation							(249,532	)

Total Forward Foreign Currency Contracts						$	992,383

Abbreviations:

CAD – Canadian Dollar

EUR – Euro

GBP – British Pound Sterling

USD – U.S. Dollar

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

Invesco V.I. Growth and Income Fund

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022



Financials	19.17	%

Health Care	18.76

Information Technology	12.43

Industrials	12.15

Energy	9.42

Consumer Discretionary	7.27

Communication Services	6.12

Consumer Staples	5.29

Materials	2.49

Real Estate	2.31

Utilities	2.00

Money Market Funds Plus Other Assets Less Liabilities	2.59

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

Invesco V.I. Growth and Income Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $822,652,689)*	$	1,074,345,299


Investments in affiliated money market funds, at value (Cost $93,469,583)		93,468,316


Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		1,241,915


Cash		405,491


Foreign currencies, at value (Cost $542)		532


Receivable for:
Investments sold		1,400,793


Fund shares sold		5,434,349


Dividends		2,350,979


Investment for trustee deferred compensation and retirement plans		176,535


Other assets		945


Total assets		1,178,825,154



Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		249,532


Payable for:
Investments purchased		1,760,486


Fund shares reacquired		386,285


Collateral upon return of securities loaned		72,555,156


Accrued fees to affiliates		729,055


Accrued trustees’ and officers’ fees and benefits		3,662


Accrued other operating expenses		41,058


Trustee deferred compensation and retirement plans		196,270


Total liabilities		75,921,504


Net assets applicable to shares outstanding	$	1,102,903,650



Net assets consist of:
Shares of beneficial interest	$	653,877,882


Distributable earnings		449,025,768


	$	1,102,903,650



Net Assets:
Series I	$	158,041,084


Series II	$	944,862,566



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		7,688,433


Series II		46,103,204


Series I:
Net asset value per share	$	20.56


Series II:
Net asset value per share	$	20.49

*	At June 30, 2022, securities with an aggregate value of $59,846,009 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $187,482)	$	15,117,923


Dividends from affiliated money market funds (includes securities lending income of $42,837)		81,545


Total investment income		15,199,468



Expenses:
Advisory fees		4,155,589


Administrative services fees		1,219,969


Custodian fees		12,890


Distribution fees - Series II		1,609,677


Transfer agent fees		41,424


Trustees’ and officers’ fees and benefits		13,307


Reports to shareholders		1,515


Professional services fees		20,971


Other		8,321


Total expenses		7,083,663


Less: Fees waived		(10,346	)


Net expenses		7,073,317


Net investment income		8,126,151



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		96,522,672


Affiliated investment securities		(6,415	)


Foreign currencies		(22,250	)


Forward foreign currency contracts		2,630,239


		99,124,246


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(298,370,796	)


Affiliated investment securities		(1,267	)


Foreign currencies		(14,800	)


Forward foreign currency contracts		1,802,662


		(296,584,201	)


Net realized and unrealized gain (loss)		(197,459,955	)


Net increase (decrease) in net assets resulting from operations	$	(189,333,804	)

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

Invesco V.I. Growth and Income Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30,			December 31,
	2022			2021


Operations:
Net investment income	$	8,126,151		$	15,846,582


Net realized gain		99,124,246			208,212,387


Change in net unrealized appreciation (depreciation)		(296,584,201	)		188,685,208


Net increase (decrease) in net assets resulting from operations		(189,333,804	)		412,744,177



Distributions to shareholders from distributable earnings:
Series I		–			(2,756,581	)


Series II		–			(19,533,376	)


Total distributions from distributable earnings		–			(22,289,957	)



Share transactions–net:
Series I		(4,193,733	)		(11,294,653	)


Series II		(365,660,740	)		(290,467,980	)


Net increase (decrease) in net assets resulting from share transactions		(369,854,473	)		(301,762,633	)


Net increase (decrease) in net assets		(559,188,277	)		88,691,587



Net assets:
Beginning of period		1,662,091,927			1,573,400,340


End of period	$	1,102,903,650		$	1,662,091,927

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

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 value, beginning of period			Net investment income^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Series I
Six months ended 06/30/22		$	23.70		$	0.15			$	(3.29	)		$	(3.14	)		$	–			$	–			$	–			$	20.56		(13.25	)%		$	158,041		0.75	%^(d)		0.75	%^(d)		1.32	%^(d)		12	%
Year ended 12/31/21			18.72			0.26				5.07				5.33				(0.35	)			–				(0.35	)			23.70		28.51				186,508		0.74			0.74			1.17			29
Year ended 12/31/20			19.09			0.31				(0.01	)			0.30				(0.39	)			(0.28	)			(0.67	)			18.72		2.09				157,478		0.75			0.75			1.90			46
Year ended 12/31/19			17.51			0.37				3.84				4.21				(0.38	)			(2.25	)			(2.63	)			19.09		25.19				187,097		0.73			0.74			1.91			62
Year ended 12/31/18			22.70			0.36				(2.95	)			(2.59	)			(0.47	)			(2.13	)			(2.60	)			17.51		(13.38	)			166,306		0.75			0.75			1.63			32
Year ended 12/31/17			21.05			0.41	^(e)			2.52				2.93				(0.34	)			(0.94	)			(1.28	)			22.70		14.32				187,254		0.76			0.76			1.90	^(e)		17
Series II
Six months ended 06/30/22			23.66			0.12				(3.29	)			(3.17	)			–				–				–				20.49		(13.40	)			944,863		1.00	^(d)		1.00	^(d)		1.07	^(d)		12
Year ended 12/31/21			18.70			0.20				5.07				5.27				(0.31	)			–				(0.31	)			23.66		28.19				1,475,584		0.99			0.99			0.92			29
Year ended 12/31/20			19.06			0.27				(0.01	)			0.26				(0.34	)			(0.28	)			(0.62	)			18.70		1.85				1,415,923		1.00			1.00			1.65			46
Year ended 12/31/19			17.48			0.32				3.83				4.15				(0.32	)			(2.25	)			(2.57	)			19.06		24.85				1,513,105		0.98			0.99			1.66			62
Year ended 12/31/18			22.66			0.30				(2.95	)			(2.65	)			(0.40	)			(2.13	)			(2.53	)			17.48		(13.59	)			1,085,260		1.00			1.00			1.38			32
Year ended 12/31/17			21.02			0.36	^(e)			2.51				2.87				(0.29	)			(0.94	)			(1.23	)			22.66		14.04				1,823,085		1.01			1.01			1.65	^(e)		17

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

^(e)

Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.30 and 1.42%, and $0.25 and 1.17%, for Series I and Series II, respectively.

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

Invesco V.I. Growth and Income Fund

Notes to Financial Statements

June 30, 2022

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

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

Invesco V.I. Growth and Income Fund

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

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

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

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, the Fund paid the Adviser $1,414 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

Invesco V.I. Growth and Income Fund

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

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 500 million		0.600%


Over $500 million		0.550%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.57%.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $10,346.

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, 2022, Invesco was paid $121,170 for accounting and fund administrative services and was reimbursed $1,098,799 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.

Distribution fees.

Invesco V.I. Growth and Income Fund

For the six months ended June 30, 2022, the Fund incurred $22,799 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2			Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	1,028,667,511	$	45,677,788			$–		$1,074,345,299


Money Market Funds		20,914,427		72,553,889			–		93,468,316


Total Investments in Securities		1,049,581,938		118,231,677			–		1,167,813,615



Other Investments - Assets*


Forward Foreign Currency Contracts		–		1,241,915			–		1,241,915



Other Investments - Liabilities*


Forward Foreign Currency Contracts		–		(249,532	)		–		(249,532	)


Total Other Investments		–		992,383			–		992,383


Total Investments	$	1,049,581,938	$	119,224,060			$–		$1,168,805,998

*	Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2022:


	Value
	Currency
Derivative Assets	Risk


Unrealized appreciation on forward foreign currency contracts outstanding	$	1,241,915


Derivatives not subject to master netting agreements		–


Total Derivative Assets subject to master netting agreements	$	1,241,915


	Value
	Currency
Derivative Liabilities	Risk


Unrealized depreciation on forward foreign currency contracts outstanding	$	(249,532	)


Derivatives not subject to master netting agreements		–


Total Derivative Liabilities subject to master netting agreements	$	(249,532	)

Invesco V.I. Growth and Income Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2022.

Financial

Derivative

Collateral

Assets

Liabilities

(Received)/Pledged

Counterparty

Forward Foreign
Currency Contracts

Net Value of
Derivatives

Non-Cash

Cash

Net
Amount

Bank of New York Mellon (The)

$1,092,297

$(186,672)

$905,625

$–

$905,625

State Street Bank & Trust Co.

149,618

(62,860)

86,758

–

86,758

Total

$1,241,915

$(249,532)

$992,383

$–

$992,383

Effect of Derivative Investments for the six months ended June 30, 2022

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


		Location of Gain on
		Statement of Operations
		Currency
		Risk
Realized Gain:
Forward foreign currency contracts		$2,630,239
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		1,802,662
Total		$4,432,901

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


	Forward
	Foreign Currency
	Contracts
Average notional value		$72,427,294

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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.

The Fund did not have a capital loss carryforward as of December 31, 2021.

Invesco V.I. Growth and Income Fund

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2022 was $169,745,303 and $540,867,685, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis




Aggregate unrealized appreciation of investments	$	274,934,131


Aggregate unrealized (depreciation) of investments		(54,723,893	)


Net unrealized appreciation of investments	$	220,210,238

Cost of investments for tax purposes is $948,595,760.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		305,715		$	7,023,759			877,576		$	19,495,913


Series II		2,874,737			67,253,404			312,619			6,923,841



Issued as reinvestment of dividends:
Series I		-			-			118,207			2,756,581


Series II		-			-			838,702			19,533,376



Reacquired:
Series I		(485,175	)		(11,217,492	)		(1,540,514	)		(33,547,147	)


Series II		(19,127,269	)		(432,914,144	)		(14,516,749	)		(316,925,197	)


Net increase (decrease) in share activity		(16,431,992	)	$	(369,854,473	)		(13,910,159	)	$	(301,762,633	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 74% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Growth and Income Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$867.50	$3.47	$1,021.08	$3.76	0.75%
Series II	1,000.00	866.00	4.63	1,019.84	5.01	1.00

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Growth and Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

Invesco V.I. Growth and Income Fund

performance of the Index for the five year period. The Board noted that periods of heightened risk aversion during 2018 and 2020 created a challenging market environment for funds with a procyclical bias, such as the Fund, which negatively impacted the Fund’s longer-term 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

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 effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates 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, 2021. 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 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

Invesco V.I. Growth and Income Fund

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.

Invesco V.I. Growth and Income Fund

LOGO


Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. Health Care Fund

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE



Invesco Distributors, Inc.		I-VIGHC-SAR-1

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.


Series I Shares	-18.08	%
Series II Shares	-18.18
MSCI World Index^q (Broad Market Index)	-20.51
S&P Composite 1500 Health Care Index^q (Style-Specific Index)	-9.17
Source(s): ^qRIMES Technologies Corp.

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

The S&P Composite 1500^® Health Care Index comprises those companies included in the S&P Composite 1500 that are classified as members of the GICS^® Health Care sector.

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

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


Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (5/21/97)	8.38	%
10 Years	10.38
5 Years	7.34
1 Year	-12.39
Series II Shares
Inception (4/30/04)	7.65	%
10 Years	10.11
5 Years	7.08
1 Year	-12.60

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

fluctuate so that you may have a gain or loss when you sell shares.

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

Invesco V.I. Health Care Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Health Care Fund

Schedule of Investments^(a)

June 30, 2022

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–97.59%
Biotechnology–15.95%
AbbVie, Inc.		52,529	$ 8,045,342
Amgen, Inc.		7,785	1,894,090
Arcus Biosciences, Inc.^(b)		8,646	219,090
Argenx SE, ADR (Netherlands)^(b)		3,251	1,231,739
BioCryst Pharmaceuticals, Inc.^(b)		21,108	223,323
Biohaven Pharmaceutical Holding Co. Ltd.^(b)		5,357	780,568
Cytokinetics, Inc.^(b)		3,097	121,681
Genmab A/S, ADR (Denmark)^(b)(c)		26,763	869,530
Gilead Sciences, Inc.		18,892	1,167,715
Halozyme Therapeutics, Inc.^(b)		26,022	1,144,968
Horizon Therapeutics PLC^(b)		26,145	2,085,325
Incyte Corp.^(b)		15,883	1,206,631
Legend Biotech Corp., ADR^(b)(c)		8,009	440,495
Natera, Inc.^(b)		9,539	338,062
Regeneron Pharmaceuticals, Inc.^(b)		7,339	4,338,303
Seagen, Inc.^(b)		5,529	978,301
United Therapeutics Corp.^(b)		4,734	1,115,520
Veracyte, Inc.^(b)		12,162	242,024
Vertex Pharmaceuticals, Inc.^(b)		13,158	3,707,793
			30,150,500

Health Care Distributors–2.27%
AmerisourceBergen Corp.		24,525	3,469,797
Henry Schein, Inc.^(b)		10,605	813,828
			4,283,625

Health Care Equipment–13.26%
Abbott Laboratories		24,944	2,710,166
AtriCure, Inc.^(b)		8,042	328,596
Axonics, Inc.^(b)(c)		10,445	591,918
Becton, Dickinson and Co.		6,291	1,550,920
CONMED Corp.		2,128	203,777
DexCom, Inc.^(b)		27,413	2,043,091
Edwards Lifesciences Corp.^(b)		29,856	2,839,007
Globus Medical, Inc., Class A^(b)(c)		18,304	1,027,587
IDEXX Laboratories, Inc.^(b)		3,058	1,072,532
Inari Medical, Inc.^(b)		12,090	821,999
Insulet Corp.^(b)		5,080	1,107,135
Intuitive Surgical, Inc.^(b)		16,291	3,269,767
Omnicell, Inc.^(b)		2,907	330,671
ResMed, Inc.		2,784	583,610
Shockwave Medical, Inc.^(b)(c)		7,493	1,432,437
STERIS PLC		7,937	1,636,212
Stryker Corp.		13,973	2,779,649
Tandem Diabetes Care, Inc.^(b)		12,352	731,115
			25,060,189

Health Care Facilities–2.49%
Acadia Healthcare Co., Inc.^(b)(c)		15,380	1,040,149
HCA Healthcare, Inc.		5,541	931,221
Surgery Partners, Inc.^(b)(c)		32,742	946,899
Tenet Healthcare Corp.^(b)		34,111	1,792,874
			4,711,143


	Shares		Value
Health Care Services–2.97%
AMN Healthcare Services, Inc.^(b)		8,099	$ 888,541
CVS Health Corp.		41,358	3,832,232
Option Care Health, Inc.^(b)(c)		21,224	589,815
Privia Health Group, Inc.^(b)		10,479	305,149
			5,615,737

Health Care Supplies–1.20%
Alcon, Inc. (Switzerland)^(c)		19,973	1,395,913
Cooper Cos., Inc. (The)		2,787	872,665
			2,268,578

Health Care Technology–1.57%
Certara, Inc.^(b)(c)		16,826	361,086
Doximity, Inc., Class A^(b)(c)		9,025	314,250
Evolent Health, Inc., Class A^(b)(c)		21,018	645,463
Health Catalyst, Inc.^(b)(c)		18,125	262,631
Inspire Medical Systems, Inc.^(b)(c)		7,580	1,384,639
			2,968,069

Life Sciences Tools & Services–16.37%
Bio-Rad Laboratories, Inc., Class A^(b)		1,899	940,005
Bio-Techne Corp.^(c)		5,363	1,859,030
Danaher Corp.		28,904	7,327,742
IQVIA Holdings, Inc.^(b)		13,523	2,934,356
Lonza Group AG (Switzerland)		1,432	763,577
Maravai LifeSciences Holdings, Inc., Class A^(b)		20,915	594,195
Medpace Holdings, Inc.^(b)		5,768	863,297
Mettler-Toledo International, Inc.^(b)		1,438	1,651,931
Repligen Corp.^(b)		13,521	2,195,810
Thermo Fisher Scientific, Inc.		18,279	9,930,615
West Pharmaceutical Services, Inc.		6,221	1,881,044
			30,941,602

Managed Health Care–18.23%
Elevance Health, Inc.		19,181	9,256,367
HealthEquity, Inc.^(b)		10,476	643,122
Humana, Inc.		6,455	3,021,392
Molina Healthcare, Inc.^(b)		6,464	1,807,399
UnitedHealth Group, Inc.		38,394	19,720,310
			34,448,590

Pharmaceuticals–23.28%
AstraZeneca PLC (United Kingdom)		5,541	726,324
AstraZeneca PLC, ADR (United Kingdom)		94,655	6,253,856
Catalent, Inc.^(b)		23,181	2,487,089
Eli Lilly and Co.		36,262	11,757,228
Intra-Cellular Therapies, Inc.^(b)		8,996	513,492
Merck & Co., Inc.		49,162	4,482,100
Novo Nordisk A/S, Class B (Denmark)		44,571	4,946,996
Pacira BioSciences, Inc.^(b)		4,194	244,510
Pfizer, Inc.		100,210	5,254,010
Roche Holding AG		5,763	1,923,849
Royalty Pharma PLC, Class A^(c)		26,168	1,100,103

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

Invesco V.I. Health Care Fund


	Shares		Value
Pharmaceuticals–(continued)
Zoetis, Inc.		25,144	$ 4,322,002
			44,011,559
Total Common Stocks & Other Equity Interests (Cost $147,957,572)			184,459,592

Money Market Funds–3.54%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(d)(e)		2,300,036	2,300,036
Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(d)(e)		1,758,449	1,758,274
Invesco Treasury Portfolio, Institutional Class, 1.35%^(d)(e)		2,628,612	2,628,612
Total Money Market Funds (Cost $6,686,613)			6,686,922
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–101.13% (Cost $154,644,185)			191,146,514


	Shares		Value

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–6.48%
Invesco Private Government Fund, 1.38%^(d)(e)(f)		3,428,884	$	3,428,884

Invesco Private Prime Fund, 1.66%^(d)(e)(f)		8,817,129		8,817,129

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,246,594)				12,246,013

TOTAL INVESTMENTS IN SECURITIES–107.61% (Cost $166,890,779)				203,392,527

OTHER ASSETS LESS LIABILITIES–(7.61)%				(14,382,197	)

NET ASSETS–100.00%			$	189,010,330

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at June 30, 2022.

^(d)


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 1,179,487		$ 8,329,094		$ (7,208,545)		$ -		$ -		$ 2,300,036		$ 2,267
Invesco Liquid Assets Portfolio, Institutional Class		958,442		5,949,352		(5,148,961)		88		(647)		1,758,274		3,120
Invesco Treasury Portfolio, Institutional Class		1,347,986		9,518,964		(8,238,338)		-		-		2,628,612		3,857
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		5,022,223		18,673,503		(20,266,843)		-		-		3,428,884		5,866*
Invesco Private Prime Fund		11,718,519		35,320,542		(38,220,459)		(580)		(893)		8,817,129		16,802*
Total		$20,226,657		$77,791,455		$(79,083,146)		$(492)		$(1,540)		$18,932,935		$ 31,912

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

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

Portfolio Composition

By country, based on Net Assets

as of June 30, 2022


United States		89.03%
United Kingdom		3.69
Denmark		3.08
Countries each less than 2% of portfolio		1.79
Money Market Funds Plus Other Assets Less Liabilities		2.41

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

Invesco V.I. Health Care Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $147,957,572)*		$184,459,592
Investments in affiliated money market funds, at value (Cost $18,933,207)		18,932,935
Cash		138
Foreign currencies, at value (Cost $13,073)		12,505
Receivable for:
Investments sold		454,346
Fund shares sold		25,195
Dividends		194,769
Investment for trustee deferred compensation and retirement plans		53,005
Other assets		132
Total assets		204,132,617

Liabilities:
Payable for:
Investments purchased		2,278,152
Fund shares reacquired		407,862
Collateral upon return of securities loaned		12,246,594
Accrued fees to affiliates		94,955
Accrued trustees’ and officers’ fees and benefits		2,395
Accrued other operating expenses		31,901
Trustee deferred compensation and retirement plans		60,428
Total liabilities		15,122,287
Net assets applicable to shares outstanding		$189,010,330

Net assets consist of:
Shares of beneficial interest		$127,550,292
Distributable earnings		61,460,038
		$189,010,330

Net Assets:
Series I		$124,940,025
Series II		$ 64,070,305

Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		4,504,449
Series II		2,477,197
Series I:
Net asset value per share		$ 27.74
Series II:
Net asset value per share		$ 25.86

*	At June 30, 2022, securities with an aggregate value of $12,192,552 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $18,866)	$	975,418

Dividends from affiliated money market funds (includes securities lending income of $5,513)		14,757

Total investment income		990,175


Expenses:
Advisory fees		761,428

Administrative services fees		167,988

Custodian fees		4,485

Distribution fees - Series II		86,220

Transfer agent fees		5,502

Trustees’ and officers’ fees and benefits		8,881

Reports to shareholders		1,283

Professional services fees		23,481

Other		2,351

Total expenses		1,061,619

Less: Fees waived		(2,598	)

Net expenses		1,059,021

Net investment income (loss)		(68,846	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(2,720,898	)

Affiliated investment securities		(1,540	)

Foreign currencies		(356	)

		(2,722,794	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(40,497,123	)

Affiliated investment securities		(492	)

Foreign currencies		(6,481	)

		(40,504,096	)

Net realized and unrealized gain (loss)		(43,226,890	)

Net increase (decrease) in net assets resulting from operations	$	(43,295,736	)

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

Invesco V.I. Health Care Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30, 2022			December 31, 2021

Operations:
Net investment income (loss)		$ (68,846	)		$ (760,156	)

Net realized gain (loss)		(2,722,794	)		29,032,173

Change in net unrealized appreciation (depreciation)		(40,504,096	)		(1,313,917	)

Net increase (decrease) in net assets resulting from operations		(43,295,736	)		26,958,100


Distributions to shareholders from distributable earnings:
Series I		–			(16,710,371	)

Series II		–			(8,901,270	)

Total distributions from distributable earnings		–			(25,611,641	)


Share transactions–net:
Series I		(5,143,984	)		1,693,474

Series II		(2,742,189	)		5,567,811

Net increase (decrease) in net assets resulting from share transactions		(7,886,173	)		7,261,285

Net increase (decrease) in net assets		(51,181,909	)		8,607,744


Net assets:
Beginning of period		240,192,239			231,584,495

End of period		$189,010,330			$240,192,239

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

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.


																											Ratio of			Ratio of
																											expenses			expenses
						Net gains																					to average			to average net			Ratio of net
						(losses)																					net assets			assets without			investment
	Net asset		Net			on securities					Dividends			Distributions													with fee waivers			fee waivers			income
	value,		investment			(both			Total from		from net			from net						Net asset					Net assets,		and/or			and/or			(loss)
	beginning		income			realized and			investment		investment			realized			Total			value, end		Total			end of period		expenses			expenses			to average			Portfolio
	of period		(loss)^(a)			unrealized)			operations		income			gains			distributions			of period		return ^(b)			(000’s omitted)		absorbed			absorbed			net assets			turnover ^(c)
Series I
Six months ended 06/30/22		$33.86		$ 0.00			$(6.12	)		$(6.12)		$ –			$ –			$ –			$27.74		(18.08	)%		$124,940		0.96	%^(d)		0.96	%^(d)		0.02	%^(d)		22	%
Year ended 12/31/21		33.69		(0.08	)		4.17			4.09		(0.07	)		(3.85	)		(3.92	)		33.86		12.30			158,669		0.97			0.97			(0.25	)		55
Year ended 12/31/20		30.23		0.04			4.26			4.30		(0.10	)		(0.74	)		(0.84	)		33.69		14.46			155,598		0.98			0.98			0.13			46
Year ended 12/31/19		23.41		0.08			7.40			7.48		(0.01	)		(0.65	)		(0.66	)		30.23		32.50			149,954		0.97			0.97			0.32			8
Year ended 12/31/18		26.44		0.03	^(e)		0.59			0.62		–			(3.65	)		(3.65	)		23.41		0.90			129,377		1.00			1.00			0.10	^(e)		35
Year ended 12/31/17		24.11		(0.02	)		3.86			3.84		(0.10	)		(1.41	)		(1.51	)		26.44		15.83			144,038		1.01			1.01			(0.08	)		37
Series II
Six months ended 06/30/22		31.62		(0.03	)		(5.73	)		(5.76)		–			–			–			25.86		(18.22	)		64,070		1.21	^(d)		1.21	^(d)		(0.23	)^(d)		22
Year ended 12/31/21		31.70		(0.16	)		3.93			3.77		(0.00	)^(f)		(3.85	)		(3.85	)		31.62		12.05			81,524		1.22			1.22			(0.50	)		55
Year ended 12/31/20		28.49		(0.03	)		4.01			3.98		(0.03	)		(0.74	)		(0.77	)		31.70		14.20			75,986		1.23			1.23			(0.12	)		46
Year ended 12/31/19		22.14		0.02			6.98			7.00		–			(0.65	)		(0.65	)		28.49		32.18			70,763		1.22			1.22			0.07			8
Year ended 12/31/18		25.25		(0.04	)^(e)		0.58			0.54		–			(3.65	)		(3.65	)		22.14		0.62			60,306		1.25			1.25			(0.15	)^(e)		35
Year ended 12/31/17		23.07		(0.08	)		3.69			3.61		(0.02	)		(1.41	)		(1.43	)		25.25		15.55			67,240		1.26			1.26			(0.33	)		37

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

^(e)

Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the year ended December 31, 2018. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.00 and (0.03)%, $(0.07) and (0.28)%, for Series I and Series II shares, respectively.

^(f)	Amount represents less than $(0.005) per share.

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

Invesco V.I. Health Care Fund

Notes to Financial Statements

June 30, 2022

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

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

Invesco V.I. Health Care Fund

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

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

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

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

Invesco V.I. Health Care Fund

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.

L.	Other Risks – The Fund’s performance is vulnerable to factors affecting the health care industry, including government regulation, obsolescence caused by scientific advances and technological innovations.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate

First $ 250 million		0.750%

Next $250 million		0.740%

Next $500 million		0.730%

Next $1.5 billion		0.720%

Next $2.5 billion		0.710%

Next $2.5 billion		0.700%

Next $2.5 billion		0.690%

Over $10 billion		0.680%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.75%.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $2,598.

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, 2022, Invesco was paid $15,804 for accounting and fund administrative services and was reimbursed $152,184 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco V.I. Health Care Fund

For the six months ended June 30, 2022, the Fund incurred $1,309 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total

Investments in Securities

Common Stocks & Other Equity Interests	$	176,098,846	$	8,360,746		$–	$	184,459,592

Money Market Funds		6,686,922		12,246,013		–		18,932,935

Total Investments	$	182,785,768	$	20,606,759		$–	$	203,392,527

NOTE 4–Trustees’ and Officers’ Fees and Benefits

NOTE 5–Cash Balances

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

NOTE 6–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022 was $43,809,914 and $52,884,941, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	46,762,799

Aggregate unrealized (depreciation) of investments		(10,312,291	)

Net unrealized appreciation of investments	$	36,450,508

Invesco V.I. Health Care Fund

Cost of investments for tax purposes is $166,942,019.

NOTE 8–Share Information


	Summary of Share Activity

	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021

	Shares			Amount			Shares			Amount

Sold:
Series I		270,028		$	8,070,048			472,288		$	16,102,493

Series II		85,472			2,353,697			247,161			7,991,522


Issued as reinvestment of dividends:
Series I		-			-			499,861			16,710,371

Series II		-			-			285,023			8,901,270


Reacquired:
Series I		(451,117	)		(13,214,032	)		(904,760	)		(31,119,390	)

Series II		(186,825	)		(5,095,886	)		(350,544	)		(11,324,981	)

Net increase (decrease) in share activity		(282,442	)	$	(7,886,173	)		249,029		$	7,261,285

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 47% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Health Care Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$819.20	$4.33	$1,020.03	$4.81	0.96%
Series II	1,000.00	818.20	5.45	1,018.79	6.06	1.21

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Health Care Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

Invesco V.I. Health Care Fund

The Board noted that the Fund underwent a portfolio management change in November 2021. The Board noted that stock selection in certain health care sub-sectors detracted from longer-term Fund 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

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.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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 determination that the services are required for the operation of the Fund.

Invesco V.I. Health Care Fund

activity and the allocation of such revenue between the Fund and Invesco Advisers.

Invesco V.I. Health Care Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. High Yield Fund



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

Invesco Distributors, Inc.				VIHYI-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	-12.62	%
Series II Shares	-12.60
Bloomberg U.S. Aggregate Bond Index^q (Broad Market Index)	-10.35
Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index^q (Style-Specific Index)	-14.19
Lipper VUF High Yield Bond Funds Classification Average^∎ (Peer Group)	-12.37

Source(s): ^▼RIMES Technologies Corp.;^∎Lipper Inc.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.
The Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index is an unmanaged index considered representative of the US high-yield, fixed-rate corporate bond market. Index weights for each issuer are capped at 2%.
The Lipper VUF High Yield Bond Funds Classification Average represents an average of all variable insurance underlying funds in the Lipper High Yield Bond Funds classification.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (5/1/98)	3.66	%
10 Years	3.43
5 Years	1.09
1 Year	-11.48
Series II Shares
Inception (3/26/02)	5.42	%
10 Years	3.16
5 Years	0.83
1 Year	-11.81

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

fluctuate so that you may have a gain or loss when you sell shares.

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

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

Invesco V.I. High Yield Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. High Yield Fund

Schedule of Investments^(a)

June 30, 2022

(Unaudited)


	Principal Amount		Value


U.S. Dollar Denominated Bonds & Notes–91.68%
Advertising–0.76%
Lamar Media Corp.,
4.00%, 02/15/2030	$	15,000	$	12,620


3.63%, 01/15/2031		1,145,000		938,952


				951,572



Aerospace & Defense–0.56%
TransDigm UK Holdings PLC, 6.88%, 05/15/2026		750,000		700,403



Airlines–1.00%
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026^(b)		1,358,000		1,252,483



Alternative Carriers–0.43%
Lumen Technologies, Inc., Series P, 7.60%, 09/15/2039		678,000		533,003



Aluminum–0.47%
Novelis Corp., 4.75%, 01/30/2030^(b)		713,000		593,993



Apparel Retail–1.01%
Gap, Inc. (The), 3.63%, 10/01/2029^(b)		1,793,000		1,262,353



Apparel, Accessories & Luxury Goods–1.29%
Kontoor Brands, Inc., 4.13%, 11/15/2029^(b)		799,000		635,852


Macy’s Retail Holdings LLC,
5.88%, 03/15/2030^(b)		331,000		278,305


4.50%, 12/15/2034		974,000		695,426


				1,609,583



Application Software–1.01%
SS&C Technologies, Inc., 5.50%, 09/30/2027^(b)		1,349,000		1,262,259



Auto Parts & Equipment–1.36%
Clarios Global L.P., 6.75%, 05/15/2025^(b)		148,000		146,800


Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027^(b)		932,000		902,689


Dana, Inc., 5.38%, 11/15/2027		64,000		55,568


NESCO Holdings II, Inc., 5.50%, 04/15/2029^(b)		717,000		602,588


				1,707,645



Automobile Manufacturers–5.20%
Allison Transmission, Inc.,
4.75%, 10/01/2027^(b)		1,149,000		1,052,627


3.75%, 01/30/2031^(b)		1,152,000		925,309


Ford Motor Co.,
3.25%, 02/12/2032		168,000		126,231


4.75%, 01/15/2043		553,000		395,693


	Principal Amount		Value


Automobile Manufacturers–(continued)
Ford Motor Credit Co. LLC,
5.13%, 06/16/2025	$	204,000	$	195,236


3.38%, 11/13/2025		251,000		226,809


4.39%, 01/08/2026		782,000		722,298


4.95%, 05/28/2027		700,000		651,728


5.11%, 05/03/2029		684,000		614,645


4.00%, 11/13/2030		861,000		699,365


J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026^(b)		941,000		904,597


				6,514,538



Automotive Retail–3.89%
Asbury Automotive Group, Inc.,
4.50%, 03/01/2028		205,000		178,121


4.63%, 11/15/2029^(b)		985,000		815,265


Group 1 Automotive, Inc., 4.00%, 08/15/2028^(b)		1,192,000		998,602


LCM Investments Holdings II LLC, 4.88%, 05/01/2029^(b)		1,246,000		951,925


Lithia Motors, Inc., 3.88%, 06/01/2029^(b)		1,156,000		984,409


Sonic Automotive, Inc., 4.63%, 11/15/2029^(b)		1,204,000		934,491


				4,862,813



Broadcasting–0.47%
Scripps Escrow II, Inc., 5.38%, 01/15/2031^(b)		741,000		591,892



Building Products–0.06%
New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/2028^(b)		83,000		68,349



Cable & Satellite–8.36%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.50%, 05/01/2026^(b)		500,000		488,743


5.13%, 05/01/2027^(b)		84,000		79,547


5.00%, 02/01/2028^(b)		622,000		576,068


4.75%, 03/01/2030^(b)		531,000		455,765


4.50%, 08/15/2030^(b)		1,333,000		1,111,033


4.50%, 05/01/2032		467,000		379,711


4.25%, 01/15/2034^(b)		847,000		657,251


CSC Holdings LLC,
6.50%, 02/01/2029^(b)		945,000		855,338


5.75%, 01/15/2030^(b)		503,000		367,306


4.63%, 12/01/2030^(b)		500,000		335,888


4.50%, 11/15/2031^(b)		391,000		302,751


5.00%, 11/15/2031^(b)		200,000		135,118


DISH DBS Corp., 7.38%, 07/01/2028		152,000		103,789


DISH Network Corp., Conv., 3.38%, 08/15/2026		1,216,000		824,448


Gray Escrow II, Inc., 5.38%, 11/15/2031^(b)		1,083,000		870,088


Sirius XM Radio, Inc.,
3.13%, 09/01/2026^(b)		1,327,000		1,187,559


4.00%, 07/15/2028^(b)		515,000		447,301

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

Invesco V.I. High Yield Fund


	Principal Amount		Value


Cable & Satellite–(continued)
Virgin Media Finance PLC (United Kingdom), 5.00%, 07/15/2030^(b)	$	309,000	$	245,714


Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029^(b)		425,000		380,857


VZ Secured Financing B.V. (Netherlands), 5.00%, 01/15/2032^(b)		793,000		659,839


				10,464,114



Casinos & Gaming–2.04%
Codere Finance 2 (Luxembourg) S.A. (Spain), 11.63% PIK Rate, 2.00% Cash Rate, 11/30/2027^(b)(c)		51,959		47,101


Everi Holdings, Inc., 5.00%, 07/15/2029^(b)		773,000		654,221


Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/2029^(b)		785,000		641,058


Mohegan Gaming & Entertainment, 8.00%, 02/01/2026^(b)		707,000		603,032


Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/2029^(b)		770,000		607,584


				2,552,996



Commodity Chemicals–0.71%
Mativ, Inc., 6.88%, 10/01/2026^(b)		995,000		886,868



Construction & Engineering–1.02%
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029^(b)		765,000		663,013


Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027^(b)		709,000		611,912


				1,274,925



Consumer Finance–1.21%
FirstCash, Inc., 5.63%, 01/01/2030^(b)		1,046,000		904,916
OneMain Finance Corp.,


7.13%, 03/15/2026		314,000		290,943


3.88%, 09/15/2028		417,000		319,599


				1,515,458



Copper–0.93%
First Quantum Minerals Ltd. (Zambia), 6.88%, 10/15/2027^(b)		1,304,000		1,168,097



Data Processing & Outsourced Services–0.52%
Clarivate Science Holdings Corp., 4.88%, 07/01/2029^(b)		788,000		649,324



Diversified Metals & Mining–0.71%
Hudbay Minerals, Inc. (Canada),
4.50%, 04/01/2026^(b)		369,000		309,321


6.13%, 04/01/2029^(b)		712,000		578,422


				887,743



Diversified REITs–1.03%
iStar, Inc.,
4.75%, 10/01/2024		1,093,000		1,030,727


5.50%, 02/15/2026		281,000		263,845


				1,294,572


	Principal Amount		Value


Electric Utilities–0.25%
Vistra Operations Co. LLC,
5.63%, 02/15/2027^(b)	$	259,000	$	244,058


5.00%, 07/31/2027^(b)		70,000		63,780


				307,838



Electrical Components & Equipment–2.15%
EnerSys,
5.00%, 04/30/2023^(b)		679,000		674,003


4.38%, 12/15/2027^(b)		1,032,000		910,136


Sensata Technologies B.V.,
4.88%, 10/15/2023^(b)		842,000		829,849


4.00%, 04/15/2029^(b)		329,000		279,745


				2,693,733



Electronic Components–0.17%
Sensata Technologies, Inc.,
4.38%, 02/15/2030^(b)		115,000		98,091


3.75%, 02/15/2031^(b)		135,000		108,436


				206,527



Food Distributors–1.33%
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028^(b)		1,173,000		1,006,909


United Natural Foods, Inc., 6.75%, 10/15/2028^(b)		705,000		659,839


				1,666,748



Health Care Facilities–2.30%
Encompass Health Corp., 4.50%, 02/01/2028		749,000		642,570
HCA, Inc.,
5.38%, 02/01/2025		431,000		430,045


5.88%, 02/15/2026		290,000		292,043


5.88%, 02/01/2029		205,000		205,560


3.50%, 09/01/2030		395,000		337,174


Tenet Healthcare Corp., 4.88%, 01/01/2026^(b)		1,047,000		966,868


				2,874,260



Health Care REITs–1.45%
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028^(b)		786,000		672,730


Diversified Healthcare Trust,
4.75%, 05/01/2024		385,000		345,916


9.75%, 06/15/2025		35,000		34,576


4.38%, 03/01/2031		1,126,000		767,138


				1,820,360



Health Care Services–2.73%
Community Health Systems, Inc.,
8.00%, 03/15/2026^(b)		673,000		614,832


6.13%, 04/01/2030^(b)		803,000		491,870


5.25%, 05/15/2030^(b)		557,000		424,278


4.75%, 02/15/2031^(b)		371,000		272,638


Global Medical Response, Inc., 6.50%, 10/01/2025^(b)		86,000		76,745


Hadrian Merger Sub, Inc., 8.50%, 05/01/2026^(b)		607,000		577,943


Select Medical Corp., 6.25%, 08/15/2026^(b)		1,027,000		960,738


				3,419,044

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

Invesco V.I. High Yield Fund


	Principal
	Amount		Value


Health Care Supplies–0.27%
Medline Borrower L.P., 3.88%, 04/01/2029^(b)	$	392,000	$	335,207



Hotel & Resort REITs–0.47%
Service Properties Trust,
4.95%, 10/01/2029		319,000		218,150


4.38%, 02/15/2030		560,000		374,477


				592,627



Hotels, Resorts & Cruise Lines–0.51%
Carnival Corp., 10.50%, 02/01/2026^(b)		634,000		632,364



Household Products–1.04%
Prestige Brands, Inc., 3.75%, 04/01/2031^(b)		1,569,000		1,303,572



Independent Power Producers & Energy Traders–1.30%
Calpine Corp., 3.75%, 03/01/2031^(b)		785,000		640,128


Clearway Energy Operating LLC, 4.75%, 03/15/2028^(b)		715,000		644,463


Vistra Corp., 7.00%^(b)(d)(e)		375,000		341,061


				1,625,652



Industrial Machinery–2.05%
EnPro Industries, Inc., 5.75%, 10/15/2026		999,000		965,898


Mueller Water Products, Inc., 4.00%, 06/15/2029^(b)		1,109,000		968,900


Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029^(b)		747,000		636,568


				2,571,366



Integrated Oil & Gas–1.54%
Occidental Petroleum Corp.,
3.20%, 08/15/2026		146,000		131,587


8.50%, 07/15/2027		216,000		238,050


6.13%, 01/01/2031		1,217,000		1,236,010


6.20%, 03/15/2040		328,000		323,759


				1,929,406



Integrated Telecommunication Services–3.23%
Altice France S.A. (France),
8.13%, 02/01/2027^(b)		905,000		834,546


5.13%, 07/15/2029^(b)		401,000		304,016


5.50%, 10/15/2029^(b)		485,000		371,987


Iliad Holding S.A.S. (France),
6.50%, 10/15/2026^(b)		400,000		360,708


7.00%, 10/15/2028^(b)		1,056,000		920,252


Level 3 Financing, Inc.,
3.75%, 07/15/2029^(b)		1,191,000		923,025


3.88%, 11/15/2029^(b)		394,000		326,178


				4,040,712



Interactive Home Entertainment–1.02%
Sea Ltd. (Singapore), Conv., 0.25%, 09/15/2026		432,000		317,520


WMG Acquisition Corp., 3.75%, 12/01/2029^(b)		1,151,000		963,070


				1,280,590



Interactive Media & Services–0.79%
Match Group Holdings II LLC, 4.63%, 06/01/2028^(b)		1,091,000		990,912


	Principal
	Amount		Value


Internet Services & Infrastructure–0.24%
Cogent Communications Group, Inc., 7.00%, 06/15/2027^(b)	$	316,000	$	303,131



IT Consulting & Other Services–1.00%
Gartner, Inc.,
4.50%, 07/01/2028^(b)		1,010,000		929,200


3.63%, 06/15/2029^(b)		374,000		324,666


				1,253,866



Managed Health Care–1.46%
Centene Corp.,
4.25%, 12/15/2027		926,000		867,264


4.63%, 12/15/2029		438,000		409,720


3.00%, 10/15/2030		662,000		550,377


				1,827,361



Oil & Gas Drilling–3.76%
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028^(b)		774,000		698,013


Nabors Industries Ltd.,
7.25%, 01/15/2026^(b)		55,000		48,855


7.50%, 01/15/2028^(b)		421,000		362,601


Nabors Industries, Inc., 7.38%, 05/15/2027^(b)		215,000		204,520


NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/2026^(b)		977,000		882,744


Precision Drilling Corp. (Canada),
7.13%, 01/15/2026^(b)		76,000		71,540


6.88%, 01/15/2029^(b)		585,000		524,432


Rockies Express Pipeline LLC,
4.95%, 07/15/2029^(b)		300,000		257,016


4.80%, 05/15/2030^(b)		250,000		208,556


6.88%, 04/15/2040^(b)		165,000		136,845


Valaris Ltd.,
12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028^(b)(c)		404,000		392,478


Series 1145, 12.00% PIK Rate, 8.25% Cash Rate, 04/30/2028^(c)		948,000		920,963


				4,708,563



Oil & Gas Equipment & Services–0.96%
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027		676,000		600,893


Weatherford International Ltd., 8.63%, 04/30/2030^(b)		727,000		604,672


				1,205,565



Oil & Gas Exploration & Production–5.93%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026^(b)		1,903,000		1,852,333


Apache Corp., 7.75%, 12/15/2029		600,000		637,365


Callon Petroleum Co.,
8.00%, 08/01/2028^(b)		602,000		579,169


7.50%, 06/15/2030^(b)		694,000		639,646


Earthstone Energy Holdings LLC, 8.00%, 04/15/2027^(b)		1,297,000		1,229,109

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

Invesco V.I. High Yield Fund


	Principal
	Amount		Value


Oil & Gas Exploration & Production–(continued)
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/01/2028^(b)	$	294,000	$	277,646


6.00%, 04/15/2030^(b)		504,000		439,296


6.25%, 04/15/2032^(b)		554,000		487,548


SM Energy Co.,
6.75%, 09/15/2026		543,000		512,965


6.63%, 01/15/2027		503,000		470,914


6.50%, 07/15/2028		325,000		299,369


				7,425,360



Oil & Gas Storage & Transportation–3.71%
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 8.00%, 04/01/2029^(b)		1,318,000		1,226,570


EQM Midstream Partners L.P.,
7.50%, 06/01/2027^(b)		216,000		208,784


6.50%, 07/01/2027^(b)		681,000		634,406


4.75%, 01/15/2031^(b)		346,000		276,926


Genesis Energy L.P./Genesis Energy Finance Corp.,
6.25%, 05/15/2026		862,000		771,387


8.00%, 01/15/2027		298,000		264,564


7.75%, 02/01/2028		219,000		189,753


Holly Energy Partners L.P./Holly Energy Finance Corp., 6.38%, 04/15/2027^(b)		696,000		656,523


NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 04/15/2026		550,000		412,087


				4,641,000



Other Diversified Financial Services–1.25%
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029^(b)		732,000		652,801


Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030^(b)		1,070,000		911,180


				1,563,981



Paper Packaging–0.53%
Clydesdale Acquisition Holdings, Inc., 6.63%, 04/15/2029^(b)		700,000		658,746



Pharmaceuticals–1.20%
Bausch Health Cos., Inc.,
4.88%, 06/01/2028^(b)		386,000		302,863


5.25%, 02/15/2031^(b)		928,000		477,642


Par Pharmaceutical, Inc., 7.50%, 04/01/2027^(b)		950,000		724,992


				1,505,497



Research & Consulting Services–0.52%
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029^(b)		751,000		649,668



Restaurants–2.31%
1011778 BC ULC/New Red Finance, Inc. (Canada),
3.88%, 01/15/2028^(b)		415,000		361,067


4.00%, 10/15/2030^(b)		791,000		637,336


Papa John’s International, Inc., 3.88%, 09/15/2029^(b)		1,524,000		1,259,357


	Principal
	Amount		Value


Restaurants–(continued)
Yum! Brands, Inc., 5.38%, 04/01/2032	$	689,000	$	637,174


				2,894,934



Retail REITs–0.81%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026^(b)		1,101,000		1,018,205



Semiconductor Equipment–1.04%
Entegris Escrow Corp.,
4.75%, 04/15/2029^(b)		694,000		647,539


5.95%, 06/15/2030^(b)		682,000		650,314


				1,297,853



Specialized Consumer Services–1.77%
Carriage Services, Inc., 4.25%, 05/15/2029^(b)		1,525,000		1,242,516


Terminix Co. LLC (The), 7.45%, 08/15/2027		861,000		966,365


				2,208,881



Specialized REITs–1.14%
SBA Communications Corp., 3.88%, 02/15/2027		1,553,000		1,421,220



Specialty Chemicals–1.18%
Braskem Idesa S.A.P.I. (Mexico),
7.45%, 11/15/2029^(b)		609,000		523,524


6.99%, 02/20/2032^(b)		446,000		345,581


Rayonier A.M. Products, Inc., 7.63%, 01/15/2026^(b)		702,000		613,485


				1,482,590



Specialty Stores–0.26%
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 02/15/2028^(b)		371,000		322,073



Steel–0.50%
SunCoke Energy, Inc., 4.88%, 06/30/2029^(b)		784,000		627,540



Systems Software–2.08%
Camelot Finance S.A., 4.50%, 11/01/2026^(b)		2,101,000		1,919,461


Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		786,000		680,955


				2,600,416



Trading Companies & Distributors–0.83%
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028^(b)		1,261,000		1,044,448



Wireless Telecommunication Services–2.56%
T-Mobile USA, Inc.,
5.38%, 04/15/2027		282,000		279,315


4.75%, 02/01/2028		723,000		702,250


3.38%, 04/15/2029		1,176,000		1,032,416


Vmed O2 UK Financing I PLC (United Kingdom), 4.75%, 07/15/2031^(b)		383,000		310,230

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

Invesco V.I. High Yield Fund


	Principal
	Amount		Value


Wireless Telecommunication Services–(continued)
Vodafone Group PLC (United Kingdom), 4.13%, 06/04/2081^(d)		$1,168,000	$	876,995


				3,201,206


Total U.S. Dollar Denominated Bonds & Notes (Cost $130,908,827)				114,758,005



Variable Rate Senior Loan Interests–2.57%^(f)(g)
Commodity Chemicals–1.08%
Mativ, Inc., Term Loan B, 5.44% (1 mo. USD LIBOR + 3.75%), 04/20/2028^(h)		1,429,397		1,357,928



Pharmaceuticals–0.44%
Endo Luxembourg Finance Co. I S.a.r.l., Term Loan, 6.69% (1 mo. USD LIBOR + 5.00%), 03/27/2028		720,875		553,859



Restaurants–0.53%
IRB Holding Corp., Term Loan, 4.24% (1 mo. SOFR + 3.00%), 12/15/2027		707,388		664,143



Specialty Stores–0.52%
PetSmart LLC, Term Loan, 4.50% (3 mo. USD LIBOR + 3.75%), 02/11/2028		684,398		646,242


Total Variable Rate Senior Loan Interests (Cost $3,518,194)				3,222,172



Non-U.S. Dollar Denominated Bonds & Notes–0.26%⁽ⁱ⁾
Casinos & Gaming–0.22%
Codere Finance 2 (Luxembourg) S.A. (Spain), 3.00% PIK Rate, 8.00% Cash Rate, 09/30/2026^(b)(c)		EUR 255,762		279,478


Investment Abbreviations:

Conv.		– Convertible
EUR		– Euro
LIBOR		– London Interbank Offered Rate
PIK		– Pay-in-Kind
REIT		– Real Estate Investment Trust
SOFR		– Secured Overnight Financing Rate
USD		– U.S. Dollar


	Principal
	Amount		Value


Other Diversified Financial Services–0.04%
Codere New Holdco S.A. (Spain), 7.50% PIK Rate, 0.00% Cash Rate, 11/30/2027^(b)(c)		EUR 56,327	$	48,594


Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $358,495)				328,072



	Shares

Common Stocks & Other Equity Interests–0.00%
Other Diversified Financial Services–0.00%
Codere New Topco S.A. (Spain) (Cost $0)^(h)2,099				0



Money Market Funds–2.06%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(j)(k)		888,927		888,927


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(j)(k)		669,206		669,139


Invesco Treasury Portfolio, Institutional Class, 1.35%^(j)(k)		1,015,917		1,015,917


Total Money Market Funds (Cost $2,573,944)				2,573,983


TOTAL INVESTMENTS IN SECURITIES–96.57% (Cost $137,359,460)				120,882,232


OTHER ASSETS LESS LIABILITIES–3.43%				4,293,457


NET ASSETS–100.00%			$	125,175,689

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

Invesco V.I. High Yield Fund

Notes to Schedule of Investments:

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

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2022 was $84,762,133, which represented 67.71% of the Fund’s Net Assets.

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

^(d)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

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

^(f)

^(g)

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

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

^(j)


	Value December 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value June 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,478,960		$	12,952,442		$	(13,542,475	)		$	-			$	-		$	888,927		$	832
Invesco Liquid Assets Portfolio, Institutional Class			1,125,866			9,251,745			(9,708,471	)			(30	)			29			669,139			1,655
Invesco Treasury Portfolio, Institutional Class			1,690,240			14,802,791			(15,477,114	)			-				-			1,015,917			2,204
Total		$	4,295,066		$	37,006,978		$	(38,728,060	)		$	(30	)		$	29		$	2,573,983		$	4,691

^(k)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

Open Forward Foreign Currency Contracts

Settlement

Contract to

Unrealized

Date

Counterparty

Deliver

Receive

Appreciation

Currency Risk

08/17/2022

State Street Bank & Trust Co.

EUR 948,000

USD 1,006,781

$10,406

08/17/2022

State Street Bank & Trust Co.

GBP 402,000

USD 496,729

6,993

Total Forward Foreign Currency Contracts

$17,399

Open Centrally Cleared Credit Default Swap Agreements^(a)

Reference Entity

Buy/Sell
Protection

(Pay)/
Receive
Fixed
Rate

Payment
Frequency

Maturity Date

Implied
Credit
Spread^(b)

Notional Value

Upfront
Payments
Paid
(Received)

Value

Unrealized
Appreciation
(Depreciation)

Credit Risk

Markit CDX North America High Yield Index, Series 38, Version 1

Sell

5.00%

Quarterly

06/20/2027

5.7652%

USD 4,116,420

$(123,705)

$(125,031)

$(1,326)

^(a)	Centrally cleared swap agreements collateralized by $430,000 cash held with Bank of America.

^(b)

Abbreviations:

EUR –Euro

GBP –British Pound Sterling

USD –U.S. Dollar

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

Invesco V.I. High Yield Fund

Portfolio Composition*

By credit quality, based on total investments

as of June 30, 2022



BBB	1.81	%

BB	46.45

B	41.15

CCC	6.08

Cash	4.26

Non-Rated	0.25

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.

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

Invesco V.I. High Yield Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $134,785,516)	$	118,308,249


Investments in affiliated money market funds, at value (Cost $2,573,944)		2,573,983


Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		17,399


Deposits with brokers:
Cash collateral – centrally cleared swap agreements		430,000


Cash		44,084


Foreign currencies, at value (Cost $1,428,496)		1,410,569


Receivable for:
Investments sold		1,012,552


Fund shares sold		160


Dividends		5,355


Interest		1,942,792


Investment for trustee deferred compensation and retirement plans		37,882


Other assets		89


Total assets		125,783,114



Liabilities:
Other investments:
Variation margin payable – centrally cleared swap agreements		43,064


Payable for:
Investments purchased		216,920


Fund shares reacquired		170,465


Accrued fees to affiliates		85,070


Accrued trustees’ and officers’ fees and benefits		2,671


Accrued other operating expenses		45,505


Trustee deferred compensation and retirement plans		43,730


Total liabilities		607,425


Net assets applicable to shares outstanding	$	125,175,689



Net assets consist of:
Shares of beneficial interest	$	159,835,561


Distributable earnings (loss)		(34,659,872	)


	$	125,175,689



Net Assets:
Series I	$	27,529,125


Series II	$	97,646,564



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		6,020,153


Series II		21,633,132


Series I:
Net asset value per share	$	4.57


Series II:
Net asset value per share	$	4.51

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:
Interest	$	3,647,789


Dividends		19,299


Dividends from affiliated money market funds (includes securities lending income of $11,275)		15,966


Total investment income		3,683,054



Expenses:
Advisory fees		432,720


Administrative services fees		114,558


Custodian fees		4,999


Distribution fees - Series II		132,566


Transfer agent fees		3,836


Trustees’ and officers’ fees and benefits		8,963


Reports to shareholders		2,159


Professional services fees		28,312


Other		3,155


Total expenses		731,268


Less: Fees waived		(929	)


Net expenses		730,339


Net investment income		2,952,715



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(2,974,874	)


Affiliated investment securities		29


Foreign currencies		(105,529	)


Forward foreign currency contracts		153,110


Swap agreements		(793	)


		(2,928,057	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(18,728,693	)


Affiliated investment securities		(30	)


Foreign currencies		(30,591	)


Forward foreign currency contracts		(7,148	)


Swap agreements		(1,326	)


		(18,767,788	)


Net realized and unrealized gain (loss)		(21,695,845	)


Net increase (decrease) in net assets resulting from operations	$	(18,743,130	)

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

Invesco V.I. High Yield Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30,			December 31,
	2022			2021


Operations:
Net investment income	$	2,952,715		$	5,684,446


Net realized gain (loss)		(2,928,057	)		2,472,496


Change in net unrealized appreciation (depreciation)		(18,767,788	)		(2,060,099	)


Net increase (decrease) in net assets resulting from operations		(18,743,130	)		6,096,843



Distributions to shareholders from distributable earnings:
Series I		–			(2,336,863	)


Series II		–			(5,125,668	)


Total distributions from distributable earnings		–			(7,462,531	)



Share transactions–net:
Series I		(8,945,933	)		(3,063,988	)


Series II		(1,993,045	)		11,176,700


Net increase (decrease) in net assets resulting from share transactions		(10,938,978	)		8,112,712


Net increase (decrease) in net assets		(29,682,108	)		6,747,024



Net assets:
Beginning of period		154,857,797			148,110,773


End of period	$	125,175,689		$	154,857,797

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

Invesco V.I. High Yield Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover^(c)
Series I
Six months ended 06/30/22		$	5.23		$	0.11		$	(0.77	)		$	(0.66	)		$	-			$	4.57		(12.62	)%		$	27,529		0.87	%^(d)		0.87	%^(d)		4.45	%^(d)		48	%
Year ended 12/31/21			5.26			0.20			0.03				0.23				(0.26	)			5.23		4.38				40,989		0.94			0.94			3.83			103
Year ended 12/31/20			5.41			0.28			(0.12	)			0.16				(0.31	)			5.26		3.32				44,543		0.93			0.94			5.39			89
Year ended 12/31/19			5.06			0.29			0.39				0.68				(0.33	)			5.41		13.51				50,190		0.88			0.89			5.45			54
Year ended 12/31/18			5.51			0.26			(0.43	)			(0.17	)			(0.28	)			5.06		(3.35	)			55,703		1.17			1.17			4.84			66
Year ended 12/31/17			5.40			0.26			0.08				0.34				(0.23	)			5.51		6.30				80,372		0.99			1.00			4.73			73
Series II
Six months ended 06/30/22			5.16			0.10			(0.75	)			(0.65	)			-				4.51		(12.60	)			97,647		1.12	^(d)		1.12	^(d)		4.20	^(d)		48
Year ended 12/31/21			5.20			0.19			0.02				0.21				(0.25	)			5.16		4.00				113,869		1.19			1.19			3.58			103
Year ended 12/31/20			5.36			0.26			(0.12	)			0.14				(0.30	)			5.20		2.90				103,568		1.18			1.19			5.14			89
Year ended 12/31/19			5.02			0.28			0.37				0.65				(0.31	)			5.36		13.16				104,929		1.13			1.14			5.20			54
Year ended 12/31/18			5.46			0.25			(0.42	)			(0.17	)			(0.27	)			5.02		(3.43	)			86,236		1.42			1.42			4.59			66
Year ended 12/31/17			5.36			0.25			0.07				0.32				(0.22	)			5.46		5.93				91,802		1.24			1.25			4.48			73

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

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

Invesco V.I. High Yield Fund

Notes to Financial Statements

June 30, 2022

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

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

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

Invesco V.I. High Yield Fund

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

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

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

Therefore, no provision for federal income taxes is recorded in the financial statements.

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

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.

Invesco V.I. High Yield Fund

compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

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

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.

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”.

Invesco V.I. High Yield Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $200 million		0.625%


Next $300 million		0.550%


Next $500 million		0.500%


Over $1 billion		0.450%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.62%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.50% and Series II shares to 1.75% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $929.

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, 2022, Invesco was paid $10,839 for accounting and fund administrative services and was reimbursed $103,719 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Invesco V.I. High Yield Fund


	Level 1		Level 2			Level 3		Total


Investments in Securities


U.S. Dollar Denominated Bonds & Notes	$	–	$	114,758,005		$	–	$	114,758,005


Variable Rate Senior Loan Interests		–		1,864,244			1,357,928		3,222,172


Non-U.S. Dollar Denominated Bonds & Notes		–		328,072			–		328,072


Common Stocks & Other Equity Interests		–		–			0		0


Money Market Funds		2,573,983		–			–		2,573,983


Total Investments in Securities		2,573,983		116,950,321			1,357,928		120,882,232



Other Investments – Assets*


Forward Foreign Currency Contracts		–		17,399			–		17,399



Other Investments – Liabilities*


Swap Agreements		–		(1,326	)		–		(1,326	)


Total Other Investments		–		16,073			–		16,073


Total Investments	$	2,573,983	$	116,966,394		$	1,357,928	$	120,898,305

*	Unrealized appreciation (depreciation).

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended June 30, 2022:


																		Change in
											Accrued			Realized				Unrealized				Transfers			Transfers
	Value			Purchases			Proceeds				Discounts/			Gain				Appreciation				into			out of			Value
	12/31/21			at Cost			from Sales				Premiums			(Loss)				(Depreciation)				Level 3			Level 3			06/30/22
Variable Rate Senior Loan Interests		$	–		$	–		$	(147,793	)		$	–		$	(2,116	)		$	(70,248	)		$	1,578,085		$	–		$	1,357,928
Common Stocks & Other Equity Interests			0			–			–				–			–				–				–			–			0
Total		$	0		$	–		$	(147,793	)		$	–		$	(2,116	)		$	(70,248	)		$	1,578,085		$	–		$	1,357,928

Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing quotes from a third-party vendor pricing service. A significant change in third-party pricing information could result in a significantly lower or higher value in Level 3 investments.

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as level 3 at period end:

Range of

Fair Value

Valuation

Unobservable

at 06/30/22

Technique

Inputs

Input Used

Mativ, Inc., Term Loan B

$1,357,928

Valuation Service

N/A

^(a)

Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The Adviser periodically reviews pricing vendor methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service.

NOTE 4–Derivative Investments

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2022:


	Value
	Currency
Derivative Assets	Risk


Unrealized appreciation on forward foreign currency contracts outstanding		$17,399


Derivatives not subject to master netting agreements		–


Total Derivative Assets subject to master netting agreements		$17,399

Invesco V.I. High Yield Fund


	Value
	Credit
Derivative Liabilities	Risk


Unrealized depreciation on swap agreements – Centrally Cleared^(a)	$	(1,326	)


Derivatives not subject to master netting agreements		1,326


Total Derivative Liabilities subject to master netting agreements	$	–

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

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, 2022.


	Financial
	Derivative		Collateral
	Assets		(Received)/Pledged
	Forward Foreign	Net Value of			Net
Counterparty	Currency Contracts	Derivatives	Non-Cash	Cash	Amount


State Street Bank & Trust Co.	$17,399	$17,399	$–	$–	$17,399

Effect of Derivative Investments for the six months ended June 30, 2022

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


	Location of Gain (Loss) on
	Statement of Operations
	Credit			Currency
	Risk			Risk			Total


Realized Gain (Loss):
Forward foreign currency contracts	$	-		$	153,110		$	153,110


Swap agreements		(793	)		-			(793	)


Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		-			(7,148	)		(7,148	)


Swap agreements		(1,326	)		-			(1,326	)


Total	$	(2,119	)	$	145,962		$	143,843

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


	Forward
	Foreign Currency	Swap
	Contracts	Agreements


Average notional value	$1,567,518	$3,441,000

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

Invesco V.I. High Yield Fund

The Fund had a capital loss carryforward as of December 31, 2021, as follows:


Capital Loss Carryforward*


Expiration	Short-Term		Long-Term		Total


Not subject to expiration	$	5,685,223	$	18,327,620	$	24,012,843

*	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, 2022 was $63,439,701 and $69,856,208, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	368,311


Aggregate unrealized (depreciation) of investments		(17,013,128	)


Net unrealized appreciation (depreciation) of investments	$	(16,644,817	)

Cost of investments for tax purposes is $137,543,122.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		2,961,667		$	14,568,897			7,893,916		$	42,260,178


Series II		869,708			4,269,408			2,595,725			13,694,035



Issued as reinvestment of dividends:
Series I		-			-			451,132			2,336,863


Series II		-			-			1,001,107			5,125,668



Reacquired:
Series I		(4,786,008	)		(23,514,830	)		(8,967,393	)		(47,661,029	)


Series II		(1,285,712	)		(6,262,453	)		(1,449,620	)		(7,643,003	)


Net increase (decrease) in share activity		(2,240,345	)	$	(10,938,978	)		1,524,867		$	8,112,712

^(a)

Invesco V.I. High Yield Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$873.80	$4.04	$1,020.48	$4.36	0.87%
Series II	1,000.00	874.00	5.20	1,019.24	5.61	1.12

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. High Yield Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

Invesco V.I. High Yield Fund

performance. The Board considered that the Fund underwent a change in portfolio management and investment process in 2020. 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 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 fee rate for Series II shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual 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 relative total expenses, including the differentiated client based associated with variable insurance products. As previously noted, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management, including with respect to management’s philosophy regarding breakpoints in the Fund’s contractual management fee schedule. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

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.

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 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

and subject to approval on an annual basis by the Board based on its determination that the services are required for the operation of the Fund.

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.

Invesco V.I. High Yield Fund

federal securities laws and consistent with best execution obligations.

Invesco V.I. High Yield Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. EQV International Equity Fund

Effective April 29, 2022, Invesco V.I. International Growth Fund was renamed Invesco V.I. EQV International Equity Fund.


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


Invesco Distributors, Inc.		VIIGR-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	-21.59	%
Series II Shares	-21.68
MSCI All Country World ex USA Index^▼ (Broad Market Index)	-18.42

Source(s): ^▼RIMES Technologies Corp.

The MSCI All Country World ex USA^®Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (5/5/93)	6.35	%
10 Years	5.04
5 Years	2.19
1 Year	-21.95
Series II Shares
Inception (9/19/01)	6.12	%
10 Years	4.77
5 Years	1.93
1 Year	-22.16

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

fluctuate so that you may have a gain or loss when you sell shares.

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

Invesco V.I. EQV International Equity Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. EQV International Equity Fund

Schedule of Investments

June 30, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–97.46%
Australia–1.90%
CSL Ltd.		109,896	$	20,419,602



Brazil–2.60%
B3 S.A. - Brasil, Bolsa, Balcao		6,193,402		12,970,352


MercadoLibre, Inc.^(a)		7,228		4,603,296


Rede D’Or Sao Luiz S.A.^(b)		1,850,700		10,248,170


				27,821,818



Canada–7.39%
Bank of Nova Scotia (The)^(c)		315,653		18,681,204


CGI, Inc., Class A^(a)		254,263		20,254,916


Magna International, Inc.		279,795		15,363,510


Ritchie Bros. Auctioneers, Inc.		382,357		24,877,563


				79,177,193



China–10.86%
Airtac International Group		258,000		8,587,069


China Mengniu Dairy Co. Ltd.		4,868,000		24,328,740


China Resources Beer Holdings Co. Ltd.		3,316,000		25,161,963


JD.com, Inc., ADR		244,555		15,705,322


Wuliangye Yibin Co. Ltd., A Shares		587,041		17,736,466


Yum China Holdings, Inc.		513,141		24,887,339


				116,406,899



Denmark–3.28%
Carlsberg A/S, Class B		87,289		11,134,649


Novo Nordisk A/S, Class B		216,702		24,052,051


				35,186,700



France–9.21%
Air Liquide S.A.		114,648		15,496,035


Arkema S.A.		155,252		13,991,666


Kering S.A.		15,228		7,911,838


LVMH Moet Hennessy Louis Vuitton SE		23,917		14,759,974


Pernod Ricard S.A.		62,373		11,553,708


Schneider Electric SE		159,647		18,913,091


TotalEnergies SE^(c)		305,361		16,096,181


				98,722,493



Germany–1.27%
Deutsche Boerse AG		81,631		13,653,138



Hong Kong–3.27%
AIA Group Ltd.		2,167,400		23,807,049


Techtronic Industries Co. Ltd.		1,072,500		11,212,501


				35,019,550



India–2.27%
HDFC Bank Ltd., ADR		442,291		24,308,313



Ireland–4.86%
CRH PLC		516,024		17,861,169


Flutter Entertainment PLC^(a)		108,445		10,895,387


ICON PLC^(a)		107,487		23,292,433


				52,048,989


	Shares		Value


Italy–1.80%
FinecoBank Banca Fineco S.p.A.		1,604,839	$	19,345,911



Japan–11.67%
Asahi Group Holdings Ltd.		349,400		11,452,923


FANUC Corp.		133,200		20,878,146


Hoya Corp.		146,600		12,532,084


Keyence Corp.		14,000		4,791,214


Koito Manufacturing Co. Ltd.		329,700		10,473,795


Komatsu Ltd.		226,200		5,035,432


Olympus Corp.		1,193,800		24,008,238


SMC Corp.		15,000		6,693,545


Sony Group Corp.		144,700		11,825,436


TIS, Inc.		662,900		17,382,097


				125,072,910



Mexico–2.58%
Wal-Mart de Mexico S.A.B. de C.V., Series V		8,025,902		27,670,294



Netherlands–5.33%
ASML Holding N.V.		28,976		13,984,627


Heineken N.V.		196,839		18,026,840


Shell PLC		204,268		5,330,473


Wolters Kluwer N.V.		203,457		19,792,619


				57,134,559



Singapore–1.93%
United Overseas Bank Ltd.		1,092,266		20,678,870



South Korea–3.11%
NAVER Corp.		93,437		17,335,206


Samsung Electronics Co. Ltd.		364,346		15,960,052


				33,295,258



Spain–1.22%
Amadeus IT Group S.A.^(a)		232,370		13,055,553



Sweden–6.35%
Husqvarna AB, Class B		1,152,147		8,478,664


Investor AB, Class B		1,484,592		24,433,230


Sandvik AB^(c)		1,654,661		26,862,060


Svenska Handelsbanken AB, Class A		964,091		8,246,163


				68,020,117



Switzerland–1.44%
Kuehne + Nagel International AG, Class R		22,026		5,214,764


Logitech International S.A., Class R		196,670		10,238,941


				15,453,705



Taiwan–2.15%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		281,909		23,046,061



United Kingdom–6.52%
Ashtead Group PLC		341,627		14,331,420


DCC PLC		230,427		14,398,200


Linde PLC		56,302		16,188,514

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

Invesco V.I. EQV International Equity Fund


	Shares		Value


United Kingdom–(continued)
Reckitt Benckiser Group PLC		332,230	$	24,954,138


				69,872,272



United States–6.45%
Amcor PLC, CDI^(c)		439,347		5,473,490


Broadcom, Inc.		68,229		33,146,331


Nestle S.A.		158,424		18,586,489


Roche Holding AG		35,881		11,978,070


				69,184,380


Total Common Stocks & Other Equity Interests (Cost $900,752,708)				1,044,594,585



Money Market Funds–2.49%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(d)(e)		9,519,873		9,519,873


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(d)(e)		6,294,911		6,294,281


Invesco Treasury Portfolio, Institutional Class, 1.35%^(d)(e)		10,879,854		10,879,854


Total Money Market Funds (Cost $26,692,353)				26,694,008


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)–99.95% (Cost $927,445,061)				1,071,288,593


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.23%
Invesco Private Government Fund, 1.38%^(d)(e)(f)		9,695,119	$	9,695,119


Invesco Private Prime Fund, 1.66%^(d)(e)(f)		24,930,306		24,930,306


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $34,625,647)				34,625,425


TOTAL INVESTMENTS IN SECURITIES–103.18% (Cost $962,070,708)				1,105,914,018


OTHER ASSETS LESS LIABILITIES–(3.18)%				(34,093,872	)


NET ASSETS–100.00%			$	1,071,820,146

Investment Abbreviations:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at June 30, 2022 represented 1.00% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at June 30, 2022.

^(d)


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$11,153,338	$	79,118,593	$	(80,752,058	)		$ -		$	-	$	9,519,873	$	20,446
Invesco Liquid Assets Portfolio, Institutional Class		7,462,045		56,513,281		(57,680,042	)		202			(1,205)		6,294,281		13,108
Invesco Treasury Portfolio, Institutional Class		12,746,672		90,421,248		(92,288,066	)		-			-		10,879,854		18,505
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		87,578,691		(77,883,572	)		-			-		9,695,119		19,755*
Invesco Private Prime Fund		-		147,448,719		(122,524,757	)		(222	)		6,566		24,930,306		54,200*
Total		$31,362,055	$	461,080,532	$	(431,128,495	)		$ (20	)	$	5,361	$	61,319,433	$	126,014

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

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

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

Invesco V.I. EQV International Equity Fund

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022



Consumer Staples	17.78	%

Industrials	17.29

Financials	15.50

Information Technology	14.17

Health Care	11.80

Consumer Discretionary	10.86

Materials	6.44

Energy	2.00

Other Sectors, Each Less than 2% of Net Assets	1.62

Money Market Funds Plus Other Assets Less Liabilities	2.54

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

Invesco V.I. EQV International Equity Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $900,752,708)*	$	1,044,594,585


Investments in affiliated money market funds, at value (Cost $61,318,000)		61,319,433


Foreign currencies, at value (Cost $2,671,981)		2,670,001


Receivable for:
Investments sold		2,535,842


Fund shares sold		225,890


Dividends		3,807,774


Investment for trustee deferred compensation and retirement plans		191,078


Other assets		827


Total assets		1,115,345,430



Liabilities:
Payable for:
Investments purchased		7,322,770


Fund shares reacquired		610,255


Collateral upon return of securities loaned		34,625,647


Accrued fees to affiliates		660,504


Accrued trustees’ and officers’ fees and benefits		3,545


Accrued other operating expenses		91,115


Trustee deferred compensation and retirement plans		211,448


Total liabilities		43,525,284


Net assets applicable to shares outstanding	$	1,071,820,146



Net assets consist of:
Shares of beneficial interest	$	787,101,651


Distributable earnings		284,718,495


	$	1,071,820,146



Net Assets:
Series I	$	369,127,770


Series II	$	702,692,376



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		11,369,834


Series II		22,034,686


Series I:
Net asset value per share	$	32.47


Series II:
Net asset value per share	$	31.89

*	At June 30, 2022, securities with an aggregate value of $ 30,993,537 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $1,437,998)	$	14,829,809


Dividends from affiliated money market funds (includes securities lending income of $54,875)		106,934


Total investment income		14,936,743



Expenses:
Advisory fees		4,301,888


Administrative services fees		1,005,647


Custodian fees		77,842


Distribution fees - Series II		997,029


Transfer agent fees		33,892


Trustees’ and officers’ fees and benefits		12,511


Reports to shareholders		2,755


Professional services fees		22,769


Other		7,812


Total expenses		6,462,145


Less: Fees waived		(12,340	)


Net expenses		6,449,805


Net investment income		8,486,938



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		24,687,498


Affiliated investment securities		5,361


Foreign currencies		(429,442	)


		24,263,417


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(331,351,781	)


Affiliated investment securities		(20	)


Foreign currencies		(140,620	)


		(331,492,421	)


Net realized and unrealized gain (loss)		(307,229,004	)


Net increase (decrease) in net assets resulting from operations	$	(298,742,066	)

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

Invesco V.I. EQV International Equity Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30, 2022			December 31, 2021


Operations:
Net investment income	$	8,486,938		$	6,312,956


Net realized gain		24,263,417			139,856,225


Change in net unrealized appreciation (depreciation)		(331,492,421	)		(66,894,326	)


Net increase (decrease) in net assets resulting from operations		(298,742,066	)		79,274,855



Distributions to shareholders from distributable earnings:
Series I		–			(38,110,163	)


Series II		–			(74,422,055	)


Total distributions from distributable earnings		–			(112,532,218	)



Share transactions–net:
Series I		(5,103,257	)		17,745,445


Series II		(29,834,870	)		(21,035,067	)


Net increase (decrease) in net assets resulting from share transactions		(34,938,127	)		(3,289,622	)


Net increase (decrease) in net assets		(333,680,193	)		(36,546,985	)



Net assets:
Beginning of period		1,405,500,339			1,442,047,324


End of period	$	1,071,820,146		$	1,405,500,339

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

Invesco V.I. EQV International Equity Fund

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period		Net investment income^(a)		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends from net investment income		Distributions from net realized gains		Total distributions		Net asset value, end of period		Total return ^(b)		Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed		Ratio of expenses to average net assets without fee waivers and/or expenses absorbed		Ratio of net investment income to average net assets		Portfolio turnover ^(c)
Series I
Six months ended 06/30/22		$41.41		$0.28		$(9.22)		$(8.94)		$ -		$ -		$ -		$32.47		(21.59)%		$ 369,128		0.90%^(d)		0.90%^(d)		1.57%^(d)		31%
Year ended 12/31/21		42.52		0.27		2.22		2.49		(0.57)		(3.03)		(3.60)		41.41		5.89		475,732		0.89		0.89		0.60		34
Year ended 12/31/20		39.05		0.24		5.04		5.28		(0.92)		(0.89)		(1.81)		42.52		14.02		468,726		0.91		0.91		0.65		52
Year ended 12/31/19		32.98		0.58		8.60		9.18		(0.62)		(2.49)		(3.11)		39.05		28.54		466,401		0.89		0.89		1.54		31
Year ended 12/31/18		39.89		0.66		(6.51)		(5.85)		(0.79)		(0.27)		(1.06)		32.98		(14.97)		414,774		0.92		0.93		1.74		35
Year ended 12/31/17		32.89		0.49		7.06		7.55		(0.55)		-		(0.55)		39.89		23.00		627,894		0.92		0.93		1.34		34
Series II
Six months ended 06/30/22		40.72		0.24		(9.07)		(8.83)		-		-		-		31.89		(21.68)		702,692		1.15^(d)		1.15^(d)		1.32^(d)		31
Year ended 12/31/21		41.88		0.15		2.19		2.34		(0.47)		(3.03)		(3.50)		40.72		5.61		929,768		1.14		1.14		0.35		34
Year ended 12/31/20		38.48		0.15		4.95		5.10		(0.81)		(0.89)		(1.70)		41.88		13.74		973,322		1.16		1.16		0.40		52
Year ended 12/31/19		32.52		0.48		8.47		8.95		(0.50)		(2.49)		(2.99)		38.48		28.20		1,005,632		1.14		1.14		1.29		31
Year ended 12/31/18		39.33		0.56		(6.42)		(5.86)		(0.68)		(0.27)		(0.95)		32.52		(15.18)		862,729		1.17		1.18		1.49		35
Year ended 12/31/17		32.44		0.40		6.96		7.36		(0.47)		-		(0.47)		39.33		22.73		1,448,723		1.17		1.18		1.09		34

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

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

Invesco V.I. EQV International Equity Fund

Notes to Financial Statements

June 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

Invesco V.I. EQV International Equity Fund

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

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

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

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

Invesco V.I. EQV International Equity Fund

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

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.

Other Risks – Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 250 million		0.750%


Over $250 million		0.700%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.71%.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.25% and Series II shares to 2.50% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $12,340.

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, 2022, Invesco was paid $97,097 for accounting and fund administrative services and was reimbursed $908,550 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco V.I. EQV International Equity Fund

For the six months ended June 30, 2022, the Fund incurred $621 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Australia	$	–	$	20,419,602		$–	$	20,419,602


Brazil		27,821,818		–		–		27,821,818


Canada		79,177,193		–		–		79,177,193


China		40,592,661		75,814,238		–		116,406,899


Denmark		–		35,186,700		–		35,186,700


France		–		98,722,493		–		98,722,493


Germany		–		13,653,138		–		13,653,138


Hong Kong		–		35,019,550		–		35,019,550


India		24,308,313		–		–		24,308,313


Ireland		23,292,433		28,756,556		–		52,048,989


Italy		–		19,345,911		–		19,345,911


Japan		–		125,072,910		–		125,072,910


Mexico		27,670,294		–		–		27,670,294


Netherlands		–		57,134,559		–		57,134,559


Singapore		–		20,678,870		–		20,678,870


South Korea		–		33,295,258		–		33,295,258


Spain		–		13,055,553		–		13,055,553


Sweden		–		68,020,117		–		68,020,117


Switzerland		–		15,453,705		–		15,453,705


Taiwan		23,046,061		–		–		23,046,061


United Kingdom		16,188,514		53,683,758		–		69,872,272


United States		33,146,331		36,038,049		–		69,184,380


Money Market Funds		26,694,008		34,625,425		–		61,319,433


Total Investments	$	321,937,626	$	783,976,392		$–	$	1,105,914,018

NOTE 4–Trustees’ and Officers’ Fees and Benefits

Invesco V.I. EQV International Equity Fund

NOTE 5–Cash Balances

NOTE 6–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022 was $366,659,080 and $386,855,784, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	196,388,763


Aggregate unrealized (depreciation) of investments		(86,556,057	)


Net unrealized appreciation of investments	$	109,832,706

Cost of investments for tax purposes is $996,081,312.

NOTE 8–Share Information


	Summary of Share Activity


	Six months ended June 30, 2022^(a)						Year ended December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		744,700		$	26,772,601			1,292,791		$	56,540,675


Series II		900,598			32,569,533			2,005,720			84,986,713



Issued as reinvestment of dividends:
Series I		-			-			924,107			38,110,163


Series II		-			-			1,833,959			74,422,055



Reacquired:
Series I		(864,563	)		(31,875,858	)		(1,751,157	)		(76,905,393	)


Series II		(1,698,031	)		(62,404,403	)		(4,249,072	)		(180,443,835	)


Net increase (decrease) in share activity		(917,296	)	$	(34,938,127	)		56,348		$	(3,289,622	)

^(a)

Invesco V.I. EQV International Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (01/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$784.10	$3.98	$1,020.33	$4.51	0.90%
Series II	1,000.00	783.20	5.08	1,019.09	5.76	1.15

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. EQV International Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 (formerly, Invesco V.I. International Growth Fund) (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 Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

Invesco V.I. EQV International Equity Fund

underperformance can primarily be attributed to stock selection driven by the Fund’s earnings, quality and valuation investment style. Specifically, the Board noted that stock selection in and underweight exposure to certain sectors, as well as stock selection in certain geographic regions, 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

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 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

Board based on its determination that the services are required for the operation of the Fund.

Invesco V.I. EQV International Equity Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. Main Street Fund^®


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

Invesco Distributors, Inc.		O-VIMST-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	-21.77	%
Series II Shares	-21.85
S&P 500 Index^▼	-19.96

Source(s): ^▼RIMES Technologies Corp.

The S&P 500^®Index is an unmanaged index considered representative of the US stock market.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (7/5/95)	8.74	%
10 Years	11.30
5 Years	8.10
1 Year	-14.10

Series II Shares
Inception (7/13/00)	5.36	%
10 Years	11.03
5 Years	7.84
1 Year	-14.29

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

Invesco V.I. Main Street Fund^®, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect

Invesco V.I. Main Street Fund^®

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Main Street Fund^®

Schedule of Investments^(a)

June 30, 2022

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–99.38%
Aerospace & Defense–2.30%

Raytheon Technologies Corp.		180,994	$ 17,395,333

Agricultural & Farm Machinery–1.30%

Deere & Co.		32,763	9,811,536

Air Freight & Logistics–3.22%

FedEx Corp.		16,437	3,726,433

United Parcel Service, Inc., Class B^(b)		113,130	20,650,750

			24,377,183

Application Software–2.17%

Manhattan Associates, Inc.^(c)		19,639	2,250,629

salesforce.com, inc.^(c)		52,440	8,654,698

Synopsys, Inc.^(c)		18,017	5,471,763

			16,377,090

Automobile Manufacturers–1.62%

General Motors Co.^(c)		216,064	6,862,193

Tesla, Inc.^(c)		8,053	5,423,051

			12,285,244

Automotive Retail–1.50%

O’Reilly Automotive, Inc.^(c)		18,002	11,372,944

Biotechnology–0.98%

Seagen, Inc.^(c)		41,749	7,387,068

Cable & Satellite–1.07%

Comcast Corp., Class A		205,639	8,069,274

Commodity Chemicals–0.81%

Valvoline, Inc.^(b)		211,568	6,099,505

Communications Equipment–1.01%

Motorola Solutions, Inc.^(b)		36,258	7,599,677

Construction Materials–1.18%

Vulcan Materials Co.		62,529	8,885,371

Consumer Finance–1.52%

American Express Co.		82,753	11,471,221

Data Processing & Outsourced Services–1.22%

Fiserv, Inc.^(c)		103,850	9,239,535

Distillers & Vintners–0.73%

Constellation Brands, Inc., Class A		23,542	5,486,699

Diversified Banks–2.00%

JPMorgan Chase & Co.		134,370	15,131,406

Electric Utilities–2.37%

FirstEnergy Corp.		407,366	15,638,781

Southern Co. (The)		32,318	2,304,596

			17,943,377

Environmental & Facilities Services–0.71%

Waste Connections, Inc.		43,196	5,354,576


	Shares		Value
Financial Exchanges & Data–1.03%

Intercontinental Exchange, Inc.		82,554	$ 7,763,378

Food Distributors–1.05%

Sysco Corp.		93,907	7,954,862

General Merchandise Stores–0.39%

Target Corp.		21,048	2,972,609

Health Care Facilities–1.81%

HCA Healthcare, Inc.		56,716	9,531,691

Tenet Healthcare Corp.^(c)		79,635	4,185,616

			13,717,307

Health Care Services–1.97%

CVS Health Corp.		160,544	14,876,007

Health Care Supplies–0.87%

Cooper Cos., Inc. (The)		21,052	6,591,802

Homebuilding–0.77%

D.R. Horton, Inc.^(b)		88,496	5,857,550

Hotels, Resorts & Cruise Lines–1.01%

Airbnb, Inc., Class A^(c)		85,990	7,659,989

Household Products–2.81%

Procter & Gamble Co. (The)		147,978	21,277,757

Industrial Conglomerates–0.72%

Honeywell International, Inc.		31,228	5,427,739

Industrial Machinery–1.58%

Otis Worldwide Corp.		168,511	11,908,672

Industrial REITs–2.81%

Duke Realty Corp.		17,901	983,660

Prologis, Inc.		172,374	20,279,801

			21,263,461

Integrated Oil & Gas–2.30%

Exxon Mobil Corp.		202,649	17,354,860

Integrated Telecommunication Services–3.03%

Verizon Communications, Inc.		451,805	22,929,104

Interactive Home Entertainment–1.09%

Electronic Arts, Inc.		67,767	8,243,856

Interactive Media & Services–3.02%

Alphabet, Inc., Class A^(c)		10,469	22,814,673

Internet & Direct Marketing Retail–3.04%

Amazon.com, Inc.^(c)		216,639	23,009,228

Investment Banking & Brokerage–0.52%

Charles Schwab Corp. (The)		62,188	3,929,038

IT Consulting & Other Services–1.67%

Accenture PLC, Class A^(b)		31,762	8,818,719

Amdocs Ltd.		46,109	3,841,341

			12,660,060

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

Invesco V.I. Main Street Fund^®


	Shares		Value
Life Sciences Tools & Services–0.32%

Avantor, Inc.^(c)		78,139	$ 2,430,123

Managed Health Care–3.26%

UnitedHealth Group, Inc.		47,970	24,638,831

Oil & Gas Exploration & Production–0.79%

APA Corp.		170,621	5,954,673

Oil & Gas Storage & Transportation–1.41%

Cheniere Energy, Inc.		48,633	6,469,648

Magellan Midstream Partners L.P.		88,395	4,221,745

			10,691,393

Other Diversified Financial Services–1.81%

Equitable Holdings, Inc.		524,155	13,664,721

Packaged Foods & Meats–0.99%

Mondelez International, Inc., Class A		120,202	7,463,342

Personal Products–0.21%

Coty, Inc., Class A^(c)		193,811	1,552,426

Pharmaceuticals–7.61%

AstraZeneca PLC, ADR (United Kingdom)		221,286	14,620,366

Bayer AG (Germany)		101,926	6,055,781

Eli Lilly and Co.		73,511	23,834,472

Johnson & Johnson		73,336	13,017,873

			57,528,492

Property & Casualty Insurance–1.51%

Allstate Corp. (The)		90,336	11,448,281

Railroads–1.09%

Union Pacific Corp.		38,707	8,255,429

Regional Banks–1.17%

First Citizens BancShares, Inc., Class A		11,838	7,739,448

SVB Financial Group^(c)		2,887	1,140,336

			8,879,784

Research & Consulting Services–0.11%

TransUnion		10,479	838,215

Semiconductor Equipment–1.10%

Applied Materials, Inc.		91,701	8,342,957

Semiconductors–2.60%

Advanced Micro Devices, Inc.^(c)		104,153	7,964,580

QUALCOMM, Inc.		91,565	11,696,513

			19,661,093

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust


	Shares		Value


Soft Drinks–1.81%
Coca-Cola Co. (The)		217,085	$	13,656,817



Systems Software–10.89%
Crowdstrike Holdings, Inc., Class A^(b)(c)		14,326		2,414,790


Microsoft Corp.		208,747		53,612,492


ServiceNow, Inc.^(c)		14,387		6,841,306


VMware, Inc., Class A		170,869		19,475,649


				82,344,237



Technology Hardware, Storage & Peripherals–5.09%
Apple, Inc.		281,330		38,463,438



Thrifts & Mortgage Finance–0.41%
Rocket Cos., Inc., Class A		425,481		3,131,540


Total Common Stocks & Other Equity Interests (Cost $623,634,970)				751,444,783



Money Market Funds–0.55%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(d)(e)		1,532,213		1,532,213


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(d)(e)		886,268		886,180


Invesco Treasury Portfolio, Institutional Class, 1.35%^(d)(e)		1,751,100		1,751,100


Total Money Market Funds (Cost $4,169,483)				4,169,493


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $627,804,453)				755,614,276



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–2.38%
Invesco Private Government Fund, 1.38%^(d)(e)(f)		5,032,046		5,032,046


Invesco Private Prime Fund, 1.66%^(d)(e)(f)		12,939,548		12,939,548


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $17,971,594)				17,971,594


TOTAL INVESTMENTS IN SECURITIES–102.31% (Cost $645,776,047)				773,585,870


OTHER ASSETS LESS LIABILITIES–(2.31)%				(17,490,134	)


NET ASSETS–100.00%			$	756,095,736

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

Invesco V.I. Main Street Fund^®

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at June 30, 2022.

^(c)	Non-income producing security.

^(d)


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 2		$ 71,507,258		$ (69,975,047)		$ -		$ -		$ 1,532,213	$ 2,921
Invesco Liquid Assets Portfolio, Institutional Class		-		51,076,612		(50,190,477)		10		35		886,180	5,040
Invesco Treasury Portfolio, Institutional Class		2		81,722,580		(79,971,482)		-		-		1,751,100	7,407
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		931,933		68,525,069		(64,424,956)		-		-		5,032,046	5,683*
Invesco Private Prime Fund		2,174,510		157,063,489		(146,297,101)		-		(1,350)		12,939,548	16,141*
Total		$3,106,447		$429,895,008		$(410,859,063)		$10		$(1,315)		$22,141,087	$ 37,192

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

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

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022



Information Technology	25.75	%

Health Care	16.82

Industrials	11.03

Financials	9.97

Consumer Discretionary	8.35

Communication Services	8.21

Consumer Staples	7.59

Energy	4.50

Real Estate	2.81

Utilities	2.37

Materials	1.98

Money Market Funds Plus Other Assets Less Liabilities	0.62

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

Invesco V.I. Main Street Fund^®

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $623,634,970)*	$	751,444,783


Investments in affiliated money market funds, at value (Cost $22,141,077)		22,141,087


Cash		750,000


Foreign currencies, at value (Cost $266)		246


Receivable for:
Fund shares sold		441,904


Dividends		454,807


Investment for trustee deferred compensation and retirement plans		148,288


Other assets		684


Total assets		775,381,799



Liabilities:
Payable for:
Investments purchased		465,849


Fund shares reacquired		256,028


Collateral upon return of securities loaned		17,971,594


Accrued fees to affiliates		400,013


Accrued trustees’ and officers’ fees and benefits		3,686


Accrued other operating expenses		40,605


Trustee deferred compensation and retirement plans		148,288


Total liabilities		19,286,063


Net assets applicable to shares outstanding	$	756,095,736



Net assets consist of:
Shares of beneficial interest	$	315,228,677


Distributable earnings		440,867,059


	$	756,095,736



Net Assets:
Series I	$	319,418,006


Series II	$	436,677,730



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		11,395,019


Series II		15,840,936


Series I:
Net asset value per share	$	28.03


Series II:
Net asset value per share	$	27.57

*	At June 30, 2022, securities with an aggregate value of $17,855,286 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $30,677)	$	6,575,780


Dividends from affiliated money market funds (includes securities lending income of $5,177)		20,545


Total investment income		6,596,325



Expenses:
Advisory fees		2,980,663


Administrative services fees		660,643


Custodian fees		21,997


Distribution fees - Series II		630,745


Transfer agent fees		27,416


Trustees’ and officers’ fees and benefits		12,394


Reports to shareholders		3,001


Professional services fees		19,055


Other		6,683


Total expenses		4,362,597


Less: Fees waived		(232,176	)


Net expenses		4,130,421


Net investment income		2,465,904



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(33,069))		14,129,170


Affiliated investment securities		(1,315	)


Foreign currencies		5,651


		14,133,506


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(232,240,223	)


Affiliated investment securities		10


Foreign currencies		(1,880	)


		(232,242,093	)


Net realized and unrealized gain (loss)		(218,108,587	)


Net increase (decrease) in net assets resulting from operations	$	(215,642,683	)

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

Invesco V.I. Main Street Fund^®

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30,			December 31,
	2022			2021


Operations:
Net investment income	$	2,465,904		$	7,112,726


Net realized gain		14,133,506			299,853,435


Change in net unrealized appreciation (depreciation)		(232,242,093	)		(10,075,326	)


Net increase (decrease) in net assets resulting from operations		(215,642,683	)		296,890,835



Distributions to shareholders from distributable earnings:
Series I		–			(35,554,579	)


Series II		–			(48,316,102	)


Total distributions from distributable earnings		–			(83,870,681	)



Share transactions-net:
Series I		(17,863,309	)		(175,913,315	)


Series II		(31,202,185	)		(118,915,828	)


Net increase (decrease) in net assets resulting from share transactions		(49,065,494	)		(294,829,143	)


Net increase (decrease) in net assets		(264,708,177	)		(81,808,989	)



Net assets:
Beginning of period		1,020,803,913			1,102,612,902


End of period	$	756,095,736		$	1,020,803,913

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

Invesco V.I. Main Street Fund^®

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets			Portfolio turnover ^(d)
Series I
Six months ended 06/30/22		$	35.83		$	0.11		$	(7.91	)		$	(7.80	)		$	–			$	–			$	–			$	28.03		(21.77	)%		$	319,418		0.80	%^(e)		0.85	%^(e)		0.71	%^(e)		22	%
Year ended 12/31/21			29.91			0.25			7.93				8.18				(0.25	)			(2.01	)			(2.26	)			35.83		27.57				428,274		0.79			0.79			0.73			55
Year ended 12/31/20			29.44			0.22			3.63				3.85				(0.45	)			(2.93	)			(3.38	)			29.91		13.94				505,877		0.80			0.84			0.78			46
Year ended 12/31/19			26.82			0.32			7.73				8.05				(0.34	)			(5.09	)			(5.43	)			29.44		32.03				570,821		0.80			0.82			1.11			43
Year ended 12/31/18			32.25			0.32			(2.55	)			(2.23	)			(0.38	)			(2.82	)			(3.20	)			26.82		(7.89	)			485,230		0.80			0.80			1.03			65
Year ended 12/31/17			28.41			0.34			4.41				4.75				(0.39	)			(0.52	)			(0.91	)			32.25		16.91				561,555		0.78			0.78			1.12			35
Series II
Six months ended 06/30/22			35.28			0.07			(7.78	)			(7.71	)			–				–				–				27.57		(21.85	)			436,678		1.05	^(e)		1.10	^(e)		0.46	^(e)		22
Year ended 12/31/21			29.49			0.16			7.82				7.98				(0.18	)			(2.01	)			(2.19	)			35.28		27.28				592,530		1.04			1.04			0.48			55
Year ended 12/31/20			29.05			0.15			3.57				3.72				(0.35	)			(2.93	)			(3.28	)			29.49		13.65				596,736		1.05			1.09			0.53			46
Year ended 12/31/19			26.51			0.25			7.64				7.89				(0.26	)			(5.09	)			(5.35	)			29.05		31.74				731,463		1.05			1.07			0.86			43
Year ended 12/31/18			31.91			0.24			(2.53	)			(2.29	)			(0.29	)			(2.82	)			(3.11	)			26.51		(8.10	)			631,398		1.05			1.05			0.78			65
Year ended 12/31/17			28.12			0.26			4.37				4.63				(0.32	)			(0.52	)			(0.84	)			31.91		16.63				785,379		1.03			1.03			0.87			35

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019, 2018 and 2017, respectively.

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

^(e)	Annualized.

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

Invesco V.I. Main Street Fund^®

Notes to Financial Statements

June 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

Invesco V.I. Main Street Fund^®

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

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

Master Limited Partnerships – The Fund invests in Master Limited Partnerships (“MLPs”). MLPs are publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Fund invests in MLPs engaged in, among other things, the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund’s allocable share of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

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

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

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

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

L.	Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers.

Invesco V.I. Main Street Fund^®

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate


Up to $200 million		0.750%


Next $200 million		0.720%


Next $200 million		0.690%


Next $200 million		0.660%


Next $200 million		0.600%


Next $4 billion		0.580%


Over $5 billion		0.560%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.68%.

The Adviser has contractually agreed, through at least April 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $232,176.

Invesco V.I. Main Street Fund^®

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2022, Invesco was paid $62,935 for accounting and fund administrative services and was reimbursed $597,708 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

For the six months ended June 30, 2022, the Fund incurred $1,124 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	745,389,002	$	6,055,781		$-	$	751,444,783


Money Market Funds		4,169,493		17,971,594		-		22,141,087


Total Investments	$	749,558,495	$	24,027,375		$-	$	773,585,870

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended June 30, 2022, the Fund engaged in securities sales of $595,070, which resulted in net realized gains (losses) of $(33,069).

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

Invesco V.I. Main Street Fund^®

by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022 was $194,307,906 and $244,769,238, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	170,406,724


Aggregate unrealized (depreciation) of investments		(48,092,370	)


Net unrealized appreciation of investments	$	122,314,354

Cost of investments for tax purposes is $651,271,516.

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		148,695		$	4,685,743			387,014		$	13,025,614


Series II		924,819			28,630,908			4,770,397			166,386,375



Issued as reinvestment of dividends:
Series I		-			-			1,022,271			35,554,579


Series II		-			-			1,410,277			48,316,100



Reacquired:
Series I		(707,351	)		(22,549,052	)		(6,367,300	)		(224,493,508	)


Series II		(1,880,240	)		(59,833,093	)		(9,616,161	)		(333,618,303	)


Net increase (decrease) in share activity		(1,514,077	)	$	(49,065,494	)		(8,393,502	)	$	(294,829,143	)

^(a)

Invesco V.I. Main Street Fund^®

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value (01/01/22)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²


Series I	$1,000.00	$782.30	$3.54	$1,020.83	$4.01	0.80%
Series II	1,000.00	781.50	4.64	1,019.59	5.26	1.05

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Main Street Fund^®

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 (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 Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

Invesco V.I. Main Street Fund^®

subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that stock selection in and underweight exposure to certain sectors, as well as the Fund’s cash allocation, 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 also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s actual and contractual management fees were in the fourth quintile of its expense group and the Fund’s total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative actual and contractual management fees and total expenses. The Board requested and considered additional information from management regarding such relative total expenses, including the differentiated client based associated with variable insurance products.

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.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

Invesco V.I. Main Street Fund^®

LOGO



Semiannual Report to Shareholders		June 30, 2022

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

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VIMCCE-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	-19.74	%
Series II Shares	-19.76
S&P 500 Index^▼ (Broad Market Index)	-19.96
Russell Midcap Index^▼ (Style-Specific Index)	-21.57
Lipper VUF Mid-Cap Core Funds Index^∎ (Peer Group Index)	-19.63

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

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.
The Russell Midcap^® Index is an unmanaged index considered representative of mid-cap stocks. The Russell Midcap Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.
The Lipper VUF Mid-Cap Core Funds Index is an unmanaged index considered representative of mid-cap core variable insurance underlying funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (9/10/01)	6.95	%
10 Years	7.95
5 Years	5.13
1 Year	-14.65

Series II Shares
Inception (9/10/01)	6.69	%
10 Years	7.68
5 Years	4.87
1 Year	-14.81

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

fluctuate so that you may have a gain or loss when you sell shares.

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

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

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

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

Schedule of Investments^(a)

June 30, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–99.01%
Aerospace & Defense–1.39%
Curtiss-Wright Corp.^(b)		20,287	$	2,679,101



Airlines–0.72%
Spirit Airlines, Inc.^(b)(c)		57,926		1,380,956



Apparel Retail–0.71%
Ross Stores, Inc.		19,644		1,379,598



Application Software–6.17%
HubSpot, Inc.^(c)		3,513		1,056,184


Manhattan Associates, Inc.^(c)		20,703		2,372,564


Paylocity Holding Corp.^(c)		12,239		2,134,726


Synopsys, Inc.^(c)		13,268		4,029,492


Tyler Technologies, Inc.^(c)		6,938		2,306,746


				11,899,712



Asset Management & Custody Banks–2.45%
Federated Hermes, Inc., Class B		51,361		1,632,766


Northern Trust Corp.		32,082		3,095,272


				4,728,038



Auto Parts & Equipment–2.08%
Aptiv PLC^(c)		25,891		2,306,112


Visteon Corp.^(c)		16,416		1,700,369


				4,006,481



Automotive Retail–1.57%
O’Reilly Automotive, Inc.^(c)		4,808		3,037,502



Biotechnology–1.25%
Seagen, Inc.^(c)		13,614		2,408,861



Building Products–1.50%
Carrier Global Corp.^(b)		80,932		2,886,035



Cable & Satellite–0.59%
Altice USA, Inc., Class A^(c)		122,553		1,133,615



Casinos & Gaming–0.53%
Boyd Gaming Corp.^(b)		20,432		1,016,492



Communications Equipment–1.58%
Motorola Solutions, Inc.^(b)		14,509		3,041,086



Construction & Engineering–0.94%
Valmont Industries, Inc.^(b)		8,075		1,813,887



Construction Materials–1.68%
Vulcan Materials Co.		22,864		3,248,974



Distillers & Vintners–0.90%
Constellation Brands, Inc., Class A		7,418		1,728,839



Electric Utilities–1.40%
American Electric Power Co., Inc.		28,168		2,702,438



Electrical Components & Equipment–3.25%
Hubbell, Inc.^(b)		16,855		3,009,966


Rockwell Automation, Inc.		12,512		2,493,767


	Shares		Value


Electrical Components & Equipment–(continued)
Vertiv Holdings Co.		93,666	$	769,934


				6,273,667



Electronic Equipment & Instruments–1.82%
Keysight Technologies, Inc.^(c)		25,434		3,506,077



Environmental & Facilities Services–1.69%
Republic Services, Inc.		24,904		3,259,187



Fertilizers & Agricultural Chemicals–1.28%
Mosaic Co. (The)		52,209		2,465,831



Financial Exchanges & Data–1.13%
Cboe Global Markets, Inc.		19,270		2,181,171



Food Distributors–1.41%
Sysco Corp.		32,107		2,719,784



Gas Utilities–1.81%
Atmos Energy Corp.^(b)		31,217		3,499,426



General Merchandise Stores–1.60%
Dollar General Corp.^(b)		12,540		3,077,818



Health Care Equipment–0.96%
DexCom, Inc.^(c)		24,888		1,854,903



Health Care Facilities–2.55%
Acadia Healthcare Co., Inc.^(c)		44,861		3,033,949


Tenet Healthcare Corp.^(c)		35,758		1,879,441


				4,913,390



Health Care Services–0.32%
LHC Group, Inc.^(c)		3,983		620,312



Health Care Supplies–1.13%
Cooper Cos., Inc. (The)		6,937		2,172,114



Homebuilding–2.26%
D.R. Horton, Inc.		40,480		2,679,371


TopBuild Corp.^(c)		10,067		1,682,800


				4,362,171



Hotels, Resorts & Cruise Lines–2.25%
Choice Hotels International, Inc.^(b)		20,291		2,265,084


Expedia Group, Inc.^(c)		21,962		2,082,657


				4,347,741



Human Resource & Employment Services–2.54%
ASGN, Inc.^(c)		28,231		2,547,848


Korn Ferry		40,405		2,344,298


				4,892,146



Hypermarkets & Super Centers–1.52%
BJ’s Wholesale Club Holdings, Inc.^(c)		47,013		2,929,850



Industrial Machinery–2.06%
Evoqua Water Technologies Corp.^(c)		54,956		1,786,619


Otis Worldwide Corp.		30,840		2,179,463


				3,966,082

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

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


	Shares		Value


Industrial REITs–1.63%
Duke Realty Corp.		57,223	$	3,144,404



Insurance Brokers–1.74%
Arthur J. Gallagher & Co.		20,531		3,347,374



Interactive Home Entertainment–1.71%
Electronic Arts, Inc.		27,038		3,289,173



Internet Services & Infrastructure–0.62%
MongoDB, Inc.^(c)		4,616		1,197,852



Investment Banking & Brokerage–1.67%
Raymond James Financial, Inc.		35,923		3,211,875



Life Sciences Tools & Services–1.35%
Avantor, Inc.^(c)		83,432		2,594,735



Managed Health Care–1.49%
Centene Corp.^(c)		33,944		2,872,002



Metal & Glass Containers–2.41%
Crown Holdings, Inc.		22,458		2,069,954


Silgan Holdings, Inc.		62,115		2,568,455


				4,638,409



Movies & Entertainment–0.84%
Endeavor Group Holdings, Inc., Class A^(c)		78,834		1,620,827



Multi-Utilities–1.76%
CMS Energy Corp.		50,213		3,389,378



Office REITs–1.63%
Alexandria Real Estate Equities, Inc.^(b)		21,676		3,143,670



Oil & Gas Equipment & Services–1.46%
Baker Hughes Co., Class A^(b)		97,776		2,822,793



Oil & Gas Exploration & Production–3.28%
APA Corp.		72,210		2,520,129


Chesapeake Energy Corp.^(b)		33,423		2,710,605


Marathon Oil Corp.		49,027		1,102,127


				6,332,861



Other Diversified Financial Services–1.18%
Equitable Holdings, Inc.		87,168		2,272,470



Pharmaceuticals–1.74%
Catalent, Inc.^(c)		31,293		3,357,426



Property & Casualty Insurance–1.57%
Allstate Corp. (The)		23,843		3,021,623



Regional Banks–3.70%
Comerica, Inc.		37,385		2,743,312


First Citizens BancShares, Inc., Class A		3,295		2,154,205


Webster Financial Corp.		53,175		2,241,326


				7,138,843



Research & Consulting Services–2.75%
CACI International, Inc., Class A^(c)		11,933		3,362,481

Investment Abbreviations:

REIT – Real Estate Investment Trust


	Shares		Value


Research & Consulting Services–(continued)
TransUnion		24,171	$	1,933,438


				5,295,919



Residential REITs–1.47%
American Homes 4 Rent, Class A^(b)		79,987		2,834,739



Retail REITs–1.32%
Kimco Realty Corp.		128,359		2,537,657



Semiconductor Equipment–1.77%
KLA Corp.		5,398		1,722,394


MKS Instruments, Inc.^(b)		16,534		1,696,884


				3,419,278



Semiconductors–1.29%
Microchip Technology, Inc.		42,772		2,484,198



Specialized REITs–1.23%
Lamar Advertising Co., Class A		27,035		2,378,269



Specialty Chemicals–1.09%
PPG Industries, Inc.		18,421		2,106,257



Specialty Stores–1.36%
Tractor Supply Co.		13,540		2,624,729



Systems Software–1.91%
VMware, Inc., Class A		32,252		3,676,083


Total Common Stocks & Other Equity Interests (Cost $176,976,311)				190,886,129



Money Market Funds–0.97%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(d)(e)		628,895		628,895


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(d)(e)		514,473		514,422


Invesco Treasury Portfolio, Institutional Class, 1.35%^(d)(e)		718,738		718,738


Total Money Market Funds (Cost $1,862,029)				1,862,055


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.98% (Cost $178,838,340)				192,748,184



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–15.73%
Invesco Private Government Fund, 1.38%^(d)(e)(f)		7,236,263		7,236,263


Invesco Private Prime Fund, 1.66%^(d)(e)(f)		23,101,076		23,101,076


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $30,338,842)				30,337,339


TOTAL INVESTMENTS IN SECURITIES–115.71% (Cost $209,177,182)				223,085,523


OTHER ASSETS LESS LIABILITIES–(15.71)%				(30,281,344	)


NET ASSETS–100.00%			$	192,804,179

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

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

Notes to Schedule of Investments:

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

^(b)	All or a portion of this security was out on loan at June 30, 2022.

^(c)	Non-income producing security.

^(d)


	Value December 31, 2021		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value June 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio,
Institutional Class		$ 766,908		$	12,141,247		$	(12,279,260	)		$	-		$	-		$	628,895		$	496
Invesco Liquid Assets Portfolio, Institutional Class		589,006			8,672,319			(8,746,771	)			(15)			(117)			514,422			649
Invesco Treasury Portfolio, Institutional Class		876,466			13,875,711			(14,033,439	)			-			-			718,738			748
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		3,441,734			44,129,826			(40,335,297	)			-			-			7,236,263			13,534*
Invesco Private Prime Fund		8,030,714			101,394,797			(86,318,959	)			(1,322)			(4,154)			23,101,076			38,294*
Total		$13,704,828		$	180,213,900		$	(161,713,726	)		$	(1,337)		$	(4,271)		$	32,199,394		$	53,721

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

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

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022



Industrials	16.83	%

Information Technology	15.16

Financials	13.43

Consumer Discretionary	12.37

Health Care	10.79

Real Estate	7.28

Materials	6.46

Utilities	4.98

Energy	4.75

Consumer Staples	3.83

Communication Services	3.13

Money Market Funds Plus Other Assets Less Liabilities	0.99

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

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

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $ 176,976,311)*	$	190,886,129


Investments in affiliated money market funds, at value (Cost $ 32,200,871)		32,199,394


Receivable for:
Fund shares sold		48,927


Dividends		191,696


Investment for trustee deferred compensation and retirement plans		81,496


Other assets		143


Total assets		223,407,785



Liabilities:
Payable for:
Fund shares reacquired		34,509


Collateral upon return of securities loaned		30,338,842


Accrued fees to affiliates		110,911


Accrued trustees’ and officers’ fees and benefits		2,140


Accrued other operating expenses		27,872


Trustee deferred compensation and retirement plans		89,332


Total liabilities		30,603,606


Net assets applicable to shares outstanding	$	192,804,179



Net assets consist of:
Shares of beneficial interest	$	137,454,760


Distributable earnings		55,349,419


	$	192,804,179



Net Assets:
Series I	$	115,990,660


Series II	$	76,813,519



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		11,141,679


Series II		7,630,255


Series I:
Net asset value per share	$	10.41


Series II:
Net asset value per share	$	10.07

*	At June 30, 2022, securities with an aggregate value of $29,901,601 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:

Dividends	$	1,529,011


Dividends from affiliated money market funds (includes securities lending income of $10,396)		12,289


Total investment income		1,541,300



Expenses:
Advisory fees		802,462


Administrative services fees		183,299


Custodian fees		3,136


Distribution fees - Series II		108,804


Transfer agent fees		6,050


Trustees’ and officers’ fees and benefits		8,634


Reports to shareholders		2,991


Professional services fees		19,622


Other		2,074


Total expenses		1,137,072


Less: Fees waived		(586	)


Net expenses		1,136,486


Net investment income		404,814



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(1,531,701	)


Affiliated investment securities		(4,271	)


		(1,535,972	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(47,501,860	)


Affiliated investment securities		(1,337	)


Foreign currencies		(26	)


		(47,503,223	)


Net realized and unrealized gain (loss)		(49,039,195	)


Net increase (decrease) in net assets resulting from operations	$	(48,634,381	)

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

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

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30,			December 31,
	2022			2021


Operations:
Net investment income (loss)	$	404,814		$	(228,545	)


Net realized gain (loss)		(1,535,972	)		48,538,214


Change in net unrealized appreciation (depreciation)		(47,503,223	)		3,531,989


Net increase (decrease) in net assets resulting from operations		(48,634,381	)		51,841,658



Distributions to shareholders from distributable earnings:
Series I		–			(677,745	)


Series II		–			(246,199	)


Total distributions from distributable earnings		–			(923,944	)



Share transactions–net:
Series I		(9,848,421	)		(27,093,711	)


Series II		(3,683,078	)		(10,631,791	)


Net increase (decrease) in net assets resulting from share transactions		(13,531,499	)		(37,725,502	)


Net increase (decrease) in net assets		(62,165,880	)		13,192,212



Net assets:
Beginning of period		254,970,059			241,777,847


End of period	$	192,804,179		$	254,970,059

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

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

Financial Highlights

(Unaudited)

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


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(c)
Series I
Six months ended 06/30/22		$	12.97		$	0.03			$	(2.59	)		$	(2.56	)		$	–			$	–			$	–			$	10.41		(19.74	)%		$	115,991		0.93	%^(d)		0.93	%^(d)		0.46	%^(d)		35	%
Year ended 12/31/21			10.57			0.00				2.46				2.46				(0.06	)			–				(0.06	)			12.97		23.24				155,200		0.93			0.93			0.01			58
Year ended 12/31/20			12.18			0.05				0.80				0.85				(0.08	)			(2.38	)			(2.46	)			10.57		9.25				150,990		0.94			0.94			0.49			75
Year ended 12/31/19			10.97			0.09				2.57				2.66				(0.06	)			(1.39	)			(1.45	)			12.18		25.28				157,959		0.93			0.94			0.70			114
Year ended 12/31/18			14.41			0.06				(1.39	)			(1.33	)			(0.07	)			(2.04	)			(2.11	)			10.97		(11.35	)			148,078		0.91			0.94			0.46			27
Year ended 12/31/17			12.87			0.05				1.85				1.90				(0.07	)			(0.29	)			(0.36	)			14.41		14.92				192,277		0.94			0.96			0.37			45
Series II
Six months ended 06/30/22			12.55			0.01				(2.49	)			(2.48	)			–				–				–				10.07		(19.76	)			76,814		1.18	^(d)		1.18	^(d)		0.21	^(d)		35
Year ended 12/31/21			10.24			(0.03	)			2.37				2.34				(0.03	)			–				(0.03	)			12.55		22.86				99,770		1.18			1.18			(0.24	)		58
Year ended 12/31/20			11.88			0.02				0.78				0.80				(0.06	)			(2.38	)			(2.44	)			10.24		8.94				90,788		1.19			1.19			0.24			75
Year ended 12/31/19			10.72			0.05				2.53				2.58				(0.03	)			(1.39	)			(1.42	)			11.88		25.04				89,057		1.18			1.19			0.45			114
Year ended 12/31/18			14.11			0.03				(1.36	)			(1.33	)			(0.02	)			(2.04	)			(2.06	)			10.72		(11.60	)			71,829		1.16			1.19			0.21			27
Year ended 12/31/17			12.61			0.02				1.81				1.83				(0.04	)			(0.29	)			(0.33	)			14.11		14.65				141,120		1.19			1.21			0.12			45

^(a)	Calculated using average shares outstanding.

^(b)

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

^(d)	Annualized.

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

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

Notes to Financial Statements

June 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

Master Limited Partnerships - The Fund invests in Master Limited Partnerships (“MLPs”). MLPs are publicly traded partnerships and limited liability companies taxed as partnerships under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Fund invests in MLPs engaged in, among other things, the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. The Fund is a partner in each MLP; accordingly, the Fund is required to take into account the Fund’s allocable share of income, gains, losses, deductions, expenses, and tax credits recognized by each MLP.

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

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.

G.	Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

Securities Lending - The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the Investment Company 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.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, the Fund paid the Adviser $523 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services 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.

Invesco V.I. Main Street Mid Cap Fund^®

L.	Forward Foreign Currency Contracts - The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 500 million		0.725%


Next $500 million		0.700%


Next $500 million		0.675%


Over $1.5 billion		0.650%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.73%.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $586.

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, 2022, Invesco was paid $17,383 for accounting and fund administrative services and was reimbursed $165,916 for fees paid to insurance

Invesco V.I. Main Street Mid Cap Fund^®

For the six months ended June 30, 2022, the Fund incurred $1,094 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	190,886,129	$	–		$–	$	190,886,129


Money Market Funds		1,862,055		30,337,339		–		32,199,394


Total Investments	$	192,748,184	$	30,337,339		$–	$	223,085,523

NOTE 4–Trustees’ and Officers’ Fees and Benefits

NOTE 5–Cash Balances

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.

The Fund did not have a capital loss carryforward as of December 31, 2021.

Invesco V.I. Main Street Mid Cap 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, 2022 was $77,723,437 and $90,852,981, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	32,732,465


Aggregate unrealized (depreciation) of investments		(19,219,882	)


Net unrealized appreciation of investments	$	13,512,583

Cost of investments for tax purposes is $209,572,940.

NOTE 8–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		119,848		$	1,358,342			358,949		$	4,352,727


Series II		1,351,725			14,983,811			625,586			7,241,868



Issued as reinvestment of dividends:
Series I		-			-			53,961			677,745


Series II		-			-			20,230			246,199



Reacquired:
Series I		(948,004	)		(11,206,763	)		(2,726,129	)		(32,124,183	)


Series II		(1,670,331	)		(18,666,889	)		(1,563,200	)		(18,119,858	)


Net increase (decrease) in share activity		(1,146,762	)	$	(13,531,499	)		(3,230,603	)	$	(37,725,502	)

^(a)

Invesco V.I. Main Street Mid Cap Fund^®

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$802.60	$4.16	$1,020.18	$4.66	0.93%
Series II	1,000.00	802.40	5.27	1,018.94	5.91	1.18

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Main Street Mid Cap Fund^®

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 (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 Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. 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 considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized

B.	Fund Investment Performance

Invesco V.I. Main Street Mid Cap Fund^®

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 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 and total expense ratio were in the fourth and fifth quintiles, respectively, of its expense group and discussed with management reasons for such relative actual management fees and total expenses. The Board requested and considered additional information from management regarding such relative total expenses, including the differentiated client based associated with variable insurance products.

Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

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 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

Board based on its determination that the services are required for the operation of the Fund.

Invesco V.I. Main Street Mid Cap Fund^®

LOGO



Semiannual Report to Shareholders			June 30, 2022

Invesco V.I. Main Street Small Cap Fund^®

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		O-VIMSS-SAR-1

Fund Performance


Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	-20.27	%
Series II Shares	-20.37
Russell 2000 Index^▼	-23.43

Source(s): ^▼RIMES Technologies Corp.
The Russell 2000^®Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Russell^®is a trademark of the Frank Russell Co.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (5/1/98)	8.20	%
10 Years	11.08
5 Years	7.24
1 Year	-17.13
Series II Shares
Inception (7/16/01)	8.77	%
10 Years	10.81
5 Years	6.96
1 Year	-17.33

Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer Main Street Small Cap Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. Main Street Small Cap Fund^® (renamed Invesco V.I. Main Street Small Cap Fund^® on April 30, 2021). Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Invesco V.I. Main Street Small Cap Fund^®, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and

fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco V.I. Main Street Small Cap Fund^®

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Main Street Small Cap Fund^®

Schedule of Investments^(a)

June 30, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–98.01%
Aerospace & Defense–2.12%
BWX Technologies, Inc.		94,487	$	5,205,289
Curtiss–Wright Corp.^(b)		69,407		9,165,888


				14,371,177



Air Freight & Logistics–0.86%
Hub Group, Inc., Class A^(c)		81,972		5,815,094



Airlines–0.73%
Spirit Airlines, Inc.^(b)(c)		208,744		4,976,457



Aluminum–0.93%
Kaiser Aluminum Corp.^(b)		79,767		6,308,772



Application Software–4.34%
Consensus Cloud Solutions, Inc.^(c)		79,212		3,459,980
Envestnet, Inc.^(b)(c)		69,610		3,673,320
Paycor HCM, Inc.^(b)(c)		359,663		9,351,238
Q2 Holdings, Inc.^(c)		191,807		7,397,996

Sprout Social, Inc., Class A^(c)		94,414		5,482,621

				29,365,155

Asset Management & Custody Banks–2.07%
Federated Hermes, Inc., Class B^(b)		237,248		7,542,114

Focus Financial Partners, Inc., Class A^(c)		191,246		6,513,839
				14,055,953



Auto Parts & Equipment–2.89%
Dorman Products, Inc.^(c)		102,558		11,251,638

Visteon Corp.^(c)		80,054		8,291,994
				19,543,632



Automotive Retail–2.01%
AutoNation, Inc.^(b)(c)		121,789		13,611,139



Biotechnology–0.79%
Avid Bioservices, Inc.^(b)(c)		349,535		5,333,904



Building Products–2.24%
Masonite International Corp.^(b)(c)		83,565		6,420,299

Zurn Elkay Water Solutions Corp.		322,570		8,786,807
				15,207,106



Casinos & Gaming–0.52%
Boyd Gaming Corp.^(b)		71,308		3,547,573



Construction & Engineering–1.54%
Primoris Services Corp.^(b)		176,379		3,838,007

Valmont Industries, Inc.		29,445		6,614,230
				10,452,237



Construction Machinery & Heavy Trucks–0.77%
Allison Transmission Holdings, Inc.		135,412		5,206,591



Construction Materials–1.19%
Summit Materials, Inc., Class A^(c)		345,091		8,037,169


	Shares		Value


Data Processing & Outsourced Services–1.05%
Paya Holdings, Inc., Class A^(b)(c)		515,872	$	3,389,279

Payoneer Global, Inc.^(c)		958,605		3,757,732
				7,147,011



Diversified Banks–0.53%
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		114,798		3,580,550



Diversified Metals & Mining–0.74%
Compass Minerals International, Inc.		142,473		5,042,119



Electrical Components & Equipment–2.58%
Atkore, Inc.^(c)		101,557		8,430,246
Regal Rexnord Corp.		57,402		6,516,275

Vertiv Holdings Co.		308,440		2,535,377
				17,481,898



Electronic Components–0.61%
Belden, Inc.		77,605		4,134,018



Gas Utilities–3.80%
National Fuel Gas Co.^(b)		155,525		10,272,426
Northwest Natural Holding Co.		154,067		8,180,958

Suburban Propane Partners L.P.		475,724		7,259,548
				25,712,932



Health Care Equipment–2.97%
AtriCure, Inc.^(c)		151,564		6,192,905
CryoPort, Inc.^(b)(c)		211,592		6,555,120
Heska Corp.^(c)		36,411		3,441,204

Tandem Diabetes Care, Inc.^(c)		66,473		3,934,537
				20,123,766



Health Care Facilities–3.93%
Acadia Healthcare Co., Inc.^(c)		216,519		14,643,180

Tenet Healthcare Corp.^(c)		227,514		11,958,136
				26,601,316



Health Care REITs–0.80%
Sabra Health Care REIT, Inc.		386,182		5,394,963



Health Care Services–3.13%
Addus HomeCare Corp.^(c)		103,583		8,626,392

LHC Group, Inc.^(c)		80,536		12,542,677
				21,169,069



Health Care Supplies–0.32%
BioLife Solutions, Inc.^(b)(c)		156,673		2,163,654



Health Care Technology–1.58%
Inspire Medical Systems, Inc.^(c)		58,756		10,732,959



Homebuilding–1.83%
Skyline Champion Corp.^(c)		72,984		3,460,901

TopBuild Corp.^(c)		53,417		8,929,186
				12,390,087



Hotel & Resort REITs–1.22%
DiamondRock Hospitality Co.^(c)		1,004,786		8,249,293

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Small Cap Fund^®


	Shares		Value


Human Resource & Employment Services–3.29%
ASGN, Inc.^(c)		122,257	$	11,033,694

Korn Ferry		193,368		11,219,212
				22,252,906



Hypermarkets & Super Centers–2.06%
BJ’s Wholesale Club Holdings, Inc.^(c)		223,437		13,924,594



Industrial Machinery–2.27%
EnPro Industries, Inc.		92,868		7,608,675

Evoqua Water Technologies Corp.^(c)		238,426		7,751,230
				15,359,905



Interactive Media & Services–2.18%
Bumble, Inc., Class A^(b)(c)		124,567		3,506,561

Ziff Davis, Inc.^(b)(c)		150,882		11,245,236
				14,751,797



Investment Banking & Brokerage–1.83%
Stifel Financial Corp.		220,874		12,373,361



Leisure Facilities–0.92%
Cedar Fair L.P.^(c)		142,565		6,260,029



Life Sciences Tools & Services–1.69%
Azenta, Inc.^(b)		158,761		11,446,668



Metal & Glass Containers–0.94%
Silgan Holdings, Inc.^(b)		153,269		6,337,673



Multi-Utilities–1.31%
Avista Corp.		204,097		8,880,260



Office Services & Supplies–0.55%
ACCO Brands Corp.		567,407		3,705,168



Oil & Gas Drilling–1.00%
Helmerich & Payne, Inc.^(b)		157,204		6,769,204



Oil & Gas Equipment & Services–0.83%
NOV, Inc.^(b)		332,665		5,625,365



Oil & Gas Exploration & Production–2.49%
Chesapeake Energy Corp.^(b)		98,069		7,953,396

CNX Resources Corp.^(b)(c)		543,110		8,939,591
				16,892,987



Oil & Gas Storage & Transportation–0.52%
Equitrans Midstream Corp.		557,636		3,546,565



Packaged Foods & Meats–1.69%
Simply Good Foods Co. (The)^(c)		303,484		11,462,591



Personal Products–1.33%
BellRing Brands, Inc.^(b)(c)		361,069		8,987,007



Pharmaceuticals–1.10%
Collegium Pharmaceutical, Inc.^(c)		201,090		3,563,315

Intra–Cellular Therapies, Inc.^(c)		67,824		3,871,394
				7,434,709



Property & Casualty Insurance–1.28%
Definity Financial Corp. (Canada)		336,106		8,687,264



Regional Banks–8.45%
BankUnited, Inc.^(b)		242,905		8,640,131


	Shares		Value


Regional Banks–(continued)
Berkshire Hills Bancorp, Inc.^(b)		204,663	$	5,069,503
Cathay General Bancorp		203,339		7,960,722
Columbia Banking System, Inc.^(b)		116,108		3,326,494
FB Financial Corp.		110,725		4,342,634
Heritage Financial Corp.		201,549		5,070,973
OceanFirst Financial Corp.		247,563		4,735,880
Pacific Premier Bancorp, Inc.		252,849		7,393,305
Silvergate Capital Corp., Class A^(c)		41,329		2,212,341

Webster Financial Corp.		200,933		8,469,326
				57,221,309



Research & Consulting Services–3.08%
CACI International, Inc., Class A^(c)		37,270		10,501,940

KBR, Inc.^(b)		214,553		10,382,220
				20,884,160



Restaurants–1.02%
Texas Roadhouse, Inc.		94,456		6,914,179



Semiconductor Equipment–0.92%
MKS Instruments, Inc.		61,035		6,264,022



Semiconductors–2.97%
Allegro MicroSystems, Inc. (Japan)^(c)		210,311		4,351,334
Ambarella, Inc.^(c)		60,197		3,940,496
MACOM Technology Solutions Holdings, Inc.^(c)		83,451		3,847,091

Semtech Corp.^(c)		144,562		7,946,573
				20,085,494



Specialized REITs–3.38%
Four Corners Property Trust, Inc.^(b)		420,484		11,180,669

National Storage Affiliates Trust		233,398		11,686,238
				22,866,907



Specialty Chemicals–0.62%
NewMarket Corp.^(b)		14,044		4,226,682



Systems Software–0.61%
Progress Software Corp.		91,460		4,143,138



Thrifts & Mortgage Finance–1.59%
WSFS Financial Corp.		268,459		10,762,521
Total Common Stocks & Other Equity Interests (Cost $512,197,910)				663,822,059



Money Market Funds–1.52%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(d)(e)		3,598,813		3,598,813

Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(d)(e)		2,566,862		2,566,605
Invesco Treasury Portfolio, Institutional Class, 1.35%^(d)(e)		4,112,929		4,112,929

Total Money Market Funds (Cost $10,278,295)				10,278,347

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.53% (Cost $522,476,205)				674,100,406

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Small Cap Fund^®


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–15.69%
Invesco Private Government Fund, 1.38%^(d)(e)(f)		29,744,426	$	29,744,426


Invesco Private Prime Fund, 1.66%^(d)(e)(f)		76,485,666		76,485,666


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $106,234,395)				106,230,092


TOTAL INVESTMENTS IN SECURITIES–115.22% (Cost $628,710,600)				780,330,498


OTHER ASSETS LESS LIABILITIES–(15.22)%				(103,061,476	)


NET ASSETS–100.00%			$	677,269,022

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	All or a portion of this security was out on loan at June 30, 2022.

^(c)	Non-income producing security.

^(d)


								Change in
								Unrealized		Realized
	Value		Purchases		Proceeds			Appreciation		Gain		Value
	December 31, 2021		at Cost		from Sales			(Depreciation)		(Loss)		June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 5,719,425		$ 32,076,888		$ (34,197,500	)		$ -		$ -		$ 3,598,813		$ 4,701
Invesco Liquid Assets Portfolio, Institutional Class		3,797,951		22,912,063		(24,143,113)			51		(347)		2,566,605		4,872
Invesco Treasury Portfolio, Institutional Class		6,536,485		36,659,301		(39,082,857)			-		-		4,112,929		6,159
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		25,179,539		130,323,609		(125,758,722)			-		-		29,744,426		66,548*
Invesco Private Prime Fund		58,752,256		293,091,822		(275,344,975)			(3,776)		(9,661)		76,485,666		185,386*
Total		$99,985,656		$515,063,683		$(498,527,167	)		$(3,725)		$(10,008)		$116,508,439		$ 267,666

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1K.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Small Cap Fund^®

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022



Industrials	20.04	%

Financials	15.75

Health Care	15.51

Information Technology	10.50

Consumer Discretionary	9.19

Real Estate	5.39

Utilities	5.11

Consumer Staples	5.08

Energy	4.85

Materials	4.42

Communication Services	2.18

Money Market Funds Plus Other Assets Less Liabilities	1.98

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Small Cap Fund^®

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $512,197,910)*	$	663,822,059

Investments in affiliated money market funds, at value (Cost $116,512,690)		116,508,439
Cash		1,000,000
Foreign currencies, at value (Cost $28,088)		28,108
Receivable for:
Investments sold		2,291,993
Fund shares sold		348,690
Dividends		365,138
Investment for trustee deferred compensation and retirement plans		82,648
Total assets		784,447,075

Liabilities:
Payable for:
Fund shares reacquired		388,285
Collateral upon return of securities loaned		106,234,395
Accrued fees to affiliates		421,563
Accrued trustees’ and officers’ fees and benefits		2,954
Accrued other operating expenses		48,208
Trustee deferred compensation and retirement plans		82,648
Total liabilities		107,178,053
Net assets applicable to shares outstanding	$	677,269,022

Net assets consist of:
Shares of beneficial interest	$	464,098,246
Distributable earnings		213,170,776
	$	677,269,022

Net Assets:
Series I	$	127,397,012
Series II	$	549,872,010

Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		5,077,556
Series II		22,399,106
Series I:
Net asset value per share	$	25.09
Series II:
Net asset value per share	$	24.55

*	At June 30, 2022, securities with an aggregate value of $105,025,650 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $11,576)	$	4,034,725


Dividends from affiliated money market funds (includes securities lending income of $58,479)		74,211


Total investment income		4,108,936



Expenses:
Advisory fees		2,655,367


Administrative services fees		630,515


Custodian fees		3,028


Distribution fees - Series II		782,811


Transfer agent fees		20,718


Trustees’ and officers’ fees and benefits		10,773


Reports to shareholders		689


Professional services fees		17,832


Other		7,822


Total expenses		4,129,555


Less: Fees waived		(190,917	)


Net expenses		3,938,638


Net investment income		170,298



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(18,191,488	)


Affiliated investment securities		(10,008	)


Foreign currencies		1,072


		(18,200,424	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(157,135,703	)


Affiliated investment securities		(3,725	)


Foreign currencies		20


		(157,139,408	)


Net realized and unrealized gain (loss)		(175,339,832	)


Net increase (decrease) in net assets resulting from operations	$	(175,169,534	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Small Cap Fund^®

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30, 2022			December 31, 2021


Operations:
Net investment income (loss)	$	170,298		$	(1,535,551	)


Net realized gain (loss)		(18,200,424	)		91,687,356


Change in net unrealized appreciation (depreciation)		(157,139,408	)		74,780,052


Net increase (decrease) in net assets resulting from operations		(175,169,534	)		164,931,857



Distributions to shareholders from distributable earnings:
Series I		–			(9,909,775	)


Series II		–			(45,346,362	)


Total distributions from distributable earnings		–			(55,256,137	)



Share transactions–net:
Series I		1,567,178			21,710,271


Series II		(16,887,681	)		(33,389,733	)


Net increase (decrease) in net assets resulting from share transactions		(15,320,503	)		(11,679,462	)


Net increase (decrease) in net assets		(190,490,037	)		97,996,258



Net assets:
Beginning of period		867,759,059			769,762,801


End of period	$	677,269,022		$	867,759,059

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Small Cap Fund^®

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Series I
Six months ended 06/30/22		$31.47		$0.03			$(6.41	)		$(6.38	)		$ -			$ -			$ -			$25.09		(20.27	)%		$127,397		0.82	%^(e)		0.87	%^(e)		0.25	%^(e)		15	%
Year ended 12/31/21		27.42		0.01			6.19			6.20			(0.12	)		(2.03	)		(2.15	)		31.47		22.55			158,060		0.80			0.84			0.03			32
Year ended 12/31/20		23.32		0.09			4.47			4.56			(0.14	)		(0.32	)		(0.46	)		27.42		19.93			119,377		0.80			0.91			0.41			35
Year ended 12/31/19		20.36		0.11			5.06			5.17			(0.05	)		(2.16	)		(2.21	)		23.32		26.47			109,695		0.80			0.86			0.49			36
Year ended 12/31/18		25.79		0.07			(2.07	)		(2.00	)		(0.08	)		(3.35	)		(3.43	)		20.36		(10.32	)		123,962		0.80			0.83			0.28			45
Year ended 12/31/17		24.08		0.07			3.22			3.29			(0.22	)		(1.36	)		(1.58	)		25.79		14.15			152,617		0.80			0.80			0.28			42
Series II
Six months ended 06/30/22		30.83		(0.00	)		(6.28	)		(6.28	)		-			-			-			24.55		(20.37	)		549,872		1.07	^(e)		1.12	^(e)		(0.00	)^(e)		15
Year ended 12/31/21		26.91		(0.07	)		6.08			6.01			(0.06	)		(2.03	)		(2.09	)		30.83		22.26			709,699		1.05			1.09			(0.22	)		32
Year ended 12/31/20		22.89		0.03			4.39			4.42			(0.08	)		(0.32	)		(0.40	)		26.91		19.63			650,386		1.05			1.16			0.16			35
Year ended 12/31/19		20.03		0.05			4.97			5.02			0.00			(2.16	)		(2.16	)		22.89		26.13			605,327		1.05			1.11			0.25			36
Year ended 12/31/18		25.42		0.01			(2.03	)		(2.02	)		(0.02	)		(3.35	)		(3.37	)		20.03		(10.54	)		735,969		1.05			1.08			0.03			45
Year ended 12/31/17		23.75		0.01			3.18			3.19			(0.16	)		(1.36	)		(1.52	)		25.42		13.91			935,793		1.05			1.05			0.03			42

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019, 2018 and 2017, respectively.

^(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Main Street Small Cap Fund^®

Notes to Financial Statements

June 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco V.I. Main Street Small Cap Fund^® (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is to seek capital appreciation.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco V.I. Main Street Small Cap Fund^®

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions - Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

MLP’s may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities.

H.	Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

Invesco V.I. Main Street Small Cap Fund^®

transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate


Up to $200 million		0.750%


Next $200 million		0.720%


Next $200 million		0.690%


Next $200 million		0.660%


Next $200 million		0.600%


Next $4 billion		0.580%


Over $5 billion		0.560%

*	The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.69%.

Effective May 1, 2022 through at least June 30, 2023, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 2.00% and Series II shares to 2.25% of the Fund’s average daily net assets (the “expense limits”). Prior to May 1 2022, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.80% and Series II shares to 1.05% of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. 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.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $190,917.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2022, Invesco was paid $55,189 for accounting and fund administrative services and was reimbursed $575,326 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco V.I. Main Street Small Cap Fund^®

and own Series II shares of the Fund. For the six months ended June 30, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1			Level 2			Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$	663,822,059		$	–		$–		$	663,822,059
Money Market Funds			10,278,347			106,230,092		–			116,508,439
Total Investments		$	674,100,406		$	106,230,092		$–		$	780,330,498

NOTE 4–Trustees’ and Officers’ Fees and Benefits

NOTE 5–Cash Balances

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.

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022 was $112,895,883 and $125,357,724, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	196,137,811


Aggregate unrealized (depreciation) of investments		(45,509,999	)


Net unrealized appreciation of investments	$	150,627,812

Cost of investments for tax purposes is $629,702,686.

Invesco V.I. Main Street Small Cap Fund^®

NOTE 8–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		823,214		$	22,955,449			1,168,250		$	37,302,772


Series II		5,391,938			145,428,636			2,282,180			70,992,182



Issued as reinvestment of dividends:
Series I		-			-			312,217			9,909,775


Series II		-			-			1,457,614			45,346,362



Reacquired:
Series I		(767,964	)		(21,388,271	)		(811,387	)		(25,502,276	)


Series II		(6,012,493	)		(162,316,317	)		(4,884,772	)		(149,728,277	)


Net increase (decrease) in share activity		(565,305	)	$	(15,320,503	)		(475,898	)	$	(11,679,462	)

^(a)

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.

Invesco V.I. Main Street Small Cap Fund^®

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period^2,3	Ending Account Value (06/30/22)	Expenses Paid During Period^2,4	Annualized Expense Ratio²
Series I	$1,000.00	$797.30	$3.65	$1,020.73	$4.11	0.82%
Series II	1,000.00	796.30	4.77	1,019.49	5.36	1.07

Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year. Effective May 1, 2022, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Series I shares and Series II Shares 2.00% and 2.25% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 0.87% and 1.12% for of Series I shares and Series II shares, respectively.

³	The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $3.88 and $4.99 for of Series I and Series II shares, respectively.

⁴	The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $4.36 and $5.61 for of Series I and Series II shares, respectively.

Invesco V.I. Main Street Small Cap Fund^®

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 (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 Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Russell 2000^® Index (Index). The Board noted that performance of Series II shares of the Fund was in the fourth 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 and the fifth quintile being the worst performing funds). The Board noted that performance of Series II shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. 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

Invesco V.I. Main Street Small Cap 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

D.	Economies of Scale and Breakpoints

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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

Invesco V.I. Main Street Small Cap Fund^®

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco Oppenheimer V.I. International Growth Fund

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		O-VIIGR-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	-30.48	%

Series II Shares	-30.39

MSCI All Country World ex USA Index^▼	-18.42

Source(s): ^▼RIMES Technologies Corp.

The MSCI All Country World ex USA^® Index is an index considered representative of developed and emerging stock markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22

Series I Shares
Inception (5/13/92)	6.27	%
10 Years	5.24
5 Years	1.15
1 Year	-28.30

Series II Shares
Inception (3/19/01)	4.88	%
10 Years	4.99
5 Years	0.86
1 Year	-28.30

Effective May 24, 2019, Non-Service and Service shares of the Oppenheimer International Growth Fund/VA, (the predecessor fund) were reorganized into Series I and Series II shares, respectively, of Invesco Oppenheimer V.I. International Growth Fund. Returns shown above, for periods ending on or prior to May 24, 2019, for Series I and Series II shares are those of the Non-Service shares and Service shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

performance. Performance figures reflect Fund expenses, reinvested distributions and changes in net asset value. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Invesco Oppenheimer V.I. International Growth Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges,

expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco Oppenheimer V.I. International Growth Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco Oppenheimer V.I. International Growth Fund

Schedule of Investments

June 30, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–97.84%
Australia–1.73%
CSL Ltd.		28,982	$	5,385,100



Canada–6.46%
Alimentation Couche-Tard, Inc.		207,071		8,077,249


CAE, Inc.^(a)		222,559		5,484,440


Dollarama, Inc.		114,514		6,593,985


				20,155,674



China–0.79%
Alibaba Group Holding Ltd.^(a)		173,200		2,470,648



Denmark–4.51%
Ascendis Pharma A/S, ADR^(a)(b)		19,498		1,812,534


Novo Nordisk A/S, Class B		110,467		12,260,884


				14,073,418



France–15.48%
Adevinta ASA, Class B^(a)		189,724		1,380,984


Airbus SE		58,096		5,704,318


Dassault Systemes SE		112,954		4,185,319


Edenred		82,388		3,903,997


EssilorLuxottica S.A.		14,533		2,198,232


Hermes International		9,282		10,486,144


Kering S.A.		5,992		3,113,195


L’Oreal S.A.		11,681		4,035,873


LVMH Moet Hennessy Louis Vuitton SE		13,967		8,619,499


Sartorius Stedim Biotech		14,711		4,657,457


				48,285,018



Germany–3.89%
CTS Eventim AG & Co. KGaA^(a)		92,379		4,840,487


Hypoport SE^(a)		3,262		647,065


SAP SE		15,832		1,442,337


Siemens AG		10,860		1,105,305


Siemens Healthineers AG^(c)		80,470		4,090,567


				12,125,761



India–4.59%
Dr Lal PathLabs Ltd.^(c)		99,537		2,727,874


Reliance Industries Ltd.		351,811		11,584,045


				14,311,919



Ireland–1.77%
Flutter Entertainment PLC^(a)		55,035		5,529,325



Italy–1.90%
Davide Campari-Milano N.V.		562,253		5,936,581



Japan–8.11%
Benefit One, Inc.		137,500		1,851,194


Daikin Industries Ltd.		32,800		5,264,259


Hitachi Ltd.		55,100		2,610,705


Hoya Corp.		28,893		2,469,915


Keyence Corp.		12,924		4,422,975


Kobe Bussan Co. Ltd.		121,300		2,969,301


Nidec Corp.		51,900		3,209,165


	Shares		Value


Japan–(continued)
Nihon M&A Center Holdings, Inc.		235,000	$	2,503,239


				25,300,753



Netherlands–5.61%
Aalberts N.V.		59,773		2,350,200


Adyen N.V.^(a)(c)		2,886		4,242,468


ASML Holding N.V.		15,501		7,481,215


Shop Apotheke Europe N.V.^(a)(b)(c)		14,768		1,313,441


Universal Music Group N.V.		104,082		2,102,892


				17,490,216



New Zealand–0.43%
Xero Ltd.^(a)(b)		25,417		1,352,355



Spain–1.79%
Amadeus IT Group S.A.^(a)		99,257		5,576,688



Sweden–7.14%
Atlas Copco AB, Class A		446,897		4,181,832


Epiroc AB, Class A		453,794		7,014,454


Swedish Match AB		1,084,200		11,070,958


				22,267,244



Switzerland–4.53%
Barry Callebaut AG		733		1,641,665


IWG PLC^(a)		930,824		2,122,572


Lonza Group AG		4,313		2,299,795


Sika AG		22,428		5,174,032


VAT Group AG^(c)		10,418		2,487,792


Zur Rose Group AG^(a)(b)		5,580		418,840


				14,144,696



Taiwan–1.74%
Taiwan Semiconductor Manufacturing Co. Ltd.		341,000		5,430,979



United Kingdom–19.01%
Alphawave IP Group PLC^(a)		464,660		766,074


Britvic PLC		398,132		3,933,801


Ceres Power Holdings PLC^(a)		154,203		1,029,437


Compass Group PLC		397,517		8,138,307


ConvaTec Group PLC^(c)		878,702		2,412,150


Entain PLC^(a)		333,494		5,060,493


Legal & General Group PLC		924,476		2,698,617


London Stock Exchange Group PLC		85,988		7,993,373


Next PLC		84,597		6,040,099


Ocado Group PLC^(a)		484,548		4,608,262


Rentokil Initial PLC		917,752		5,304,452


Rightmove PLC		590,797		4,088,152


RS GROUP PLC		272,106		2,880,896


Trainline PLC^(a)(c)		1,241,669		4,356,281


				59,310,394



United States–8.36%
Atlassian Corp. PLC, Class A^(a)		5,783		1,083,734


EPAM Systems, Inc.^(a)		21,979		6,478,970


Ferguson PLC		44,903		5,027,846


James Hardie Industries PLC, CDI		201,518		4,414,017

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. International Growth Fund


	Shares		Value


United States–(continued)
Medtronic PLC		23,607	$	2,118,728


ResMed, Inc.		33,134		6,945,880


				26,069,175


Total Common Stocks & Other Equity Interests (Cost $223,206,973)				305,215,944



Money Market Funds–3.70%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(d)(e)		4,039,131		4,039,131


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(d)(e)		2,884,883		2,884,595


Invesco Treasury Portfolio, Institutional Class, 1.35%^(d)(e)		4,616,149		4,616,149


Total Money Market Funds (Cost $11,539,614)				11,539,875


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-101.54% (Cost $234,746,587)				316,755,819


	Shares		Value


Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.01%
Invesco Private Government Fund, 1.38%^(d)(e)(f)		881,051	$	881,051


Invesco Private Prime Fund, 1.66%^(d)(e)(f)		2,265,560		2,265,560


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,146,782)				3,146,611


TOTAL INVESTMENTS IN SECURITIES–102.55% (Cost $237,893,369)				319,902,430


OTHER ASSETS LESS LIABILITIES–(2.55)%				(7,958,722	)


NET ASSETS–100.00%			$	311,943,708

Investment Abbreviations:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at June 30, 2022.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2022 was $21,630,573, which represented 6.93% of the Fund’s Net Assets.

^(d)


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 963,741		$15,988,837		$(12,913,447)		$ -		$ -		$ 4,039,131	$ 4,073
Invesco Liquid Assets Portfolio, Institutional Class		688,191		11,420,598		(9,223,890)		261		(565)		2,884,595	5,174
Invesco Treasury Portfolio, Institutional Class		1,101,419		18,272,957		(14,758,227)		-		-		4,616,149	6,661
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		63,225		8,767,698		(7,949,872)		-		-		881,051	2,477*
Invesco Private Prime Fund		147,525		20,488,557		(18,370,710)		(171)		359		2,265,560	6,426*
Total		$2,964,101		$74,938,647		$(63,216,146)		$ 90		$(206)		$14,686,486	$24,811

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. International Growth Fund

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022



Consumer Discretionary	20.07	%

Industrials	18.60

Health Care	15.12

Information Technology	14.86

Consumer Staples	14.11

Communication Services	3.98

Energy	3.71

Financials	3.64

Materials	3.07

Other Sectors, Each Less than 2% of Net Assets	0.68

Money Market Funds Plus Other Assets Less Liabilities	2.16

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. International Growth Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $223,206,973)*	$	305,215,944


Investments in affiliated money market funds, at value (Cost $14,686,396)		14,686,486


Cash		500,908


Foreign currencies, at value (Cost $718,618)		717,002


Receivable for:
Investments sold		24,010


Fund shares sold		436,393


Dividends		1,233,823


Investment for trustee deferred compensation and retirement plans		49,928


Other assets		295


Total assets		322,864,789



Liabilities:
Payable for:
Investments purchased		7,327,525


Fund shares reacquired		12,208


Accrued foreign taxes		174,583


Collateral upon return of securities loaned		3,146,782


Accrued fees to affiliates		174,422


Accrued trustees’ and officers’ fees and benefits		2,743


Accrued other operating expenses		32,890


Trustee deferred compensation and retirement plans		49,928


Total liabilities		10,921,081


Net assets applicable to shares outstanding	$	311,943,708



Net assets consist of:
Shares of beneficial interest	$	157,487,294


Distributable earnings		154,456,414


	$	311,943,708



Net Assets:
Series I	$	163,928,866


Series II	$	148,014,842



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		80,615,650


Series II		69,528,928


Series I:
Net asset value per share	$	2.03


Series II:
Net asset value per share	$	2.13

*	At June 30, 2022, securities with an aggregate value of $2,534,077 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $233,172)	$	3,724,657


Dividends from affiliated money market funds (includes securities lending income of $7,602)		23,510


Total investment income		3,748,167



Expenses:
Advisory fees		1,717,446


Administrative services fees		294,529


Custodian fees		40,655


Distribution fees - Series II		212,735


Transfer agent fees		11,129


Trustees’ and officers’ fees and benefits		9,835


Reports to shareholders		3,316


Professional services fees		21,327


Other		4,424


Total expenses		2,315,396


Less: Fees waived		(306,810	)


Net expenses		2,008,586


Net investment income		1,739,581



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (net of foreign taxes of $4,532)		10,555,398


Affiliated investment securities		(206	)


Foreign currencies		(55,528	)


		10,499,664


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $154,526)		(148,025,438	)


Affiliated investment securities		90


Foreign currencies		(71,038	)


		(148,096,386	)


Net realized and unrealized gain (loss)		(137,596,722	)


Net increase (decrease) in net assets resulting from operations	$	(135,857,141	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. International Growth Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30,			December 31,
	2022			2021


Operations:
Net investment income (loss)	$	1,739,581		$	(1,498,133	)


Net realized gain		10,499,664			65,006,948


Change in net unrealized appreciation (depreciation)		(148,096,386	)		(10,388,878	)


Net increase (decrease) in net assets resulting from operations		(135,857,141	)		53,119,937



Distributions to shareholders from distributable earnings:
Series I		–			(21,477,246	)


Series II		–			(25,805,990	)


Total distributions from distributable earnings		–			(47,283,236	)



Share transactions–net:
Series I		27,056			3,387,374


Series II		3,447,003			(66,781,008	)


Net increase (decrease) in net assets resulting from share transactions		3,474,059			(63,393,634	)


Net increase (decrease) in net assets		(132,383,082	)		(57,556,933	)



Net assets:
Beginning of period		444,326,790			501,883,723


End of period	$	311,943,708		$	444,326,790

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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 value, beginning of period			Net investment income (loss)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations ^(a)				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(d)
Series I
Six months ended 06/30/22		$	2.92		$	0.01			$	(0.90	)		$	(0.89	)		$	–			$	–			$	–			$	2.03		(30.48	)%		$	163,929		1.00	%^(e)		1.17	%^(e)		1.08	%^(e)		14	%
Year ended 12/31/21			2.91			(0.00	)			0.30				0.30				–				(0.29	)			(0.29	)			2.92		10.22				235,425		1.00			1.13			(0.16	)		22
Year ended 12/31/20			2.45			(0.00	)			0.52				0.52				(0.02	)			(0.04	)			(0.06	)			2.91		21.50				230,463		1.00			1.15			(0.01	)		37
Year ended 12/31/19			2.03			0.02				0.54				0.56				(0.02	)			(0.12	)			(0.14	)			2.45		28.60				221,944		1.00			1.13			0.91			51
Year ended 12/31/18			2.59			0.02				(0.51	)			(0.49	)			(0.02	)			(0.05	)			(0.07	)			2.03		(19.42	)			267,220		1.00			1.10			0.83			25
Year ended 12/31/17			2.08			0.02				0.52				0.54				(0.03	)			–				(0.03	)			2.59		26.29				360,417		1.00			1.08			0.87			27
Series II
Six months ended 06/30/22			3.06			0.01				(0.94	)			(0.93	)			–				–				–				2.13		(30.39	)			148,015		1.25	^(e)		1.42	^(e)		0.83	^(e)		14
Year ended 12/31/21			3.04			(0.01	)			0.32				0.31				–				(0.29	)			(0.29	)			3.06		10.12				208,901		1.25			1.38			(0.41	)		22
Year ended 12/31/20			2.56			(0.01	)			0.55				0.54				(0.02	)			(0.04	)			(0.06	)			3.04		21.04				271,421		1.25			1.40			(0.26	)		37
Year ended 12/31/19			2.12			0.02				0.56				0.58				(0.02	)			(0.12	)			(0.14	)			2.56		27.95				252,753		1.25			1.38			0.67			51
Year ended 12/31/18			2.70			0.01				(0.52	)			(0.51	)			(0.02	)			(0.05	)			(0.07	)			2.12		(19.55	)			199,636		1.25			1.35			0.58			25
Year ended 12/31/17			2.16			0.01				0.56				0.57				(0.03	)			–				(0.03	)			2.70		26.44				239,042		1.25			1.33			0.60			27

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended October 31, 2019, 2018 and 2017, respectively.

^(d)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(e)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco Oppenheimer V.I. International Growth Fund

Notes to Financial Statements

June 30, 2022

(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 following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco Oppenheimer V.I. International Growth Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

Federal Income Taxes –The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

F.	Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

Invesco Oppenheimer V.I. International Growth Fund

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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.

Other Risks - Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent, and subject to sudden change. Other risks of investing in emerging markets securities may include additional transaction costs, delays in settlement procedures, and lack of timely information.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets*	Rate


First $250 million		1.000%


Next $250 million		0.900%


Next $500 million		0.850%


Over $1 billion		0.820%

*	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, 2022, the effective advisory fee rate incurred by the Fund was 0.95%.

The Adviser has contractually agreed, through at least April 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 1.00% and Series II shares to 1.25% of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $306,810.

Invesco Oppenheimer V.I. International Growth Fund

ended June 30, 2022, Invesco was paid $25,840 for accounting and fund administrative services and was reimbursed $268,689 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Australia	$	–	$	5,385,100		$–	$	5,385,100


Canada		20,155,674		–		–		20,155,674


China		–		2,470,648		–		2,470,648


Denmark		1,812,534		12,260,884		–		14,073,418


France		–		48,285,018		–		48,285,018


Germany		–		12,125,761		–		12,125,761


India		–		14,311,919		–		14,311,919


Ireland		–		5,529,325		–		5,529,325


Italy		–		5,936,581		–		5,936,581


Japan		–		25,300,753		–		25,300,753


Netherlands		–		17,490,216		–		17,490,216


New Zealand		–		1,352,355		–		1,352,355


Spain		–		5,576,688		–		5,576,688


Sweden		–		22,267,244		–		22,267,244


Switzerland		–		14,144,696		–		14,144,696


Taiwan		–		5,430,979		–		5,430,979


United Kingdom		–		59,310,394		–		59,310,394


United States		16,627,312		9,441,863		–		26,069,175


Money Market Funds		11,539,875		3,146,611		–		14,686,486


Total Investments	$	50,135,395	$	269,767,035		$–	$	319,902,430

NOTE 4–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

Invesco Oppenheimer V.I. International Growth Fund

NOTE 5–Cash Balances

NOTE 6–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022 was $51,232,238 and $49,492,688, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	109,269,231


Aggregate unrealized (depreciation) of investments		(28,657,269	)


Net unrealized appreciation of investments	$	80,611,962

Cost of investments for tax purposes is $239,290,468.

NOTE 8–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		7,096,603		$	16,474,548			11,253,855		$	34,403,309


Series II		6,420,635			15,774,553			11,397,486			36,490,806



Issued as reinvestment of dividends:
Series I		-			-			7,207,130			21,477,246


Series II		-			-			8,271,150			25,805,990



Reacquired:
Series I		(7,022,065	)		(16,447,492	)		(17,177,393	)		(52,493,181	)


Series II		(5,069,008	)		(12,327,550	)		(40,674,516	)		(129,077,804	)


Net increase (decrease) in share activity		1,426,165		$	3,474,059			(19,722,288	)	$	(63,393,634	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 48% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco Oppenheimer V.I. International Growth Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$695.20	$4.20	$1,019.84	$5.01	1.00%
Series II	1,000.00	696.10	5.26	1,018.60	6.26	1.25

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco Oppenheimer V.I. International Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

Invesco Oppenheimer V.I. International Growth Fund

that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. 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 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 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 relative contractual management fees and total expenses, including the differentiated client based associated with variable insurance products.

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.

D. Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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 determination that the services are required for the operation of the Fund.

Invesco Oppenheimer V.I. International Growth Fund

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.

Invesco Oppenheimer V.I. International Growth Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. Small Cap Equity Fund

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VISCE-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	-25.67	%
Series II Shares	-25.75
S&P 500 Index^▼ (Broad Market Index)	-19.96
Russell 2000 Index^▼ (Style-Specific Index)	-23.43
Lipper VUF Small-Cap Core Funds Index^∎ (Peer Group Index)	-20.59

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

The S&P 500^® Index is an unmanaged index considered representative of the US stock market.
The Russell 2000^® Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Russell^® is a trademark of the Frank Russell Co.
The Lipper VUF Small-Cap Core Funds Index is an unmanaged index considered representative of small-cap core variable insurance underlying funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (8/29/03)	7.91	%
10 Years	8.52
5 Years	5.85
1 Year	-24.12

Series II Shares
Inception (8/29/03)	7.65	%
10 Years	8.25
5 Years	5.59
1 Year	-24.32

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

fluctuate so that you may have a gain or loss when you sell shares.

Invesco V.I. Small Cap Equity Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco V.I. Small Cap Equity Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Small Cap Equity Fund

Schedule of Investments^(a)

June 30, 2022

(Unaudited)


	Shares		Value
Common Stocks & Other Equity Interests–96.27%
Aerospace & Defense–1.03%

Curtiss-Wright Corp.		14,982	$ 1,978,523

Air Freight & Logistics–1.03%

Air Transport Services Group, Inc.^(b)		68,235	1,960,392

Alternative Carriers–1.06%

Iridium Communications, Inc.^(b)		53,991	2,027,902

Apparel Retail–0.91%

American Eagle Outfitters, Inc.^(c)		96,526	1,079,161

Children’s Place, Inc. (The)^(b)(c)		16,825	654,829

			1,733,990

Apparel, Accessories & Luxury Goods–1.29%

Oxford Industries, Inc.^(c)		27,887	2,474,692

Application Software–3.85%

Descartes Systems Group, Inc. (The) (Canada)^(b)		33,851	2,100,793

Manhattan Associates, Inc.^(b)		18,804	2,154,938

Verint Systems, Inc.^(b)(c)		45,015	1,906,385

Workiva, Inc.^(b)(c)		18,054	1,191,384

			7,353,500

Asset Management & Custody Banks–1.19%

Blucora, Inc.^(b)		123,224	2,274,715

Auto Parts & Equipment–1.22%

Visteon Corp.^(b)		22,536	2,334,279

Automotive Retail–1.14%

Lithia Motors, Inc., Class A^(c)		7,938	2,181,442

Biotechnology–0.82%

CRISPR Therapeutics AG (Switzerland)^(b)(c)		9,460	574,884

Natera, Inc.^(b)		24,944	884,015

TG Therapeutics, Inc.^(b)		26,414	112,260

			1,571,159

Casinos & Gaming–0.52%

Penn National Gaming, Inc.^(b)		32,927	1,001,639

Construction & Engineering–3.13%

NV5 Global, Inc.^(b)(c)		22,930	2,676,848

WillScot Mobile Mini Holdings Corp.^(b)		102,217	3,313,875

			5,990,723

Construction Materials–2.27%

Eagle Materials, Inc.		16,191	1,780,038

Summit Materials, Inc., Class A^(b)		110,264	2,568,049

			4,348,087

Data Processing & Outsourced Services–0.99%

Concentrix Corp.		13,935	1,890,143

Diversified Metals & Mining–1.26%

MP Materials Corp.^(b)(c)		75,369	2,417,838


	Shares		Value
Electrical Components & Equipment–1.28%

EnerSys^(c)		25,076	$ 1,478,481

Vertiv Holdings Co.		117,446	965,406

			2,443,887

Electronic Equipment & Instruments–0.97%

Badger Meter, Inc.		22,940	1,855,617

Electronic Manufacturing Services–1.01%

Flex Ltd.^(b)		133,279	1,928,547

Environmental & Facilities Services–1.83%

Casella Waste Systems, Inc., Class A^(b)		31,706	2,304,392

Montrose Environmental Group, Inc.^(b)(c)		35,317	1,192,302

			3,496,694

Fertilizers & Agricultural Chemicals–0.49%

Scotts Miracle-Gro Co. (The)^(c)		11,865	937,216

Financial Exchanges & Data–1.30%

TMX Group Ltd. (Canada)		24,359	2,479,047

Food Retail–0.97%

Sprouts Farmers Market, Inc.^(b)(c)		73,224	1,854,032

Footwear–0.89%

Wolverine World Wide, Inc.^(c)		84,419	1,701,887

Health Care Distributors–0.95%

Owens & Minor, Inc.^(c)		57,549	1,809,916

Health Care Equipment–4.12%

AtriCure, Inc.^(b)		46,794	1,912,003

CONMED Corp.^(c)		21,647	2,072,917

Heska Corp.^(b)(c)		20,020	1,892,090

QuidelOrtho Corp.^(b)(c)		20,564	1,998,409

			7,875,419

Health Care Facilities–2.00%

Encompass Health Corp.		29,916	1,676,792

Pennant Group, Inc. (The)^(b)		38,768	496,618

Tenet Healthcare Corp.^(b)		31,583	1,660,002

			3,833,412

Health Care Services–2.63%

Castle Biosciences, Inc.^(b)(c)		36,035	790,968

LHC Group, Inc.^(b)		12,598	1,962,013

R1 RCM, Inc.^(b)(c)		109,001	2,284,661

			5,037,642

Health Care Supplies–1.81%

ICU Medical, Inc.^(b)(c)		8,195	1,347,176

OrthoPediatrics Corp.^(b)(c)		49,041	2,116,119

			3,463,295

Health Care Technology–1.12%

Simulations Plus, Inc.^(c)		43,307	2,136,334

Homebuilding–0.99%

Taylor Morrison Home Corp., Class A^(b)(c)		81,283	1,898,771

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Small Cap Equity Fund


	Shares		Value
Hotel & Resort REITs–0.80%

Ryman Hospitality Properties, Inc.^(b)		20,235	$ 1,538,467

Hotels, Resorts & Cruise Lines–1.18%

Travel + Leisure Co.		58,318	2,263,905

Human Resource & Employment Services–0.78%

Alight, Inc., Class A^(b)(c)		221,307	1,493,822

Industrial Machinery–4.62%

Chart Industries, Inc.^(b)(c)		19,631	3,285,837

Gates Industrial Corp. PLC^(b)		157,292	1,700,326

Helios Technologies, Inc.		29,015	1,922,244

ITT, Inc.		28,774	1,934,764

			8,843,171

Industrial REITs–2.23%

EastGroup Properties, Inc.^(c)		14,874	2,295,505

STAG Industrial, Inc.^(c)		63,431	1,958,749

			4,254,254

Interactive Media & Services–0.70%

Eventbrite, Inc., Class A^(b)(c)		131,067	1,346,058

Internet & Direct Marketing Retail–0.56%

Overstock.com, Inc.^(b)(c)		42,773	1,069,753

Investment Banking & Brokerage–3.70%

LPL Financial Holdings, Inc.		20,967	3,867,992

Piper Sandler Cos.^(c)		28,285	3,206,388

			7,074,380

Leisure Products–1.04%

Acushnet Holdings Corp.^(c)		47,790	1,991,887

Life & Health Insurance–0.97%

Primerica, Inc.		15,551	1,861,299

Life Sciences Tools & Services–2.26%

Medpace Holdings, Inc.^(b)(c)		17,614	2,636,287

NeoGenomics, Inc.^(b)(c)		77,107	628,422

Quanterix Corp.^(b)(c)		65,525	1,060,850

			4,325,559

Multi-line Insurance–1.35%

Assurant, Inc.		14,912	2,577,539

Oil & Gas Equipment & Services–2.06%

Cactus, Inc., Class A^(c)		48,508	1,953,417

Weatherford International PLC^(b)		93,736	1,984,391

			3,937,808

Oil & Gas Exploration & Production–2.06%

Matador Resources Co.		52,033	2,424,218

Southwestern Energy Co.^(b)		242,681	1,516,756

			3,940,974

Packaged Foods & Meats–0.47%

Calavo Growers, Inc.		21,451	894,936

Paper Packaging–1.10%

Graphic Packaging Holding Co.		102,122	2,093,501

Property & Casualty Insurance–0.97%

Hanover Insurance Group, Inc. (The)		12,632	1,847,430


	Shares		Value
Real Estate Services–0.51%

FirstService Corp. (Canada)		8,107	$ 983,396

Regional Banks–5.95%

Community Bank System, Inc.^(c)		28,197	1,784,306

Glacier Bancorp, Inc.^(c)		43,526	2,064,003

Pacific Premier Bancorp, Inc.		57,858	1,691,768

Pinnacle Financial Partners, Inc.		30,917	2,235,608

South State Corp.		22,322	1,722,143

Webster Financial Corp.^(c)		44,715	1,884,737

			11,382,565

Reinsurance–1.32%

Reinsurance Group of America, Inc.		21,576	2,530,649

Research & Consulting Services–2.49%

CACI International, Inc., Class A^(b)		7,733	2,179,005

Huron Consulting Group, Inc.^(b)		39,836	2,588,941

			4,767,946

Restaurants–1.05%

Papa John’s International, Inc.		23,942	1,999,636

Semiconductors–2.97%

Diodes, Inc.^(b)		29,056	1,876,146

Power Integrations, Inc.^(c)		27,459	2,059,700

Semtech Corp.^(b)		31,588	1,736,392

			5,672,238

Specialized REITs–1.36%

Gaming and Leisure Properties, Inc.		56,647	2,597,832

Specialty Chemicals–1.36%

Ashland Global Holdings, Inc.^(c)		25,144	2,591,089

Steel–0.87%

Cleveland-Cliffs, Inc.^(b)(c)		107,811	1,657,055

Systems Software–1.14%

CommVault Systems, Inc.^(b)		34,538	2,172,440

Thrifts & Mortgage Finance–1.55%

Essent Group Ltd.		39,247	1,526,708

Radian Group, Inc.		73,240	1,439,166

			2,965,874

Tires & Rubber–0.28%

Goodyear Tire & Rubber Co. (The)^(b)		50,317	538,895

Trading Companies & Distributors–2.30%

Applied Industrial Technologies, Inc.		23,740	2,283,076

Univar Solutions, Inc.^(b)		85,070	2,115,691

			4,398,767

Trucking–0.98%

Knight-Swift Transportation Holdings, Inc.^(c)		40,465	1,873,125

Water Utilities–1.22%

California Water Service Group		42,020	2,334,211

Total Common Stocks & Other Equity Interests (Cost $178,479,920)			184,111,201

Money Market Funds–3.72%

Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(d)(e)		2,486,371	2,486,371

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Small Cap Equity Fund


	Shares		Value
Money Market Funds–(continued)

Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(d)(e)		1,783,344	$ 1,783,166

Invesco Treasury Portfolio, Institutional Class, 1.35%^(d)(e)		2,841,568	2,841,568
Total Money Market Funds (Cost $7,110,930)			7,111,105


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $185,590,850)			191,222,306



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–27.83%
Invesco Private Government Fund, 1.38%^(d)(e)(f)		14,901,484	14,901,484


	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 1.66%^(d)(e)(f)		38,318,101	$	38,318,101


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $53,221,111)				53,219,585


TOTAL INVESTMENTS IN SECURITIES–127.82% (Cost $238,811,961)				244,441,891


OTHER ASSETS LESS LIABILITIES–(27.82)%				(53,209,710	)


NET ASSETS–100.00%			$	191,232,181

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at June 30, 2022.

^(d)


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 1,751,611	$	10,626,656	$	(9,891,896	)		$ -	$	-	$	2,486,371		$ 3,748
Invesco Liquid Assets Portfolio, Institutional Class		1,258,606		7,590,469		(7,065,640	)		175		(444)		1,783,166		4,247
Invesco Treasury Portfolio, Institutional Class		2,001,841		12,144,750		(11,305,023	)		-		-		2,841,568		5,446
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		8,691,666		60,988,234		(54,778,416	)		-		-		14,901,484		29,801*
Invesco Private Prime Fund		20,280,552		128,102,987		(110,058,454	)		(512)		(6,472)		38,318,101		84,179*
Total		$33,984,276	$	219,453,096	$	(193,099,429	)		$(337)	$	(6,916)	$	60,330,690		$127,421

^(e)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Small Cap Equity Fund

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022



Industrials	19.48	%

Financials	18.30

Health Care	15.72

Consumer Discretionary	11.08

Information Technology	10.91

Materials	7.34

Real Estate	4.90

Energy	4.12

Other Sectors, Each Less than 2% of Net Assets	4.42

Money Market Funds Plus Other Assets Less Liabilities	3.73

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Small Cap Equity Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $178,479,920)*	$	184,111,201


Investments in affiliated money market funds, at value (Cost $60,332,041)		60,330,690


Foreign currencies, at value (Cost $150)		147


Receivable for:
Fund shares sold		245,234


Dividends		83,901


Investment for trustee deferred compensation and retirement plans		51,136


Other assets		154


Total assets		244,822,463



Liabilities:
Payable for:
Investments purchased		55,171


Fund shares reacquired		110,932


Collateral upon return of securities loaned		53,221,111


Accrued fees to affiliates		109,635


Accrued trustees’ and officers’ fees and benefits		2,477


Accrued other operating expenses		32,449


Trustee deferred compensation and retirement plans		58,507


Total liabilities		53,590,282


Net assets applicable to shares outstanding	$	191,232,181



Net assets consist of:
Shares of beneficial interest	$	139,842,046


Distributable earnings		51,390,135


	$	191,232,181



Net Assets:
Series I	$	100,106,267


Series II	$	91,125,914



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		5,732,467


Series II		5,642,744


Series I:
Net asset value per share	$	17.46


Series II:
Net asset value per share	$	16.15

*	At June 30, 2022, securities with an aggregate value of $51,762,606 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:

Dividends (net of foreign withholding taxes of $5,191)	$	1,144,738


Dividends from affiliated money market funds (includes securities lending income of $22,045)		35,486


Total investment income		1,180,224



Expenses:
Advisory fees		826,401


Administrative services fees		184,136


Custodian fees		2,714


Distribution fees - Series II		131,757


Transfer agent fees		6,305


Trustees’ and officers’ fees and benefits		8,965


Reports to shareholders		2,036


Professional services fees		18,005


Other		2,154


Total expenses		1,182,473


Less: Fees waived		(3,401	)


Net expenses		1,179,072


Net investment income		1,152



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		7,507,347


Affiliated investment securities		(6,916	)


Foreign currencies		564


		7,500,995


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(74,766,166	)


Affiliated investment securities		(337	)


Foreign currencies		(72	)


		(74,766,575	)


Net realized and unrealized gain (loss)		(67,265,580	)


Net increase (decrease) in net assets resulting from operations	$	(67,264,428	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Small Cap Equity Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30,			December 31,
	2022			2021


Operations:
Net investment income (loss)	$	1,152		$	(190,756	)


Net realized gain		7,500,995			40,454,837


Change in net unrealized appreciation (depreciation)		(74,766,575	)		7,980,852


Net increase (decrease) in net assets resulting from operations		(67,264,428	)		48,244,933



Distributions to shareholders from distributable earnings:
Series I		–			(7,741,480	)


Series II		–			(7,308,525	)


Total distributions from distributable earnings		–			(15,050,005	)



Share transactions–net:
Series I		(6,776,828	)		(5,565,314	)


Series II		(4,106,787	)		(2,537,132	)


Net increase (decrease) in net assets resulting from share transactions		(10,883,615	)		(8,102,446	)


Net increase (decrease) in net assets		(78,148,043	)		25,092,482



Net assets:
Beginning of period		269,380,224			244,287,742


End of period	$	191,232,181		$	269,380,224

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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 value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)		Total from investment operations			Dividends from net investment income				Distributions from net realized gains				Total distributions			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Series I
Six months ended 06/30/22		$23.49		$ 0.01			$(6.04)		$(6.03	)		$	–			$	–			$	–		$17.46		(25.67	)%		$100,106		0.94	%^(d)		0.95	%^(d)		0.12	%^(d)		15	%
Year ended 12/31/21		20.62		0.01			4.19		4.20				(0.04	)			(1.29	)			(1.33)		23.49		20.41			142,095		0.95			0.95			0.04			21
Year ended 12/31/20		17.73		0.04			4.48		4.52				(0.06	)			(1.57	)			(1.63)		20.62		27.25			129,881		0.96			0.96			0.21			45
Year ended 12/31/19		15.93		0.06			4.03		4.09				–				(2.29	)			(2.29)		17.73		26.60			118,208		0.96			0.96			0.34			44
Year ended 12/31/18		20.02		0.02			(2.74)		(2.72	)			–				(1.37	)			(1.37)		15.93		(15.08	)		106,064		0.96			0.96			0.10			22
Year ended 12/31/17		18.38		(0.01	)		2.53		2.52				–				(0.88	)			(0.88)		20.02		14.06			149,405		0.97			0.97			(0.02	)		20
Series II
Six months ended 06/30/22		21.75		(0.01	)		(5.59)		(5.60	)			–				–				–		16.15		(25.75	)		91,126		1.19	^(d)		1.20	^(d)		(0.13	)^(d)		15
Year ended 12/31/21		19.19		(0.04	)		3.89		3.85				(0.00	)			(1.29	)			(1.29)		21.75		20.09			127,285		1.20			1.20			(0.21	)		21
Year ended 12/31/20		16.60		(0.01	)		4.17		4.16				(0.00	)			(1.57	)			(1.57)		19.19		26.87			114,407		1.21			1.21			(0.04	)		45
Year ended 12/31/19		15.07		0.02			3.80		3.82				–				(2.29	)			(2.29)		16.60		26.32			98,043		1.21			1.21			0.09			44
Year ended 12/31/18		19.05		(0.03	)		(2.58)		(2.61	)			–				(1.37	)			(1.37)		15.07		(15.27	)		119,664		1.21			1.21			(0.15	)		22
Year ended 12/31/17		17.58		(0.05	)		2.40		2.35				–				(0.88	)			(0.88)		19.05		13.73			157,349		1.22			1.22			(0.27	)		20

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Small Cap Equity Fund

Notes to Financial Statements

June 30, 2022

(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 following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco V.I. Small Cap Equity Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

F.	Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, the Fund paid the Adviser $1,338 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

Invesco V.I. Small Cap Equity Fund

currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $250 million		0.745%


Next $250 million		0.730%


Next $500 million		0.715%


Next $1.5 billion		0.700%


Next $2.5 billion		0.685%


Next $2.5 billion		0.670%


Next $2.5 billion		0.655%


Over $10 billion		0.640%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.745%.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $3,401.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2022, Invesco was paid $17,817 for accounting and fund administrative services and was reimbursed $166,319 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco V.I. Small Cap Equity Fund

For the six months ended June 30, 2022, the Fund incurred $1,672 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	184,111,201	$	–		$–		$184,111,201


Money Market Funds		7,111,105		53,219,585		–		60,330,690


Total Investments	$	191,222,306	$	53,219,585		$–		$244,441,891

NOTE 4–Trustees’ and Officers’ Fees and Benefits

NOTE 5–Cash Balances

NOTE 6–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2021.

Invesco V.I. Small Cap Equity Fund

NOTE 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2022 was $32,983,409 and $46,277,977, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis




Aggregate unrealized appreciation of investments	$	33,219,280


Aggregate unrealized (depreciation) of investments		(28,660,232	)


Net unrealized appreciation of investments	$	4,559,048

Cost of investments for tax purposes is $239,882,843.

NOTE 8–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		287,997			$ 5,784,956			1,024,540			$ 24,082,437


Series II		347,468			6,512,493			1,032,659			22,351,025



Issued as reinvestment of dividends:
Series I		-			-			331,541			7,741,480


Series II		-			-			337,888			7,308,525



Reacquired:
Series I		(603,927	)		(12,561,784	)		(1,605,120	)		(37,389,231	)


Series II		(556,179	)		(10,619,280	)		(1,480,025	)		(32,196,682	)


Net increase (decrease) in share activity		(524,641	)		$(10,883,615	)		(358,517	)		$ (8,102,446	)

^(a)

Invesco V.I. Small Cap Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$743.30	$4.06	$1,020.13	$4.71	0.94%
Series II	1,000.00	742.50	5.14	1,018.89	5.96	1.19

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Small Cap Equity Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Russell 2000^® Index (Index). The Board noted that performance of Series II shares of the Fund was in the fourth 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 and the fifth quintile being the worst performing funds). The Board noted that performance of Series II shares of the Fund was above 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 a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe. 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

Invesco V.I. Small Cap Equity Fund

performance metrics, which did not change its conclusions.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and Breakpoints

E.	Profitability and Financial Resources

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 Funds individually. 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.

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.

Invesco V.I. Small Cap Equity Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. Technology Fund

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		I-VITEC-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	-33.61	%
Series II Shares	-33.69
NASDAQ Composite Index^q (Broad Market/Style-Specific Index)	-29.23
Lipper VUF Science & Technology Funds Classification Average^∎ (Peer Group)	-33.03

Source(s): ^qBloomberg LP; ^∎Lipper Inc.
The NASDAQ Composite Index is a broad-based, market index of the common stocks and similar securities listed on the Nasdaq stock market.
The Lipper VUF Science & Technology Funds Classification Average represents an average of all variable insurance underlying funds in the Lipper Science & Technology Funds classification.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Average Annual Total Returns
As of 6/30/22
Series I Shares
Inception (5/20/97)	6.70	%
10 Years	11.80
5 Years	10.61
1 Year	-31.86
Series II Shares
Inception (4/30/04)	8.42	%
10 Years	11.51
5 Years	10.33
1 Year	-32.04

The performance of the Fund’s Series I and Series II share classes will differ primarily due to different class expenses.

fluctuate so that you may have a gain or loss when you sell shares.

Invesco V.I. Technology Fund, a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

Invesco V.I. Technology Fund

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco V.I. Technology Fund

Schedule of Investments^(a)

June 30, 2022

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–98.41%
Application Software–9.45%
Adobe, Inc.^(b)		6,958	$	2,547,046


Datadog, Inc., Class A^(b)		13,452		1,281,168


Expensify, Inc., Class A^(b)		7,322		130,258


HubSpot, Inc.^(b)		2,556		768,461


salesforce.com, inc.^(b)		14,554		2,401,992


Synopsys, Inc.^(b)		10,715		3,254,146


Trade Desk, Inc. (The), Class A^(b)		15,437		646,656


Workday, Inc., Class A^(b)		5,650		788,627


				11,818,354



Automobile Manufacturers–0.47%
Tesla, Inc.^(b)		875		589,242



Data Processing & Outsourced Services–9.17%
Adyen N.V. (Netherlands)^(b)(c)		718		1,055,472


Mastercard, Inc., Class A		15,421		4,865,017


Visa, Inc., Class A^(d)		28,136		5,539,697


				11,460,186



Hotels, Resorts & Cruise Lines–1.75%
Booking Holdings, Inc.^(b)		1,249		2,184,489



Interactive Home Entertainment–4.18%
Electronic Arts, Inc.		10,506		1,278,055


Nintendo Co. Ltd. (Japan)		4,600		1,988,085


Take-Two Interactive Software, Inc.^(b)		15,964		1,956,069


				5,222,209



Interactive Media & Services–9.35%
Alphabet, Inc., Class A^(b)		3,872		8,438,095


Baidu, Inc., ADR (China)^(b)		6,538		972,397


Kuaishou Technology (China)^(b)(c)		93,000		1,043,008


Meta Platforms, Inc., Class A^(b)		7,680		1,238,400


				11,691,900



Internet & Direct Marketing Retail–7.94%
Amazon.com, Inc.^(b)		57,428		6,099,428


JD.com, Inc., ADR (China)		59,678		3,832,521


				9,931,949



Internet Services & Infrastructure–1.37%
Cloudflare, Inc., Class A^(b)		7,645		334,469


MongoDB, Inc.^(b)		2,510		651,345


Snowflake, Inc., Class A^(b)(d)		5,253		730,482


				1,716,296



Managed Health Care–5.32%
UnitedHealth Group, Inc.		12,947		6,649,968



Pharmaceuticals–3.70%
Bayer AG (Germany)		77,938		4,630,570



Semiconductor Equipment–4.35%
Applied Materials, Inc.		22,976		2,090,356


	Shares		Value


Semiconductor Equipment–(continued)
ASML Holding N.V., New York Shares (Netherlands)		2,586	$	1,230,626


KLA Corp.^(d)		6,657		2,124,116


				5,445,098



Semiconductors–14.76%
Advanced Micro Devices, Inc.^(b)		22,367		1,710,405


Broadcom, Inc.		6,249		3,035,827


Lattice Semiconductor Corp.^(b)		45,860		2,224,210


Monolithic Power Systems, Inc.		4,387		1,684,783


NVIDIA Corp.		25,527		3,869,638


ON Semiconductor Corp.^(b)(d)		53,158		2,674,379


QUALCOMM, Inc.		25,487		3,255,709


				18,454,951



Systems Software–19.26%
Crowdstrike Holdings, Inc., Class A^(b)(d)		5,395		909,381


Darktrace PLC (United Kingdom)^(b)		77,813		279,314


KnowBe4, Inc., Class A^(b)		98,279		1,535,118


Microsoft Corp.		59,470		15,273,680


Palo Alto Networks, Inc.^(b)(d)		4,698		2,320,530


ServiceNow, Inc.^(b)		7,927		3,769,447


				24,087,470



Technology Hardware, Storage & Peripherals–7.34%
Apple, Inc.		67,113		9,175,689


Total Common Stocks & Other Equity Interests (Cost $95,895,065)				123,058,371



Money Market Funds–1.60%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(e)(f)		699,446		699,446


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(e)(f)		499,213		499,162


Invesco Treasury Portfolio, Institutional Class, 1.35%^(e)(f)		799,367		799,367


Total Money Market Funds (Cost $1,997,936)				1,997,975


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $97,893,001)				125,056,346



Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–10.52%
Invesco Private Government Fund, 1.38%^(e)(f)(g)		3,192,191		3,192,192


Invesco Private Prime Fund, 1.66%^(e)(f)(g)		9,958,553		9,958,553


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,151,141)				13,150,745


TOTAL INVESTMENTS IN SECURITIES–110.53% (Cost $111,044,142)				138,207,091


OTHER ASSETS LESS LIABILITIES–(10.53)%				(13,165,882	)


NET ASSETS–100.00%			$	125,041,209

Investment Abbreviations:

ADR – American Depositary Receipt

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Technology Fund

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2022 was $2,098,480, which represented 1.68% of the Fund’s Net Assets.

^(d)	All or a portion of this security was out on loan at June 30, 2022.

^(e)


	Value December 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value June 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	687,446		$	11,058,528		$	(11,046,528	)		$	-			$	-			$	699,446		$	1,102
Invesco Liquid Assets Portfolio, Institutional Class			491,002			7,898,949			(7,890,379	)			39				(449	)			499,162			1,156
Invesco Treasury Portfolio, Institutional Class			785,653			12,638,318			(12,624,604	)			-				-				799,367			1,494
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,370,979			22,865,847			(21,044,634	)			-				-				3,192,192			4,166	*
Invesco Private Prime Fund			3,198,950			55,339,310			(48,579,168	)			(396	)			(143	)			9,958,553			12,276	*
Total		$	6,534,030		$	109,800,952		$	(101,185,313	)		$	(357	)		$	(592	)		$	15,148,720		$	20,194

^(f)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

^(g)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

Portfolio Composition

By sector, based on Net Assets

as of June 30, 2022



Information Technology	65.70	%

Communication Services	13.53

Consumer Discretionary	10.16

Health Care	9.02

Money Market Funds Plus Other Assets Less Liabilities	1.59

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Technology Fund

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $95,895,065)*	$	123,058,371


Investments in affiliated money market funds, at value (Cost $15,149,077)		15,148,720


Cash		104


Foreign currencies, at value (Cost $539)		533


Receivable for:
Fund shares sold		133,908


Dividends		16,851


Investment for trustee deferred compensation and retirement plans		41,994


Other assets		116


Total assets		138,400,597



Liabilities:
Payable for:
Fund shares reacquired		69,596


Collateral upon return of securities loaned		13,151,141


Accrued fees to affiliates		65,465


Accrued trustees’ and officers’ fees and benefits		2,359


Accrued other operating expenses		21,847


Trustee deferred compensation and retirement plans		48,980


Total liabilities		13,359,388


Net assets applicable to shares outstanding	$	125,041,209



Net assets consist of:
Shares of beneficial interest	$	49,865,894


Distributable earnings		75,175,315


	$	125,041,209



Net Assets:
Series I	$	116,823,841


Series II	$	8,217,368



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		4,620,994


Series II		352,004


Series I:
Net asset value per share	$	25.28


Series II:
Net asset value per share	$	23.34

*	At June 30, 2022, securities with an aggregate value of $12,645,394 were on loan to brokers.

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:
Dividends (net of foreign withholding taxes of $15,312)	$	424,078


Dividends from affiliated money market funds (includes securities lending income of $10,502)		14,254


Total investment income		438,332



Expenses:
Advisory fees		574,028


Administrative services fees		127,552


Custodian fees		6,182


Distribution fees - Series II		12,482


Transfer agent fees		4,602


Trustees’ and officers’ fees and benefits		8,790


Reports to shareholders		2,927


Professional services fees		17,829


Other		1,877


Total expenses		756,269


Less: Fees waived		(1,217	)


Net expenses		755,052


Net investment income (loss)		(316,720	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(3,066,617	)


Affiliated investment securities		(592	)


Foreign currencies		2,968


		(3,064,241	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(61,885,543	)


Affiliated investment securities		(357	)


Foreign currencies		(25	)


		(61,885,925	)


Net realized and unrealized gain (loss)		(64,950,166	)


Net increase (decrease) in net assets resulting from operations	$	(65,266,886	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Technology Fund

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30, 2022			December 31, 2021


Operations:
Net investment income (loss)	$	(316,720	)	$	(1,409,441	)


Net realized gain (loss)		(3,064,241	)		52,736,882


Change in net unrealized appreciation (depreciation)		(61,885,925	)		(24,327,535	)


Net increase (decrease) in net assets resulting from operations		(65,266,886	)		26,999,906



Distributions to shareholders from distributable earnings:
Series I		-			(17,158,247	)


Series II		-			(1,327,101	)


Total distributions from distributable earnings		-			(18,485,348	)



Share transactions–net:
Series I		(7,445,750	)		(10,621,033	)


Series II		(577,710	)		(577,965	)


Net increase (decrease) in net assets resulting from share transactions		(8,023,460	)		(11,198,998	)


Net increase (decrease) in net assets		(73,290,346	)		(2,684,440	)



Net assets:
Beginning of period		198,331,555			201,015,995


End of period	$	125,041,209		$	198,331,555

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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 value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Distributions from net realized gains				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(c)
Series I
Six months ended 06/30/22		$	38.08		$	(0.06	)		$	(12.74	)		$	(12.80	)		$	–			$	25.28		(33.61	)%		$	116,824		0.97	%^(d)		0.97	%^(d)		(0.40	)%^(d)		41	%
Year ended 12/31/21			36.55			(0.27	)			5.62				5.35				(3.82	)			38.08		14.41				185,270		0.98			0.98			(0.68	)		90
Year ended 12/31/20			27.23			(0.17	)			12.49				12.32				(3.00	)			36.55		46.11				187,801		0.98			0.98			(0.53	)		56
Year ended 12/31/19			21.92			(0.09	)			7.71				7.62				(2.31	)			27.23		35.88				127,308		0.99			0.99			(0.36	)		46
Year ended 12/31/18			22.97			(0.12	)			0.22				0.10				(1.15	)			21.92		(0.45	)			109,596		1.03			1.03			(0.47	)		48
Year ended 12/31/17			17.89			(0.09	)			6.34				6.25				(1.17	)			22.97		35.13				113,352		1.06			1.06			(0.41	)		43
Series II
Six months ended 06/30/22			35.20			(0.09	)			(11.77	)			(11.86	)			–				23.34		(33.69	)			8,217		1.22	^(d)		1.22	^(d)		(0.65	)^(d)		41
Year ended 12/31/21			34.13			(0.34	)			5.23				4.89				(3.82	)			35.20		14.08				13,061		1.23			1.23			(0.93	)		90
Year ended 12/31/20			25.63			(0.23	)			11.73				11.50				(3.00	)			34.13		45.79				13,215		1.23			1.23			(0.78	)		56
Year ended 12/31/19			20.79			(0.15	)			7.30				7.15				(2.31	)			25.63		35.56				10,184		1.24			1.24			(0.61	)		46
Year ended 12/31/18			21.89			(0.17	)			0.22				0.05				(1.15	)			20.79		(0.71	)			9,587		1.28			1.28			(0.72	)		48
Year ended 12/31/17			17.14			(0.14	)			6.06				5.92				(1.17	)			21.89		34.74				9,439		1.31			1.31			(0.66	)		43

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. Technology Fund

Notes to Financial Statements

June 30, 2022

(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. The Fund is classified as non-diversified. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund’s investment objective is long-term growth of capital.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco V.I. Technology Fund

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

Federal Income Taxes –The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

F.	Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

Accounting Estimates –The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

Invesco Advisers, Inc. (the “Adviser” or “Invesco”) serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2022, the Fund paid the Adviser $832 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in Dividends from affiliated money market funds on the Statement of Operations.

Invesco V.I. Technology Fund

foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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.

L.	Other Risks – The Fund’s investments are concentrated in a comparatively narrow segment of the economy, which may make the Fund more volatile.

Many products and services offered in technology-related industries are subject to rapid obsolescence, which may lower the value of the issuers in this sector.

The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 250 million		0.750%


Next $250 million		0.740%


Next $500 million		0.730%


Next $1.5 billion		0.720%


Next $2.5 billion		0.710%


Next $2.5 billion		0.700%


Next $2.5 billion		0.690%


Over $10 billion		0.680%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.75%.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $1,217.

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, 2022, Invesco was paid $13,053 for accounting and fund administrative services and was reimbursed $114,499 for fees paid to insurance

Invesco V.I. Technology Fund

For the six months ended June 30, 2022, the Fund incurred $1,797 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Common Stocks & Other Equity Interests	$	114,061,922	$	8,996,449		$–	$	123,058,371


Money Market Funds		1,997,975		13,150,745		–		15,148,720


Total Investments	$	116,059,897	$	22,147,194		$–	$	138,207,091

NOTE 4–Trustees’ and Officers’ Fees and Benefits

NOTE 5–Cash Balances

NOTE 6–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2021.

Invesco V.I. Technology 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, 2022 was $63,892,078 and $72,573,192, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	40,406,035


Aggregate unrealized (depreciation) of investments		(13,657,459	)


Net unrealized appreciation of investments	$	26,748,576

Cost of investments for tax purposes is $111,458,515.

NOTE 8–Share Information


	Summary of Share Activity


	Six months ended						Year ended
	June 30, 2022^(a)						December 31, 2021
	Shares			Amount			Shares			Amount


Sold:
Series I		313,915		$	9,590,013			781,529		$	30,696,876


Series II		10,869			279,236			35,254			1,276,578



Issued as reinvestment of dividends:
Series I		-			-			441,313			17,158,247


Series II		-			-			36,905			1,327,101



Reacquired:
Series I		(558,751	)		(17,035,763	)		(1,494,672	)		(58,476,156	)


Series II		(29,899	)		(856,946	)		(88,379	)		(3,181,644	)


Net increase (decrease) in share activity		(263,866	)	$	(8,023,460	)		(288,050	)	$	(11,198,998	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 63% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

Invesco V.I. Technology Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$663.90	$4.00	$1,019.98	$4.86	0.97%
Series II	1,000.00	663.10	5.03	1,018.74	6.11	1.22

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. Technology Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

Invesco V.I. Technology Fund

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 noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

D.	Economies of Scale and 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

Invesco V.I. Technology Fund

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco V.I. U.S. Government Money Portfolio

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		O-VIGMKT-SAR-1

About your Fund

Invesco Oppenheimer V.I. Government Money Fund (renamed Invesco V.I. U.S. Government Money Portfolio on April 30, 2021), a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds), is currently offered through insurance companies issuing variable products. You cannot purchase shares of the Fund directly. Performance figures given represent the Fund and are not intended to reflect actual variable product values. They do not reflect sales charges, expenses and fees assessed in connection with a variable product. Sales charges, expenses and fees, which are determined by the variable product issuers, will vary and will lower the total return.

The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risks associated with an investment in the Fund.

Invesco V.I. U.S. Government Money Portfolio

Schedule of Investments

June 30, 2022

(Unaudited)


	Interest Rate		Maturity Date		Principal Amount (000)		Value


U.S. Treasury Securities-33.64%
U.S. Treasury Bills-30.01%^(a)
U.S. Treasury Bills		0.54%-0.65%		07/05/2022	$	70,000	$	69,995,518


U.S. Treasury Bills		0.38%-0.51%		07/07/2022		31,000		30,997,514


U.S. Treasury Bills		0.55%-0.80%		07/12/2022		130,100		130,072,354


U.S. Treasury Bills		0.08%		07/14/2022		2,000		1,999,946


U.S. Treasury Bills		0.67%		07/19/2022		40,000		39,986,700


U.S. Treasury Bills		0.71%-0.78%		07/26/2022		75,000		74,960,556


U.S. Treasury Bills		0.81%		08/02/2022		38,000		37,972,710


U.S. Treasury Bills		0.50%-0.91%		08/04/2022		15,000		14,989,068


U.S. Treasury Bills		0.08%-0.98%		08/11/2022		99,000		98,899,094


U.S. Treasury Bills		0.97%		08/16/2022		2,000		1,997,534


U.S. Treasury Bills		1.53%		08/23/2022		6,000		5,986,476


U.S. Treasury Bills		1.16%		09/13/2022		40,000		39,904,484


U.S. Treasury Bills		1.68%		09/22/2022		50,000		49,807,486


U.S. Treasury Bills		1.29%		09/27/2022		40,000		39,874,844


U.S. Treasury Bills		1.76%		09/29/2022		50,000		49,781,250


U.S. Treasury Bills		1.52%		10/11/2022		24,000		23,897,320


U.S. Treasury Bills		1.19%		02/23/2023		8,000		7,938,117


								719,060,971



U.S. Treasury Floating Rate Notes-3.55%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)^(b)		1.91%		10/31/2022		1,000		999,983


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)^(b)		1.91%		01/31/2023		3,000		3,000,220


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		1.89%		04/30/2023		11,000		11,000,235


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)^(b)		1.89%		07/31/2023		6,000		6,000,066


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)^(b)		1.89%		10/31/2023		14,000		14,000,459


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)^(b)		1.84%		01/31/2024		6,500		6,498,227


U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)^(b)		1.78%		04/30/2024		43,500		43,442,451


								84,941,641



U.S. Treasury Notes-0.08%
U.S. Treasury Notes (Cost $2,003,139)		2.00%		07/31/2022		2,000		2,003,139


Total U.S. Treasury Securities (Cost $806,005,751)								806,005,751



U.S. Government Sponsored Agency Securities-18.86%
Federal Farm Credit Bank (FFCB)-6.74%
Federal Farm Credit Bank (SOFR + 0.19%)^(b)		1.01%		07/14/2022		3,000		3,000,000


Federal Farm Credit Bank (SOFR + 0.09%)^(b)		1.63%		10/07/2022		5,000		5,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		0.83%		10/12/2022		2,000		1,999,983


Federal Farm Credit Bank (SOFR + 0.01%)^(b)		1.06%		11/16/2022		2,000		1,999,985


Federal Farm Credit Bank (SOFR + 0.06%)^(b)		1.07%		02/09/2023		1,000		1,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		1.10%		02/17/2023		2,000		2,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		1.33%		03/10/2023		1,000		1,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		1.10%		05/19/2023		1,000		1,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		1.41%		06/14/2023		1,000		1,000,000


Federal Farm Credit Bank (SOFR + 0.02%)^(b)		1.51%		06/23/2023		10,000		9,999,580


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		1.57%		07/07/2023		2,000		2,000,000


Federal Farm Credit Bank (SOFR + 0.03%)^(b)		1.51%		09/18/2023		6,000		6,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		1.53%		09/20/2023		6,000		6,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. U.S. Government Money Portfolio


	Interest Rate		Maturity Date		Principal Amount (000)		Value


Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.05%)^(b)		1.57%		09/29/2023	$	1,000	$	1,000,000


Federal Farm Credit Bank (SOFR + 0.06%)^(b)		1.06%		11/07/2023		3,500		3,500,000


Federal Farm Credit Bank (SOFR + 0.06%)^(b)		1.41%		12/13/2023		2,000		2,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		1.45%		12/15/2023		6,000		5,999,558


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		1.57%		01/04/2024		12,000		12,000,000


Federal Farm Credit Bank (SOFR + 0.06%)^(b)		0.85%		01/10/2024		3,000		3,000,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		1.03%		02/05/2024		8,000		8,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		1.13%		02/23/2024		9,000		9,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		1.30%		03/08/2024		13,000		13,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		1.46%		03/15/2024		14,500		14,500,000


Federal Farm Credit Bank (SOFR + 0.04%)^(b)		1.52%		03/18/2024		20,500		20,500,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		0.94%		04/25/2024		2,000		2,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		1.06%		05/09/2024		10,000		10,000,000


Federal Farm Credit Bank (SOFR + 0.05%)^(b)		1.14%		05/24/2024		15,000		15,000,000


								161,499,106



Federal Home Loan Bank (FHLB)-12.12%
Federal Home Loan Bank^(c)		0.00%		07/01/2022		25,000		25,000,000


Federal Home Loan Bank^(c)		0.00%		07/06/2022		14,170		14,168,317


Federal Home Loan Bank^(c)		0.00%		07/13/2022		3,612		3,610,904


Federal Home Loan Bank^(c)		0.00%		07/20/2022		17,800		17,791,616


Federal Home Loan Bank^(c)		0.00%		07/22/2022		88,200		88,152,235


Federal Home Loan Bank^(c)		0.00%		07/26/2022		13,000		12,992,146


Federal Home Loan Bank^(c)		0.00%		08/05/2022		10,000		9,990,576


Federal Home Loan Bank (SOFR + 0.01%)^(b)		1.00%		08/05/2022		29,000		29,000,000


Federal Home Loan Bank^(c)		0.00%		08/09/2022		20,000		19,978,333


Federal Home Loan Bank^(c)		0.00%		08/10/2022		45,000		44,949,650


Federal Home Loan Bank^(c)		0.00%		09/16/2022		25,000		24,898,403


								290,532,180


Total U.S. Government Sponsored Agency Securities (Cost $452,031,286)								452,031,286


TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-52.50% (Cost $1,258,037,037)								1,258,037,037



					Repurchase Amount
Repurchase Agreements-47.74%^(d)
Citigroup Global Markets, Inc., agreement dated 06/30/2022, maturing value of $67,002,885 (collateralized by U.S. Treasury obligations valued at $68,340,009; 0.00% - 3.13%; 02/15/2043 - 05/15/2051)		1.55%		07/01/2022		67,002,885		67,000,000


Credit Agricole Corporate & Investment Bank, agreement dated 06/30/2022, maturing value of $100,004,306 (collateralized by a domestic agency mortgage-backed security valued at $102,000,000; 2.00%; 01/20/2051)		1.55%		07/01/2022		100,004,306		100,000,000


RBC Dominion Securities Inc., agreement dated 06/30/2022, maturing value of $380,016,361 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $387,600,000; 0.00% - 6.13%; 02/28/2026 - 06/25/2059)		1.55%		07/01/2022		380,016,361		380,000,000


Sumitomo Mitsui Banking Corp., agreement dated 06/30/2022, aggregate maturing value of $377,016,337 (collateralized by domestic agency mortgage-backed securities valued at $384,540,000; 2.50% - 5.50%; 09/20/2039 - 10/20/2051)		1.56%		07/01/2022		377,016,337		377,000,000


TD Securities (USA) LLC, term agreement dated 06/29/2022, maturing value of $220,066,306 (collateralized by domestic agency mortgage-backed securities valued at $226,716,140; 1.93% - 5.50%; 02/25/2042 - 05/01/2052)^(e)		1.55%		07/06/2022		220,066,306		220,000,000


Total Repurchase Agreements (Cost $1,144,000,000)								1,144,000,000


TOTAL INVESTMENTS IN SECURITIES^(f)-100.24% (Cost $2,402,037,037)								2,402,037,037


OTHER ASSETS LESS LIABILITIES-(0.24)%								(5,793,990	)


NET ASSETS-100.00%							$	2,396,243,047

Investment Abbreviations:

SOFR -Secured Overnight Financing Rate

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. U.S. Government Money Portfolio

Notes to Schedule of Investments:

^(a)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(b)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2022.

^(c)	Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue.

^(d)	Principal amount equals value at period end. See Note 1I.

^(e)	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

^(f)	Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity*

In days, as of 06/30/2022


1-7			53.4%


8-30			15.5


31-60			11.1


61-90			6.4


91-180			3.5


181+			10.1

*	The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. U.S. Government Money Portfolio

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, excluding repurchase agreements, at value and cost	$	1,258,037,037


Repurchase agreements, at value and cost		1,144,000,000


Cash		639,912


Receivable for:
Fund shares sold		1,335,789


Interest		459,908


Total assets		2,404,472,646



Liabilities:
Payable for:
Fund shares reacquired		5,875,048


Dividends		1,144,642


Accrued fees to affiliates		992,560


Accrued trustees’ and officers’ fees and benefits		4,711


Accrued operating expenses		212,638


Total liabilities		8,229,599


Net assets applicable to shares outstanding	$	2,396,243,047



Net assets consist of:
Shares of beneficial interest	$	2,396,346,530


Distributable earnings		(103,483	)


	$	2,396,243,047



Net Assets:
Series I	$	2,396,233,047


Series II	$	10,000



Shares outstanding, no par value, unlimited number of shares authorized:
Series I		2,396,138,714


Series II		10,000


Series I:
Net asset value and offering price per share	$	1.00


Series II:
Net asset value and offering price per share	$	1.00

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:
Interest	$	4,405,414



Expenses:
Advisory fees		3,195,442


Administrative services fees		361,501


Custodian fees		19,396


Distribution fees - Series II		13


Transfer agent fees		136,768


Trustees’ and officers’ fees and benefits		10,810


Reports to shareholders		18,799


Professional services fees		84,386


Other		17,467


Total expenses		3,844,582


Less: Fees waived and expenses reimbursed		(1,032,120	)


Net expenses		2,812,462


Net investment income		1,592,952


Net realized gain (loss) from unaffiliated investment securities		(24,168	)


Net increase in net assets resulting from operations	$	1,568,784

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. U.S. Government Money Portfolio

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and the year ended December 31, 2021

(Unaudited)


	June 30, 2022			December 31, 2021


Operations:
Net investment income	$	1,592,952		$	24,992


Net realized gain (loss)		(24,168	)		(8,089	)


Net increase in net assets resulting from operations		1,568,784			16,903



Distributions to shareholders from distributable earnings:
Series I		(1,592,948	)		(24,988	)


Series II		(4	)		(4	)


Total distributions from distributable earnings		(1,592,952	)		(24,992	)



Share transactions-net:
Series I		1,935,572,324			96,087,722


Series II		(350	)		350


Net increase in net assets resulting from share transactions		1,935,571,974			96,088,072


Net increase in net assets		1,935,547,806			96,079,983



Net assets:
Beginning of period		460,695,241			364,615,258


End of period	$	2,396,243,047		$	460,695,241

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. U.S. Government Money Portfolio

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income^(a)			Net gains (losses) on securities (realized)				Total from investment operations			Dividends from net investment income				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed^(c)			Ratio of net investment income to average net assets
Series I
Six months ended 06/30/22		$	1.00		$	0.00		$	(0.00	)		$	0.00		$	(0.00	)		$	1.00		0.07	%		$	2,396,233		0.36	%^(d)		0.49	%^(d)		0.20	%^(d)
Year ended 12/31/21			1.00			0.00			(0.00	)			0.00			(0.00	)			1.00		0.01				460,685		0.10			0.52			0.00
Year ended 12/31/20			1.00			0.00			0.00				0.00			(0.00	)			1.00		0.22				364,605		0.24			0.48			0.09
Year ended 12/31/19			1.00			0.02			0.00				0.02			(0.02	)			1.00		1.71				369,759		0.50			0.54			1.82
Year ended 12/31/18			1.00			0.01			0.00				0.01			(0.01	)			1.00		1.35				3,055,726		0.50			0.56			1.54
Year ended 12/31/17			1.00			0.00			(0.00	)			0.00			(0.00	)			1.00		0.39				425,604		0.50			0.59			0.39
Series II
Six months ended 06/30/22			1.00			0.00			(0.00	)			0.00			(0.00	)			1.00		0.03				10		0.44	^(d)		0.74	^(d)		0.12	^(d)
Year ended 12/31/21			1.00			0.00			(0.00	)			0.00			(0.00	)			1.00		0.01				10		0.10			0.77			0.00
Year ended 12/31/20			1.00			0.00			0.00				0.00			(0.00	)			1.00		0.17				10		0.29			0.73			0.04
Period ended 12/31/19^(e)			1.00			0.01			0.00				0.01			(0.01	)			1.00		0.78				10		0.72	^(d)		0.72	^(d)		1.61	^(d)

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the years ended December 31, 2019, 2018 and 2017, respectively.

^(d)	Annualized.

^(e)	Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco V.I. U.S. Government Money Portfolio

Notes to Financial Statements

June 30, 2022

(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 following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

D.	Distributions - Distributions from net investment income, if any, are declared daily and paid monthly to separate accounts of participating insurance companies. Distributions from net realized gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.

F.	Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

Invesco V.I. U.S. Government Money Portfolio

as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets*	Rate


First $500 million		0.450%


Next $500 million		0.425


Next $500 million		0.400


Over $1.5 billion		0.375

*The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended June 30, 2022, the effective advisory fees incurred by the Fund was 0.41%.

The Adviser and/or Invesco Distributors, Inc., (“IDI”) voluntarily agreed to waive fees and/or reimburse expenses in order to increase the Fund’s yield. Voluntary fee waivers and/or reimbursements may be modified at any time upon consultation with the Board of Trustees without further notice to investors. For the six months ended June 30, 2022, the Advisor voluntarily waived advisory fees of $1,032,111 and IDI reimbursed class level expenses of $9 for Series II shares in order to increase the Fund’s yield.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the six months ended June 30, 2022, Invesco was paid $348,171 for accounting and fund administrative services and was reimbursed $13,330 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.

Invesco V.I. U.S. Government Money Portfolio

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, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

NOTE 4–Trustees’ and Officers’ Fees and Benefits

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 Fund had a capital loss carryforward as of December 31, 2021, as follows:


Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$8,089	$-	$8,089

*	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
	Six months ended June 30, 2022^(a)					Year ended December 31, 2021
	Shares			Amount		Shares		Amount


Sold:
Series I		2,648,483,501			$2,648,483,501		192,727,638		$192,727,638


Series II		(350	)		(350)		350		350



Issued as reinvestment of dividends:
Series I		1,592,855			1,592,855		24,987		24,987

Invesco V.I. U.S. Government Money Portfolio


	Summary of Share Activity
	Six months ended June 30, 2022^(a)						Year ended December 31, 2021
	Shares			Amount			Shares			Amount



Reacquired:
Series I		(714,504,032	)	$	(714,504,032	)		(96,664,903	)	$	(96,664,903	)


Net increase in share activity		1,935,571,974		$	1,935,571,974			96,088,072		$	96,088,072

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 97% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with the entity whereby the entity sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to the entity, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by the entity are also owned beneficially.

Invesco V.I. U.S. Government Money Portfolio

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
Class	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$1,000.70	$1.79	$1,023.01	$1.81	0.36%
Series II	1,000.00	1,000.30	2.18	1,022.61	2.21	0.44

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco V.I. U.S. Government Money Portfolio

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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 Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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, valuation and compliance risks, and technology used to manage such risks. 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 considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus (“COVID-19”) pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that

Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers 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 are appropriate and satisfactory.

B.	Fund Investment Performance

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe. The Board noted that performance of Series II shares of the Fund was in the second quintile of its performance universe for the one year period and the fifth quintile for the two 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 II shares of the Fund was equal to the performance universe median for the one year period and below the performance universe median for the two year period. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that Series II shares of the Fund launched in connection with the

Invesco V.I. U.S. Government Money Portfolio

closing of the Transaction on May 24, 2019 . 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 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 fee rate for Series II shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual 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 was in the fifth quintile of its expense group and discussed with management reasons for such relative contractual management fees. The Board requested and considered additional information from management regarding such contractual management fees, including the differentiated client base associated with variable insurance products. As previously noted, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management, including with respect to management’s philosophy regarding breakpoints in the Fund’s contractual management fee schedule. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

D.	Economies of Scale and Breakpoints

E. Profitability and Financial Resources

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 determination that the services are required for the operation of the Fund.

Invesco V.I. U.S. Government Money Portfolio

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco^® V.I. Nasdaq 100 Buffer Fund – December

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.				VINDQD-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.
Series I Shares	-21.50	%
Series II Shares	-21.60
Nasdaq-100 Index^q	-29.51

Source(s): ^qBloomberg LP
The Nasdaq-100 Index^®is a price-only index that includes 100 of the largest domestic and international non-financial companies listed on the NASDAQ Stock Market based on market capitalization.
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Cumulative Total Returns
As of 6/30/22
Series I Shares
Inception (12/31/21)	-21.50	%
Series II Shares
Inception (12/31/21)	-21.60	%

The Invesco^® V.I. Nasdaq 100 Buffer Fund – December seeks, over a specified annual Outcome Period (an “Outcome Period”), to provide investors with returns that match those of the Nasdaq-100 Index^® (the “Underlying Index”) up to an upside Cap, while providing a buffer against the first 10% (prior to taking into account any fees and expenses of the Fund) of Underlying Index losses.

The Fund’s Cap for the current Outcome Period, which represents the maximum percentage return (expressed as a percentage of the value of the Underlying Index determined at the start of the Outcome Period) that can be achieved from an investment in the Fund over the entire Outcome Period (the “Cap”), is 17.60%. This Cap is before considering fees and expenses. A new Cap level for each successive Outcome Period will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period. If the Underlying Index experiences returns over an Outcome Period in excess of the Cap, the Fund, and

therefore investors, will not experience those excess gains.

As of the date of this fund report, the Defined Outcomes sought by the Fund are based upon the performance of the Underlying Index over the Outcome Period of January 1, 2022 through December 31, 2022. Following this initial Outcome Period, each subsequent Outcome Period will be a one-year period from January 1 to December 31.

The Fund has characteristics unlike many other traditional investment products and is not appropriate for all investors. In particular, investment in the Fund may not be appropriate for investors who do not intend to maintain their investment through the entire Outcome Period. There is no guarantee that the Fund will be able to achieve the stated Defined Outcomes.

Invesco^® V.I. Nasdaq 100 Buffer Fund – December

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco^® V.I. Nasdaq 100 Buffer Fund – December

Schedule of Investments

June 30, 2022

(Unaudited)


	Shares		Value


Money Market Funds–4.15%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(a)(b)		75,006	$	75,006


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(a)(b)		53,561		53,555


Invesco Treasury Portfolio, Institutional Class, 1.35%^(a)(b)		69,998		69,998


Total Money Market Funds (Cost $198,557)				198,559


	Shares	Value


Options Purchased–120.41%
(Cost $11,598,536)^(c)		$	5,758,520


TOTAL INVESTMENTS IN SECURITIES–124.56% (Cost $11,797,093)			5,957,079


OTHER ASSETS LESS LIABILITIES–(24.56)%			(1,174,459	)


NET ASSETS–100.00%		$	4,782,620

Notes to Schedule of Investments:

^(a)


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation	Realized Gain (Loss)		Value June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$1,050,007		$ 732,556		$(1,707,557	)	$ -		$ -		$ 75,006		$ 80
Invesco Liquid Assets Portfolio, Institutional Class		1,500,010		523,255		(1,969,705	)	2		(7)		53,555		58
Invesco Treasury Portfolio, Institutional Class		1,200,008		817,543		(1,947,553	)	-		-		69,998		41
Total		$3,750,025		$2,073,354		$(5,624,815	)	$2		$(7)		$198,559		$179

^(b)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

^(c)	The table below details options purchased.

Open Equity Options Purchased

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise

Price

Notional

Value^(a)

Value

Equity Risk

Invesco QQQ Trust, Series 1

Call

12/30/2022

110

USD

11.94

USD

131,340

$2,943,231

Equity Risk

Invesco QQQ Trust, Series 1

Put

12/30/2022

110

USD

397.85

USD

4,376,350

1,251,183

Total Open Equity Options Purchased

$4,194,414

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Index Options Purchased

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise

Price

Notional

Value^(a)

Value

Equity Risk

NASDAQ 100 Index

Call

12/30/2022

USD

489.60

USD

48,960

$1,095,067

Equity Risk

NASDAQ 100 Index

Put

12/30/2022

USD

16,320.08

USD

1,632,008

469,039

Total Open Index Options Purchased

$1,564,106

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Equity Options Written

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise

Price

Notional

Value^(a)

Value

Equity Risk

Invesco QQQ Trust, Series 1

Call

12/30/2022

110

USD

467.87

USD

5,146,570

$ (490

)

Equity Risk

Invesco QQQ Trust, Series 1

Put

12/30/2022

110

USD

358.07

USD

3,938,770

(838,873

)

Total Open Equity Options Written

$(839,363

)

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 Buffer Fund – December



Open Index Options Written


Description	Type of Contract	Expiration Date	Number of Contracts	Exercise Price		Notional Value^(a)		Value


Equity Risk


NASDAQ 100 Index	Call	12/30/2022	1	USD	19,192.41	USD	1,919,241	$	(146	)


Equity Risk


NASDAQ 100 Index	Put	12/30/2022	1	USD	14,688.07	USD	1,468,807		(315,334	)


Total Open Index Options Written								$	(315,480	)

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Abbreviations:

USD – U.S. Dollar

Portfolio Composition

By	security type, based on Total Investments

as	of June 30, 2022



Options Purchased	96.67	%

Money Market Funds	3.33

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 Buffer Fund – December

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $11,598,536)	$	5,758,520


Investments in affiliated money market funds, at value (Cost $198,557)		198,559


Receivable for:
Fund expenses absorbed		46,140


Total assets		6,003,219



Liabilities:
Other investments:
Options written, at value (premiums received $6,634,930)		1,154,843


Payable for:
Fund shares reacquired		82


Accrued fees to affiliates		14,232


Accrued trustees’ and officers’ fees and benefits		2,068


Accrued other operating expenses		49,374


Total liabilities		1,220,599


Net assets applicable to shares outstanding	$	4,782,620



Net assets consist of:
Shares of beneficial interest	$	5,893,293


Distributable earnings (loss)		(1,110,673	)


	$	4,782,620



Net Assets:
Series I	$	1,189,871


Series II	$	3,592,749



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		151,554


Series II		458,117


Series I:
Net asset value per share	$	7.85


Series II:
Net asset value per share	$	7.84

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:
Dividends from affiliated money market funds	$	179



Expenses:
Advisory fees		9,377


Administrative services fees		1,507


Custodian fees		1,226


Distribution fees - Series II		3,914


Transfer agent fees		85


Trustees’ and officers’ fees and benefits		6,281


Licensing fees		756


Professional services fees		42,081


Other		178


Total expenses		65,405


Less: Fees waived and/or expenses reimbursed		(45,938	)


Net expenses		19,467


Net investment income (loss)		(19,288	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(703,569	)


Affiliated investment securities		(7	)


Option contracts written		(27,882	)


		(731,458	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(5,840,016	)


Affiliated investment securities		2


Option contracts written		5,480,087


		(359,927	)


Net realized and unrealized gain (loss)		(1,091,385	)


Net increase (decrease) in net assets resulting from operations	$	(1,110,673	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 Buffer Fund – December

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and for the period December 31, 2021 (commencement date) through December 31, 2021

(Unaudited)


	Six Months Ended June 30, 2022			December 31, 2021 (commencement date) through December 31, 2021


Operations:
Net investment income (loss)		$ (19,288)			$ (68)


Net realized gain (loss)		(731,458	)		–


Change in net unrealized appreciation (depreciation)		(359,927	)		–


Net increase (decrease) in net assets resulting from operations		(1,110,673	)		(68)



Share transactions–net:
Series I		13,438			1,500,000


Series II		2,879,923			1,500,000


Net increase in net assets resulting from share transactions		2,893,361			3,000,000


Net increase in net assets		1,782,688			2,999,932



Net assets:
Beginning of period		2,999,932			–


End of period		$ 4,782,620			$2,999,932

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 Buffer Fund – December

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Series I
Six months ended 06/30/22		$10.00		$(0.03	)		$(2.12	)		$(2.15	)		$ 7.85		(21.50	)%		$1,190		0.70	%^(d)		2.75	%^(d)		(0.69	)%^(d)		0	%
Period ended 12/31/21^(e)		10.00		(0.00	)		-			(0.00	)		10.00		-			1,500		0.70	^(d)		428.89	^(d)		(0.70	)^(d)		0
Series II
Six months ended 06/30/22		10.00		(0.04	)		(2.12	)		(2.16	)		7.84		(21.60	)		3,593		0.95	^(d)		3.00	^(d)		(0.94	)^(d)		0
Period ended 12/31/21^(e)		10.00		(0.00	)		-			(0.00	)		10.00		-			1,500		0.95	^(d)		429.14	^(d)		(0.95	)^(d)		0

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)	Annualized.

^(e)	Commencement date of December 31, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 Buffer Fund – December

Notes to Financial Statements

June 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco^® V.I. Nasdaq 100 Buffer Fund – December (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The Fund seeks, over a specified annual outcome period, to provide investors with returns that match those of the Nasdaq 100 Index^® (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 Nasdaq 100 Index^® or options that reference the Invesco QQQ ETF, which is an affiliated exchange-traded unit investment trust that seeks to track the Nasdaq 100 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 following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco^® V.I. Nasdaq 100 Buffer Fund – December

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

F.	Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

Flex Options Purchased and Written – The Fund invests primarily in FLexible EXchange^® Options (“FLEX^® Options”), which are non-standard Options that allow users to negotiate key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes as well as individual equities. Other benefits of FLEX^® 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^® 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,

Invesco^® V.I. Nasdaq 100 Buffer Fund – December

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^® Options contracts, which could cause significant losses. Additionally, FLEX^® Options may be less liquid than certain other securities such as standardized options. In less liquid markets for the FLEX^® Options, the Fund may have difficulty closing out certain FLEX^® Options positions under the customized terms. The Fund may experience substantial downside from specific FLEX^® Option positions and certain FLEX^® Option positions may expire worthless. The value of the underlying FLEX^® 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^® Options expire. The value of the FLEX^® 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^® Option approaches its expiration date, its value typically increasingly moves with the value of the Underlying Index.

J.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

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 Buffer will effectively protect against 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).

Non-Diversified Risk – Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is classified as “diversified” for purposes of the 1940 Act. However, the Fund may be “non-diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund can invest a greater portion of its assets in the securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund. As such, the Fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund’s shares may experience significant fluctuations in value.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate


First $ 2 billion		0.420%


Over $2 billion		0.400%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.42%.

The Adviser has contractually agreed, through at least April 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. 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.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $9,377 and reimbursed Fund expenses of $36,561.

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, 2022, Invesco was paid $268 for accounting and fund administrative services and was reimbursed $1,239 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco^® V.I. Nasdaq 100 Buffer Fund – December

Distribution fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2			Level 3		Total


Investments in Securities


Money Market Funds		$198,559		$ –			$–		$ 198,559


Options Purchased		–		5,758,520			–		5,758,520


Total Investments in Securities		198,559		5,758,520			–		5,957,079


Other Investments - Liabilities*


Options Written		–		(1,154,843	)		–		(1,154,843	)


Total Investments		$198,559		$ 4,603,677			$–		$ 4,802,236

*	Options written are shown at value.

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2022:


	Value
	Equity
Derivative Assets	Risk


Options purchased, at value^(a)	$	5,758,520


Derivatives not subject to master netting agreements		(5,758,520	)


Total Derivative Assets subject to master netting agreements	$	–


	Value
	Equity
Derivative Liabilities	Risk


Options written, at value	$	(1,154,843	)


Derivatives not subject to master netting agreements		1,154,843


Total Derivative Liabilities subject to master netting agreements	$	–

^(a)	Options purchased, at value as reported in the Schedule of Investments.

Invesco^® V.I. Nasdaq 100 Buffer Fund – December

Effect of Derivative Investments for the six months ended June 30, 2022

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations
	Equity
	Risk


Realized Gain (Loss):
Options purchased^(a)		$ (703,569)


Options written		(27,882)


Change in Net Unrealized Appreciation (Depreciation): Options purchased^(a)		(5,840,016)


Options written		5,480,087


Total		$(1,091,380)

^(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.


	Index		Index
	Options		Options
	Purchased		Written


Average notional value	$	5,451,036	$	10,986,696


Average contracts		186		186

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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.

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022. In the fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis



Aggregate unrealized appreciation of investments	$	5,480,089


Aggregate unrealized (depreciation) of investments		(5,840,016	)


Net unrealized appreciation (depreciation) of investments	$	(359,927	)

Cost of investments for tax purposes is $5,162,163.

Invesco^® V.I. Nasdaq 100 Buffer Fund – December

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended
	June 30, 2022^(a)						December 31, 2021^(b)
	Shares			Amount			Shares			Amount


Sold:
Series I		1,556		$	13,456			150,001		$	1,500,010


Series II		340,556			3,142,825			150,001			1,500,010



Reacquired:
Series I		(2	)		(18	)		(1	)		(10	)


Series II		(32,439	)		(262,902	)		(1	)		(10	)


Net increase in share activity		309,671		$	2,893,361			300,000		$	3,000,000

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 49% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)	Commencement date of December 31, 2021.

Invesco^® V.I. Nasdaq 100 Buffer Fund – December

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$785.00	$3.10	$1,021.32	$3.51	0.70%
Series II	1,000.00	784.00	4.20	1,020.08	4.76	0.95

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco^® V.I. Nasdaq 100 Buffer Fund – December

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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. Nasdaq 100 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

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 noted that the Fund recently commenced operations in December 2021 and has limited performance history. The Board reviewed performance expectations for the Fund as well as information provided regarding the experience of the portfolio managers in managing products with derivatives-based strategies.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the median contractual management fee rate of the Fund’s Broadridge expense group, as provided by management. The Board noted that the contractual management fee rate for shares of the Fund was below the Lipper Large Cap Core classification median fees. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

Invesco^® V.I. Nasdaq 100 Buffer Fund – December

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

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 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

Invesco^® V.I. Nasdaq 100 Buffer Fund – December

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco^® V.I. Nasdaq 100 Buffer Fund - June


NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc.				VINDQJ-SAR-1

Fund Performance

The Fund’s initial Outcome Period is twelve months, commencing on July 1, 2022 and ending on the following June 30, 2023.

The Invesco^® V.I. Nasdaq 100 Buffer Fund – June seeks, over a specified annual Outcome Period (an “Outcome Period”), to provide investors with returns that match those of the Nasdaq-100 Index^® (the “Underlying Index”) up to an upside Cap, while providing a buffer against the first 10% (prior to taking into account any fees and expenses of the Fund) of Underlying Index losses.

The Fund’s Cap for the current Outcome Period, which represents the maximum percentage return (expressed as a percentage of the value of the Underlying Index determined at the start of the Outcome Period) that can be achieved from an investment in the Fund over the entire Outcome Period (the “Cap”), is 26.50%. This Cap is before considering fees and expenses. A new Cap level for each successive Outcome Period will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period. If the Underlying Index experiences returns over an Outcome Period in excess of the Cap, the Fund, and therefore investors, will not experience those excess gains.

The Fund’s performance history is not presented here because, as of the date of this semiannual report, the Fund has not completed a full six months of operations. The Fund’s most recent performance information is accessible on the Fund’s website.

Invesco^® V.I. Nasdaq 100 Buffer Fund - June

Schedule of Investments

June 30, 2022

(Unaudited)


	Shares	Value


Options Purchased–105.70% (Cost $3,171,006)^(a)		$	3,171,006


TOTAL INVESTMENTS IN SECURITIES–105.70% (Cost $3,171,006)			3,171,006


OTHER ASSETS LESS LIABILITIES–(5.70)%			(171,054	)


NET ASSETS–100.00%		$	2,999,952

Notes to Schedule of Investments:

^(a)	The table below details options purchased.

Open Equity Options Purchased

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise
Price

Notional
Value^(a)

Value

Equity Risk

Invesco QQQ Trust, Series 1

Call

06/30/2023

USD 8.41

USD 20,184

$648,121

Equity Risk

Invesco QQQ Trust, Series 1

Put

06/30/2023

USD 280.28

USD 672,672

69,361

Total Open Equity Options Purchased

$717,482

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Index Options Purchased

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise

Price

Notional

Value^(a)

Value

Equity Risk

NASDAQ 100 Index

Call

06/30/2023

USD 345.11

USD 69,022

$2,216,542

Equity Risk

NASDAQ 100 Index

Put

06/30/2023

USD 11,503.72

USD 2,300,744

236,982

Total Open Index Options Purchased

$2,453,524

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Equity Options Written

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise

Price

Notional

Value^(a)

Value

Equity Risk

Invesco QQQ Trust, Series 1

Call

06/30/2023

USD 354.55

USD 850,920

$(18,839

)

Equity Risk

Invesco QQQ Trust, Series 1

Put

06/30/2023

USD 252.25

USD 605,400

(45,334

)

Total Open Equity Options Written

$(64,173

)

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Index Options Written

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise

Price

Notional
Value^(a)

Value

Equity Risk

NASDAQ 100 Index

Call

06/30/2023

USD 14,552.21

USD 2,910,442

$(66,486

)

Equity Risk

NASDAQ 100 Index

Put

06/30/2023

USD 10,353.35

USD 2,070,670

(155,294

)

Total Open Index Options Written

$(221,780

)

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 Buffer Fund - June

Abbreviations:

USD –U.S. Dollar

Portfolio Composition

By security type, based on Total Investments

as of June 30, 2022



Options Purchased	100.00	%

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 Buffer Fund - June

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $3,171,006)	$	3,171,006


Cash		3,000,020


Receivable for:
Investments sold		285,953


Fund expenses absorbed		473


Total assets		6,457,452



Liabilities:
Other investments:
Options written, at value (premiums received $285,953)		285,953


Payable for:
Investments purchased		3,171,006


Accrued fees to affiliates		58


Accrued trustees’ and officers’ fees and benefits		49


Accrued other operating expenses		434


Total liabilities		3,457,500


Net assets applicable to shares outstanding	$	2,999,952



Net assets consist of:
Shares of beneficial interest	$	3,000,020


Distributable earnings (loss)		(68	)


	$	2,999,952



Net Assets:
Series I	$	1,499,981


Series II	$	1,499,971



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		150,001


Series II		150,001


Series I:
Net asset value per share	$	10.00


Series II:
Net asset value per share	$	10.00

Statement of Operations

For the period June 30, 2022 (commencement date) through June 30, 2022

(Unaudited)


Expenses:

Advisory fees		35


Administrative services fees		13


Custodian fees		40


Distribution fees - Series II		10


Trustees’ and officers’ fees and benefits		49


Licensing fees		3


Reports to shareholders		26


Professional services fees		337


Other		28


Total expenses		541


Less: Fees waived and/or expenses reimbursed		(473	)


Net expenses		68


Net investment income (loss)		(68	)


Net increase (decrease) in net assets resulting from operations	$	(68	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 Buffer Fund - June

Statement of Changes in Net Assets

For the period June 30, 2022 (commencement date) through June 30, 2022


	June 30, 2022 (commencement date) through June 30, 2022
Operations:
Net investment income (loss)		$	(68	)
Net increase (decrease) in net assets resulting from operations			(68	)

Share transactions–net:
Series I			1,500,010
Series II			1,500,010
Net increase in net assets resulting from share transactions			3,000,020
Net increase in net assets			2,999,952

Net assets:
Beginning of period			-
End of period		$	2,999,952

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 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 value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)		Total from investment operations			Net asset value, end of period		Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Series I
Period ended 06/30/22^(d)		$10.00		$(0.00	)		$-		$(0.00	)		$10.00		-	%		$1,500		0.70	%^(e)		6.45	%^(e)		(0.70	)%^(e)		0	%
Series II
Period ended 06/30/22^(d)		10.00		(0.00	)		-		(0.00	)		10.00		-			1,500		0.95	^(e)		6.70	^(e)		(0.95	)^(e)		0

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)	Commencement date of June 30, 2022.

^(e)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 Buffer Fund - June

Notes to Financial Statements

June 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco^® V.I. Nasdaq 100 Buffer Fund - June (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco^® V.I. Nasdaq 100 Buffer Fund - June

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

F.	Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

Flex Options Purchased and Written – The Fund invests primarily in FLexible EXchange^®Options (“FLEX^®Options”), which are non-standard Options that allow users to negotiate key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes as well as individual equities. Other benefits of FLEX^®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.

Invesco^® V.I. Nasdaq 100 Buffer Fund - June

J.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets			Rate


First $ 2 billion			0.420%


Over $2 billion			0.400%

For the period June 30, 2022 (commencement date) through June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.42%.

Effective June 30, 2022, the Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 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 June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. 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.

For the period June 30, 2022 (commencement date) through June 30, 2022, the Adviser waived advisory fees of $35 and reimbursed Fund expenses of $438.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the period June 30, 2022 (commencement date) through June 30, 2022, Invesco was paid $1 for accounting and fund administrative services and was reimbursed $12 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco^® V.I. Nasdaq 100 Buffer Fund - June

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the period June 30, 2022 (commencement date) through June 30, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Level 1

Level 2

Level 3

Total

Investments in Securities

Options Purchased

$–

$3,171,006

$–

$3,171,006

Other Investments - Liabilities*

Options Written

–

(285,953

)

–

(285,953

)

Total Investments

$–

$2,885,053

$–

$2,885,053

*	Options written are shown at value.

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2022:


	Value
	Equity
Derivative Assets	Risk


Options purchased, at value^(a)	$	3,171,006


Derivatives not subject to master netting agreements		(3,171,006	)


Total Derivative Assets subject to master netting agreements	$	–


	Value
	Equity
Derivative Liabilities	Risk


Options written, at value	$	(285,953)


Derivatives not subject to master netting agreements		285,953


Total Derivative Liabilities subject to master netting agreements	$	–

^(a)	Options purchased, at value as reported in the Schedule of Investments.

Invesco^® V.I. Nasdaq 100 Buffer Fund - June

The table below summarizes the average notional value of derivatives held during the period June 30, 2022 (commencement date) through June 30, 2022.


	Equity Options Purchased		Index Options Purchased		Equity Options Written		Index Options Written


Average notional value	$	692,856	$	2,369,766	$	1,456,320	$	4,981,112


Average contracts		48		4		48		4

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Tax Information

NOTE 8–Investment Transactions

There were no securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased or sold by the Fund during the period June 30, 2022 (commencement date) through June 30, 2022. In the fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	-


Aggregate unrealized (depreciation) of investments		-


Net unrealized appreciation (depreciation) of investments	$	-

Cost of investments for tax purposes is the same as the cost for financial reporting purposes.

NOTE 9–Share Information


	Summary of Share Activity
	June 30, 2022^(a)(b)
	Shares		Amount
Sold:
Series I		150,001		$	1,500,010
Series II		150,001			1,500,010
Net increase in share activity		300,002		$	3,000,020

^(a)	Commencement date of June 30, 2022.

^(b)	100% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

Invesco^® V.I. Nasdaq 100 Buffer Fund - June

Calculating your ongoing Fund expenses

Example

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during the period June 30, 2022 (commencement date) through June 30, 2022. Because the actual ending account value and expense information in the example is not based upon a six month period, the ending account value and expense information may not provide a meaningful comparison to mutual funds that provide such information for a full six month period.

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period³	Annualized Expense Ratio
Series I	$1,000.00	$1,000.00	$0.02	$1,021.32	$3.51	0.70%
Series II	1,000.00	1,000.00	0.03	1,020.08	4.76	0.95

The actual ending account value is based on the actual total return of the Fund for the period June 30, 2022 (commencement date) through June 30, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

Actual expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 1 (as of close of business June 30, 2022 (commencement date) through June 30, 2022)/365. Because the Fund has not been in existence for a full six month period, the actual ending account value and expense information shown may not provide a meaningful comparison to fund expense information of classes that show such data for a full six month period and, because the actual ending account value and expense information in the expense example covers a short time period, return and expense data may not be indicative of return and expense data for longer time periods.

Hypothetical expenses are equal to the annualized expense ratio indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect a one-half year period. The hypothetical ending account value and expenses may be used to compare ongoing costs of investing in the Fund and other funds because such data is based on a full six month period.

Invesco^® V.I. Nasdaq 100 Buffer Fund - June

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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. Nasdaq 100 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

The Board did not consider 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, because the Fund is new and has no performance history. The Board did review performance expectations for the Fund as well as information provided regarding the experience of the portfolio managers in managing products with derivatives-based strategies.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board considered the advisory fee schedule of the Fund. The Board noted that the Fund’s advisory fee is below the Morningstar “Options Trading” category median and average, and less than the advisory fee associated with other variable insurance “defined outcome” funds. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

Invesco^® V.I. Nasdaq 100 Buffer Fund - June

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 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

activity and the allocation of such revenue between the Fund and Invesco Advisers.

Invesco^® V.I. Nasdaq 100 Buffer Fund - June

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco^® V.I. Nasdaq 100 Buffer Fund - March

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VINDQM-SAR-1

Fund Performance

The Fund’s initial Outcome Period is twelve months, commencing on April 1, 2022 and ending on the following March 31, 2023.

The Invesco^® V.I. Nasdaq 100 Buffer Fund – March seeks, over a specified annual Outcome Period (an “Outcome Period”), to provide investors with returns that match those of the Nasdaq-100 Index^® (the “Underlying Index”) up to an upside Cap, while providing a buffer against the first 10% (prior to taking into account any fees and expenses of the Fund) of Underlying Index losses.

The Fund’s Cap for the current Outcome Period, which represents the maximum percentage return (expressed as a percentage of the value of the Underlying Index determined at the start of the Outcome Period) that can be achieved from an investment in the Fund over the entire Outcome Period (the “Cap”), is 18.50%. This Cap is before considering fees and expenses. A new Cap level for each successive Outcome Period will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period. If the Underlying Index experiences returns over an Outcome Period in excess of the Cap, the Fund, and therefore investors, will not experience those excess gains.

Invesco^® V.I. Nasdaq 100 Buffer Fund - March

Schedule of Investments

June 30, 2022

(Unaudited)


	Shares		Value


Money Market Funds-3.35%

Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(a)(b)		40,434	$ 40,434


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(a)(b)		28,962	28,960


Invesco Treasury Portfolio, Institutional Class, 1.35%^(a)(b)		46,210	46,210


Total Money Market Funds (Cost $115,602)			115,604


	Shares	Value


Options Purchased-114.04%
(Cost $4,244,215)^(c)		$	3,934,671


TOTAL INVESTMENTS IN SECURITIES-117.39%
(Cost $4,359,817)			4,050,275


OTHER ASSETS LESS LIABILITIES-(17.39)%			(600,149	)


NET ASSETS-100.00%		$	3,450,126

Notes to Schedule of Investments:

^(a)


	Value December 31, 2021*			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value June 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,379,776		$	(1,339,342	)		$	-		$	-		$	40,434	$ 86
Invesco Liquid Assets Portfolio, Institutional Class			-			985,554			(956,671	)			2			75			28,960	60
Invesco Treasury Portfolio, Institutional Class			-			1,576,887			(1,530,677	)			-			-			46,210	37
Total		$	-		$	3,942,217		$	(3,826,690	)		$	2		$	75		$	115,604	$183

Commencement date of March 31, 2022.

^(b)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

^(c)	The table below details options purchased.

Open Equity Options Purchased

Type of

Expiration

Number of

Exercise

Notional

Description

Contract

Date

Contracts

Price

Value^(a)

Value

Equity Risk

Invesco QQQ Trust, Series 1

Call

03/31/2023

USD

10.88

USD

78,336

1,933,287

Equity Risk

Invesco QQQ Trust, Series 1

Put

03/31/2023

USD

362.54

USD

2,610,288

575,047

Total Open Equity Options Purchased

2,508,334

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Index Options Purchased

Type of

Expiration

Number of

Exercise

Notional

Description

Contract

Date

Contracts

Price

Value^(a)

Value

Equity Risk

NASDAQ 100 Index

Call

03/31/2023

USD

445.15

USD

44,515

1,098,381

Equity Risk

NASDAQ 100 Index

Put

03/31/2023

USD

14,838.49

USD

1,483,849

327,956

Total Open Index Options Purchased

1,426,337

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Equity Options Written

Type of

Expiration

Number of

Exercise

Notional

Description

Contract

Date

Contracts

Price

Value^(a)

Value

Equity Risk

Invesco QQQ Trust, Series 1

Call

03/31/2023

USD 429.61

USD 3,093,192

(4,095

)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 Buffer Fund - March

Open Equity Options Written–(continued)

Type of

Expiration

Number of

Exercise

Notional

Description

Contract

Date

Contracts

Price

Value^(a)

Value

Equity Risk

Invesco QQQ Trust, Series 1

Put

03/31/2023

USD 326.29

USD 2,349,288

(373,438

)

Total Open Equity Options Written

(377,533

)

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Index Options Written

Type of

Expiration

Number of

Exercise

Notional

Description

Contract

Date

Contracts

Price

Value^(a)

Value

Equity Risk

NASDAQ 100 Index

Call

03/31/2023

USD 17,583.61

USD 1,758,361

(2,245

)

Equity Risk

NASDAQ 100 Index

Put

03/31/2023

USD 13,354.64

USD 1,335,464

(213,471

)

Total Open Index Options Written

(215,716

)

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Abbreviations:

USD -U.S. Dollar

Portfolio Composition

By security type, based on Total Investments

as of June 30, 2022



Options Purchased	97.15	%

Money Market Funds	2.85

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 Buffer Fund - March

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $4,244,215)	$	3,934,671


Investments in affiliated money market funds, at value (Cost $115,602)		115,604


Receivable for:
Investments sold		39,817


Fund expenses absorbed		34,590


Dividends		71


Total assets		4,124,753



Liabilities:
Other investments:
Options written, at value (premiums received $323,933)		593,249


Payable for:
Investments purchased		34,950


Fund shares reacquired		32


Amount due custodian		4,866


Accrued fees to affiliates		5,953


Accrued trustees’ and officers’ fees and benefits		4,024


Accrued other operating expenses		31,553


Total liabilities		674,627


Net assets applicable to shares outstanding	$	3,450,126



Net assets consist of:
Shares of beneficial interest	$	4,035,665


Distributable earnings (loss)		(585,539	)


	$	3,450,126



Net Assets:
Series I	$	1,253,793


Series II	$	2,196,333



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		150,000


Series II		262,907


Series I:
Net asset value per share	$	8.36


Series II:
Net asset value per share	$	8.35

Statement of Operations

For the period March 31, 2022 (commencement date) through June 30, 2022

(Unaudited)


Investment income:

Dividends from affiliated money market funds	$	183



Expenses:
Advisory fees		3,459


Administrative services fees		1,341


Custodian fees		1,304


Distribution fees - Series II		1,207


Transfer agent fees		38


Trustees’ and officers’ fees and benefits		4,512


Licensing fees		303


Reports to shareholders		1,601


Professional services fees		26,070


Other		2,476


Total expenses		42,311


Less: Fees waived and/or expenses reimbursed		(35,372	)


Net expenses		6,939


Net investment income (loss)		(6,756	)



Realized and unrealized gain (loss) from:
Affiliated investment securities		75


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(309,544	)


Affiliated investment securities		2


Option contracts written		(269,316	)


		(578,858	)


Net realized and unrealized gain (loss)		(578,783	)


Net increase (decrease) in net assets resulting from operations	$	(585,539	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 Buffer Fund - March

Statement of Changes in Net Assets

For the period March 31, 2022 (commencement date) through June 30, 2022


	March 31, 2022
	(commencement date) through
	June 30, 2022


Operations:
Net investment income (loss)		$	(6,756	)


Net realized gain			75


Change in net unrealized appreciation (depreciation)			(578,858	)


Net increase (decrease) in net assets resulting from operations			(585,539	)



Share transactions-net:
Series I			1,500,000


Series II			2,535,665


Net increase in net assets resulting from share transactions			4,035,665


Net increase in net assets			3,450,126



Net assets:
Beginning of period			-


End of period		$	3,450,126

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 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 value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Series I
Period ended 06/30/22^(d)		$	10.00		$	(0.02	)		$	(1.62	)		$	(1.64	)		$	8.36		(16.40	)%		$	1,254		0.70	%^(e)		4.99	%^(e)		(0.68	)%^(e)		0	%
Series II
Period ended 06/30/22^(d)			10.00			(0.02	)			(1.63	)			(1.65	)			8.35		(16.50	)			2,196		0.95	^(e)		5.24	^(e)		(0.93	)^(e)		0

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)	Commencement date of March 31, 2022.

^(e)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 Buffer Fund - March

Notes to Financial Statements

June 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco^® V.I. Nasdaq 100 Buffer Fund - March (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco^® V.I. Nasdaq 100 Buffer Fund - March

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

F.	Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

Invesco^® V.I. Nasdaq 100 Buffer Fund - March

J.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

Non-Diversified Risk – Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is classified as “diversified” for purposes of the 1940 Act. However, the Fund may be “non-diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund can invest a greater portion of its assets in the securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund. As such, the Fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund’s shares may experience significant fluctuations in value.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets		Rate


First $2 billion		0.420%


Over $2 billion		0.400%

For the period March 31, 2022 (commencement date) through June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.42%.

Effective March 31, 2022, the Adviser has contractually agreed, through at least April 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. 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.

For the period March 31, 2022 (commencement date) through June 30, 2022, the Adviser waived advisory fees of $3,459 and reimbursed Fund expenses of $31,913.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the period March 31, 2022 (commencement date), through June 30, 2022, Invesco was paid $106 for accounting and fund administrative services and was reimbursed $1,235 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco^® V.I. Nasdaq 100 Buffer Fund - March

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the period March 31, 2022 (commencement date) through June 30, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2			Level 3		Total


Investments in Securities


Money Market Funds	$	115,604	$	–			$–	$	115,604


Options Purchased		–		3,934,671			–		3,934,671


Total Investments in Securities		115,604		3,934,671			–		4,050,275



Other Investments - Liabilities*


Options Written		–		(593,249	)		–		(593,249	)


Total Investments	$	115,604	$	3,341,422			$–	$	3,457,026

*	Options written are shown at value.

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2022:


	Value
	Equity
Derivative Assets	Risk


Options purchased, at value^(a)	$	3,934,671


Derivatives not subject to master netting agreements		(3,934,671	)


Total Derivative Assets subject to master netting agreements	$	–



	Value
	Equity
Derivative Liabilities	Risk


Options written, at value	$	(593,249	)


Derivatives not subject to master netting agreements		593,249


Total Derivative Liabilities subject to master netting agreements	$	–

^(a)	Options purchased, at value as reported in the Schedule of Investments.

Invesco^® V.I. Nasdaq 100 Buffer Fund - March

Effect of Derivative Investments for the six months ended June 30, 2022

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on
	Statement of Operations
	Equity
	Risk


Change in Net Unrealized Appreciation (Depreciation):
Options purchased^(a)		$(309,544)


Options written		(269,316)

^(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities.

The table below summarizes the average notional value of derivatives held during the period March 31, 2022 (commencement date) through June 30, 2022.


	Equity		Index		Equity		Index
	Options		Options		Options		Options
	Purchased		Purchased		Written		Written


Average notional value	$	2,156,501	$	1,528,364	$	4,365,323	$	3,093,825


Average contracts		115		2		115		2

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

NOTE 7–Tax Information

NOTE 8–Investment Transactions

There were no securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased or sold by the Fund during the period March 31, 2022 (commencement date) through June 30, 2022. In the fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	420,594


Aggregate unrealized (depreciation) of investments		(999,452	)


Net unrealized appreciation (depreciation) of investments	$	(578,858	)

Cost of investments for tax purposes is $4,035,884.

NOTE 9–Share Information


	Summary of Share Activity


	June 30, 2022^(a)(b)
	Shares		Amount


Sold:
Series I		150,001	$1,500,010


Series II		264,139	2,546,078

Invesco^® V.I. Nasdaq 100 Buffer Fund - March


	Summary of Share Activity


	June 30, 2022^(a)(b)
	Shares			Amount



Reacquired:
Series I		(1	)	$	(10	)


Series II		(1,232	)		(10,413	)


Net increase in share activity		412,907		$	4,035,665

^(a)	Commencement date of March 31, 2022.

^(b)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 27% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with the entity whereby the entity sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to the entity, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by the entity are also owned beneficially.

In addition, 73% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

Invesco^® V.I. Nasdaq 100 Buffer Fund - March

Calculating your ongoing Fund expenses

Example

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during the period March 31, 2022 (commencement date) through June 30, 2022. Because the actual ending account value and expense information in the example is not based upon a six month period, the ending account value and expense information may not provide a meaningful comparison to mutual funds that provide such information for a full six month period.

Hypothetical example for comparison purposes

HYPOTHETICAL

(5% annual return before

ACTUAL

expenses)

Beginning

Ending

Expenses

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(01/01/22)

(06/30/22)¹

Period²

(06/30/22)

Period³

Ratio

Series I

$1,000.00

$836.00

$1.62

$1,021.32

$3.51

0.70%

Series II

1,000.00

835.00

2.20

1,020.08

4.76

0.95

The actual ending account value is based on the actual total return of the Fund for the period March 31, 2022 (commencement date) through June 30, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

Actual expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 92 (as of close of business March 31, 2022 (commencement date) through June 30, 2022)/365. Because the Fund has not been in existence for a full six month period, the actual ending account value and expense information shown may not provide a meaningful comparison to fund expense information of classes that show such data for a full six month period and, because the actual ending account value and expense information in the expense example covers a short time period, return and expense data may not be indicative of return and expense data for longer time periods.

Invesco^® V.I. Nasdaq 100 Buffer Fund - March

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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. Nasdaq 100 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

The Board did not consider 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, because the Fund is new and has limited performance history. The Board did review performance expectations for the Fund as well as information provided regarding the experience of the portfolio managers in managing products with derivatives-based strategies.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

Invesco^® V.I. Nasdaq 100 Buffer Fund - March

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 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

activity and the allocation of such revenue between the Fund and Invesco Advisers.

Invesco^® V.I. Nasdaq 100 Buffer Fund - March

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco^® V.I. Nasdaq 100 Buffer Fund - September

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.		VINDQS-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	-18.96	%
Series II Shares	-19.07
Nasdaq-100 Index^▼	-29.51

Source(s): ^▼Bloomberg LP

The Nasdaq-100 Index^® is a price-only index that includes 100 of the largest domestic and international non-financial companies listed on the NASDAQ Stock Market based on market capitalization.
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Cumulative Total Returns
As of 6/30/22
Series I Shares
Inception (9/30/21)	-14.10	%

Series II Shares
Inception (9/30/21)	-14.30	%

The Invesco^® V.I. Nasdaq 100 Buffer Fund – September seeks, over a specified annual Outcome Period (an “Outcome Period”), to provide investors with returns that match those of the Nasdaq-100 Index^® (the “Underlying Index”) up to an upside Cap, while providing a buffer against the first 10% (prior to taking into account any fees and expenses of the Fund) of Underlying Index losses.

The Fund’s Cap for the current Outcome Period, which represents the maximum percentage return (expressed as a percentage of the value of the Underlying Index determined at the start of the Outcome Period) that can be achieved from an investment in the Fund over the entire Outcome Period (the “Cap”), is 15.77%. This Cap is before considering fees and expenses. A new Cap level for each successive Outcome Period will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period. If the Underlying Index experiences returns over an Outcome Period in excess of the Cap, the Fund, and

therefore investors, will not experience those excess gains.

As of the date of this fund report, the Defined Outcomes sought by the Fund are based upon the performance of the Underlying Index over the Outcome Period of October 1, 2022 through September 30, 2023. Following this initial Outcome Period, each subsequent Outcome Period will be a one-year period from October 1 to September 30.

Invesco^® V.I. Nasdaq 100 Buffer Fund - September

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco^® V.I. Nasdaq 100 Buffer Fund - September

Schedule of Investments

June 30, 2022

(Unaudited)


	Shares		Value


Money Market Funds–3.60%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(a)(b)		72,432		$ 72,432


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(a)(b)		51,660		51,654


Invesco Treasury Portfolio, Institutional Class, 1.35%^(a)(b)		54,097		54,097


Total Money Market Funds (Cost $178,183)				178,183


	Shares	Value


Options Purchased–110.97%
(Cost $5,935,717)^(c)			$5,498,278


TOTAL INVESTMENTS IN SECURITIES–114.57% (Cost $6,113,900)			5,676,461


OTHER ASSETS LESS LIABILITIES–(14.57)%			(721,999	)


NET ASSETS–100.00%			$4,954,462

Notes to Schedule of Investments:

^(a)


	Value December 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 50,251		$ 702,636		$ (680,455)		$ -		$ -		$ 72,432	$ 58
Invesco Liquid Assets Portfolio, Institutional Class		35,819		501,882		(486,037)		3		(13)		51,654	42
Invesco Treasury Portfolio, Institutional Class		28,748		803,012		(777,663)		-		-		54,097	28
Total		$114,818		$2,007,530		$(1,944,155)		$3		$(13)		$178,183	$128

^(b)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

^(c)	The table below details options purchased.

Open Equity Options Purchased

Description

Type of

Contract

Expiration
Date

Number of
Contracts

Exercise

Price

Notional

Value^(a)

Value

Equity Risk

Invesco QQQ Trust, Series 1

Call

09/30/2022

159

USD

10.74

USD

170,766

4,279,202

Equity Risk

Invesco QQQ Trust, Series 1

Put

09/30/2022

159

USD

357.96

USD

5,691,564

1,219,076

Total Open Equity Options Purchased

5,498,278

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.


Open Equity Options Written


Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price			Notional Value^(a)			Value



Equity Risk



Invesco QQQ Trust, Series 1		Call		09/30/2022		159		USD	414.41		USD	6,589,119	$	(594	)



Equity Risk



Invesco QQQ Trust, Series 1		Put		09/30/2022		159		USD	322.16		USD	5,122,344		(697,479	)



Total Open Equity Options Written													$	(698,073	)

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Abbreviations:

USD - U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 Buffer Fund - September

Portfolio Composition

By security type, based on Total Investments

as of June 30, 2022



Options Purchased	96.86	%

Money Market Funds	3.14

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 Buffer Fund - September

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $5,935,717)	$	5,498,278


Investments in affiliated money market funds, at value (Cost $178,183)		178,183


Cash		91,603


Receivable for:
Investments sold		12,285


Fund expenses absorbed		61,808


Investment for trustee deferred compensation and retirement plans		135


Total assets		5,842,292



Liabilities:
Other investments:
Options written, at value (premiums received $515,997)		698,073


Payable for:
Investments purchased		103,887


Fund shares reacquired		516


Accrued fees to affiliates		15,673


Accrued trustees’ and officers’ fees and benefits		2,210


Accrued other operating expenses		67,336


Trustee deferred compensation and retirement plans		135


Total liabilities		887,830


Net assets applicable to shares outstanding	$	4,954,462



Net assets consist of:
Shares of beneficial interest	$	5,590,306


Distributable earnings (loss)		(635,844	)


	$	4,954,462



Net Assets:
Series I	$	1,357,478


Series II	$	3,596,984



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		158,028


Series II		419,489


Series I:
Net asset value per share	$	8.59


Series II:
Net asset value per share	$	8.57

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:
Dividends from affiliated money market funds	$	128



Expenses:
Advisory fees		8,087


Administrative services fees		272


Custodian fees		99


Distribution fees - Series II		2,945


Transfer agent fees		87


Trustees’ and officers’ fees and benefits		6,946


Licensing fees		756


Reports to shareholders		4,482


Professional services fees		41,303


Other		892


Total expenses		65,869


Less: Fees waived and/or expenses reimbursed		(49,500	)


Net expenses		16,369


Net investment income (loss)		(16,241	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from affiliated investment securities		(13	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(657,939	)


Affiliated investment securities		3


Option contracts written		(152,795	)


		(810,731	)


Net realized and unrealized gain (loss)		(810,744	)


Net increase (decrease) in net assets resulting from operations	$	(826,985	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 Buffer Fund - September

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and for the period September 30, 2021 (commencement date) through December 31, 2021

(Unaudited)


	Six Months Ended June 30, 2022			September 30, 2021 (commencement date) through December 31, 2021
Operations:
Net investment income (loss)		$ (16,241	)		$ (7,030	)
Net realized gain (loss)		(13	)		(75	)
Change in net unrealized appreciation (depreciation)		(810,731	)		191,216
Net increase (decrease) in net assets resulting from operations		(826,985	)		184,111

Share transactions–net:
Series I		79,870			1,500,010
Series II		2,040,375			1,977,081
Net increase in net assets resulting from share transactions		2,120,245			3,477,091
Net increase in net assets		1,293,260			3,661,202

Net assets:
Beginning of period		3,661,202			–
End of period		$4,954,462			$3,661,202

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 Buffer Fund - September

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Net asset value, end of period			Total return^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover^(c)
Series I
Six months ended 06/30/22		$	10.60		$	(0.03	)		$	(1.98	)		$	(2.01	)		$	8.59		(18.96	)%		$	1,357		0.70	%^(d)		3.27	%^(d)		(0.69	)%^(d)		0	%
Period ended 12/31/21^(e)			10.00			(0.02	)			0.62				0.60				10.60		6.00				1,589		0.70	^(d)		7.73	^(d)		(0.70	)^(d)		0
Series II
Six months ended 06/30/22			10.59			(0.04	)			(1.98	)			(2.02	)			8.57		(19.07	)			3,597		0.95	^(d)		3.52	^(d)		(0.94	)^(d)		0
Period ended 12/31/21^(e)			10.00			(0.03	)			0.62				0.59				10.59		5.90				2,072		0.95	^(d)		7.98	^(d)		(0.95	)^(d)		0

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)	Annualized.

^(e)	Commencement date of September 30, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. Nasdaq 100 Buffer Fund - September

Notes to Financial Statements

June 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco^® V.I. Nasdaq 100 Buffer Fund - September (the “Fund”) is a series portfolio of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class. Current Securities and Exchange Commission (“SEC”) guidance, however, requires participating insurance companies offering separate accounts to vote shares proportionally in accordance with the instructions of the contract owners whose investments are funded by shares of each Fund or class.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Invesco^® V.I. Nasdaq 100 Buffer Fund - September

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions - Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

F.	Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

Flex Options Purchased and Written - The Fund invests primarily in FLexible EXchange^® Options (“FLEX^® Options”), which are non-standard Options that allow users to negotiate key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes as well as individual equities. Other benefits of FLEX^® 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.

Invesco^® V.I. Nasdaq 100 Buffer Fund - September

J.	Leverage Risk - Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

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 Buffer will effectively protect against 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).

Non-Diversified Risk - Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is classified as “diversified” for purposes of the 1940 Act. However, the Fund may be “non-diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund can invest a greater portion of its assets in the securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund. As such, the Fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund’s shares may experience significant fluctuations in value.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate


First $ 2 billion		0.420%


Over $2 billion		0.400%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.42%.

The Adviser has contractually agreed, through at least April 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.70% and Series II 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $8,086 and reimbursed Fund expenses of $41,414.

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, 2022, Invesco was paid $272 for accounting and fund administrative services and was reimbursed $0 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco^® V.I. Nasdaq 100 Buffer Fund - September

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2			Level 3		Total


Investments in Securities


Money Market Funds	$	178,183	$	–			$–	$	178,183


Options Purchased		–		5,498,278			–		5,498,278


Total Investments in Securities		178,183		5,498,278			–		5,676,461



Other Investments - Liabilities*


Options Written		–		(698,073	)		–		(698,073	)


Total Investments	$	178,183	$	4,800,205			$–	$	4,978,388

*	Options written are shown at value.

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2022:


	Value
	Equity
Derivative Assets	Risk


Options purchased, at value^(a)	$	5,498,278


Derivatives not subject to master netting agreements		(5,498,278	)


Total Derivative Assets subject to master netting agreements	$	–



	Value
	Equity
Derivative Liabilities	Risk


Options written, at value	$	(698,073	)


Derivatives not subject to master netting agreements		698,073


Total Derivative Liabilities subject to master netting agreements	$	–

^(a)	Options purchased, at value as reported in the Schedule of Investments.

Invesco^® V.I. Nasdaq 100 Buffer Fund - September

Effect of Derivative Investments for the six months ended June 30, 2022

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations
	Equity
	Risk


Change in Net Unrealized Appreciation (Depreciation):
Options purchased^(a)		$(657,939)


Options written		(152,795)

^(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.


	Equity		Equity
	Options		Options
	Purchased		Written


Average notional value	$	4,375,240	$	8,740,631


Average contracts		237		237

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Tax Information

The Fund had a capital loss carryforward as of December 31, 2021, as follows:

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

There were no securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased or sold by the Fund during the six months ended June 30, 2022. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	679,011


Aggregate unrealized (depreciation) of investments		(1,298,530	)


Net unrealized appreciation (depreciation) of investments	$	(619,519	)

Cost of investments for tax purposes is $5,597,907.

Invesco^® V.I. Nasdaq 100 Buffer Fund - September

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended
	June 30, 2022^(a)					December 31, 2021^(b)
	Shares		Amount			Shares			Amount


Sold:
Series I		8,146	$	80,969			150,001		$	1,500,010


Series II		228,729		2,087,107			196,330			1,984,070



Reacquired:
Series I		(119)		(1,099	)		-			-


Series II		(4,909)		(46,732	)		(661	)		(6,989	)


Net increase in share activity		231,847	$	2,120,245			345,670		$	3,477,091

^(a)

In addition, 52% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)	Commencement date of September 30, 2021.

Invesco^® V.I. Nasdaq 100 Buffer Fund - September

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio
Series I	$1,000.00	$810.40	$3.14	$1,021.32	$3.51	0.70%
Series II	1,000.00	809.30	4.26	1,020.08	4.76	0.95

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco^® V.I. Nasdaq 100 Buffer Fund - September

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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. Nasdaq 100 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

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 noted that the Fund had recently commenced operations in September 2021 and has limited performance history. The Board reviewed performance expectations for the Fund as well as information provided regarding the experience of the portfolio managers in managing products with derivatives-based strategies.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco^® V.I. Nasdaq 100 Buffer Fund - September

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.

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 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

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.

Invesco^® V.I. Nasdaq 100 Buffer Fund - September

LOGO


Semiannual Report to Shareholders		June 30, 2022

Invesco^® V.I. S&P 500 Buffer Fund - December

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.


NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc.		VISP500D-SAR-1

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.


Series I Shares	-13.40	%
Series II Shares	-13.50
S&P 500 Index^q	-20.58

Source(s): ^qRIMES Technologies Corp.

The S&P 500^®Index is an unmanaged price-only index considered representative of the US stock market.


Cumulative Total Returns
As of 6/30/22
Series I Shares
Inception (12/31/21)	-13.40	%
Series II Shares
Inception (12/31/21)	-13.50	%

The Invesco^® V.I. S&P 500 Buffer Fund – December seeks, over a specified annual Outcome Period (an “Outcome Period”), to provide investors with returns that match those of the S&P 500^® Index (the “Underlying Index”) up to an upside Cap, while providing a buffer against the first 10% (prior to taking into account any fees and expenses of the Fund) of Underlying Index losses.

The Fund’s Cap for the current Outcome Period, which represents the maximum percentage return (expressed as a percentage of the value of the Underlying Index determined at the start of the Outcome Period) that can be achieved from an investment in the Fund over the entire Outcome Period (the “Cap”), is 12.20%. This Cap is before considering fees and expenses. A new Cap level for each successive Outcome Period will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period. If the Underlying Index experiences returns over an Outcome Period in excess of the Cap, the Fund, and

therefore investors, will not experience those excess gains.

Invesco^®V.I. S&P 500 Buffer Fund - December

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco^®V.I. S&P 500 Buffer Fund - December

Schedule of Investments

June 30, 2022

(Unaudited)


	Shares		Value

Money Market Funds–3.69%

Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(a)(b)		117,351	$	117,351

Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(a)(b)		88,191		88,182

Invesco Treasury Portfolio, Institutional Class, 1.35%^(a)(b)		140,810		140,810

Total Money Market Funds (Cost $346,337)				346,343


	Shares	Value

Options Purchased–109.90%
(Cost $10,974,216)^(c)		$	10,315,547

TOTAL INVESTMENTS IN SECURITIES–113.59% (Cost $11,320,553)			10,661,890

OTHER ASSETS LESS LIABILITIES–(13.59)%			(1,275,325	)

NET ASSETS–100.00%		$	9,386,565

Notes to Schedule of Investments:

^(a)


							Change in		Realized
	Value		Purchases		Proceeds		Unrealized		Gain		Value
	December 31, 2021		at Cost		from Sales		Appreciation		(Loss)		June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 700,007		$1,744,113		$(2,326,769)		$ -		$ -		$117,351		$112
Invesco Liquid Assets Portfolio, Institutional Class		1,000,010		987,590		(1,899,385)		6		(39)		88,182		87
Invesco Treasury Portfolio, Institutional Class		800,008		1,999,987		(2,659,185)		-		-		140,810		98
Total		$2,500,025		$4,731,690		$(6,885,339)		$6		$(39)		$346,343		$297

^(b)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

^(c)	The table below details options purchased.

Open Equity Options Purchased

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise

Price

Notional

Value^(a)

Value

Equity Risk

SPDR^®S&P 500^®ETF Trust

Call

12/30/2022

116

USD

14.25

USD

165,300

4,168,283

Equity Risk

SPDR^®S&P 500^®ETF Trust

Put

12/30/2022

116

USD

474.96

USD

5,509,536

1,117,530

Total Open Equity Options Purchased

5,285,813

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Index Options Purchased

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise

Price

Notional

Value^(a)

Value

Equity Risk

S&P 500^®Index

Call

12/30/2022

USD

142.99

USD

157,289

3,974,418

Equity Risk

S&P 500^®Index

Put

12/30/2022

USD

4,766.18

USD

5,242,798

1,055,316

Total Open Index Options Purchased

5,029,734

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.


Open Equity Options Written

Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price		Notional Value^(a)		Value

Equity Risk

SPDR^®S&P 500^®ETF Trust		Call		12/30/2022		116	USD	532.91	USD	6,181,756	$	(1,141	)

Equity Risk

SPDR^®S&P 500^®ETF Trust		Put		12/30/2022		116	USD	427.46	USD	4,958,536		(636,998	)

Total Open Equity Options Written											$	(638,139	)

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^®V.I. S&P 500 Buffer Fund - December

Open Index Options Written

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise

Price

Notional

Value^(a)

Value

Equity Risk

S&P 500^®Index

Call

12/30/2022

USD 5,347.65

USD 5,882,415

(1,475

)

Equity Risk

S&P 500^®Index

Put

12/30/2022

USD 4,289.56

USD 4,718,516

(598,489

)

Total Open Index Options Written

(599,964

)

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Abbreviations:


ETF		–Exchange-Traded Fund
SPDR^®		–Standard & Poor’s Depositary Receipt
USD		–U.S. Dollar

Portfolio Composition

By security type, based on Total Investments

as of June 30, 2022


Options Purchased	96.75	%
Money Market Funds	3.25

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^®V.I. S&P 500 Buffer Fund - December

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $10,974,216)	$	10,315,547

Investments in affiliated money market funds, at value (Cost $346,337)		346,343

Receivable for:
Investments sold		21,971

Fund expenses absorbed		44,252

Total assets		10,728,113


Liabilities:
Other investments:
Options written, at value (premiums received $776,252)		1,238,103

Payable for:
Fund shares reacquired		245

Amount due custodian		21,971

Accrued fees to affiliates		28,898

Accrued trustees’ and officers’ fees and benefits		2,157

Accrued other operating expenses		50,174

Total liabilities		1,341,548

Net assets applicable to shares outstanding	$	9,386,565


Net assets consist of:
Shares of beneficial interest	$	10,608,386

Distributable earnings (loss)		(1,221,821	)

	$	9,386,565


Net Assets:
Series I	$	866,168

Series II	$	8,520,397


Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		100,000

Series II		985,053

Series I:
Net asset value per share	$	8.66

Series II:
Net asset value per share	$	8.65

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:
Dividends from affiliated money market funds	$	297


Expenses:
Advisory fees		16,900

Administrative services fees		5,531

Custodian fees		1,551

Distribution fees - Series II		8,898

Transfer agent fees		113

Trustees’ and officers’ fees and benefits		6,374

Licensing fees		1,190

Professional services fees		40,949

Other		1,353

Total expenses		82,859

Less: Fees waived		(45,927	)

Net expenses		36,932

Net investment income (loss)		(36,635	)


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(51,793	)

Affiliated investment securities		(39	)

Option contracts written		(12,840	)

		(64,672	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(658,669	)

Affiliated investment securities		6

Option contracts written		(461,851	)

		(1,120,514	)

Net realized and unrealized gain (loss)		(1,185,186	)

Net increase (decrease) in net assets resulting from operations	$	(1,221,821	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^®V.I. S&P 500 Buffer Fund - December

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and for the period December 31, 2021 (commencement date) through December 31, 2021

(Unaudited)


					December 31, 2021
	Six Months Ended				(commencement date) through
	June 30, 2022				December 31, 2021
Operations:
Net investment income (loss)		$	(36,635	)		$	(45	)
Net realized gain (loss)			(64,672	)			–
Change in net unrealized appreciation (depreciation)			(1,120,514	)			–
Net increase (decrease) in net assets resulting from operations			(1,221,821	)			(45	)

Share transactions–net:
Series I			–				1,000,000
Series II			8,608,431				1,000,000
Net increase in net assets resulting from share transactions			8,608,431				2,000,000
Net increase in net assets			7,386,610				1,999,955

Net assets:
Beginning of period			1,999,955				–
End of period		$	9,386,565			$	1,999,955

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^®V.I. S&P 500 Buffer Fund - December

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Series I
Six months ended 06/30/22		$	10.00		$	(0.03	)		$	(1.31	)		$	(1.34	)		$	8.66		(13.40	)%		$	866		0.70	%^(d)		1.84	%^(d)		(0.69	)%^(d)		0	%
Period ended 12/31/21^(e)			10.00			(0.00	)			-				(0.00	)			10.00		-				1,000		0.70	^(d)		643.01	^(d)		(0.70	)^(d)		0
Series II
Six months ended 06/30/22			10.00			(0.04	)			(1.31	)			(1.35	)			8.65		(13.50	)			8,520		0.95	^(d)		2.09	^(d)		(0.94	)^(d)		0
Period ended 12/31/21^(e)			10.00			(0.00	)			-				(0.00	)			10.00		-				1,000		0.95	^(d)		643.26	^(d)		(0.95	)^(d)		0

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)	Annualized.

^(e)	Commencement date of December 31, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^®V.I. S&P 500 Buffer Fund - December

Notes to Financial Statements

June 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco^® 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^® 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 S&P 500^® Index or options that reference the SPDR^® S&P 500^® ETF Trust, which is an exchange-traded unit investment trust that seeks to track the S&P 500^® 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 following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco^® V.I. S&P 500 Buffer Fund - December

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

F.	Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

Invesco^®V.I. S&P 500 Buffer Fund - December

J.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate

First $2 billion		0.420%

Over $2 billion		0.400%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.42%.

The Adviser has contractually agreed, through at least April 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. 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.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $16,900 and reimbursed fund level expenses of $29,027.

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, 2022, Invesco was paid $410 for accounting and fund administrative services and was reimbursed $5,121 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco^®V.I. S&P 500 Buffer Fund - December

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2			Level 3	Total

Investments in Securities

Money Market Funds	$	346,343	$	–		$–	$	346,343

Options Purchased		–		10,315,547		–		10,315,547

Total Investments in Securities		346,343		10,315,547		–		10,661,890


Other Investments - Liabilities*

Options Written		–		(1,238,103	)	–		(1,238,103	)

Total Investments	$	346,343	$	9,077,444		$–	$	9,423,787

*	Options written are shown at value.

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2022:


	Value
	Equity
Derivative Assets	Risk

Options purchased, at value^(a)	$	10,315,547

Derivatives not subject to master netting agreements		(10,315,547	)

Total Derivative Assets subject to master netting agreements	$	–


	Value
	Equity
Derivative Liabilities	Risk

Options written, at value	$	(1,238,103	)

Derivatives not subject to master netting agreements		1,238,103

Total Derivative Liabilities subject to master netting agreements	$	–

^(a)	Options purchased, at value as reported in the Schedule of Investments.

Invesco^®V.I. S&P 500 Buffer Fund - December

Effect of Derivative Investments for the six months ended June 30, 2022

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on
	Statement of Operations
	Equity
	Risk
Realized Gain (Loss):
Options purchased^(a)		$	(51,793	)
Options written			(12,840	)
Change in Net Unrealized Appreciation (Depreciation):
Options purchased^(a)			(658,669	)
Options written			(461,851	)
Total		$	(1,185,153	)

^(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.


	Equity		Index		Equity		Index
	Options		Options		Options		Options
	Purchased		Purchased		Written		Written

Average notional value	$	4,451,811	$	5,072,809	$	8,739,367	$	9,958,450

Average contracts		182		21		182		21

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

NOTE 7–Tax Information

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis



Aggregate unrealized appreciation of investments	$	1,286,744

Aggregate unrealized (depreciation) of investments		(2,407,258	)

Net unrealized appreciation (depreciation) of investments	$	(1,120,514	)

Cost of investments for tax purposes is the same as the cost for financial reporting purposes.

Invesco^®V.I. S&P 500 Buffer Fund - December

NOTE 9–Share Information


	Summary of Share Activity

	Six months ended
	June 30, 2022^(a)						December 31, 2021^(b)
	Shares			Amount			Shares			Amount

Sold:
Series I		-		$	-			100,001		$	1,000,010

Series II		931,272			9,013,968			100,001			1,000,010


Reacquired:
Series I		-			-			(1	)		(10	)

Series II		(46,219	)		(405,537	)		(1	)		(10	)

Net increase in share activity		885,053		$	8,608,431			200,000		$	2,000,000

^(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 82% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with the entity whereby the entity sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to the entity, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by the entity are also owned beneficially.

In addition, 18% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)	Commencement date of December 31, 2021.

Invesco^®V.I. S&P 500 Buffer Fund - December

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period²	Annualized Expense Ratio²
Series I	$1,000.00	$866.00	$3.24	$1,021.32	$3.51	0.70%
Series II	1,000.00	865.00	4.39	1,020.08	4.76	0.95

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco^®V.I. S&P 500 Buffer Fund - December

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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. 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

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 noted that the Fund had recently commenced operations in December 2021 and has limited performance history. The Board reviewed performance expectations for the Fund as well as information provided regarding the experience of the portfolio managers in managing products with derivatives-based strategies.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco^® V.I. S&P 500 Buffer Fund - December

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

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 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

Invesco^® V.I. S&P 500 Buffer Fund - December

LOGO


Semiannual Report to Shareholders		June 30, 2022

Invesco^® V.I. S&P 500 Buffer Fund - June

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE



Invesco Distributors, Inc.		VISP500J-SAR-1

Fund Performance

The Fund’s initial Outcome Period is twelve months, commencing on July 1, 2022 and ending on the following June 30, 2023.

The Invesco^® V.I. S&P 500 Buffer Fund - June seeks, over a specified annual Outcome Period (an “Outcome Period”), to provide investors with returns that match those of the S&P 500^® Index (the “Underlying Index”) up to an upside Cap, while providing a buffer against the first 10% (prior to taking into account any fees and expenses of the Fund) of Underlying Index losses.

The Fund’s Cap for the current Outcome Period, which represents the maximum percentage return (expressed as a percentage of the value of the Underlying Index determined at the start of the Outcome Period) that can be achieved from an investment in the Fund over the entire Outcome Period (the “Cap”), is 22.27%. This Cap is before considering fees and expenses. A new Cap level for each successive Outcome Period will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period. If the Underlying Index experiences returns over an Outcome Period in excess of the Cap, the Fund, and therefore investors, will not experience those excess gains.

Invesco^® V.I. S&P 500 Buffer Fund - June

Schedule of Investments

June 30, 2022

(Unaudited)


	Shares	Value

Options Purchased–102.78% (Cost $2,055,607)^(a)		$	2,055,607

TOTAL INVESTMENTS IN SECURITIES–102.78% (Cost $2,055,607)			2,055,607

OTHER ASSETS LESS LIABILITIES–(2.78)%			(55,632	)

NET ASSETS–100.00%		$	1,999,975

Notes to Schedule of Investments:

^(a)	The table below details options purchased.

Open Equity Options Purchased

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise
Price

Notional
Value^(a)

Value

Equity Risk

SPDR S&P 500 ETF Trust

Call

06/30/2023

USD

11.33

USD

2,266

73,206

Equity Risk

SPDR S&P 500 ETF Trust

Put

06/30/2023

USD

377.56

USD

75,512

6,406

Total Open Equity Options Purchased

79,612

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Index Options Purchased

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise

Price

Notional

Value^(a)

Value

Equity Risk

S&P 500^®Index

Call

06/30/2023

USD

113.56

USD

56,780

1,809,425

Equity Risk

S&P 500^®Index

Put

06/30/2023

USD

3,785.38

USD

1,892,690

166,570

Total Open Index Options Purchased

1,975,995

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.


Open Equity Options Written

Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price		Notional Value^(a)		Value

Equity Risk

SPDR S&P 500 ETF Trust		Call		06/30/2023		2	USD	461.64	USD	92,328	$	(1,793	)

Equity Risk

SPDR S&P 500 ETF Trust		Put		06/30/2023		2	USD	339.80	USD	67,960		(4,694	)

Total Open Equity Options Written											$	(6,487	)

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Index Options Written

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise

Price

Notional

Value^(a)

Value

Equity Risk

S&P 500^®Index

Call

06/30/2023

USD 4,628.38

USD 2,314,190

(35,945

)

Equity Risk

S&P 500^®Index

Put

06/30/2023

USD 3,406.84

USD 1,703,420

(104,085

)

Total Open Index Options Written

(140,030

)

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. S&P 500 Buffer Fund - June

Abbreviations:

ETF

SPDR

USD

–Exchange-Traded Fund

–Standard & Poor’s Depositary Receipt

–U.S. Dollar

Portfolio Composition

By security type, based on Total Investments

as of June 30, 2022


Options Purchased			100.00%

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. S&P 500 Buffer Fund - June

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:
Investments in unaffiliated securities, at value (Cost $2,055,607)	$	2,055,607

Cash		2,000,020

Receivable for:
Investments sold		146,516

Fund expenses absorbed		499

Total assets		4,202,642


Liabilities:
Other investments:
Options written, at value (premiums received $146,517)		146,517

Payable for:
Investments purchased		2,055,607

Accrued fees to affiliates		39

Accrued trustees’ and officers’ fees and benefits		49

Accrued other operating expenses		455

Total liabilities		2,202,667

Net assets applicable to shares outstanding	$	1,999,975


Net assets consist of:
Shares of beneficial interest	$	2,000,020

Distributable earnings (loss)		(45	)

	$	1,999,975


Net Assets:
Series I	$	999,991

Series II	$	999,984


Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		100,001

Series II		100,001

Series I:
Net asset value per share	$	10.00

Series II:
Net asset value per share	$	10.00

Statement of Operations

For the period June 30, 2022 (commencement date) through June 30, 2022

(Unaudited)


Expenses:
Advisory fees		23

Administrative services fees		9

Custodian fees		39

Distribution fees - Series II		7

Trustees’ and officers’ fees and benefits		49

Licensing fees		3

Reports to shareholders		51

Professional services fees		336

Other		27

Total expenses		544

Less: Fees waived and/or expenses reimbursed		(499	)

Net expenses		45

Net investment income (loss)		(45	)

Net increase (decrease) in net assets resulting from operations	$	(45	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. S&P 500 Buffer Fund - June

Statement of Changes in Net Assets

For the period June 30, 2022 (commencement date) through June 30, 2022


	June 30, 2022 (commencement date) through June 30, 2022

Operations:
Net investment income (loss)		$	(45	)

Net increase (decrease) in net assets resulting from operations			(45	)


Share transactions–net:
Series I			1,000,010

Series II			1,000,010

Net increase in net assets resulting from share transactions			2,000,020

Net increase in net assets			1,999,975


Net assets:
Beginning of period			–

End of period		$	1,999,975

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® 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 value, beginning of period		Net investment income (loss)^(a)		Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Net asset value, end of period		Total return ^(b)		Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed		Ratio of expenses to average net assets without fee waivers and/or expenses absorbed		Ratio of net investment income (loss) to average net assets		Portfolio turnover ^(c)

Series I
Period ended 06/30/22^(d)		$10.00		$(0.00)		$-		$(0.00)		$10.00		-%		$1,000		0.70%^(e)		9.80%^(e)		(0.70)%^(e)		0%

Series II
Period ended 06/30/22^(d)		10.00		(0.00)		-		(0.00)		10.00		-		1,000		0.95^(e)		10.05^(e)		(0.95)^(e)		0

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)	Commencement date of June 30, 2022.

^(e)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. S&P 500 Buffer Fund - June

Notes to Financial Statements

June 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco^® 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 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 following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco^® V.I. S&P 500 Buffer Fund - June

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

F.	Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

Invesco^® V.I. S&P 500 Buffer Fund - June

J.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate

First $2 billion		0.420%

Over $2 billion		0.400%

For the period June 30, 2022 (commencement date) through June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.42%.

For the period June 30, 2022 (commencement date) through June 30, 2022, the Adviser waived advisory fees of $23 and reimbursed Fund expenses of $476.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the period June 30, 2022 (commencement date) through June 30, 2022, Invesco was paid $1 for accounting and fund administrative services and was reimbursed $8 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco^® V.I. S&P 500 Buffer Fund - June

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the period June 30, 2022 (commencement date) through June 30, 2022, expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2			Level 3		Total

Investments in Securities

Options Purchased		$–	$	2,055,607			$–	$	2,055,607


Other Investments - Liabilities*

Options Written		–		(146,517	)		–		(146,517	)

Total Investments		$–	$	1,909,090			$–	$	1,909,090

*	Options written are shown at value.

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2022:


	Value
Derivative Assets	Equity Risk

Options purchased, at value^(a)	$	2,055,607

Derivatives not subject to master netting agreements		(2,055,607	)

Total Derivative Assets subject to master netting agreements	$	–


	Value
Derivative Liabilities	Equity Risk

Options written, at value	$	(146,517	)

Derivatives not subject to master netting agreements		146,517

Total Derivative Liabilities subject to master netting agreements	$	–

^(a)	Options purchased, at value as reported in the Schedule of Investments.

Invesco^® V.I. S&P 500 Buffer Fund - June

The table below summarizes the average notional value of derivatives held during the period June 30, 2022 (commencement date) through June 30, 2022.


	Equity Options Purchased		Index Options Purchased		Equity Options Written		Index Options Written

Average notional value		$77,778		$1,949,470		$160,288		$4,017,610

Average contracts		4		10		4		10

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Tax Information

NOTE 8–Investment Transactions


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	–

Aggregate unrealized (depreciation) of investments		–

Net unrealized appreciation (depreciation) of investments	$	–

Cost of investments for tax purposes is the same as the cost for financial reporting purposes.

NOTE 9–Share Information


	Summary of Share Activity

	June 30, 2022^(a)(b)
	Shares		Amount

Sold:
Series I		100,001		$1,000,010

Series II		100,001		1,000,010

Net increase in share activity		200,002		$2,000,020

^(a)	Commencement date of June 30, 2022.

^(b)	100% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

Invesco^® V.I. S&P 500 Buffer Fund - June

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes



		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period³	Annualized Expense Ratio

Series I	$1,000.00	$1,000.00	$0.02	$1,021.32	$3.51	0.70%

Series II	1,000.00	1,000.00	0.03	1,020.08	4.76	0.95

Invesco^® V.I. S&P 500 Buffer Fund - June

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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. 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

Invesco^® V.I. S&P 500 Buffer Fund - June

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 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

activity and the allocation of such revenue between the Fund and Invesco Advisers.

Invesco^® V.I. S&P 500 Buffer Fund - June

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco^® V.I. S&P 500 Buffer Fund – March


NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

Invesco Distributors, Inc.		VISP500M-SAR-1

Fund Performance

The Fund’s initial Outcome Period is twelve months, commencing on April 1, 2022 and ending on the following March 31, 2023.

The Invesco^® V.I. S&P 500 Buffer Fund – March seeks, over a specified annual Outcome Period (an “Outcome Period”), to provide investors with returns that match those of the S&P 500^® Index (the “Underlying Index”) up to an upside Cap, while providing a buffer against the first 10% (prior to taking into account any fees and expenses of the Fund) of Underlying Index losses.

The Fund’s Cap for the current Outcome Period, which represents the maximum percentage return (expressed as a percentage of the value of the Underlying Index determined at the start of the Outcome Period) that can be achieved from an investment in the Fund over the entire Outcome Period (the “Cap”), is 14.60%. This Cap is before considering fees and expenses. A new Cap level for each successive Outcome Period will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period. If the Underlying Index experiences returns over an Outcome Period in excess of the Cap, the Fund, and therefore investors, will not experience those excess gains.

Invesco^® V.I. S&P 500 Buffer Fund – March

Schedule of Investments

June 30, 2022

(Unaudited)


	Shares		Value


Money Market Funds–3.68%
Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(a)(b)		136,202	$	136,202


Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(a)(b)		97,356		97,346


Invesco Treasury Portfolio, Institutional Class, 1.35%^(a)(b)		155,659		155,659


Total Money Market Funds (Cost $389,204)				389,207


	Shares	Value


Options Purchased–107.57%
(Cost $12,214,766)^(c)		$	11,362,708


TOTAL INVESTMENTS IN SECURITIES–111.25% (Cost $12,603,970)			11,751,915


OTHER ASSETS LESS LIABILITIES–(11.25)%			(1,188,819	)


NET ASSETS–100.00%		$	10,563,096

Notes to Schedule of Investments:

^(a)


	Value December 31, 2021*			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value June 30, 2022			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	3,703,524		$	(3,567,323	)		$	-		$	-		$	136,202		$	251

Invesco Liquid Assets Portfolio, Institutional Class			-			2,645,374			(2,548,087	)			3			56			97,346			176

Invesco Treasury Portfolio, Institutional Class			-			4,232,599			(4,076,940	)			-			-			155,659			235

Total		$	-		$	10,581,497		$	(10,192,350	)		$	3		$	56		$	389,207		$	662

Commencement date of March 31, 2022.

^(b)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

^(c)	The table below details options purchased.

Open Equity Options Purchased

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise

Price

Notional

Value^(a)

Value

Equity Risk

SPDR S&P 500 ETF Trust

Call

03/31/2023

USD 13.56

USD 69,156

$1,832,483

Equity Risk

SPDR S&P 500 ETF Trust

Put

03/31/2023

USD 452.11

USD 2,305,761

384,426

Total Open Equity Options Purchased

$2,216,909

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Index Options Purchased

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise

Price

Notional

Value^(a)

Value

Equity Risk

S&P 500^®Index

Call

03/31/2023

USD 135.91

USD 285,411

$7,582,506

Equity Risk

S&P 500^®Index

Put

03/31/2023

USD 4,530.41

USD 9,513,861

1,563,293

Total Open Index Options Purchased

$9,145,799

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Equity Options Written

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise
Price

Notional

Value^(a)

Value

Equity Risk

SPDR S&P 500 ETF Trust

Call

03/31/2023

USD 518.12

USD 2,642,412

(3,523

)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. S&P 500 Buffer Fund – March

Open Equity Options Written–(continued)

Description

Type of

Contract

Expiration

Date

Number of

Contracts

Exercise

Price

Notional

Value^(a)

Value

Equity Risk

SPDR S&P 500 ETF Trust

Put

03/31/2023

USD 406.90

USD 2,075,190

(226,916

)

Total Open Equity Options Written

(230,439

)

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Index Options Written

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise

Price

Notional

Value^(a)

Value

Equity Risk

S&P 500^®Index

Call

03/31/2023

USD 5,191.85

USD 10,902,885

(15,499

)

Equity Risk

S&P 500^®Index

Put

03/31/2023

USD 4,077.37

USD 8,562,477

(919,974

)

Total Open Index Options Written

(935,473

)

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Abbreviations:

ETF – Exchange-Traded Fund

SPDR – Standard & Poor’s Depositary Receipt

USD – U.S. Dollar

Portfolio Composition

By security type, based on Total Investments

as of June 30, 2022


Options Purchased			96.69%


Money Market Funds			3.31

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. S&P 500 Buffer Fund – March

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $12,214,766)	$	11,362,708


Investments in affiliated money market funds, at value (Cost $389,204)		389,207


Receivable for:
Fund expenses absorbed		33,921


Dividends		338


Total assets		11,786,174



Liabilities:
Other investments:
Options written, at value (premiums received $795,484)		1,165,912


Payable for:
Fund shares reacquired		346


Accrued fees to affiliates		19,590


Accrued trustees’ and officers’ fees and benefits		4,023


Accrued other operating expenses		33,207


Total liabilities		1,223,078


Net assets applicable to shares outstanding	$	10,563,096



Net assets consist of:
Shares of beneficial interest	$	11,807,760


Distributable earnings (loss)		(1,244,664	)


	$	10,563,096



Net Assets:
Series I	$	887,686


Series II	$	9,675,410



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		99,999


Series II		1,090,577


Series I:
Net asset value per share	$	8.88


Series II:
Net asset value per share	$	8.87

Statement of Operations

For the period March 31, 2022 (commencement date) through June 30, 2022

(Unaudited)


Investment income:
Dividends from affiliated money market funds	$	662



Expenses:
Advisory fees		10,428


Administrative services fees		3,795


Custodian fees		1,545


Distribution fees - Series II		5,616


Transfer agent fees		25


Trustees’ and officers’ fees and benefits		4,512


Licensing fees		252


Reports to shareholders		3,154


Professional services fees		26,019


Other		2,439


Total expenses		57,785


Less: Fees waived		(34,886	)


Net expenses		22,899


Net investment income (loss)		(22,237	)



Realized and unrealized gain (loss) from:
Affiliated investment securities		56


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(852,058	)


Affiliated investment securities		3


Option contracts written		(370,428	)


		(1,222,483	)


Net realized and unrealized gain (loss)		(1,222,427	)


Net increase (decrease) in net assets resulting from operations	$	(1,244,664	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. S&P 500 Buffer Fund – March

Statement of Changes in Net Assets

For the period March 31, 2022 (commencement date) through June 30, 2022


	March 31, 2022 (commencement date) through June 30, 2022
Operations:
Net investment income (loss)		$	(22,237	)
Net realized gain			56
Change in net unrealized appreciation (depreciation)			(1,222,483	)
Net increase (decrease) in net assets resulting from operations			(1,244,664	)

Share transactions–net:
Series I			1,000,000
Series II			10,807,760
Net increase in net assets resulting from share transactions			11,807,760
Net increase in net assets			10,563,096

Net assets:
Beginning of period			–
End of period		$	10,563,096

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® 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 value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Series I
Period ended 06/30/22^(d)		$10.00		$(0.02	)		$(1.10	)		$(1.12	)		$8.88		(11.20	)%		$ 888		0.70	%^(e)		2.10	%^(e)		(0.67	)%^(e)		0	%
Series II
Period ended 06/30/22^(d)		10.00		(0.02	)		(1.11	)		(1.13	)		8.87		(11.30	)		9,675		0.95	^(e)		2.35	^(e)		(0.92	)^(e)		0

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)	Commencement date of March 31, 2022.

^(e)	Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. S&P 500 Buffer Fund – March

Notes to Financial Statements

June 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco^® 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 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 following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco^® V.I. S&P 500 Buffer Fund – March

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

F.	Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

Invesco^® V.I. S&P 500 Buffer Fund – March

J.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate
First $2 billion		0.420%
Over $2 billion		0.400%

For the period March 31, 2022 (commencement date) through June 30, 2022 , the effective advisory fee rate incurred by the Fund was 0.42%.

For the period March 31, 2022 (commencement date) through June 30, 2022, the Adviser waived advisory fees of $10,428 and reimbursed Fund expenses of $24,458.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco a fee for costs incurred in providing accounting services and fund administrative services to the Fund and to reimburse Invesco for fees paid to insurance companies that have agreed to provide certain administrative services to the Fund. These administrative services provided by the insurance companies may include, among other things: maintenance of master accounts with the Fund; tracking, recording and transmitting net purchase and redemption orders for Fund shares; maintaining and preserving records related to the purchase, redemption and other account activity of variable product owners; distributing copies of Fund documents such as prospectuses, proxy materials and periodic reports, to variable product owners, and responding to inquiries from variable product owners about the Fund. Pursuant to such agreement, for the period March 31, 2022 (commencement date), through June 30, 2022 , Invesco was paid $71 for accounting and fund administrative services and was reimbursed $3,724 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco^® V.I. S&P 500 Buffer Fund – March

The Trust has entered into a master distribution agreement with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Fund. The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Series II shares (the “Plan”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Series II shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of the Series II shares may be paid to insurance companies who furnish continuing personal shareholder services to customers who purchase and own Series II shares of the Fund. For the period March 31, 2022 (commencement date) through June 30, 2022 , expenses incurred under the Plan are detailed in the Statement of Operations as Distribution fees.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2			Level 3		Total


Investments in Securities


Money Market Funds		$389,207		$ –			$–		$ 389,207


Options Purchased		–		11,362,708			–		11,362,708


Total Investments in Securities		389,207		11,362,708			–		11,751,915



Other Investments – Liabilities*


Options Written		–		(1,165,912	)		–		(1,165,912	)


Total Investments		$389,207		$10,196,796			$–		$10,586,003

*	Options written are shown at value.

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2022:


	Value
	Equity
Derivative Assets	Risk


Options purchased, at value^(a)	$	11,362,708


Derivatives not subject to master netting agreements		(11,362,708	)


Total Derivative Assets subject to master netting agreements	$	–



	Value
	Equity
Derivative Liabilities	Risk


Options written, at value	$	(1,165,912	)


Derivatives not subject to master netting agreements		1,165,912


Total Derivative Liabilities subject to master netting agreements	$	–

^(a)	Options purchased, at value as reported in the Schedule of Investments.

Invesco^® V.I. S&P 500 Buffer Fund – March

Effect of Derivative Investments for the six months ended June 30, 2022

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on
	Statement of Operations
	Equity
	Risk
Change in Net Unrealized Appreciation (Depreciation):
Options purchased^(a)		$(852,058)
Options written		(370,428)

^(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities.

The table below summarizes the average notional value of derivatives held during the period March 31, 2022 (commencement date) through June 30, 2022.


	Equity		Index		Equity		Index
	Options		Options		Options		Options
	Purchased		Purchased		Written		Written


Average notional value	$	7,816,086	$	1,455,219	$	15,525,944	$	2,890,688


Average contracts		33		62		33		62

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

NOTE 7–Tax Information

NOTE 8–Investment Transactions

There were no securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased or sold by the Fund during the period March 31, 2022 (commencement date) through June 30, 2022. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis




Aggregate unrealized appreciation of investments	$	959,507


Aggregate unrealized (depreciation) of investments		(2,181,990	)


Net unrealized appreciation (depreciation) of investments	$	(1,222,483	)

Cost of investments for tax purposes is $11,808,486.

NOTE 9–Share Information


	Summary of Share Activity


	June 30, 2022^(a)(b)
	Shares		Amount


Sold:
Series I		100,000		$ 1,000,010


Series II		1,094,534		10,843,784

Invesco^® V.I. S&P 500 Buffer Fund – March


	Summary of Share
	Activity


	June 30, 2022^(a)(b)
	Shares			Amount



Reacquired:
Series I		(1	)	$	(10	)


Series II		(3,957	)		(36,024	)


Net increase in share activity		1,190,576		$	11,807,760

^(a)	Commenced operations on March 31, 2022.

^(b)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 83% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 17% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

Invesco^® V.I. S&P 500 Buffer Fund – March

Calculating your ongoing Fund expenses

Example

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period (March 31, 2022 (commencement date) through June 30, 2022). Because the actual ending account value and expense information in the example is not based upon a six month period, the ending account value and expense information may not provide a meaningful comparison to mutual funds that provide such information for a full six month period.

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (01/01/22)	Ending Account Value (06/30/22)¹	Expenses Paid During Period²	Ending Account Value (06/30/22)	Expenses Paid During Period³	Annualized Expense Ratio
Series I	$1,000.00	$888.00	$1.67	$1,021.32	$3.51	0.70%
Series II	1,000.00	887.00	2.26	1,020.08	4.76	0.95

Invesco^® V.I. S&P 500 Buffer Fund – March

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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. 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

B.	Fund Investment Performance

The Board did not consider 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, because the Fund is new and has limited performance history. The Board did review performance expectations for the Fund as well as information provided regarding the experience of the portfolio managers in managing products with derivatives-based strategies.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

Invesco^® V.I. S&P 500 Buffer Fund – March

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 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

activity and the allocation of such revenue between the Fund and Invesco Advisers.

Invesco^® V.I. S&P 500 Buffer Fund – March

LOGO



Semiannual Report to Shareholders		June 30, 2022

Invesco^® V.I. S&P 500 Buffer Fund – September

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


Invesco Distributors, Inc.								VISP500S-SAR-1

Fund Performance



Performance summary

Fund vs. Indexes
Cumulative total returns, 12/31/21 to 6/30/22, excluding variable product issuer charges. If variable product issuer charges were included, returns would be lower.

Series I Shares	-12.34	%
Series II Shares	-12.45
S&P 500 Index^▼	-20.58

Source(s): ^▼RIMES Technologies Corp.
The S&P 500^® Index is an unmanaged price-only index considered representative of the US stock market.
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.



Cumulative Total Returns
As of 6/30/22
Series I Shares
Inception (9/30/21)	-7.23	%
Series II Shares
Inception (9/30/21)	-7.43	%

The Invesco^® V.I. S&P 500 Buffer Fund – September seeks, over a specified annual Outcome Period (an “Outcome Period”), to provide investors with returns that match those of the S&P 500^® Index (the “Underlying Index”) up to an upside Cap, while providing a buffer against the first 10% (prior to taking into account any fees and expenses of the Fund) of Underlying Index losses.

The Fund’s Cap for the current Outcome Period, which represents the maximum percentage return (expressed as a percentage of the value of the Underlying Index determined at the start of the Outcome Period) that can be achieved from an investment in the Fund over the entire Outcome Period (the “Cap”), is 13.30%. This Cap is before considering fees and expenses. A new Cap level for each successive Outcome Period will be determined at the end of the trading day immediately preceding the first day of each new Outcome Period. If the Underlying Index experiences returns over an Outcome Period in excess of the Cap, the Fund, and

therefore investors, will not experience those excess gains.

Invesco^® V.I. S&P 500 Buffer Fund – September

Liquidity Risk Management Program

The Report stated, in relevant part, that during the Program Reporting Period:

∎	The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎	The Fund’s investment strategy remained appropriate for an open-end fund;

∎	The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎	The Fund did not breach the 15% limit on Illiquid Investments; and

∎	The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

Invesco^® V.I. S&P 500 Buffer Fund – September

Schedule of Investments

June 30, 2022

(Unaudited)


	Shares		Value

Money Market Funds–4.40%

Invesco Government & Agency Portfolio, Institutional Class, 1.38%^(a)(b)		81,019	$	81,019

Invesco Liquid Assets Portfolio, Institutional Class, 1.41%^(a)(b)		86,528		86,520

Invesco Treasury Portfolio, Institutional Class, 1.35%^(a)(b)		178,583		178,583

Total Money Market Funds (Cost $346,121)				346,122


	Shares	Value


Options Purchased–101.73%
(Cost $8,503,269)^(c)		$	7,997,276

TOTAL INVESTMENTS IN SECURITIES–106.13% (Cost $8,849,390)			8,343,398

OTHER ASSETS LESS LIABILITIES–(6.13)%			(481,918	)

NET ASSETS–100.00%		$	7,861,480

Notes to Schedule of Investments:

^(a)


							Change in		Realized
	Value		Purchases		Proceeds		Unrealized		Gain		Value
	December 31, 2021		at Cost		from Sales		Appreciation		(Loss)		June 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 788,922		$1,294,643		$(2,002,546)		$-		$ -		$ 81,019		$ 44
Invesco Liquid Assets Portfolio, Institutional Class		563,516		924,745		(1,401,731)		1		(11)		86,520		59
Invesco Treasury Portfolio, Institutional Class		901,625		1,479,592		(2,202,634)		-		-		178,583		95
Total		$2,254,063		$3,698,980		$(5,606,911)		$1		$(11)		$346,122		$198

^(b)	The rate shown is the 7-day SEC standardized yield as of June 30, 2022.

^(c)	The table below details options purchased.

Open Equity Options Purchased

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise
Price

Notional
Value^(a)

Value

Equity Risk

SPDR^® S&P 500^® ETF Trust

Call

09/30/2022

112

USD

12.87

USD

144,144

$4,052,704

Equity Risk

SPDR^® S&P 500^® ETF Trust

Put

09/30/2022

112

USD

429.15

USD

4,806,480

604,916

Total Open Equity Options Purchased

$4,657,620

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Open Index Options Purchased

Description

Type of
Contract

Expiration
Date

Number of
Contracts

Exercise

Price

Notional
Value^(a)

Value

Equity Risk

S&P 500^® Index

Call

09/30/2022

USD

129.23

USD

103,384

$2,911,283

Equity Risk

S&P 500^® Index

Put

09/30/2022

USD

4,307.54

USD

3,446,032

428,373

Total Open Index Options Purchased

$3,339,656

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.


Open Equity Options Written


Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price		Notional Value^(a)		Value


Equity Risk


SPDR^® S&P 500^® ETF Trust		Call		09/30/2022		112	USD	486.23	USD	5,445,776	$	(884	)


Equity Risk


SPDR^® S&P 500^® ETF Trust		Put		09/30/2022		112	USD	386.24	USD	4,325,888		(261,847	)


Total Open Equity Options Written											$	(262,731	)

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. S&P 500 Buffer Fund – September


Open Index Options Written


Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price		Notional Value^(a)		Value


Equity Risk


S&P 500^® Index		Call		09/30/2022		8	USD	4,880.44	USD	3,904,352	$	(782	)


Equity Risk


S&P 500^® Index		Put		09/30/2022		8	USD	3,876.79	USD	3,101,432		(185,352	)


Total Open Index Options Written											$	(186,134	)

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.


Abbreviations:

ETF		– Exchange-Traded Fund
SPDR^®		– Standard & Poor’s Depositary Receipt
USD		– U.S. Dollar

Portfolio Composition

By security type, based on Total Investments

as of June 30, 2022


Options Purchased	95.85	%
Money Market Funds	4.15

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. S&P 500 Buffer Fund – September

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


Assets:

Investments in unaffiliated securities, at value (Cost $8,503,269)	$	7,997,276



Investments in affiliated money market funds, at value (Cost $346,121)		346,122


Cash		81,016


Receivable for:
Investments sold		2,794


Fund expenses absorbed		60,732


Investment for trustee deferred compensation and retirement plans		76


Total assets		8,488,016



Liabilities:
Other investments:
Options written, at value (premiums received $585,905)		448,865


Payable for:
Investments purchased		83,810


Fund shares reacquired		1,286


Accrued fees to affiliates		22,221


Accrued trustees’ and officers’ fees and benefits		2,892


Accrued other operating expenses		67,386


Trustee deferred compensation and retirement plans		76


Total liabilities		626,536


Net assets applicable to shares outstanding	$	7,861,480



Net assets consist of:
Shares of beneficial interest	$	8,521,045


Distributable earnings (loss)		(659,565	)


	$	7,861,480



Net Assets:
Series I	$	1,178,843


Series II	$	6,682,637



Shares outstanding, no par value, with an unlimited number of shares authorized:
Series I		130,737


Series II		742,350


Series I:
Net asset value per share	$	9.02


Series II:
Net asset value per share	$	9.00

Statement of Operations

For the six months ended June 30, 2022

(Unaudited)


Investment income:
Dividends from affiliated money market funds	$	198



Expenses:
Advisory fees		11,455


Administrative services fees		1,170


Custodian fees		202


Distribution fees - Series II		5,298


Transfer agent fees		106


Trustees’ and officers’ fees and benefits		7,630


Licensing fees		1,101


Reports to shareholders		4,510


Professional services fees		41,257


Other		1,126


Total expenses		73,855


Less: Fees waived and/or expenses reimbursed		(49,549	)


Net expenses		24,306


Net investment income (loss)		(24,108	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(103,284	)


Affiliated investment securities		(11	)


Option contracts written		(53,122	)


		(156,417	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(703,306	)


Affiliated investment securities		1


Option contracts written		158,127


		(545,178	)


Net realized and unrealized gain (loss)		(701,595	)


Net increase (decrease) in net assets resulting from operations	$	(725,703	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. S&P 500 Buffer Fund – September

Statement of Changes in Net Assets

For the six months ended June 30, 2022 and for the period September 30, 2021 (commencement date) through December 31, 2021

(Unaudited)


	Six Months Ended June 30, 2022			September 30, 2021 (commencement date) through December 31, 2021
Operations:
Net investment income (loss)		$	(24,108)		$	(7,454)
Net realized gain (loss)			(156,417)			(67)
Change in net unrealized appreciation (depreciation)			(545,178)			176,226
Net increase (decrease) in net assets resulting from operations			(725,703)			168,705

Distributions to shareholders from distributable earnings:
Series I			–			(29,538)
Series II			–			(80,483)
Total distributions from distributable earnings			–			(110,021)

Share transactions–net:
Series I			284,731			1,018,798
Series II			1,922,433			5,302,537
Net increase in net assets resulting from share transactions			2,207,164			6,321,335
Net increase in net assets			1,481,461			6,380,019

Net assets:

Beginning of period			6,380,019			–

End of period		$	7,861,480		$	6,380,019

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. S&P 500 Buffer Fund – September

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period			Net investment income (loss)^(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Distributions from net realized gains				Net asset value, end of period			Total return ^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Series I
Six months ended 06/30/22		$	10.29		$	(0.03	)		$	(1.24	)		$	(1.27	)		$	-			$	9.02		(12.34	)%		$1,179		0.70	%^(d)		2.51	%^(d)		(0.69	)%^(d)		0	%
Period ended 12/31/21^(e)			10.00			(0.02	)			0.60				0.58				(0.29	)			10.29		5.84			1,048		0.70	^(d)		7.68	^(d)		(0.70	)^(d)		0
Series II
Six months ended 06/30/22			10.29			(0.04	)			(1.25	)			(1.29	)			-				9.00		(12.54	)		6,683		0.95	^(d)		2.76	^(d)		(0.94	)^(d)		0
Period ended 12/31/21^(e)			10.00			(0.02	)			0.60				0.58				(0.29	)			10.29		5.84			5,332		0.95	^(d)		7.93	^(d)		(0.95	)^(d)		0

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)	Annualized.

^(e)	Commencement date of September 30, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

Invesco^® V.I. S&P 500 Buffer Fund – September

Notes to Financial Statements

June 30, 2022

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco^® 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 following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco^® V.I. S&P 500 Buffer Fund – September

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date.

Federal Income Taxes –The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

F.	Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.

Accounting Estimates –The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

Invesco^® V.I. S&P 500 Buffer Fund – September

J.	Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate


First $ 2 billion		0.420%


Over $2 billion		0.400%

For the six months ended June 30, 2022, the effective advisory fee rate incurred by the Fund was 0.42%.

The Adviser has contractually agreed, through at least April 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Series I shares to 0.70% and Series II 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, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. 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.

For the six months ended June 30, 2022, the Adviser waived advisory fees of $11,455 and reimbursed Fund expenses of $38,094.

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, 2022, Invesco was paid $343 for accounting and fund administrative services and was reimbursed $827 for fees paid to insurance companies. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

Invesco^® V.I. S&P 500 Buffer Fund – September

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2			Level 3	Total


Investments in Securities


Money Market Funds	$	346,122	$	–		$–	$	346,122


Options Purchased		–		7,997,276		–		7,997,276


Total Investments in Securities		346,122		7,997,276		–		8,343,398


Other Investments – Liabilities


Options Written*		–		(448,865	)	–		(448,865	)


Total Investments	$	346,122	$	7,548,411		$–	$	7,894,533

*	Options written are shown at value.

NOTE 4–Derivative Investments

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2022:


	Value
Derivative Assets	Equity Risk


Options purchased, at value^(a)	$	7,997,276


Derivatives not subject to master netting agreements		(7,997,276	)


Total Derivative Assets subject to master netting agreements	$	–



	Value
Derivative Liabilities	Equity Risk


Options written, at value	$	(448,865	)


Derivatives not subject to master netting agreements		448,865


Total Derivative Liabilities subject to master netting agreements	$	–

^(a)	Options purchased, at value as reported in the Schedule of Investments.

Invesco^® V.I. S&P 500 Buffer Fund – September

Effect of Derivative Investments for the six months ended June 30, 2022

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations
		Equity
		Risk
Realized Gain (Loss):
Options purchased^(a)			$(103,284	)
Options written			(53,122	)
Change in Net Unrealized Appreciation (Depreciation):
Options purchased^(a)			(703,306	)
Options written			158,127
Total			$(701,585	)

^(a)	Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

The table below summarizes the average notional value of derivatives held during the period.


	Equity Options Purchased		Index Options Purchased		Equity Options Written		Index Options Written


Average notional value	$	3,499,325	$	2,514,170	$	6,907,054	$	4,962,430


Average contracts		158		11		158		11

NOTE 5–Trustees’ and Officers’ Fees and Benefits

NOTE 6–Cash Balances

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.

The Fund did not have a capital loss carryforward as of December 31, 2021.

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, 2022. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$ 615,688


Aggregate unrealized (depreciation) of investments	(1,158,350	)


Net unrealized appreciation (depreciation) of investments	$ (542,662	)

Cost of investments for tax purposes is $8,437,195.

Invesco^® V.I. S&P 500 Buffer Fund – September

NOTE 9–Share Information


	Summary of Share Activity


	Six months ended June 30, 2022^(a)						December 31, 2021^(b)
	Shares			Amount			Shares			Amount


Sold:
Series I		30,680		$	301,622			101,751		$	1,018,327


Series II		438,351			4,107,856			514,276			5,261,059



Issued as reinvestment of dividends:
Series I		-			-			50			508


Series II		-			-			5,064			51,452



Reacquired:
Series I		(1,741	)		(16,891	)		(3	)		(37	)


Series II		(214,384	)		(2,185,423	)		(957	)		(9,974	)


Net increase in share activity		252,906		$	2,207,164			620,181		$	6,321,335

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 77% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 23% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

^(b)	Commencement date of September 30, 2021.

Invesco^® V.I. S&P 500 Buffer Fund – September

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


				ACTUAL						HYPOTHETICAL (5% annual return before expenses)						Annualized Expense Ratio
	Beginning Account Value (01/01/22)			Ending Account Value (06/30/22)¹			Expenses Paid During Period²			Ending Account Value (06/30/22)			Expenses Paid During Period²			Annualized Expense Ratio
Series I		$	1,000.00		$	876.60		$	3.26		$	1,021.32		$	3.51		0.70	%
Series II			1,000.00			874.60			4.42			1,020.08			4.76		0.95

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year.

Invesco^® V.I. S&P 500 Buffer Fund – September

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2022, 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. 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 separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. 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

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

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 noted that the Fund had recently commenced operations in September 2021 and has limited performance history. The Board reviewed performance expectations for the Fund as well as information provided regarding the experience of the portfolio managers in managing products with derivatives-based strategies.

C.	Advisory and Sub-Advisory Fees and Fund Expenses

Invesco^® V.I. S&P 500 Buffer Fund – September

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.

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 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’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E.	Profitability and Financial Resources

F.	Collateral Benefits to Invesco Advisers and its Affiliates

Invesco^® V.I. S&P 500 Buffer Fund – September

ITEM 2.

CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of August 9, 2022, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of August 9, 2022, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.


13(a) (1)		Not applicable.

13(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)		Not applicable.

13(a) (4)		Not applicable.

13(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Variable Insurance Funds (Invesco Variable Insurance Funds)


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		August 19, 2022

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Executive Officer

Date:		August 19, 2022

By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		August 19, 2022