AMENDMENT NO. 23 TO MASTER INVESTMENT ADVISORY AGREEMENT

AMENDMENT NO. 23
TO
MASTER INVESTMENT ADVISORY AGREEMENT

This amendment dated as of May 2, 2011, amends the Master Investment Advisory Agreement (the “Agreement”), dated May 1, 2000, between AIM Variable Insurance Funds (Invesco Variable Insurance Funds), a Delaware statutory trust, and Invesco Advisers, Inc., a Delaware corporation.

W I T N E S S E T H:

WHEREAS, the parties desire to amend the Agreement to permanently reduce the advisory fee payable by the Invesco Xxx Xxxxxx V.I. Capital Growth Fund and Invesco V.I. Capital Development Fund effective May 2, 2011;

NOW, THEREFORE, the parties agree that:

Appendix A and Appendix B to the Agreement are hereby deleted in their entirety and replaced with the following:

“APPENDIX A
FUNDS AND EFFECTIVE DATES


		Effective Date of
Name of Fund		Advisory Agreement
Invesco V.I. Balanced-Risk Allocation Fund		January 7, 2011
Invesco V.I. Basic Balanced Fund		May 1, 2000
Invesco V.I. Basic Value Fund		September 10, 2001
Invesco V.I. Capital Appreciation Fund		May 1, 2000
Invesco V.I. Capital Development Fund		May 1, 2000
Invesco V.I. Core Equity Fund		May 1, 2000
Invesco V.I. Diversified Income Fund		May 1, 2000
Invesco V.I. Dynamics Fund		April 30, 2004
Invesco V.I. Financial Services Fund		April 30, 2004
Invesco V.I. Global Health Care Fund		April 30, 2004
Invesco V.I. Global Multi-Asset Fund		October 22, 2008
Invesco V.I. Global Real Estate Fund		April 30, 2004
Invesco V.I. Government Securities Fund		May 1, 2000
Invesco V.I. High Yield Fund		May 1, 2000
Invesco V.I. International Growth Fund		May 1, 2000
Invesco V.I. Large Cap Growth Fund		September 1, 2003
Invesco X.X. Xxxxxxx Xxxx		Xxxxx 00, 0000
Xxxxxxx V.I. Mid Cap Core Equity Fund		September 10, 2001
Invesco V.I. Money Market Fund		May 1, 2000
Invesco V.I. Small Cap Equity Fund		September 1, 2003
Invesco V.I. Technology Fund		April 30, 2004
Invesco V.I. Utilities Fund		April 30, 2004
Invesco V.I. Dividend Growth Fund		February 12, 2010
Invesco V.I. Global Dividend Growth Fund		February 12, 2010
Invesco V.I. High Yield Securities Fund		February 12, 2010


		Effective Date of
Name of Fund		Advisory Agreement
Invesco V.I. Income Builder Fund		February 12, 2010
Invesco V.I. S&P 500 Index Fund		February 12, 2010
Invesco V.I. Select Dimensions Balanced Fund		February 12, 2010
Invesco V.I. Select Dimensions Dividend Growth Fund		February 12, 2010
Invesco V.I. Select Dimensions Equally-Weighted S&P 500 Fund		February 12, 2010
Invesco Xxx Xxxxxx V.I. Capital Growth Fund		February 12, 2010
Invesco Xxx Xxxxxx V.I. Xxxxxxxx Fund		February 12, 2010
Invesco Xxx Xxxxxx V.I. Equity and Income Fund		February 12, 2010
Invesco Xxx Xxxxxx V.I. Global Tactical Asset Allocation Fund		February 12, 2010
Invesco Xxx Xxxxxx V.I. Global Value Equity Fund		February 12, 2010
Invesco Xxx Xxxxxx V.I. Government Fund		February 12, 2010
Invesco Xxx Xxxxxx V.I. Growth and Income Fund		February 12, 2010
Invesco Xxx Xxxxxx V.I. High Yield Fund		February 12, 2010
Invesco Xxx Xxxxxx V.I. International Growth Equity Fund		February 12, 2010
Invesco Xxx Xxxxxx V.I. Mid Cap Growth Fund		February 12, 2010
Invesco Xxx Xxxxxx V.I. Mid Cap Value Fund		February 12, 2010
Invesco Xxx Xxxxxx V.I. Value Fund		February 12, 2010”

APPENDIX B
COMPENSATION TO THE ADVISOR

The Trust shall pay the Adviser, out of the assets of a Fund, as full compensation for all services rendered, an advisory fee for such Fund set forth below. Such fee shall be calculated by applying the following annual rates to the average daily net assets of such Fund for the calendar year computed in the manner used for the determination of the net asset value of shares of such Fund.

Invesco V.I. Balanced-Risk Allocation Fund


Net Assets	Annual Rate*
First $250 million		0.95	%
Next $250 million		0.925	%
Next $500 million		0.90	%
Next $1.5 billion		0.875	%
Next $2.5 billion		0.85	%
Next $2.5 billion		0.825	%
Next $2.5 billion		0.80	%
Over $10 billion		0.775	%


*		To the extent Invesco V.I. Balanced-Risk Allocation Fund invests its assets in Invesco Cayman Commodity Fund IV Ltd., a direct wholly-owned subsidiary of Invesco V.I. Balanced-Risk Allocation Fund, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from Invesco V.I. Balanced-Risk Allocation Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from Invesco Cayman Commodity Fund IV Ltd.

Invesco V.I. Basic Balanced Fund


Net Assets	Annual Rate
First $150 million		0.75	%
Over $150 million		0.50	%

Invesco V.I. Basic Value Fund
Invesco V.I. Large Cap Growth Fund


Net Assets	Annual Rate
First $250 million		0.695	%
Next $250 million		0.67	%
Next $500 million		0.645	%
Next $1.5 billion		0.62	%
Next $2.5 billion		0.595	%
Next $2.5 billion		0.57	%
Next $2.5 billion		0.545	%
Over $10 billion		0.52	%

Invesco V.I. Capital Appreciation Fund
Invesco V.I. Core Equity Fund


Net Assets	Annual Rate
First $250 million		0.65	%
Over $250 million		0.60	%

Invesco V.I. Capital Development Fund


Net Assets	Annual Rate
First $250 million		0.745	%
Next $100 million		0.73	%
Over $350 million		0.625	%

Invesco V.I. Diversified Income Fund


Net Assets	Annual Rate
First $250 million		0.60	%
Over $250 million		0.55	%

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


Net Assets	Annual Rate
First $250 million		0.745	%
Next $250 million		0.73	%
Next $500 million		0.715	%
Next $1.5 billion		0.70	%
Next $2.5 billion		0.685	%
Next $2.5 billion		0.67	%
Next $2.5 billion		0.655	%
Over $10 billion		0.64	%

Invesco V.I. Financial Services Fund
Invesco V.I. Global Health Care Fund
Invesco V.I. Global Real Estate Fund
Invesco V.I. Leisure Fund
Invesco V.I. Technology Fund


Net Assets	Annual Rate
First $250 million		0.75	%
Next $250 million		0.74	%
Next $500 million		0.73	%
Next $1.5 billion		0.72	%
Next $2.5 billion		0.71	%
Next $2.5 billion		0.70	%
Next $2.5 billion		0.69	%
Over $10 billion		0.68	%

Invesco V.I. Government Securities Fund


Net Assets	Annual Rate
First $250 million		0.50	%
Over $250 million		0.45	%

Invesco V.I. High Yield Fund


Net Assets	Annual Rate
First $200 million		0.625	%
Next $300 million		0.55	%
Next $500 million		0.50	%
Over $1 billion		0.45	%

Invesco V.I. International Growth Fund


Net Assets	Annual Rate
First $250 million		0.75	%
Over $250 million		0.70	%

Invesco V.I. Mid Cap Core Equity Fund


Net Assets	Annual Rate
First $500 million		0.725	%
Next $500 million		0.700	%
Next $500 million		0.675	%
Over $1.5 billion		0.65	%

Invesco V.I. Money Market Fund


Net Assets	Annual Rate
First $250 million		0.40	%
Over $250 million		0.35	%

Invesco V.I. Global Multi-Asset Fund


Net Assets	Annual Rate
First $250 million		0.67	%
Next $250 million		0.655	%
Next $500 million		0.64	%
Next $1.5 billion		0.625	%
Next $2.5 billion		0.61	%
Next $2.5 billion		0.595	%
Next $2.5 billion		0.58	%
Over $10 billion		0.565	%

Invesco V.I. Utilities Fund


Net Assets	Annual Rate
All Assets		0.60	%

Invesco V.I. Dividend Growth Fund
Invesco V.I. Select Dimensions Dividend Growth Fund


Net Assets	Annual Rate
First $250 million		0.545	%
Next $750 million		0.42	%
Next $1 billion		0.395	%
Over $2 billion		0.37	%

Invesco V.I. Global Dividend Growth Fund
Invesco Xxx Xxxxxx V.I. Global Value Equity Fund


Net Assets	Annual Rate
First $1 billion		0.67	%
Next $500 million		0.645	%
Next $1 billion		0.62	%
Next $1 billion		0.595	%
Next $1 billion		0.57	%
Over $4.5 billion		0.545	%

Invesco V.I. High Yield Securities Fund
Invesco Xxx Xxxxxx V.I. High Yield Fund


Net Assets	Annual Rate
First $500 million		0.42	%
Next $250 million		0.345	%
Next $250 million		0.295	%
Next $1 billion		0.27	%
Next $1 billion		0.245	%
Over $3 billion		0.22	%

Invesco V.I. Income Builder Fund


Net Assets	Annual Rate
First $500 million		0.67	%
Over $500 million		0.645	%

Invesco V.I. S&P 500 Index Fund
Invesco V.I. Select Dimensions Equally-Weighted S&P 500 Fund


Net Assets	Annual Rate
First $2 billion		0.12	%
Over $2 billion		0.10	%

Invesco V.I. Select Dimensions Balanced Fund


Net Assets	Annual Rate
First $500 million		0.52	%
Over $500 million		0.495	%

Invesco Xxx Xxxxxx V.I. Capital Growth Fund


Net Assets	Annual Rate
First $250 million		0.695	%
Next $250 million		0.67	%
Next $500 million		0.645	%
Next $500 billion		0.62	%
Next $3.45 billion		0.60	%
Next $250 million		0.595	%
Next $2.25 billion		0.57	%
Next $2.5 billion		0.545	%
Over $10 billion		0.52	%

Invesco Xxx Xxxxxx V.I. Xxxxxxxx Fund
Invesco Xxx Xxxxxx V.I. Growth and Income Fund


Net Assets	Annual Rate
First $500 million		0.60	%
Over $500 million		0.55	%

Invesco Xxx Xxxxxx V.I. Equity and Income Fund


Net Assets	Annual Rate
First $150 million		0.50	%
Next $100 million		0.45	%
Next $100 million		0.40	%
Over $350 million		0.35	%

Invesco Xxx Xxxxxx V.I. Global Tactical Asset Allocation Fund


Net Assets	Annual Rate
First $750 million		0.75	%
Next $750 million		0.70	%
Over $1.5 billion		0.65	%

Invesco Xxx Xxxxxx V.I. Government Fund


Net Assets	Annual Rate
First $500 million		0.50	%
Next $500 million		0.45	%
Over $1 billion		0.40	%

Invesco Xxx Xxxxxx V.I. International Growth Equity Fund


Net Assets	Annual Rate
First $1 billion		0.75	%
Over $1 billion		0.70	%

Invesco Xxx Xxxxxx V.I. Mid Cap Growth Fund


Net Assets	Annual Rate
First $500 million		0.75	%
Next $500 million		0.70	%
Over $1 billion		0.65	%

Invesco Xxx Xxxxxx V.I. Mid Cap Value Fund


Net Assets	Annual Rate
First $1 billion		0.72	%
Over $1 billion		0.65	%

Invesco Xxx Xxxxxx V.I. Value Fund


Net Assets	Annual Rate
First $500 million		0.55	%
Next $500 million		0.50	%
Over $1 billion		0.45	%”

In all other respects, the Agreement is hereby confirmed and remains in full force and effect.

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective officers on the date first written above.

AIM VARIABLE INSURANCE FUNDS
(INVESCO VARIABLE INSURANCE FUNDS)


Attest:	/s/ Xxxxx Xxxxxxxx	By:	/s/ Xxxx X. Xxxx

	Assistant Secretary		Xxxx X. Xxxx
			Senior Vice President

(SEAL)

INVESCO ADVISERS, INC.


Attest:	/s/ Xxxxx Xxxxxxxx	By:	/s/ Xxxx X. Xxxx

	Assistant Secretary		Xxxx X. Xxxx
			Senior Vice President

(SEAL)

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AMENDMENT NO. 23 TO MASTER INVESTMENT ADVISORY AGREEMENT

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