AMENDMENT NO. 31 TO MASTER INVESTMENT ADVISORY AGREEMENT

AMENDMENT NO. 31

MASTER INVESTMENT ADVISORY AGREEMENT

This amendment effective as of April 30, 2018, 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 change the name Invesco V.I Global Health Care Fund to Invesco V.I. Health Care Fund;

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. Core Equity Fund				May 1, 2000
Invesco V.I. Core Plus Bond Fund				May 1, 2000
Invesco V.I. Health Care Fund				April 30, 2004
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. Mid Cap Core Equity Fund				September 10, 2001
Invesco V.I. Government 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. Managed Volatility Fund				April 30, 2004
Invesco V.I. Diversified Dividend Fund				February 12, 2010
Invesco V.I. S&P 500 Index Fund				February 12, 2010
Invesco V.I. Equally-Weighted S&P 500 Fund				February 12, 2010
Invesco V.I. American Franchise Fund				February 12, 2010
Invesco V.I. American Value Fund				February 12, 2010
Invesco V.I. ▇▇▇▇▇▇▇▇ Fund				February 12, 2010
Invesco V.I. Equity and Income Fund				February 12, 2010
Invesco V.I. Global Core Equity Fund				February 12, 2010
Invesco V.I. Growth and Income Fund				February 12, 2010
Invesco V.I. Mid Cap Growth Fund				February 12, 2010
Invesco V.I. Value Opportunities Fund				September 10, ▇▇▇▇

▇▇▇▇▇▇▇▇ ▇

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. Value Opportunities 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. Core Equity Fund


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

Invesco V.I. Core Plus Bond Fund


Net Assets	Annual 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%

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. Health Care Fund

Invesco V.I. Global Real Estate 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. Government Money Market Fund


Net Assets	Annual Rate
All Assets		0.15%

Invesco V.I. Managed Volatility Fund


Net Assets	Annual Rate
All Assets		0.60%

Invesco V.I. Diversified Dividend 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 Core 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. S&P 500 Index Fund

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


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

Invesco V.I. American Franchise Fund


Net Assets	Annual Rate
First $250 million		0.695%


Next $250 million			0.67%
Next $500 million			0.645%
Next $550 million			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 V.I. ▇▇▇▇▇▇▇▇ Fund

Invesco V.I. Growth and Income Fund


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

Invesco 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 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 V.I. American Value Fund


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

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:		By:
	Assistant Secretary		▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
			Senior Vice President
(SEAL)
			INVESCO ADVISERS, INC.

Attest:		By:
	Assistant Secretary		▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
			Senior Vice President
(SEAL)

AMENDMENT NO. 31 TO MASTER INVESTMENT ADVISORY AGREEMENT

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