SUB-ITEM 77Q1(e)
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 ▇▇▇ ▇▇▇▇▇▇ V.I. Capital Growth Fund and
Invesco V.I. Capital Development Fund effective May 2, 2011;
NOW, THEREFORE, the parties agree that:
1. 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 ▇.▇. ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇, ▇▇▇▇
▇▇▇▇▇▇▇ 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 ▇▇▇ ▇▇▇▇▇▇ V.I. Capital Growth 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 Tactical Asset Allocation Fund February 12, 2010
Invesco ▇▇▇ ▇▇▇▇▇▇ V.I. Global Value Equity Fund February 12, 2010
Invesco ▇▇▇ ▇▇▇▇▇▇ V.I. Government Fund February 12, 2010
Invesco ▇▇▇ ▇▇▇▇▇▇ V.I. Growth and Income Fund February 12, 2010
Invesco ▇▇▇ ▇▇▇▇▇▇ V.I. High Yield Fund February 12, 2010
Invesco ▇▇▇ ▇▇▇▇▇▇ V.I. International Growth Equity Fund February 12, 2010
Invesco ▇▇▇ ▇▇▇▇▇▇ V.I. Mid Cap Growth Fund February 12, 2010
Invesco ▇▇▇ ▇▇▇▇▇▇ V.I. Mid Cap Value Fund February 12, 2010
Invesco ▇▇▇ ▇▇▇▇▇▇ V.I. Value Fund February 12, ▇▇▇▇"
▇▇▇▇▇▇▇▇ ▇
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.
2
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%
3
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%
4
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 ▇▇▇ ▇▇▇▇▇▇ 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 ▇▇▇ ▇▇▇▇▇▇ 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%
5
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 ▇▇▇ ▇▇▇▇▇▇ 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 ▇▇▇ ▇▇▇▇▇▇ 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. 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 ▇▇▇ ▇▇▇▇▇▇ V.I. GOVERNMENT FUND
NET ASSETS ANNUAL RATE
------------------ -----------
First $500 million 0.50%
Next $500 million 0.45%
Over $1 billion 0.40%
6
INVESCO ▇▇▇ ▇▇▇▇▇▇ V.I. INTERNATIONAL GROWTH EQUITY FUND
NET ASSETS ANNUAL RATE
---------------- -----------
First $1 billion 0.75%
Over $1 billion 0.70%
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. MID CAP VALUE FUND
NET ASSETS ANNUAL RATE
---------------- -----------
First $1 billion 0.72%
Over $1 billion 0.65%
INVESCO ▇▇▇ ▇▇▇▇▇▇ V.I. VALUE FUND
NET ASSETS ANNUAL RATE
------------------ -----------
First $500 million 0.55%
Next $500 million 0.50%
Over $1 billion 0.45%"
7
2. 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/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ By: /s/ ▇▇▇▇ ▇. ▇▇▇▇
---------------------------- -----------------------------
Assistant Secretary ▇▇▇▇ ▇. ▇▇▇▇
Senior Vice President
(SEAL)
INVESCO ADVISERS, INC.
Attest: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ By: /s/ ▇▇▇▇ ▇. ▇▇▇▇
--------------------------- ------------------------------
Assistant Secretary ▇▇▇▇ ▇. ▇▇▇▇
Senior Vice President
(SEAL)
8