AMENDMENT NO. 25 TO MASTER INVESTMENT ADVISORY AGREEMENT

AMENDMENT NO. 25
TO
MASTER INVESTMENT ADVISORY AGREEMENT

     This Amendment (the “Amendment”) dated July 16, 2012, 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.

WITNESSETH:

     WHEREAS, the parties desire to (i) remove Invesco V.I. Leisure Fund, Invesco V.I. Capital Appreciation Fund and Invesco V.I. Capital Development Fund; and (ii) change the name of the following series portfolios: Invesco V.I. Basic Value Fund to Invesco ▇▇▇ ▇▇▇▇▇▇ V.I. Value Opportunities Fund, Invesco V.I. Dividend Growth Fund to Invesco V.I. Diversified Dividend Fund, Invesco V.I. Select Dimensions Equally-Weighted S&P 500 Fund to Invesco V.I. Equally Weighted S&P 500 Fund, Invesco ▇▇▇ ▇▇▇▇▇▇ V.I. Global Value Equity Fund to Invesco V.I. Global Core Equity Fund, Invesco ▇▇▇ ▇▇▇▇▇▇ V.I. Capital Growth Fund to Invesco ▇▇▇ ▇▇▇▇▇▇ V.I. American Franchise Fund and Invesco ▇▇▇ ▇▇▇▇▇▇ V.I. Mid Cap Value Fund to Invesco ▇▇▇ ▇▇▇▇▇▇ V.I. American Value Fund;

     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. Core Equity Fund		May 1, 2000
Invesco V.I. Diversified Income Fund		May 1, 2000
Invesco V.I. Global 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. 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. Diversified Dividend Fund		February 12, 2010
Invesco V.I. High Yield Securities 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

		Effective Date of
Name of Fund		Advisory Agreement
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	%

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. Diversified Income Fund

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

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. Global 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. Money Market Fund

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

Invesco V.I. Utilities 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. High Yield Securities 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. 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 $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. 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	%”

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)