AMENDMENT NO. 22 TO MASTER INVESTMENT ADVISORY AGREEMENT

     This amendment dated as of December 20, 2010, 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 amend the Agreement to add the following portfolio: Invesco V.I. Balanced-Risk Allocation 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
  December 20, 2010
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
Invesco V.I. Income Builder Fund
  February 12, 2010

 

 

     
    Effective Date of
Name of Fund   Advisory Agreement
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, 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.

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 $350 million
     0.75 %
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 %

3

 

Net Assets   Annual Rate
         
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 %

4

 

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 %
Over $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 %

5

 

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 %
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 $500 million
    0.70 %
Next $500 million
    0.65 %
Over $1 billion
    0.60 %
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 %

6

 

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

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Filed: January 6th, 2011