Prospectus
April
28,
2023
Series I shares and
Series II shares
Invesco
V.I. Small Cap Equity Fund
Shares
of the Fund are currently offered only to insurance company separate accounts
funding variable annuity contracts and variable life insurance
policies.
As with all other
mutual fund securities, the U.S. Securities and Exchange Commission (SEC) has
not approved or disapproved these securities or passed upon the adequacy of this
prospectus. Any representation to the contrary is a criminal
offense.
An investment in
the Fund:
◾
is not FDIC
insured;
◾
may lose value;
and
◾
is not guaranteed
by a bank.
Shares of the Fund
are used as investment vehicles for variable annuity contracts and variable life
insurance policies (variable products) issued by certain insurance companies,
and funds of funds. You cannot purchase shares of the Fund directly. As an owner
of a variable product (variable product owner) that offers the Fund as an
investment option,
however, you may
allocate your variable product values to a separate account of the insurance
company that invests in shares of the Fund.
Your
variable product is offered through its own prospectus, which contains
information about your variable product, including how to purchase the variable
product and how to allocate variable product values to the Fund.
Invesco
V.I. Small Cap Equity Fund
The Fund's
investment objective is long-term growth of
capital.
This table
describes the fees and expenses that are incurred, directly or indirectly, when
a variable product owner buys, holds, or redeems interest in an insurance
company separate account that invests in the Series I shares or Series II shares
of the Fund but does not represent the effect of any fees or other expenses
assessed in connection with your variable product, and if it did, expenses would
be higher.
|
|
Series
I shares |
Series
II shares |
|
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
||
|
| ||
|
Maximum
Deferred Sales Charge (Load) (as a
percentage
of original purchase price or redemption
proceeds,
whichever is less) |
||
|
| ||
|
|
Series
I shares |
Series
II shares |
|
Management
Fees |
||
|
| ||
|
Distribution
and/or Service (12b-1) Fees |
||
|
| ||
|
Other
Expenses |
||
|
| ||
|
Total
Annual Fund Operating Expenses |
||
|
| ||
This
Example does not represent the effect of any fees or expenses assessed in
connection with your variable product, and if it did, expenses would be
higher.
The
Example assumes that you invest $10,000 in the Fund for the time periods indicated
and then redeem all of your shares at the end of those periods. The Example also
assumes that your investment has a 5% return each year and that the Fund’s
operating expenses remain the same.
Although
your actual costs may be higher or lower, based on these assumptions, your
costs would be:
|
|
1
Year |
3
Years |
5
Years |
10
Years |
|
Series
I shares |
$ |
$ |
$ |
$ |
|
| ||||
|
Series
II shares |
$ |
$ |
$ |
$ |
|
| ||||
The Fund invests,
under normal circumstances, at least 80% of its net assets (plus any borrowings
for investment purposes) in equity securities of small-capitalization issuers.
The principal type of equity securities in which the Fund invests is common
stock.
The
Fund considers an issuer to be a small-capitalization issuer if it has
a
market capitalization, at the time of purchase, no larger than the market
capitalization of the largest capitalized issuer included in the Russell
2000®
Index
during the most recent 11-month period (based on month-end data) plus the most
recent data during the current month. An issuer’s “market capitalization” is the
value of its outstanding stock.
The
Fund may invest up to 15% of its net assets in real estate investment trusts
(REITs).
The
Fund may also invest up to 25% of its net assets in foreign securities.
In
selecting investments, the portfolio managers utilize a disciplined portfolio
construction process that is informed by the composition of the Russell
2000® Index, which the
portfolio managers believe represents the small cap core asset class. The Fund
uses this index as a guide in structuring the portfolio, but the Fund is not an
index fund. The security selection process is based on a three-step process that
includes fundamental, valuation and timeliness analysis.
◾
Fundamental
analysis involves building a series of financial models, as well as conducting
in-depth interviews with management. The goal is to find high quality,
fundamentally sound issuers operating in an attractive industry.
◾
Valuation analysis
focuses on identifying attractively valued securities given their growth
potential over a one- to two-year horizon.
◾
Timeliness analysis
is used to help identify the “timeliness” of a purchase. In this step, relative
price strength, trading volume characteristics, and trend analysis are reviewed
for signs of deterioration. If a security shows signs of deterioration, it will
not be considered as a candidate for the portfolio.
The
portfolio managers consider selling a security if the investment thesis for owning
the security is no longer valid, the stock reaches its price target or
timeliness factors indicate that the risk/return characteristics of the stock as
viewed in the market are no longer attractive.
1 Invesco
V.I. Small Cap Equity Fund
Fund
performance reflects any applicable fee waivers and expense reimbursements.
Performance returns would be lower without applicable fee waivers and expense
reimbursements.
All
Fund
performance shown assumes the reinvestment of dividends and capital gains and
the effect of the Fund's
expenses.
The
Series I shares and Series II shares invest in the same portfolio of
securities and will
have substantially similar performance, except to the extent that the expenses
borne by each share class differ. Series II shares have higher expenses (and
therefore lower performance) resulting from its Rule 12b-1 plan, which provides
for a maximum fee equal to an annual rate of 0.25% (expressed as a percentage of
average daily net assets of the Fund).
Annual Total Returns
|
Series
I |
Period
Ended |
Returns |
|
|
|
|
|
|
|
- |
Average Annual Total Returns (for the periods ended December 31, 2022)
|
|
Inception
Date |
1
Year |
5
Years |
10
Years |
|
Series
I |
- |
|||
|
| ||||
|
Series
II |
- |
|||
|
| ||||
|
Russell
2000®
Index fees,
expenses or taxes) |
- |
|||
|
| ||||
|
Lipper
VUF Small-Cap Core Funds Index |
- |
|||
|
| ||||
|
S&P
500®
Index (reflects no deduction for fees,
expenses
or taxes) |
- |
|||
|
| ||||
Management
of the Fund
Investment Adviser:
Invesco Advisers, Inc. (Invesco or the Adviser)
|
Portfolio
Managers |
Title |
Length
of Service on the Fund |
Juan
Hartsfield, CFA |
Portfolio
Manager (lead) |
2006 |
|
| ||
Davis
Paddock, CFA |
Portfolio
Manager |
2016 |
|
| ||
Purchase
and Sale of Fund Shares
You cannot purchase
or sell (redeem) shares of the Fund directly. Please contact the insurance
company that issued your variable product for more
2 Invesco
V.I. Small Cap Equity Fund
information on the
purchase and sale of Fund shares. For more information, see “Other
Information—Purchase and Redemption of Shares” in the prospectus.
Tax
Information
The Fund expects,
based on its investment objective and strategies, that its distributions, if
any, will consist of ordinary income, capital gains, or some combination of
both. Because shares of the Fund must be purchased through variable products,
such distributions will be exempt from current taxation if left to accumulate
within the variable product. Consult your variable insurance contract prospectus
for additional tax information.
Payments
to Insurance Companies
If you purchase the
Fund through an insurance company or other financial intermediary, the Fund, the
Fund’s distributor or its related companies may pay the intermediary for the
sale of Fund shares and related services. These payments may create a conflict
of interest by influencing the insurance company or other intermediary and your
salesperson or financial adviser to recommend the Fund over another investment.
Ask your salesperson or financial adviser or visit your financial intermediary’s
website for more information.
Investment Objective(s), Strategies, Risks and Portfolio Holdings
Objective(s)
and Strategies
The Fund’s
investment objective is long-term growth of capital. The Fund’s investment
objective may be changed by the Board of Trustees (the Board) without
shareholder approval.
The
Fund invests, under normal circumstances, at least 80% of its net assets (plus any
borrowings for investment purposes) in equity securities of small-capitalization
issuers. The principal type of equity securities in which the Fund invests is
common stock.
The
Fund considers an issuer to be a small-capitalization issuer if it has
a
market capitalization, at the time of purchase, no larger than the market
capitalization of the largest capitalized issuer included in the Russell
2000®
Index
during the most recent 11-month period (based on month-end data) plus the most
recent data during the current month. An issuer’s “market capitalization” is the
value of its outstanding stock.
The
Fund may invest up to 15% of its net assets in REITs. REITs pool investors’ funds
for investment primarily in commercial real estate properties or real estate
related loans. REITs generally derive their income from rents on the underlying
properties or interest on the underlying loans, and their value is impacted by
changes in the value of the underlying property or changes in interest rates
affecting the underlying loans owned by the REITs.
The
Fund may also invest up to 25% of its net assets in foreign securities.
In
selecting investments, the portfolio managers utilize a disciplined portfolio
construction process that is informed by the composition of the Russell
2000® Index, which the
portfolio managers believe represents the small cap core asset class. The Fund
uses this index as a guide in structuring the portfolio but the Fund is not an
index fund. The security selection process is based on a three-step process that
includes fundamental, valuation and timeliness analysis.
◾
Fundamental
analysis involves building a series of financial models, as well as conducting
in-depth interviews with management. The goal is to find high quality,
fundamentally sound issuers operating in an attractive industry.
◾
Valuation analysis
focuses on identifying attractively valued securities given their growth
potential over a one- to two-year horizon.
◾
Timeliness analysis
is used to help identify the “timeliness” of a purchase. In this step, relative
price strength, trading volume
characteristics,
and trend analysis are reviewed for signs of deterioration. If a security shows
signs of deterioration, it will not be considered as a candidate for the
portfolio.
The
portfolio managers consider selling a security if the investment thesis for owning
the security is no longer valid, the stock reaches its price target or
timeliness factors indicate that the risk/return characteristics of the stock as
viewed in the market are no longer attractive.
In
anticipation of or in response to market, economic, political, or other
conditions, the
Fund’s portfolio managers may temporarily use a different investment strategy
for defensive purposes. If the Fund’s portfolio managers do so, different
factors could affect the Fund’s performance and the Fund may not achieve its
investment objective.
The
Fund’s investments in the types of securities and other investments described in this
prospectus vary from time to time, and, at any time, the Fund may not be
invested in all of the types of securities and other investments described in
this prospectus. The Fund may also invest in securities and other investments
not described in this prospectus.
For
more information, see “Description of the Funds and Their Investments and
Risks” in the Fund’s SAI.
Risks
The principal risks
of investing in the Fund are:
Market
Risk. The market values
of the Fund’s investments, and therefore the value of the Fund’s shares, will go
up and down, sometimes rapidly or unpredictably. Market risk may affect a single
issuer, industry or section of the economy, or it may affect the market as a
whole. The value of the Fund’s investments may go up or down due to general
market conditions that are not specifically related to the particular issuer,
such as real or perceived adverse economic conditions, changes in the general
outlook for revenues or corporate earnings, changes in interest or currency
rates, regional or global instability, or adverse investor sentiment generally.
The value of the Fund’s investments may also go up or down due to factors that
affect an individual issuer or a particular industry or sector, such as changes
in production costs and competitive conditions within an industry. In addition,
natural or environmental disasters, widespread disease or other public health
issues, war, military conflict, acts of terrorism,
economic crisis or
other events may have a significant impact on the value of the Fund’s
investments, as well as the financial markets and global economy generally. Such
circumstances may also impact the ability of the Adviser to effectively
implement the Fund’s investment strategy. During a general downturn in the
financial markets, multiple asset classes may decline in value. When markets
perform well, there can be no assurance that specific investments held by the
Fund will rise in value.
◾
Market
Disruption Risks Related to Russia-Ukraine Conflict. Following
Russia’s invasion of Ukraine in late February 2022, various countries, including
the United States, as well as North Atlantic Treaty Organization
(NATO)
member
countries and the European Union, issued broad-ranging economic sanctions
against Russia. The war in Ukraine (and the potential for further sanctions in
response to Russia’s continued military activity)
may
escalate.
These
and other corresponding events, have had, and could continue to have, severe
negative effects on regional and global economic and financial markets,
including increased volatility, reduced liquidity, and overall uncertainty. The
negative impacts may be particularly acute in certain sectors including, but not
limited to, energy and financials. Russia may take additional countermeasures or
retaliatory actions (including cyberattacks), which could exacerbate negative
consequences on global financial markets. The duration of the conflict and
corresponding sanctions and related events cannot be predicted. The foregoing
may result in a negative impact on Fund performance and the value of an
investment in the Fund, even beyond any direct investment exposure the Fund may
have to Russian issuers or the adjoining geographic regions.
3 Invesco
V.I. Small Cap Equity Fund
◾
COVID-19. The “COVID-19”
strain of coronavirus has resulted in instances of market closures and
dislocations, extreme volatility, liquidity constraints and increased trading
costs. Efforts to contain its spread have resulted in travel restrictions,
disruptions of healthcare systems, business operations (including business
closures) and supply chains, layoffs, lower consumer demand and employee
availability, and defaults and credit downgrades, among other significant
economic impacts that have disrupted global economic activity across many
industries. Such economic impacts may exacerbate other pre-existing political,
social and economic risks locally or globally and cause general concern and
uncertainty. The full economic impact and ongoing effects of COVID-19 (or other
future epidemics or pandemics) at the macro-level and on individual businesses
are unpredictable and may result in significant and prolonged effects on the
Fund’s performance.
Investing
in Stocks Risk. Common stock
represents an ownership interest in a company. It ranks below preferred stock
and debt securities in claims for dividends and in claims for assets of the
issuer in a liquidation or bankruptcy. Common stocks may be exchange-traded or
over-the-counter securities. Over-the-counter securities may be less liquid than
exchange-traded securities.
The
value of the Fund’s portfolio may be affected by changes in the stock markets.
Stocks and other equity securities fluctuate in price in response to changes to
equity markets in general. Stock markets may experience significant short-term
volatility and may fall or rise sharply at times. Adverse events in any part of
the equity or fixed-income markets may have unexpected negative effects on other
market segments. Different stock markets may behave differently from each other
and U.S. stock markets may move in the opposite direction from one or more
foreign stock markets.
The
prices of individual stocks generally do not all move in the same direction at the
same time. However, individual stock prices tend to go up and down more
dramatically than those of certain other types of investments, such as bonds. A
variety of factors can negatively affect the price of a particular company’s
stock. These factors may include, but are not limited to: poor earnings reports,
a loss of customers, litigation against the company, general unfavorable
performance of the company’s sector or industry, or changes in government
regulations affecting the company or its industry. To the extent that securities
of a particular type are emphasized (for example foreign stocks, stocks of
small- or mid-cap companies, growth or value stocks, or stocks of companies in a
particular industry), fund share values may fluctuate more in response to events
affecting the market for those types of securities.
Small-
and Mid-Capitalization Companies Risk. Investing in
securities of small- and mid-capitalization companies involves greater risk than
customarily is associated with investing in larger, more established companies.
Stocks of small- and mid-capitalization companies tend to be more vulnerable to
changing market conditions, may have little or no operating history or track
record of success, and may have more limited product lines and markets, less
experienced management and fewer financial resources than larger companies.
These companies’ securities may be more volatile and less liquid than those of
more established companies. They may be more sensitive to changes in a company’s
earnings expectations and may experience more abrupt and erratic price
movements. Smaller companies’ securities often trade in lower volumes and in
many instances, are traded over-the-counter or on a regional securities
exchange, where the frequency and volume of trading is substantially less than
is typical for securities of larger companies traded on national securities
exchanges. Therefore, the securities of smaller companies may be subject to
wider price fluctuations and it might be harder for the Fund to dispose of its
holdings at an acceptable price when it wants to sell them. In addition,
investors might seek to trade Fund shares based on their knowledge or
understanding of the value of smaller company securities (this is sometimes
referred to as “price arbitrage”), which could interfere with the efficient
management of the Fund. Since small and mid-cap companies typically
reinvest a high
proportion of their earnings in their business, they may not pay dividends for
some time, particularly if they are newer companies. It may take a substantial
period of time to realize a gain on an investment in a small- or mid-cap
company, if any gain is realized at all. The relative sizes of companies may
change over time as the securities market changes, and the Fund is not required
to sell the securities of companies whose market capitalizations have grown or
decreased due to market fluctuations.
Foreign
Securities Risk. The value of the
Fund's foreign investments may be adversely affected by political and social
instability in the home countries of the issuers of the investments, by changes
in economic or taxation policies in those countries, or by the difficulty in
enforcing obligations in those countries. Foreign investments also involve the
risk of the possible seizure, nationalization or expropriation of the issuer or
foreign deposits (in which the Fund could lose its entire investments in a
certain market) and the possible adoption of foreign governmental restrictions
such as exchange controls. Foreign companies generally may be subject to less
stringent regulations than U.S. companies, including financial reporting
requirements and auditing and accounting controls, and may therefore be more
susceptible to fraud or corruption. Also, there may be less publicly available
information about companies in certain foreign countries than about U.S.
companies making it more difficult for the Adviser to evaluate those companies.
The laws of certain countries may put limits on the Fund’s ability to recover
its assets held at a foreign bank if the foreign bank, depository or issuer of a
security, or any of their agents, goes bankrupt. Trading in many foreign
securities may be less liquid and more volatile than U.S. securities due to the
size of the market or other factors. Changes in political and economic factors
in one country or region could adversely affect conditions in another country or
region. Investments in foreign securities may also expose the Fund to time-zone
arbitrage risk. At times, the Fund may emphasize investments in a particular
country or region and may be subject to greater risks from adverse events that
occur in that country or region. Unless the Fund has hedged its foreign currency
exposure, foreign securities risk also involves the risk of negative foreign
currency rate fluctuations, which may cause the value of securities denominated
in such foreign currency (or other instruments through which the Fund has
exposure to foreign currencies) to decline in value. Currency exchange rates may
fluctuate significantly over short periods of time. Currency hedging strategies,
if used, are not always successful. For instance, currency forward contracts, if
used by the Fund, could reduce performance if there are unanticipated changes in
currency exchange rates.
REIT
Risk/Real Estate Risk.
Investments in real
estate related instruments may be adversely affected by economic, legal,
cultural, environmental or technological factors that affect property values,
rents or occupancies. Real estate companies, including REITs or similar
structures, tend to be small- and mid-cap companies and their shares may be more
volatile and less liquid than larger companies. The value of investments in real
estate related companies may be affected by the quality of management, the
ability to repay loans, the utilization of leverage and financial covenants
related thereto, whether the company carries adequate insurance and
environmental factors. If a real estate related company defaults on certain
types of debt obligations held by the Fund, the Fund may acquire real estate
directly, which involves additional risks such as environmental liabilities;
difficulty in valuing and selling the real estate; and economic or regulatory
changes.
Management
Risk. The Fund is
actively managed and depends heavily on the Adviser’s judgment about markets,
interest rates or the attractiveness, relative values, liquidity, or potential
appreciation of particular investments made for the Fund’s portfolio. The Fund
could experience losses if these judgments prove to be incorrect. There can be
no guarantee that the Adviser’s investment techniques or investment decisions
will produce the desired results. Additionally, legislative, regulatory, or tax
developments may affect the investments or investment strategies available to
the Adviser in connection with managing the Fund, which may also adversely
affect the ability of the Fund to achieve its investment
objective.
4 Invesco
V.I. Small Cap Equity Fund
Portfolio
Holdings
A description of
Fund policies and procedures with respect to the disclosure of Fund portfolio
holdings is available in the SAI, which is available at
www.invesco.com/us.
Fund Management
The
Adviser(s)
Invesco serves as
the Fund’s investment adviser. The Adviser manages the investment operations of
the Fund as well as other investment portfolios that encompass a broad range of
investment objectives, and has agreed to perform or arrange for the performance
of the Fund’s day-to-day management. The Adviser is located at 1331 Spring
Street, N.W., Suite 2500, Atlanta, Georgia 30309. The Adviser, as successor in
interest to multiple investment advisers, has been an investment adviser since
1976.
Sub-Advisers. Invesco has
entered into one or more Sub-Advisory Agreements with certain affiliates to
serve as sub-advisers to the Fund (the Sub-Advisers). Invesco may appoint the
Sub-Advisers from time to time to provide discretionary investment management
services, investment advice, and/or order execution services to the Fund. The
Sub-Advisers and the Sub-Advisory Agreements are described in the
SAI.
Adviser
Compensation
During the fiscal
year ended December 31, 2022, the Adviser received compensation of 0.74% of the
Fund's average daily net assets, after fee waiver and/or expense reimbursement,
if any.
A
discussion regarding the basis for the Board’s approval of the investment advisory
agreement and investment sub-advisory agreements of the Fund is available in the
Fund’s most recent annual or semi-annual report to shareholders.
Portfolio
Managers
The following
individuals are jointly and primarily responsible for the day-to-day management
of the Fund’s portfolio:
◾
Juan Hartsfield,
CFA (lead manager), Portfolio Manager, who has been responsible for the Fund
since 2006 and has been associated with Invesco and/or its affiliates since
2004.
◾
Davis Paddock, CFA,
Portfolio Manager, who has been responsible for the Fund since 2016 and has been
associated with Invesco and/or its affiliates since 2001.
A
lead or co-lead manager
generally has final authority over all aspects of the Fund's investment
portfolio, including but not limited to, purchases and sales of individual
securities, portfolio construction techniques, portfolio risk assessment, and
the management of daily cash flows in accordance with portfolio holdings. The
degree to which a lead or co-lead manager may perform these functions, and the
nature of these functions, may change from time to time.
More
information on the portfolio managers may be found at www.invesco.com/us.
The website is not part of this prospectus.
The
Fund's SAI provides additional information about the portfolio managers’
investments in the Fund, a description of the compensation structure and
information regarding other accounts managed.
Other Information
Purchase
and Redemption of Shares
The Fund ordinarily
effects orders to purchase and redeem shares at the Fund’s next computed net
asset value (NAV) after it receives an order. Insurance companies participating
in the Fund serve as the Fund’s designee for receiving orders of separate
accounts that invest in the Fund. The Fund may postpone the right of redemption
only under unusual circumstances, as
allowed by the SEC,
such as when the New York Stock Exchange (NYSE) restricts or suspends
trading.
Although
the Fund generally intends to pay redemption proceeds solely in cash, the Fund
reserves the right to determine, in its sole discretion, whether to satisfy
redemption requests by making payment in securities or other property (known as
a redemption in kind). Redemptions in kind may result in transaction costs
and/or market fluctuations associated with liquidating or holding the
securities, respectively.
Shares
of the Fund are offered in connection with mixed and shared funding, i.e., to
separate accounts of affiliated and unaffiliated insurance companies funding
variable products. The Fund currently offers shares only to insurance company
separate accounts and funds of funds. In the future, the Fund may offer them to
pension and retirement plans that qualify for special federal income tax
treatment. Due to differences in tax treatment and other considerations, the
interests of Fund shareholders, including variable product owners and plan
participants investing in the Fund (whether directly or indirectly through fund
of funds), may conflict.
Mixed
and shared funding may present certain conflicts of interest. For example, violation
of the federal tax laws by one insurance company separate account investing
directly or indirectly in a fund could cause variable products funded through
another insurance company separate account to lose their tax-deferred status,
unless remedial actions were taken. The Board will monitor for the existence of
any material conflicts and determine what action, if any, should be taken. The
Fund’s NAV could decrease if it had to sell investment securities to pay
redemption proceeds to a separate account (or plan) withdrawing because of a
conflict.
Redemptions
by Large Shareholders
At times, the Fund
may experience adverse effects when certain large shareholders redeem large
amounts of shares of the Fund. Large redemptions may cause the Fund to sell
portfolio securities at times when it would not otherwise do so. In addition,
these transactions may also accelerate the realization of taxable income to
shareholders (if applicable) if such sales of investments resulted in gains and
may also increase transaction costs and/or increase in the Fund’s expense ratio.
When experiencing a redemption by a large shareholder, the Fund may delay
payment of the redemption request up to seven days to provide the investment
manager with time to determine if the Fund can redeem the request-in-kind or to
consider other alternatives to lessen the harm to remaining shareholders. Under
certain circumstances, however, the Fund may be unable to delay a redemption
request, which could result in the automatic processing of a large redemption
that is detrimental to the Fund and its remaining shareholders.
Excessive
Short-Term Trading Activity Disclosure
The Fund’s
investment programs are designed to serve long-term investors and are not
designed to accommodate excessive short-term trading activity in violation of
the Fund’s policies and procedures described below. Excessive short-term trading
activity in the Fund’s shares (i.e., purchases of Fund shares followed shortly
thereafter by redemptions of such shares, or vice versa) may hurt the long-term
performance of the Fund by requiring it to maintain an excessive amount of cash
or to liquidate portfolio holdings at a disadvantageous time, thus interfering
with the efficient management of the Fund by causing it to incur increased
brokerage and administrative costs. Where excessive short-term trading activity
seeks to take advantage of arbitrage opportunities from stale prices for
portfolio securities, the value of Fund shares held by long-term investors may
be diluted. The Board has adopted policies and procedures designed to discourage
excessive short-term trading of Fund shares. The Fund may alter its policies and
procedures at any time without giving prior notice to Fund shareholders if
Invesco believes the change would be in the best interests of long-term
investors.
Pursuant
to the Fund’s policies and procedures, Invesco and certain of its corporate
affiliates (Invesco and such affiliates, collectively, the Invesco
5 Invesco
V.I. Small Cap Equity Fund
Affiliates)
currently use the following tools designed to discourage excessive short-term
trading in the Fund:
(1)
trade activity monitoring; and
(2)
the use of fair value pricing consistent with the valuation
policy
approved by the
Board and related procedures.
Each
of these tools is described in more detail below.
In
addition, restrictions designed to discourage or curtail excessive short-term trading
activity may be imposed by the insurance companies and/or their separate
accounts that invest in the Fund on behalf of variable product owners. Variable
product owners should refer to the applicable contract and related prospectus
for more details.
Trade
Activity Monitoring
To detect excessive
short-term trading activities, the Invesco Affiliates will monitor, on a daily
basis, selected aggregate purchase or redemption trade orders placed by
insurance companies and/or their separate accounts. The Invesco Affiliates will
seek to work with insurance companies to discourage variable product owners from
engaging in abusive trading practices. However, the ability of the Invesco
Affiliates to monitor trades that are placed by variable product owners is
severely if not completely limited due to the fact that the insurance companies
trade with the Fund through omnibus accounts, and maintain the exclusive
relationship with, and are responsible for maintaining the account records of,
their variable product owners. There may also be legal and technological
limitations on the ability of insurance companies to impose restrictions on the
trading practices of their variable product owners. As a result, there can be no
guarantee that the Invesco Affiliates will be able to detect or deter market
timing by variable product owners.
If,
as a result of this monitoring, the Invesco Affiliates believe that a
variable product
owner has engaged in excessive short-term trading (regardless of whether or not
the insurance company’s own trading restrictions are exceeded), the Invesco
Affiliates will seek to act in a manner that they believe is consistent with the
best interests of long-term investors, which may include taking steps such as
(1) asking the insurance company to take action to stop such activities, or
(2) refusing to process future purchases related to such activities in the
insurance company’s account with the Fund. The Invesco Affiliates will use
reasonable efforts to apply the Fund’s policies uniformly given the potential
limitations described above.
Fair
Value Pricing
Securities owned by
the Fund are to be valued at current market value if market quotations are
readily available. All other securities and assets of the Fund for which market
quotations are not readily available are to be valued at fair value determined
in good faith consistent with the valuation policy
approved by the
Board and related procedures. An effect of fair value pricing may be to reduce
the ability of frequent traders to take advantage of arbitrage opportunities
resulting from potentially “stale” prices of portfolio holdings. However, it
cannot eliminate the possibility of frequent trading.
The
price a Fund could receive upon the sale of any investment may differ from the
Adviser's valuation of the investment, particularly for securities that are
valued using a fair valuation technique. When fair valuation techniques are
applied, the Adviser uses available information, including both observable and
unobservable inputs and assumptions (i.e., publicly traded company multiples,
growth rate, time to exit), to determine a methodology that will result in a
valuation that the Adviser believes approximates market value. Fund securities
that are fair valued may be subject to greater fluctuation in their value from
one day to the next than would be the case if market quotations were used.
Because of the inherent uncertainties of valuation, and the degree of
subjectivity in such decisions, the Fund could realize a greater or lesser than
expected gain or loss upon the sale of the investment.
See
“Pricing of Shares—Determination of Net Asset Value (NAV)” for more
information.
Risks
There is the risk
that the Fund’s policies and procedures will prove ineffective in whole or in
part to detect or prevent excessive short-term trading. Although these policies
and procedures, including the tools described above, are designed to discourage
excessive short-term trading, they do not eliminate the possibility that
excessive short-term trading activity in the Fund will occur. Moreover, each of
these tools involves judgments that are inherently subjective. The Invesco
Affiliates seek to make these judgments to the best of their abilities in a
manner that they believe is consistent with the best interests of long-term
investors. However, there can be no assurance that the Invesco Affiliates will
be able to gain access to any or all of the information necessary to detect or
prevent excessive short-term trading by a variable product owner. While the
Invesco Affiliates and the Fund may seek to take actions with the assistance of
the insurance companies that invest in the Fund, there is the risk that neither
the Invesco Affiliates nor the Fund will be successful in their efforts to
minimize or eliminate such activity.
Pricing
of Shares
Determination
of Net Asset Value (NAV)
The price of the
Fund’s shares is the Fund’s NAV per share. The Fund values portfolio securities
for which market quotations are readily available at market value. Securities
and other assets quoted in foreign currencies are valued in U.S. dollars based
on the prevailing exchange rates on that day. The Fund values securities and
assets for which market quotations are unavailable at their “fair value,” which
is described below.
Even
when market quotations are available, they may be stale or not representative
of market value in the Adviser’s judgment (“unreliable”)
because the
security is not traded frequently, trading on the security ceased before the
close of the trading market or issuer specific events occurred after the
security ceased trading or because of the passage of time between the close of
the market on which the security trades and the close of the NYSE and when the
Fund calculates its NAV. Issuer specific events may cause the last market
quotation to be unreliable. Such events may include a merger or insolvency,
events that affect a geographical area or an industry segment, such as political
events or natural disasters, or market events, such as a significant movement in
the U.S. market. Where the Adviser determines that the closing price of the
security is stale or unreliable, the Adviser will value the security at its fair
value.
A
fair value price is an estimated price that requires consideration of all
appropriate
factors, including indications of fair value available from pricing services.
Fair value pricing involves judgment and a fund that uses fair value
methodologies may value securities higher or lower than another fund using
market quotations or its own fair value methodologies to price the same
securities. Investors who purchase or redeem Fund shares on days when the Fund
is holding fair-valued securities may receive a greater or lesser number of
shares, or higher or lower redemption proceeds, than they would have received if
the Fund had not fair-valued the security or had used a different
methodology.
The
Board has designated the
Adviser to perform the daily determination of fair value prices in accordance
with Board approved
policies and
related procedures,
subject to the
Board’s oversight. Fair value pricing methods and pricing services can change
from time to time.
The
intended effect of applying fair value pricing is to compute a NAV that accurately
reflects the value of the Fund's portfolio at the time that the NAV is
calculated. An additional intended effect is to discourage those seeking to take
advantage of arbitrage opportunities resulting from “stale” prices and to
mitigate the dilutive impact of any such arbitrage. However, the application of
fair value pricing cannot eliminate the possibility that arbitrage opportunities
will exist.
Specific
types of securities are valued as follows:
Senior
Secured Floating Rate Loans and Senior Secured Floating Rate Debt
Securities. Senior secured
floating rate loans and senior secured floating rate debt securities are fair
valued using evaluated quotes provided
6 Invesco
V.I. Small Cap Equity Fund
by an independent
pricing service. Evaluated quotes provided by the pricing service may reflect
appropriate factors such as market quotes, ratings, tranche type, industry,
company performance, spread, individual trading characteristics,
institution-size trading in similar groups of securities and other market
data.
Domestic
Exchange Traded Equity Securities. Market quotations
are generally available and reliable for domestic exchange traded equity
securities. If market quotations are not available or are unreliable, the
Adviser will value the security at fair value in good faith using the valuation
policy approved by the Board and related procedures.
Foreign
Securities. If market
quotations are available and reliable for foreign exchange traded equity
securities, the securities will be valued at the market quotations. Because
trading hours for certain foreign securities end before the close of the NYSE,
closing market quotations may become unreliable. If between the time trading
ends on a particular security and the close of the customary trading session on
the NYSE events occur that are significant and may make the closing price
unreliable, the Fund may fair value the security. If an issuer specific event
has occurred that the Adviser determines, in its judgment, is likely to have
affected the closing price of a foreign security, it will price the security at
fair value. The Adviser also relies on a screening process from a pricing vendor
to indicate the degree of certainty, based on historical data, that the closing
price in the principal market where a foreign security trades is not the current
market value as of the close of the NYSE. For foreign securities where the
Adviser believes, at the approved degree of certainty, that the price is not
reflective of current market value, the Adviser will use the indication of fair
value from the pricing service to determine the fair value of the security. The
pricing vendor, pricing methodology or degree of certainty may change from time
to time. Fund securities primarily traded on foreign markets may trade on days
that are not business days of the Fund. Because the NAV of Fund shares is
determined only on business days of the Fund, the value of foreign securities
included in the Fund’s portfolio may change on days when the separate account to
which you have allocated variable product values will not be able to purchase or
redeem shares of the Fund.
Fixed
Income Securities. Fixed income
securities, such as government, corporate, asset-backed and municipal bonds and
convertible securities, including high yield or junk bonds, and loans, generally
are valued on the basis of prices provided by independent pricing services.
Prices provided by the pricing services may be determined without exclusive
reliance on quoted prices, and may reflect appropriate factors such as
institution-size trading in similar groups of securities, developments related
to special securities, dividend rate, maturity and other market data. Pricing
services generally value fixed income securities assuming orderly transactions
of institutional round lot size, but a Fund may hold or transact in the same
securities in smaller, odd lot sizes. Odd lots often trade at lower prices than
institutional round lots. Prices received from pricing services are fair value
prices. In addition, if the price provided by the pricing service and
independent quoted prices are unreliable, the Adviser will fair value the
security using the valuation policy approved by the Board and related
procedures.
Short-term
Securities. The Fund’s
short-term investments are valued at amortized cost when the security has
60 days or less to maturity.
Futures
and Options. Futures contracts
are valued at the final settlement price set by the exchange on which they are
principally traded. U.S.
exchange-traded
options are valued at the mean between the last bid and asked prices from the
exchange on which they principally trade. Non-U.S. exchange-traded options are
valued at the final settlement price set
by the
exchange on which they trade. Options not listed on an exchange and swaps
generally are valued using pricing provided from independent pricing
services.
Swap
Agreements. Swap agreements
are fair valued using an evaluated quote provided by an independent pricing
service. Evaluated quotes provided by the pricing service are based on a model
that may include end of day net present values, spreads, ratings, industry and
company performance.
Open-end
Funds.
If the Fund invests in other open-end funds, other than open-end funds that are
exchange traded, the investing Fund will calculate its NAV using the NAV of the
underlying fund in which it invests. The Fund discloses portfolio holdings at
different times to insurance companies issuing variable products that invest in
the Fund, and in annual and semi-annual shareholder reports. Refer to such
reports to determine the types of securities in which the Fund has invested. You
may also refer to the SAI to determine what types of securities in which the
Fund may invest. You may obtain copies of these reports or of the SAI from the
insurance company that issued your variable product, or from the Adviser as
described on the back cover of this prospectus.
The
Fund generally determines the net asset value of its shares on each day the NYSE is
open for trading (a business day) as of approximately 4:00 p.m. Eastern Time
(the customary close of regular trading) or earlier in the case of a scheduled
early close. In the event of an unscheduled early close of the NYSE, the Fund
generally still will determine the net asset value of its shares as of 4:00 p.m.
Eastern Time on that business day. Portfolio securities traded on the NYSE would
be valued at their closing prices unless the Adviser determines that a “fair
value” adjustment is appropriate due to subsequent events occurring after an
early close consistent with the valuation policy approved by the Board and
related procedures.
Taxes
The Fund intends to
qualify each year as a regulated investment company and, as such, is not subject
to entity-level tax on the income and gain it distributes to shareholders.
Insurance company separate accounts may invest in the Fund and, in turn, may
offer variable products to investors through insurance contracts. Because the
insurance company separate accounts generally are the shareholders in the Fund,
all of the tax characteristics of the Fund’s investments flow into the separate
accounts and not to each variable product owner. The tax consequences from each
variable product owner’s investment in a variable product contract will depend
upon the provisions of these contracts, and variable product owners should
consult their contract prospectus for more information on these tax
consequences.
Dividends
and Distributions
The Fund expects,
based on its investment objective and strategies, that its distributions, if
any, will consist of ordinary income, capital gains, or some combination of
both.
Dividends
The Fund generally
declares and pays dividends from net investment income, if any,
annually.
Capital
Gains Distributions
The Fund generally
distributes long-term and short-term capital gains (net of any available capital
loss carryovers), if any, at least annually. Capital gains distributions may
vary considerably from year to year as a result of the Fund’s normal investment
activities and cash flows.
Share
Classes
The Fund has two
classes of shares, Series I shares and Series II shares. Each class is
identical except that Series II shares have a distribution or
“Rule 12b-1 Plan” that is described below.
Distribution
Plan
The Fund has
adopted a distribution or “Rule 12b-1 Plan” for its Series II shares. The plan
allows the Fund to pay distribution fees to life insurance companies and others
to promote the sale and distribution of Series II shares. The plan provides for
a maximum fee equal to an annual rate of 0.25% (expressed as a percentage of
average daily net assets of the Fund). Because the Fund pays these fees out of
its assets on an ongoing basis, over time these fees will increase the cost of
your investment and may cost you more than paying other types of
charges.
7 Invesco
V.I. Small Cap Equity Fund
Payments
to Insurance Companies
The insurance
company that issued your variable product, or one of its affiliates, may receive
all the Rule 12b-1 distribution fees discussed above. In addition to those
payments, Invesco Distributors, Inc., the distributor of the Fund and an Invesco
Affiliate, and other Invesco Affiliates may make cash payments to the insurance
company that issued your variable product or the insurance company’s affiliates
in connection with promotion of the Fund and certain other marketing support
services. Invesco Affiliates make these payments from their own resources.
Invesco Affiliates make these payments as incentives to certain insurance
companies or their affiliates to promote the sale and retention of shares of the
Fund. The benefits Invesco Affiliates receive when they make these payments may
include, among other things, adding the Fund to the list of underlying
investment options in the insurance company’s variable products, and access (in
some cases on a preferential basis over other competitors) to individual members
of an insurance company’s sales force or to an insurance company’s management.
These payments are sometimes referred to as “shelf space” payments because the
payments compensate the insurance company for including the Fund in its variable
products (on its “sales shelf”). Invesco Affiliates may also make payments to
insurance company affiliates for support, training and ongoing education for
sales personnel about the Fund, financial planning needs of Fund shareholders or
contract owners that allocate contract value directly or indirectly to the Fund,
marketing and advertising of the Fund, and access to periodic conferences held
by insurance company affiliates relating directly or indirectly to the Fund.
Invesco Affiliates compensate insurance companies or their affiliates
differently depending typically on the level and/or type of services provided by
the insurance companies or their affiliates. The payments Invesco Affiliates
make may be calculated on sales of shares of the Fund (Sales-Based Payments), in
which case the total amount of such payments shall not exceed 0.25% of the
offering price of all shares sold through variable products during the
particular period. Such payments also may be calculated on the average daily net
assets of the Fund attributable to that particular insurance company or its
affiliates (Asset-Based Payments), in which case the total amount of such cash
payments shall not exceed 0.25% per annum of those assets during a defined
period. Sales-Based Payments primarily create incentives to make sales of shares
of the Fund and Asset-Based Payments primarily create incentives to retain
assets of the Fund in insurance company separate accounts or funds of
funds.
Invesco
Affiliates are motivated to make the payments described above in order to promote
the sale of Fund shares and the retention of those investments by clients of
insurance companies. To the extent insurance companies sell more shares of the
Fund or retain shares of the Fund in their variable product owners’ accounts,
Invesco Affiliates may directly or indirectly benefit from the incremental
management and other fees paid to Invesco Affiliates by the Fund with respect to
those assets.
In
addition to the payments listed above, Invesco may also make payments to
insurance companies for certain administrative services provided to the Fund.
These services may include, but are not limited to, maintenance of master
accounts with the Fund; tracking, recording and transmitting net purchase and
redemption orders for Fund shares; distributing redemption proceeds and
transmitting net purchase payments; reconciling purchase and redemption activity
and dividend and distribution payments between a master account and the Fund;
maintaining and preserving records related to the purchase, redemption and other
account activity of variable product owners; distributing copies of Fund
documents, such as prospectuses, proxy materials and periodic reports, to
variable product owners; assisting with proxy solicitations on behalf of the
Fund, including soliciting and compiling voting instructions from variable
contract owners; and responding to inquiries from variable contract owners about
the Fund. The Fund has agreed to reimburse Invesco for its payments made to
Insurance Companies to provide these services, up to an annual limit of 0.15% of
the average daily net assets invested in the Fund by each insurance company. Any
amounts paid by Invesco to an insurance company
in excess of 0.15%
of the average daily net assets invested in the Fund are paid by Invesco out of
its own financial resources, and not out of the Fund’s assets. Insurance
companies may earn profits on these payments for these services, since the
amount of the payments may exceed the cost of providing the service.
You
can find further details in the SAI about these payments and the services provided
by insurance companies or their affiliates. In certain cases these payments
could be significant to the insurance company or its affiliates. Your insurance
company may charge you additional fees or commissions on your variable product
other than those disclosed in this prospectus. You can ask your insurance
company about any payments it or its affiliates receive from Invesco Affiliates,
or the Fund, as well as about fees and/or commissions it charges. The prospectus
for your variable product may also contain additional information about these
payments.
8 Invesco
V.I. Small Cap Equity Fund
Financial Highlights
The financial
highlights show the Fund’s financial history for the past five fiscal years or,
if shorter, the period of operations of the Fund or any of its share classes.
The financial highlights table is intended to help you understand the Fund’s
financial performance. Certain information reflects financial results for a
single Fund share.
The
total returns in the table represent the rate that an investor would
have
earned (or lost) on an investment in the Fund (assuming reinvestment of all
dividends and distributions).
This
information has been audited by PricewaterhouseCoopers LLP, an independent
registered public accounting firm, whose report, along with the Fund’s financial
statements, is included in the Fund’s annual report, which is available upon
request.
|
|
Net
asset
value,
beginning
of
period |
Net
investment
income
(loss)(a)
|
Net
gains
(losses)
on
securities
(both
realized
and
unrealized) |
Total
from
investment
operations |
Dividends
from
net
investment
income |
Distributions
from
net
realized
gains |
Total
distributions |
Net
asset
value,
end
of
period |
Total
return
(b)
|
Net
assets,
end
of period
(000's
omitted) |
Ratio
of
expenses
to
average
net
assets
with
fee waivers
and/or
expenses
absorbed |
Ratio
of
expenses
to
average net
assets
without
fee
waivers
and/or
expenses
absorbed |
Ratio
of net
investment
income
(loss)
to
average
net
assets |
Portfolio
turnover
(c)
|
|
Series
I | ||||||||||||||
|
Year
ended 12/31/22 |
$23.49 |
$0.03 |
$(4.85) |
$(4.82) |
$— |
$(3.61) |
$(3.61) |
$15.06 |
(20.51)% |
$100,267 |
0.95% |
0.95% |
0.14% |
33% |
|
Year
ended 12/31/21 |
20.62 |
0.01 |
4.19 |
4.20 |
(0.04) |
(1.29) |
(1.33) |
23.49 |
20.41 |
142,095 |
0.95 |
0.95 |
0.04 |
21 |
|
Year
ended 12/31/20 |
17.73 |
0.04 |
4.48 |
4.52 |
(0.06) |
(1.57) |
(1.63) |
20.62 |
27.25 |
129,881 |
0.96 |
0.96 |
0.21 |
45 |
|
Year
ended 12/31/19 |
15.93 |
0.06 |
4.03 |
4.09 |
— |
(2.29) |
(2.29) |
17.73 |
26.60 |
118,208 |
0.96 |
0.96 |
0.34 |
44 |
|
Year
ended 12/31/18 |
20.02 |
0.02 |
(2.74) |
(2.72) |
— |
(1.37) |
(1.37) |
15.93 |
(15.08) |
106,064 |
0.96 |
0.96 |
0.10 |
22 |
|
| ||||||||||||||
|
Series
II | ||||||||||||||
|
Year
ended 12/31/22 |
21.75 |
(0.02) |
(4.49) |
(4.51) |
— |
(3.61) |
(3.61) |
13.63 |
(20.73) |
93,808 |
1.20 |
1.20 |
(0.11) |
33 |
|
Year
ended 12/31/21 |
19.19 |
(0.04) |
3.89 |
3.85 |
(0.00) |
(1.29) |
(1.29) |
21.75 |
20.09 |
127,285 |
1.20 |
1.20 |
(0.21) |
21 |
|
Year
ended 12/31/20 |
16.60 |
(0.01) |
4.17 |
4.16 |
(0.00) |
(1.57) |
(1.57) |
19.19 |
26.87 |
114,407 |
1.21 |
1.21 |
(0.04) |
45 |
|
Year
ended 12/31/19 |
15.07 |
0.02 |
3.80 |
3.82 |
— |
(2.29) |
(2.29) |
16.60 |
26.32 |
98,043 |
1.21 |
1.21 |
0.09 |
44 |
|
Year
ended 12/31/18 |
19.05 |
(0.03) |
(2.58) |
(2.61) |
— |
(1.37) |
(1.37) |
15.07 |
(15.27) |
119,664 |
1.21 |
1.21 |
(0.15) |
22 |
|
| ||||||||||||||
|
(a) |
Calculated
using average shares outstanding. |
|
(b) |
Includes
adjustments in accordance with accounting principles generally accepted in
the United States of America and as such, the net asset value for
financial reporting purposes and the returns
based
upon those net asset values may differ from the net asset value and
returns for shareholder transactions. Total returns are not annualized for
periods less than one year, if applicable, and do
not
reflect charges assessed in connection with a variable product, which if
included would reduce total returns. |
|
(c) |
Portfolio
turnover is calculated at the fund level and is not annualized for periods
less than one year, if
applicable. |
9 Invesco
V.I. Small Cap Equity Fund
Hypothetical Investment and Expense Information
In connection with
the final settlement reached between Invesco and certain of its affiliates with
certain regulators, including the New York Attorney General’s Office, the SEC
and the Colorado Attorney General’s Office (the settlement) arising out of
certain market timing and unfair pricing allegations made against Invesco and
certain of its affiliates, Invesco and certain of its affiliates agreed, among
other things, to disclose certain hypothetical information regarding investment
and expense information to Fund shareholders. The chart below is intended to
reflect the annual and cumulative impact of the Fund’s expenses, including
investment advisory fees and other Fund costs, on the Fund’s returns over a
10-year period. The example reflects the following:
◾
You invest $10,000
in the Fund and hold it for the entire 10-year period;
◾
Your investment has
a 5% return before expenses each year; and
◾
The Fund’s current
annual expense ratio includes any applicable contractual fee waiver or expense
reimbursement for the period committed.
There
is no assurance that the annual expense ratio will be the expense ratio for the
Fund’s classes for any of the years shown. The chart does not take into account
any fees or other expenses assessed in connection with your variable product; if
it did, the expenses shown would be higher, while the ending balance shown would
be lower. This is only a hypothetical presentation made to illustrate what
expenses and returns would be under the above scenarios; your actual returns and
expenses are likely to differ (higher or lower) from those shown
below.
|
Series
I |
Year
1 |
Year
2 |
Year
3 |
Year
4 |
Year
5 |
Year
6 |
Year
7 |
Year
8 |
Year
9 |
Year
10 |
|
Annual
Expense Ratio1
|
0.95% |
0.95% |
0.95% |
0.95% |
0.95% |
0.95% |
0.95% |
0.95% |
0.95% |
0.95% |
|
Cumulative
Return Before Expenses |
5.00% |
10.25% |
15.76% |
21.55% |
27.63% |
34.01% |
40.71% |
47.75% |
55.13% |
62.89% |
|
Cumulative
Return After Expenses |
4.05% |
8.26% |
12.65% |
17.21% |
21.96% |
26.90% |
32.04% |
37.38% |
42.95% |
48.74% |
|
End
of Year Balance |
$10,405.00 |
$10,826.40 |
$11,264.87 |
$11,721.10 |
$12,195.80 |
$12,689.73 |
$13,203.67 |
$13,738.42 |
$14,294.82 |
$14,873.76 |
|
Estimated
Annual Expenses |
$96.92 |
$100.85 |
$104.93 |
$109.18 |
$113.61 |
$118.21 |
$122.99 |
$127.97 |
$133.16 |
$138.55 |
|
| ||||||||||
|
Series
II |
Year
1 |
Year
2 |
Year
3 |
Year
4 |
Year
5 |
Year
6 |
Year
7 |
Year
8 |
Year
9 |
Year
10 |
|
Annual
Expense Ratio1
|
1.20% |
1.20% |
1.20% |
1.20% |
1.20% |
1.20% |
1.20% |
1.20% |
1.20% |
1.20% |
|
Cumulative
Return Before Expenses |
5.00% |
10.25% |
15.76% |
21.55% |
27.63% |
34.01% |
40.71% |
47.75% |
55.13% |
62.89% |
|
Cumulative
Return After Expenses |
3.80% |
7.74% |
11.84% |
16.09% |
20.50% |
25.08% |
29.83% |
34.77% |
39.89% |
45.20% |
|
End
of Year Balance |
$10,380.00 |
$10,774.44 |
$11,183.87 |
$11,608.86 |
$12,049.99 |
$12,507.89 |
$12,983.19 |
$13,476.55 |
$13,988.66 |
$14,520.23 |
|
Estimated
Annual Expenses |
$122.28 |
$126.93 |
$131.75 |
$136.76 |
$141.95 |
$147.35 |
$152.95 |
$158.76 |
$164.79 |
$171.05 |
|
| ||||||||||
1
Your actual
expenses may be higher or lower than those shown.
10 Invesco
V.I. Small Cap Equity Fund
Obtaining Additional Information
More information
may be obtained free of charge upon request. The SAI, a current version of which
is on file with the SEC, contains more details about the Fund and is
incorporated by reference into this prospectus (is legally a part of this
prospectus). Annual and semi-annual reports to shareholders contain additional
information about the Fund’s investments. The Fund’s annual report also
discusses the market conditions and investment strategies that significantly
affected the Fund’s performance during its last fiscal year. The Fund also files
its complete schedule of portfolio holdings with the SEC for the 1st and 3rd
quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The
Fund’s most recent portfolio holdings, as filed on Form N-PORT, will also be
made available to insurance companies issuing variable products that invest in
the Fund.
If you have
questions about an Invesco Fund, or you wish to obtain a free copy of the Fund’s
current SAI, annual or semi-annual reports, or Form N-PORT, please contact the
insurance company that issued your variable product, or you may contact
us.
|
By
Mail: |
Invesco
Distributors, Inc.
P.O.
Box 219078
Kansas
City, MO 64121-9078 |
|
By
Telephone: |
(800)
959-4246 |
|
On
the Internet: |
You
can send us a request by e-mail or
download
prospectuses, SAIs, annual or
semi-annual
reports via our website:
www.invesco.com/us |
Reports and other
information about the Fund are available on the EDGAR Database on the SEC’s
Internet site at http://www.sec.gov, and copies of this information may be
obtained, after paying a duplicating fee, by electronic request at the following
e-mail address: [email protected].
|
Invesco
V.I. Small Cap Equity Fund
SEC 1940 Act file
number: 811-07452 |
|
invesco.com/us |
VISCE-PRO-1 |