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true true true true true true true true true true true true true true true true true true true true true true true true true true true true true true true true true true true true true true true true true true true true true N-1A true N-CSRS AIM Variable Insurance Funds (Invesco Variable Insurance Funds) 2026-06-30 Invesco V.I. American Franchise Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. American Franchise Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;"> <table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. American Franchise Fund<br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>44</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.85<span>%</span></td> </tr> </table> <table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> </div> 44 0.0085 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>935,708,459</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">50</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">46<span>%</span></td> </tr> </table>

935708459

0.46

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">10.11<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">7.35<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.75<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.42<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Apple, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.11<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advanced Micro Devices, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.48<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Western Digital Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.41<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd., ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.31<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Materials, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.95<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266016.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">10.11<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">7.35<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.75<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.42<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Apple, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.11<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advanced Micro Devices, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.48<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Western Digital Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.41<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd., ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.31<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Materials, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.95<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.1011 0.0735 0.0575 0.0542 0.0511 0.0348 0.0341 0.0331 0.0326 0.0295 Invesco V.I. American Franchise Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. American Franchise Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;"> <table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. American Franchise Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>57</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.10<span>%</span></td> </tr> </table> <table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> </div> 57 0.0110 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>935,708,459</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">50</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">46<span>%</span></td> </tr> </table>

935708459

0.46

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">10.11<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">7.35<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.75<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.42<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Apple, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.11<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advanced Micro Devices, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.48<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Western Digital Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.41<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd., ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.31<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Materials, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.95<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266038.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">10.11<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">7.35<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.75<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.42<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Apple, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.11<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advanced Micro Devices, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.48<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Western Digital Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.41<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd., ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.31<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Materials, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.95<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.1011 0.0735 0.0575 0.0542 0.0511 0.0348 0.0341 0.0331 0.0326 0.0295 Invesco V.I. American Value Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. American Value Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. American Value Fund<br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>48</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.87<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 48 0.0087 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>475,970,845</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">81</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">56<span>%</span></td> </tr> </table>

475970845

0.56

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Coherent Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.60<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MKS, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.22<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Rambus, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.07<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Entegris, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.00<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Marvell Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">STMicroelectronics N.V., New York Shares</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.74<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Vertiv Holdings Co., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.16<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Globe Life, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.04<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NRG Energy, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.95<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Becton, Dickinson and Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.89<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10268050.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Coherent Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.60<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MKS, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.22<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Rambus, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.07<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Entegris, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.00<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Marvell Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">STMicroelectronics N.V., New York Shares</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.74<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Vertiv Holdings Co., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.16<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Globe Life, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.04<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NRG Energy, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.95<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Becton, Dickinson and Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.89<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0460 0.0422 0.0307 0.0300 0.0293 0.0274 0.0216 0.0204 0.0195 0.0189 Invesco V.I. American Value Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. American Value Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);break-inside:avoid;"> <div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;"> <div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);break-inside:avoid;"> <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div> </div> </div> <div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;"> <table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. American Value Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>62</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.12<span>%</span></td> </tr> </table> <table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> </div> </div> 62 0.0112 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>475,970,845</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">81</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">56<span>%</span></td> </tr> </table>

475970845

0.56

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Coherent Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.60<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MKS, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.22<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Rambus, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.07<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Entegris, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.00<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Marvell Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">STMicroelectronics N.V., New York Shares</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.74<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Vertiv Holdings Co., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.16<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Globe Life, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.04<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NRG Energy, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.95<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Becton, Dickinson and Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.89<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10268041.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Coherent Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.60<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MKS, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.22<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Rambus, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.07<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Entegris, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.00<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Marvell Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">STMicroelectronics N.V., New York Shares</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.74<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Vertiv Holdings Co., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.16<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Globe Life, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.04<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NRG Energy, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.95<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Becton, Dickinson and Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.89<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0460 0.0422 0.0307 0.0300 0.0293 0.0274 0.0216 0.0204 0.0195 0.0189 Invesco V.I. Balanced-Risk Allocation Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. Balanced-Risk Allocation Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Balanced-Risk Allocation Fund<br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>37</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.69<span>%</span><sup style="vertical-align:0.5em;font-size:66.6%">†</sup></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-size:6pt;vertical-align:super;"><sup style="font-size:6pt;vertical-align:super">†</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div></td> </tr> </table> 37 0.0069 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>441,628,233</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">142</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">11<span>%</span></td> </tr> </table>

441628233

142

0.11

441628233

142

0.11

1529893237

0.18

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.78<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Bank of America Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.39<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Cisco Systems, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.06<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wells Fargo & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.56<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">CVS Health Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.49<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Merck & Co., Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.25<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">State Street Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.01<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Chevron Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Caterpillar, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.89<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266095.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.78<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Bank of America Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.39<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Cisco Systems, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.06<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wells Fargo & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.56<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">CVS Health Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.49<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Merck & Co., Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.25<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">State Street Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.01<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Chevron Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Caterpillar, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.89<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0378 0.0339 0.0306 0.0256 0.0249 0.0227 0.0225 0.0201 0.0190 0.0189 Invesco V.I. Comstock Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. Comstock Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;"> <table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Comstock Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>52</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.99<span>%</span></td> </tr> </table> <table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> </div> 52 0.0099 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>1,529,893,237</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">89</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">18<span>%</span></td> </tr> </table>

1529893237

0.18

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.78<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Bank of America Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.39<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Cisco Systems, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.06<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wells Fargo & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.56<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">CVS Health Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.49<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Merck & Co., Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.25<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">State Street Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.01<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Chevron Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Caterpillar, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.89<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266129.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.78<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Bank of America Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.39<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Cisco Systems, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.06<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wells Fargo & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.56<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">CVS Health Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.49<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Merck & Co., Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.25<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">State Street Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.01<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Chevron Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Caterpillar, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.89<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0378 0.0339 0.0306 0.0256 0.0249 0.0227 0.0225 0.0201 0.0190 0.0189 Invesco V.I. Core Equity Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. Core Equity Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Core Equity Fund<br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>41</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.80<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 41 0.0080 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>765,511,614</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">70</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">25<span>%</span></td> </tr> </table>

765511614

0.25

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">8.55<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.87<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Apple, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.88<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.39<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.24<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Broadcom, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">JPMorgan Chase & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.70<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Meta Platforms, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advanced Micro Devices, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.60<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Eli Lilly and Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266158.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">8.55<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.87<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Apple, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.88<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.39<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.24<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Broadcom, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">JPMorgan Chase & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.70<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Meta Platforms, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advanced Micro Devices, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.60<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Eli Lilly and Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0855 0.0687 0.0588 0.0539 0.0424 0.0369 0.0270 0.0269 0.0260 0.0219 Invesco V.I. Core Equity Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. Core Equity Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Core Equity Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>53</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.05<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 53 0.0105 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>765,511,614</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">70</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">25<span>%</span></td> </tr> </table>

765511614

0.25

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">8.55<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.87<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Apple, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.88<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.39<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.24<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Broadcom, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">JPMorgan Chase & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.70<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Meta Platforms, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advanced Micro Devices, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.60<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Eli Lilly and Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10268016.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">8.55<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.87<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Apple, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.88<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.39<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.24<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Broadcom, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">JPMorgan Chase & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.70<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Meta Platforms, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advanced Micro Devices, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.60<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Eli Lilly and Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0855 0.0687 0.0588 0.0539 0.0424 0.0369 0.0270 0.0269 0.0260 0.0219 Invesco V.I. Core Plus Bond Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. Core Plus Bond Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Core Plus Bond Fund<br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>30</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.60<span>%</span><sup style="vertical-align:0.5em;font-size:66.6%">†</sup></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-size:6pt;vertical-align:super;"><sup style="font-size:6pt;vertical-align:super">†</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div></td> </tr> </table> 30 0.0060 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>171,961,958</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">1,687</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">307<span>%</span></td> </tr> </table>

171961958

1687

3.07

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Bonds, 4.75%, 02/15/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.65<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 4.38%, 05/15/2036</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.01<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 2.50%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.47<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 3.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.97<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 4.13%, 06/15/2029</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.84<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 2.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.71<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 4.13%, 06/30/2031</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.79<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 5.50%, 08/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.63<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 3.50%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.41<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 5.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.38<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Security type allocation </b> <br/> <b>(% of total investments)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266205.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Bonds, 4.75%, 02/15/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.65<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 4.38%, 05/15/2036</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.01<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 2.50%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.47<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 3.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.97<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 4.13%, 06/15/2029</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.84<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 2.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.71<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 4.13%, 06/30/2031</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.79<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 5.50%, 08/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.63<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 3.50%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.41<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 5.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.38<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0565 0.0401 0.0347 0.0297 0.0284 0.0271 0.0179 0.0163 0.0141 0.0138 Invesco V.I. Core Plus Bond Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. Core Plus Bond Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Core Plus Bond Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>42</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.85<span>%</span><sup style="vertical-align:0.5em;font-size:66.6%">†</sup></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-size:6pt;vertical-align:super;"><sup style="font-size:6pt;vertical-align:super">†</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div></td> </tr> </table> 42 0.0085 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>171,961,958</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">1,687</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">307<span>%</span></td> </tr> </table>

171961958

1687

3.07

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Bonds, 4.75%, 02/15/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.65<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 4.38%, 05/15/2036</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.01<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 2.50%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.47<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 3.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.97<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 4.13%, 06/15/2029</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.84<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 2.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.71<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 4.13%, 06/30/2031</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.79<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 5.50%, 08/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.63<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 3.50%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.41<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 5.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.38<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Security type allocation </b> <br/> <b>(% of total investments)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266237.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Bonds, 4.75%, 02/15/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.65<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 4.38%, 05/15/2036</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.01<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 2.50%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.47<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 3.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.97<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 4.13%, 06/15/2029</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.84<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 2.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.71<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 4.13%, 06/30/2031</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.79<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 5.50%, 08/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.63<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 3.50%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.41<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 5.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.38<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0565 0.0401 0.0347 0.0297 0.0284 0.0271 0.0179 0.0163 0.0141 0.0138 Invesco V.I. Discovery Large Cap Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. Discovery Large Cap Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Discovery Large Cap Fund<br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>42</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.80<span>%</span><sup style="vertical-align:0.5em;font-size:66.6%">†</sup></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-size:6pt;vertical-align:super;"><sup style="font-size:6pt;vertical-align:super">†</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div></td> </tr> </table> 42 0.0080 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>326,478,267</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">55</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">47<span>%</span></td> </tr> </table>

326478267

0.47

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">9.99<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class C</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">7.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.59<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Apple, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advanced Micro Devices, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.49<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Western Digital Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd., ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.23<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Materials, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.04<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.91<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10267074.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">9.99<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class C</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">7.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.59<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Apple, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advanced Micro Devices, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.49<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Western Digital Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd., ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.23<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Materials, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.04<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.91<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0999 0.0736 0.0559 0.0536 0.0519 0.0349 0.0336 0.0323 0.0304 0.0291 Invesco V.I. Discovery Large Cap Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. Discovery Large Cap Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;"> <table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Discovery Large Cap Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>55</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.05<span>%</span><sup style="vertical-align:0.5em;font-size:66.6%">†</sup></td> </tr> </table> <table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-size:6pt;vertical-align:super;"><sup style="font-size:6pt;vertical-align:super">†</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div></td> </tr> </table> </div> 55 0.0105 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>326,478,267</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">55</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">47<span>%</span></td> </tr> </table>

326478267

0.47

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">9.99<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class C</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">7.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.59<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Apple, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advanced Micro Devices, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.49<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Western Digital Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd., ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.23<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Materials, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.04<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.91<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10267108.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">9.99<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class C</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">7.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.59<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Apple, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advanced Micro Devices, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.49<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Western Digital Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd., ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.23<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Materials, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.04<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.91<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0999 0.0736 0.0559 0.0536 0.0519 0.0349 0.0336 0.0323 0.0304 0.0291 Invesco V.I. Discovery Mid Cap Growth Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. Discovery Mid Cap Growth Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;"> <table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Discovery Mid Cap Growth Fund<br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>50</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.88<span>%</span></td> </tr> </table> <table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> </div> 50 0.0088 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>687,787,940</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">79</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">55<span>%</span></td> </tr> </table>

687787940

0.55

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Flex Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.41<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Hilton Worldwide Holdings, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Comfort Systems USA, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.85<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Monolithic Power Systems, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.78<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Quanta Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.75<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MasTec, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.50<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lattice Semiconductor Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.46<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MACOM Technology Solutions Holdings, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.30<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Teradyne, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.24<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Carpenter Technology Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.05<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10267143.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Flex Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.41<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Hilton Worldwide Holdings, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Comfort Systems USA, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.85<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Monolithic Power Systems, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.78<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Quanta Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.75<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MasTec, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.50<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lattice Semiconductor Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.46<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MACOM Technology Solutions Holdings, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.30<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Teradyne, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.24<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Carpenter Technology Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.05<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0341 0.0290 0.0285 0.0278 0.0275 0.0250 0.0246 0.0230 0.0224 0.0205 Invesco V.I. Discovery Mid Cap Growth Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. Discovery Mid Cap Growth Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-bottom:10pt;"> <table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Discovery Mid Cap Growth Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>64</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.13<span>%</span></td> </tr> </table> <table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> </div> 64 0.0113 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>687,787,940</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">79</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">55<span>%</span></td> </tr> </table>

687787940

0.55

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Flex Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.41<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Hilton Worldwide Holdings, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Comfort Systems USA, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.85<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Monolithic Power Systems, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.78<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Quanta Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.75<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MasTec, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.50<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lattice Semiconductor Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.46<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MACOM Technology Solutions Holdings, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.30<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Teradyne, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.24<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Carpenter Technology Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.05<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10268123.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Flex Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.41<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Hilton Worldwide Holdings, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Comfort Systems USA, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.85<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Monolithic Power Systems, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.78<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Quanta Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.75<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MasTec, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.50<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lattice Semiconductor Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.46<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MACOM Technology Solutions Holdings, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.30<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Teradyne, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.24<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Carpenter Technology Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.05<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0341 0.0290 0.0285 0.0278 0.0275 0.0250 0.0246 0.0230 0.0224 0.0205 Invesco V.I. Diversified Dividend Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. Diversified Dividend Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Diversified Dividend Fund<br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>35</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.68<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 35 0.0068 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>453,507,708</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">79</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">35<span>%</span></td> </tr> </table>

453507708

0.35

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">JPMorgan Chase & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Johnson & Johnson</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.56<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.31<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Cisco Systems, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.24<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Linde PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.12<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Chevron Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.02<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Philip Morris International, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.00<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wells Fargo & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.97<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">UnitedHealth Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.91<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266251.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">JPMorgan Chase & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Johnson & Johnson</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.56<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.31<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Cisco Systems, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.24<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Linde PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.12<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Chevron Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.02<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Philip Morris International, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.00<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wells Fargo & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.97<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">UnitedHealth Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.91<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0369 0.0269 0.0256 0.0231 0.0224 0.0212 0.0202 0.0200 0.0197 0.0191 Invesco V.I. Diversified Dividend Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. Diversified Dividend Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Diversified Dividend Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>48</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.93<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 48 0.0093 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>453,507,708</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">79</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">35<span>%</span></td> </tr> </table>

453507708

0.35

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">JPMorgan Chase & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Johnson & Johnson</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.56<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.31<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Cisco Systems, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.24<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Linde PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.12<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Chevron Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.02<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Philip Morris International, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.00<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wells Fargo & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.97<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">UnitedHealth Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.91<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10267964.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">JPMorgan Chase & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Johnson & Johnson</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.56<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.31<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Cisco Systems, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.24<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Linde PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.12<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Chevron Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.02<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Philip Morris International, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.00<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wells Fargo & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.97<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">UnitedHealth Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.91<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0369 0.0269 0.0256 0.0231 0.0224 0.0212 0.0202 0.0200 0.0197 0.0191 Invesco V.I. Equally-Weighted S&P 500 Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. Equally-Weighted S&P 500 Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Equally-Weighted S&P 500 Fund<br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>17</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.33<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 17 0.0033 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>497,612,531</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">509</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">17<span>%</span></td> </tr> </table>

497612531

509

0.17

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Moderna, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.29<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Corning, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.29<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Materials, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.28<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">KLA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Teradyne, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Sandisk Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">GE Vernova, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Bio-Techne Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">United Airlines Holdings, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.25<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10267954.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Moderna, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.29<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Corning, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.29<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Materials, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.28<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">KLA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Teradyne, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Sandisk Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">GE Vernova, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Bio-Techne Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">United Airlines Holdings, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.25<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0029 0.0029 0.0028 0.0027 0.0027 0.0027 0.0026 0.0026 0.0026 0.0025 Invesco V.I. Equally-Weighted S&P 500 Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. Equally-Weighted S&P 500 Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Equally-Weighted S&P 500 Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>30</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.58<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 30 0.0058 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>497,612,531</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">509</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">17<span>%</span></td> </tr> </table>

497612531

509

0.17

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Moderna, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.29<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Corning, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.29<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Materials, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.28<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">KLA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Teradyne, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Sandisk Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">GE Vernova, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Bio-Techne Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">United Airlines Holdings, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.25<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266341.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Moderna, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.29<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Corning, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.29<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Materials, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.28<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">KLA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Teradyne, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Sandisk Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">GE Vernova, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Bio-Techne Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">United Airlines Holdings, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.25<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0029 0.0029 0.0028 0.0027 0.0027 0.0027 0.0026 0.0026 0.0026 0.0025 Invesco V.I. Equity and Income Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. Equity and Income Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Equity and Income Fund<br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>28</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.55<span>%</span><sup style="vertical-align:0.5em;font-size:66.6%">†</sup></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-size:6pt;vertical-align:super;"><sup style="font-size:6pt;vertical-align:super">†</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div></td> </tr> </table> 28 0.0055 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>1,409,392,231</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">1,126</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">54<span>%</span></td> </tr> </table>

1409392231

1126

0.54

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.10<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.06<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wells Fargo & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.02<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 4.13%, 06/30/2028</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.95<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Bank of America Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.88<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Philip Morris International, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.76<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.71<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Johnson Controls International PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.58<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Citizens Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microchip Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.47<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Security type allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266374.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.10<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.06<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wells Fargo & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.02<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 4.13%, 06/30/2028</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.95<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Bank of America Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.88<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Philip Morris International, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.76<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.71<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Johnson Controls International PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.58<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Citizens Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microchip Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.47<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0210 0.0206 0.0202 0.0195 0.0188 0.0176 0.0171 0.0158 0.0153 0.0147 Invesco V.I. Equity and Income Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. Equity and Income Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Equity and Income Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>41</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.80<span>%</span><sup style="vertical-align:0.5em;font-size:66.6%">†</sup></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-size:6pt;vertical-align:super;"><sup style="font-size:6pt;vertical-align:super">†</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div></td> </tr> </table> 41 0.0080 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>1,409,392,231</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">1,126</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">54<span>%</span></td> </tr> </table>

1409392231

1126

0.54

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.10<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.06<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wells Fargo & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.02<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 4.13%, 06/30/2028</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.95<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Bank of America Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.88<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Philip Morris International, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.76<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.71<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Johnson Controls International PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.58<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Citizens Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microchip Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.47<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Security type allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266402.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.10<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.06<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wells Fargo & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.02<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 4.13%, 06/30/2028</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.95<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Bank of America Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.88<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Philip Morris International, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.76<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.71<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Johnson Controls International PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.58<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Citizens Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microchip Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.47<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0210 0.0206 0.0202 0.0195 0.0188 0.0176 0.0171 0.0158 0.0153 0.0147 Invesco V.I. EQV International Equity Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. EQV International Equity Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. EQV International Equity Fund<br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>47</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.90<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 47 0.0090 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>1,231,353,197</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">81</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">25<span>%</span></td> </tr> </table>

1231353197

0.25

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd., ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.42<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Samsung Electronics Co. Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.38<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Investor AB, Class B</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Keyence Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.84<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ASM International N.V.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.44<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ASML Holding N.V.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.32<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Legrand S.A.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.29<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Panasonic Holdings Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.05<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MediaTek, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.92<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BAE Systems PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266749.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd., ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.42<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Samsung Electronics Co. Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.38<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Investor AB, Class B</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Keyence Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.84<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ASM International N.V.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.44<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ASML Holding N.V.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.32<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Legrand S.A.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.29<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Panasonic Holdings Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.05<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MediaTek, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.92<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BAE Systems PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0642 0.0338 0.0290 0.0284 0.0244 0.0232 0.0229 0.0205 0.0192 0.0190 Invesco V.I. EQV International Equity Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. EQV International Equity Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. EQV International Equity Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>60</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.15<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 60 0.0115 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>1,231,353,197</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">81</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">25<span>%</span></td> </tr> </table>

1231353197

0.25

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd., ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.42<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Samsung Electronics Co. Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.38<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Investor AB, Class B</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Keyence Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.84<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ASM International N.V.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.44<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ASML Holding N.V.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.32<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Legrand S.A.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.29<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Panasonic Holdings Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.05<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MediaTek, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.92<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BAE Systems PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10267527.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd., ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.42<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Samsung Electronics Co. Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.38<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Investor AB, Class B</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Keyence Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.84<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ASM International N.V.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.44<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ASML Holding N.V.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.32<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Legrand S.A.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.29<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Panasonic Holdings Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.05<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MediaTek, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.92<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BAE Systems PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0642 0.0338 0.0290 0.0284 0.0244 0.0232 0.0229 0.0205 0.0192 0.0190 Invesco V.I. Global Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. Global Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: 400; font-family: 'arial'; font-size: 9pt;">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 71, 255); font-size: 14pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b></div><div style="font-weight: 400; font-kerning: none; line-height: 13pt; text-align: left; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 12pt 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div><table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Invesco V.I. Global Fund<br/>(Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>44</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.84<span>%</span></td> </tr> </table><table style="table-layout: auto; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 11pt; line-height: 13pt; text-align: left; margin-bottom: 12pt; width: auto;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; width: 9pt; font-size: 6pt; vertical-align: super; padding: 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin: 0px;">Annualized.</div> </td> </tr> </table> 44 0.0084 <div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 71, 255); font-size: 14pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>What Are Key Statistics About The Fund?</b></div><div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 10pt 0px;">(as of June 30, 2026)</div><table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; width: 40%; text-align: left; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>1,390,424,879</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; width: 40%; text-align: left; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">67</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; width: 40%; text-align: left; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">16<span>%</span></td> </tr> </table>

1390424879

0.16

<div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 71, 255); font-size: 14pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>What Comprised The Fund's Holdings?</b></div><div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 10pt 0px;">(as of June 30, 2026)</div><div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 1.25px; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>Top ten holdings*</b> <br/><b>(% of net assets)</b></div><table style="table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">9.33<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">8.05<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">7.60<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">5.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">Marvell Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">4.42<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">Meta Platforms, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">4.37<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">Broadcom, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">3.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">Eli Lilly and Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">3.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">Visa, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">3.28<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">3.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table><div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 1.25px; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>Country allocation </b> <br/><b>(% of net assets)</b></div><div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10267215.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 1.25px; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>Top ten holdings*</b> <br/><b>(% of net assets)</b></div><table style="table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">9.33<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">8.05<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">Taiwan Semiconductor Manufacturing Co. Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">7.60<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">5.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">Marvell Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">4.42<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">Meta Platforms, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">4.37<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">Broadcom, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">3.91<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">Eli Lilly and Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">3.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">Visa, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">3.28<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">3.10<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table> 0.0933 0.0805 0.0760 0.0556 0.0442 0.0437 0.0391 0.0355 0.0328 0.0310 Invesco V.I. Global Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. Global Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Global Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>57</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.09<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 57 0.0109 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>1,390,424,879</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">67</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">16<span>%</span></td> </tr> </table>

1390424879

0.16

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">9.33<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">8.05<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">7.60<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.56<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Marvell Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.42<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Meta Platforms, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.37<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Broadcom, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.91<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Eli Lilly and Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.55<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Visa, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.28<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.10<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Country allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10268144.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">9.33<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">8.05<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">7.60<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.56<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Marvell Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.42<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Meta Platforms, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.37<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Broadcom, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.91<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Eli Lilly and Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.55<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Visa, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.28<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.10<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0933 0.0805 0.0760 0.0556 0.0442 0.0437 0.0391 0.0355 0.0328 0.0310 Invesco V.I. Global Real Estate Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. Global Real Estate Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Global Real Estate Fund<br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>53</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.02<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 53 0.0102 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>96,935,950</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">76</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">36<span>%</span></td> </tr> </table>

96935950

0.36

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Welltower, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">8.65<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Prologis, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.91<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Public Storage</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.38<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Equinix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.85<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Digital Realty Trust, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.35<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Simon Property Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.21<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Goodman Group</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.09<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">UDR, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.73<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">W.P. Carey, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.62<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Iron Mountain, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.23<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Country allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10267908.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Welltower, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">8.65<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Prologis, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.91<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Public Storage</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.38<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Equinix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.85<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Digital Realty Trust, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.35<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Simon Property Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.21<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Goodman Group</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.09<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">UDR, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.73<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">W.P. Carey, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.62<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Iron Mountain, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.23<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0865 0.0591 0.0538 0.0485 0.0435 0.0421 0.0309 0.0273 0.0262 0.0223 Invesco V.I. Global Real Estate Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. Global Real Estate Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Global Real Estate Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>66</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.27<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 66 0.0127 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>96,935,950</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">76</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">36<span>%</span></td> </tr> </table>

96935950

0.36

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Welltower, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">8.65<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Prologis, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.91<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Public Storage</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.38<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Equinix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.85<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Digital Realty Trust, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.35<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Simon Property Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.21<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Goodman Group</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.09<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">UDR, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.73<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">W.P. Carey, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.62<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Iron Mountain, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.23<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Country allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266501.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Welltower, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">8.65<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Prologis, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.91<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Public Storage</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.38<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Equinix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.85<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Digital Realty Trust, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.35<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Simon Property Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.21<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Goodman Group</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.09<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">UDR, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.73<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">W.P. Carey, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.62<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Iron Mountain, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.23<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0865 0.0591 0.0538 0.0485 0.0435 0.0421 0.0309 0.0273 0.0262 0.0223 Invesco V.I. Global Strategic Income Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. Global Strategic Income Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Global Strategic Income Fund<br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>45</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.92<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 45 0.0092 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>610,451,720</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">987</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">23<span>%</span></td> </tr> </table>

610451720

987

0.23

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);flex-grow:1px;flex-shrink:1px;flex-basis:0px;break-inside:avoid;width:58.5%;padding-right:10pt;box-sizing:border-box;display:table-cell;float:none;"> <div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div> </div> <div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Brazil Notas do Tesouro Nacional, Class NTNF, 10.00%, 01/01/2031</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Mexican Bonos, Series M, 8.50%, 02/28/2030</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.85<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Bonds, 5.50%, 08/15/2028</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Bills, 3.63%, 09/17/2026</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.92<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Republic of South Africa Government Bond, Series 2048, 8.75%, 02/28/2048</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Mortgage Funding PLC, Series 2008-1, Class B2, 7.07%, 03/13/2046</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.33<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.30<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Federal National Mortgage Association, 4.50%, 07/01/2052</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.95<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Federal Home Loan Mortgage Corp., 5.00%, 03/01/2053</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.94<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> </div> </div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Security type allocation </b> <br/> <b>(% of total investments)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10267287.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Brazil Notas do Tesouro Nacional, Class NTNF, 10.00%, 01/01/2031</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Mexican Bonos, Series M, 8.50%, 02/28/2030</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.85<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Bonds, 5.50%, 08/15/2028</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Bills, 3.63%, 09/17/2026</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.92<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Republic of South Africa Government Bond, Series 2048, 8.75%, 02/28/2048</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Mortgage Funding PLC, Series 2008-1, Class B2, 7.07%, 03/13/2046</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.33<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.30<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Federal National Mortgage Association, 4.50%, 07/01/2052</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.95<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Federal Home Loan Mortgage Corp., 5.00%, 03/01/2053</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.94<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0569 0.0485 0.0193 0.0192 0.0136 0.0136 0.0133 0.0130 0.0095 0.0094 Invesco V.I. Global Strategic Income Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. Global Strategic Income Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Global Strategic Income Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>57</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.17<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 57 0.0117 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>610,451,720</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">987</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">23<span>%</span></td> </tr> </table>

610451720

987

0.23

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Brazil Notas do Tesouro Nacional, Class NTNF, 10.00%, 01/01/2031</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Mexican Bonos, Series M, 8.50%, 02/28/2030</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.85<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Bonds, 5.50%, 08/15/2028</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Bills, 3.63%, 09/17/2026</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.92<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Republic of South Africa Government Bond, Series 2048, 8.75%, 02/28/2048</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Mortgage Funding PLC, Series 2008-1, Class B2, 7.07%, 03/13/2046</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.33<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.30<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Federal National Mortgage Association, 4.50%, 07/01/2052</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.95<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Federal Home Loan Mortgage Corp., 5.00%, 03/01/2053</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.94<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Security type allocation </b> <br/> <b>(% of total investments)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10267323.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Brazil Notas do Tesouro Nacional, Class NTNF, 10.00%, 01/01/2031</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Mexican Bonos, Series M, 8.50%, 02/28/2030</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.85<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Bonds, 5.50%, 08/15/2028</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Bills, 3.63%, 09/17/2026</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.92<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Republic of South Africa Government Bond, Series 2040, 9.00%, 01/31/2040</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Republic of South Africa Government Bond, Series 2048, 8.75%, 02/28/2048</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.36<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Mortgage Funding PLC, Series 2008-1, Class B2, 7.07%, 03/13/2046</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.33<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Brazil Notas do Tesouro Nacional, Series B, 6.00%, 05/15/2055</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.30<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Federal National Mortgage Association, 4.50%, 07/01/2052</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.95<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Federal Home Loan Mortgage Corp., 5.00%, 03/01/2053</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.94<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0569 0.0485 0.0193 0.0192 0.0136 0.0136 0.0133 0.0130 0.0095 0.0094 Invesco V.I. Government Money Market Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. Government Money Market Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: 400; font-family: 'arial'; font-size: 9pt;">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 71, 255); font-size: 14pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b></div> <div style="font-weight: 400; font-kerning: none; line-height: 13pt; text-align: left; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 12pt 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Invesco V.I. Government Money Market Fund<br/>(Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>19</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.37<span>%</span></td> </tr> </table> <table style="table-layout: auto; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 11pt; line-height: 13pt; text-align: left; margin-bottom: 12pt; width: auto;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; width: 9pt; font-size: 6pt; vertical-align: super; padding: 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin: 0px;">Annualized.</div> </td> </tr> </table> 19 0.0037 <div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 71, 255); font-size: 14pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>What Are Key Statistics About The Fund?</b></div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 10pt 0px;">(as of June 30, 2026)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; width: 40%; text-align: left; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>488,163,238</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; width: 40%; text-align: left; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">69</td> </tr> </table>

488163238

69 <div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 71, 255); font-size: 14pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>What Comprised The Fund's Holdings?</b></div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 10pt 0px;">(as of June 30, 2026)</div> <div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 1.25px; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>Composition by maturity, in days </b> <br/><b>(% of total investments)*</b></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">1-7</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">44.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">8-30</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">31-60</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">61-90</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">6.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">91-180</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">18.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">181+</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">17.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table> 0.440 0.039 0.096 0.065 0.184 0.176 Invesco V.I. Government Money Market Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. Government Money Market Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: 400; font-family: 'arial'; font-size: 9pt;">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 71, 255); font-size: 14pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b></div> <div style="font-weight: 400; font-kerning: none; line-height: 13pt; text-align: left; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 12pt 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Invesco V.I. Government Money Market Fund<br/>(Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>31</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.62<span>%</span></td> </tr> </table> <table style="table-layout: auto; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 11pt; line-height: 13pt; text-align: left; margin-bottom: 12pt; width: auto;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; width: 9pt; font-size: 6pt; vertical-align: super; padding: 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin: 0px;">Annualized.</div> </td> </tr> </table> 31 0.0062 <div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 71, 255); font-size: 14pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>What Are Key Statistics About The Fund?</b></div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 10pt 0px;">(as of June 30, 2026)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; width: 40%; text-align: left; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>488,163,238</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; width: 40%; text-align: left; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">69</td> </tr> </table>

488163238

69 <div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 71, 255); font-size: 14pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>What Comprised The Fund's Holdings?</b></div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 10pt 0px;">(as of June 30, 2026)</div> <div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 1.25px; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>Composition by maturity, in days </b> <br/><b>(% of total investments)*</b></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">1-7</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">44.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">8-30</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">3.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">31-60</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">9.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">61-90</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">6.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">91-180</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">18.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">181+</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">17.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table> 0.440 0.039 0.096 0.065 0.184 0.176 Invesco V.I. Government Securities Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. Government Securities Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Government Securities Fund<br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>35</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.70<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 35 0.0070 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>304,511,823</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">395</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">180<span>%</span></td> </tr> </table>

304511823

395

1.80

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Government National Mortgage Association, TBA, 5.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 5.00%, 07/01/2041</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.74<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Government National Mortgage Association, TBA, 2.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.23<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 3.63%, 08/31/2027</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.20<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 3.38%, 09/15/2027</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 3.63%, 08/31/2030</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.15<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 3.88%, 12/31/2032</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.14<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Government National Mortgage Association, TBA, 2.50%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.00<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Standard Chartered Bank, 3.97%, 07/24/2026</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Royal Bank of Canada, 3.97%, 07/09/2026</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Security type allocation </b> <br/> <b>(% of total investments)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266525.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Government National Mortgage Association, TBA, 5.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 5.00%, 07/01/2041</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.74<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Government National Mortgage Association, TBA, 2.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.23<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 3.63%, 08/31/2027</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.20<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 3.38%, 09/15/2027</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 3.63%, 08/31/2030</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.15<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 3.88%, 12/31/2032</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.14<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Government National Mortgage Association, TBA, 2.50%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.00<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Standard Chartered Bank, 3.97%, 07/24/2026</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Royal Bank of Canada, 3.97%, 07/09/2026</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0390 0.0374 0.0323 0.0320 0.0319 0.0315 0.0314 0.0300 0.0296 0.0296 Invesco V.I. Government Securities Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. Government Securities Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Government Securities Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>47</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.95<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 47 0.0095 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>304,511,823</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">395</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">180<span>%</span></td> </tr> </table>

304511823

395

1.80

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Government National Mortgage Association, TBA, 5.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 5.00%, 07/01/2041</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.74<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Government National Mortgage Association, TBA, 2.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.23<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 3.63%, 08/31/2027</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.20<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 3.38%, 09/15/2027</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 3.63%, 08/31/2030</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.15<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 3.88%, 12/31/2032</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.14<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Government National Mortgage Association, TBA, 2.50%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.00<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Standard Chartered Bank, 3.97%, 07/24/2026</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Royal Bank of Canada, 3.97%, 07/09/2026</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Security type allocation </b> <br/> <b>(% of total investments)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266555.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Government National Mortgage Association, TBA, 5.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Uniform Mortgage-Backed Securities, TBA, 5.00%, 07/01/2041</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.74<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Government National Mortgage Association, TBA, 2.00%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.23<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 3.63%, 08/31/2027</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.20<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 3.38%, 09/15/2027</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 3.63%, 08/31/2030</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.15<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">U.S. Treasury Notes, 3.88%, 12/31/2032</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.14<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Government National Mortgage Association, TBA, 2.50%, 07/01/2056</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.00<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Standard Chartered Bank, 3.97%, 07/24/2026</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Royal Bank of Canada, 3.97%, 07/09/2026</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0390 0.0374 0.0323 0.0320 0.0319 0.0315 0.0314 0.0300 0.0296 0.0296 Invesco V.I. Growth and Income Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. Growth and Income Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Growth and Income Fund<br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>39</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.75<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 39 0.0075 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>1,299,743,641</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">81</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">15<span>%</span></td> </tr> </table>

1299743641

0.15

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.15<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wells Fargo & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.11<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Bank of America Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.87<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Philip Morris International, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.67<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.57<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Johnson Controls International PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.40<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Citizens Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.34<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microchip Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.18<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266584.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.15<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wells Fargo & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.11<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Bank of America Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.87<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Philip Morris International, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.67<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.57<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Johnson Controls International PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.40<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Citizens Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.34<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microchip Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.18<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0327 0.0315 0.0311 0.0287 0.0267 0.0257 0.0240 0.0234 0.0219 0.0218 Invesco V.I. Growth and Income Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. Growth and Income Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Growth and Income Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>52</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.00<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 52 0.0100 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>1,299,743,641</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">81</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">15<span>%</span></td> </tr> </table>

1299743641

0.15

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.15<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wells Fargo & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.11<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Bank of America Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.87<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Philip Morris International, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.67<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.57<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Johnson Controls International PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.40<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Citizens Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.34<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microchip Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.18<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266617.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.27<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.15<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wells Fargo & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.11<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Bank of America Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.87<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Philip Morris International, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.67<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.57<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Johnson Controls International PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.40<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Citizens Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.34<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microchip Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.18<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0327 0.0315 0.0311 0.0287 0.0267 0.0257 0.0240 0.0234 0.0219 0.0218 Invesco V.I. Health Care Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. Health Care Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Health Care Fund<br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>50</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.98<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 50 0.0098 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>160,553,927</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">81</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">34<span>%</span></td> </tr> </table>

160553927

0.34

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Eli Lilly and Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">10.84<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Johnson & Johnson</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.28<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">UnitedHealth Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.08<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Merck & Co., Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.20<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Argenx SE, ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.98<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">AbbVie, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.98<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Gilead Sciences, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.45<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">AstraZeneca PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BrightSpring Health Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.73<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Welltower, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.22<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Country allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266647.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Eli Lilly and Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">10.84<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Johnson & Johnson</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.28<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">UnitedHealth Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.08<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Merck & Co., Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.20<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Argenx SE, ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.98<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">AbbVie, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.98<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Gilead Sciences, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.45<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">AstraZeneca PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BrightSpring Health Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.73<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Welltower, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.22<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.1084 0.0628 0.0608 0.0420 0.0398 0.0398 0.0345 0.0293 0.0273 0.0222 Invesco V.I. Health Care Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. Health Care Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Health Care Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>62</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.23<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 62 0.0123 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>160,553,927</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">81</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">34<span>%</span></td> </tr> </table>

160553927

0.34

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Eli Lilly and Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">10.84<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Johnson & Johnson</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.28<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">UnitedHealth Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.08<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Merck & Co., Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.20<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Argenx SE, ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.98<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">AbbVie, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.98<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Gilead Sciences, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.45<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">AstraZeneca PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BrightSpring Health Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.73<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Welltower, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.22<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Country allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10267663.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Eli Lilly and Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">10.84<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Johnson & Johnson</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.28<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">UnitedHealth Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.08<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Merck & Co., Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.20<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Argenx SE, ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.98<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">AbbVie, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.98<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Gilead Sciences, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.45<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">AstraZeneca PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BrightSpring Health Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.73<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Welltower, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.22<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.1084 0.0628 0.0608 0.0420 0.0398 0.0398 0.0345 0.0293 0.0273 0.0222 Invesco V.I. High Yield Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. High Yield Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. High Yield Fund<br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>55</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.09<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 55 0.0109 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>38,858,681</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">269</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">116<span>%</span></td> </tr> </table>

38858681

269

1.16

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">iShares Broad USD High Yield Corporate Bond ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.75<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Clear Channel Outdoor Holdings, Inc., Term Loan B, 7.76%, 08/23/2028</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">TransDigm, Inc., Term Loan L, 6.14%, 01/19/2032</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.99<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">American Axle & Manufacturing, Inc., 7.75%, 10/15/2033</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">DISH DBS Corp., 5.13%, 06/01/2029</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">1261229 BC Ltd., 10.00%, 04/15/2032</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.94<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">iShares iBoxx High Yield Corporate Bond ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.94<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, 06/01/2029</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Starz Capital Holdings 1, Inc., 6.00%, 04/15/2030</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.88<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">VoltaGrid LLC, 7.38%, 11/01/2030</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.88<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Credit quality rating breakdown** </b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left;">A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none;">0.88</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left;">BBB</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none;">1.32</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left;">BB</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none;">46.96</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left;">B</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none;">32.51</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left;">CCC and below</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none;">8.21</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left;">Cash</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none;">7.15</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left;">Not Rated</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none;">2.97</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left;">**Source: Standard & Poor's. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non-Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor's rating methodology, please visit standardandpoors.com and select "Understanding Ratings" under Rating Resources on the homepage.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none;"></td> </tr> </table> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">iShares Broad USD High Yield Corporate Bond ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.75<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Clear Channel Outdoor Holdings, Inc., Term Loan B, 7.76%, 08/23/2028</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">TransDigm, Inc., Term Loan L, 6.14%, 01/19/2032</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.99<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">American Axle & Manufacturing, Inc., 7.75%, 10/15/2033</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">DISH DBS Corp., 5.13%, 06/01/2029</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">1261229 BC Ltd., 10.00%, 04/15/2032</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.94<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">iShares iBoxx High Yield Corporate Bond ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.94<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, 06/01/2029</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Starz Capital Holdings 1, Inc., 6.00%, 04/15/2030</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.88<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">VoltaGrid LLC, 7.38%, 11/01/2030</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.88<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0375 0.0119 0.0099 0.0096 0.0096 0.0094 0.0094 0.0090 0.0088 0.0088 0.0088 0.0132 0.4696 0.3251 0.0821 0.0715 0.0297 Source: Standard & Poor's. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non-Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor's rating methodology, please visit standardandpoors.com and select "Understanding Ratings" under Rating Resources on the homepage. Invesco V.I. High Yield Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. High Yield Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. High Yield Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>67</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.34<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 67 0.0134 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>38,858,681</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">269</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">116<span>%</span></td> </tr> </table>

38858681

269

1.16

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">iShares Broad USD High Yield Corporate Bond ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.75<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Clear Channel Outdoor Holdings, Inc., Term Loan B, 7.76%, 08/23/2028</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">TransDigm, Inc., Term Loan L, 6.14%, 01/19/2032</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.99<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">American Axle & Manufacturing, Inc., 7.75%, 10/15/2033</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">DISH DBS Corp., 5.13%, 06/01/2029</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">1261229 BC Ltd., 10.00%, 04/15/2032</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.94<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">iShares iBoxx High Yield Corporate Bond ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.94<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, 06/01/2029</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Starz Capital Holdings 1, Inc., 6.00%, 04/15/2030</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.88<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">VoltaGrid LLC, 7.38%, 11/01/2030</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.88<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Credit quality rating breakdown** </b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left;">A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none;">0.88</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left;">BBB</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none;">1.32</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left;">BB</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none;">46.96</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left;">B</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none;">32.51</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left;">CCC and below</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none;">8.21</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left;">Cash</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none;">7.15</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left;">Not Rated</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none;">2.97</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left;">**Source: Standard & Poor's. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non-Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor's rating methodology, please visit standardandpoors.com and select "Understanding Ratings" under Rating Resources on the homepage.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none;"></td> </tr> </table> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">iShares Broad USD High Yield Corporate Bond ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.75<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Clear Channel Outdoor Holdings, Inc., Term Loan B, 7.76%, 08/23/2028</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">TransDigm, Inc., Term Loan L, 6.14%, 01/19/2032</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.99<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">American Axle & Manufacturing, Inc., 7.75%, 10/15/2033</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">DISH DBS Corp., 5.13%, 06/01/2029</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">1261229 BC Ltd., 10.00%, 04/15/2032</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.94<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">iShares iBoxx High Yield Corporate Bond ETF</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.94<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, 06/01/2029</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.90<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Starz Capital Holdings 1, Inc., 6.00%, 04/15/2030</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.88<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">VoltaGrid LLC, 7.38%, 11/01/2030</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">0.88<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0375 0.0119 0.0099 0.0096 0.0096 0.0094 0.0094 0.0090 0.0088 0.0088 0.0088 0.0132 0.4696 0.3251 0.0821 0.0715 0.0297 Source: Standard & Poor's. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non-Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor's rating methodology, please visit standardandpoors.com and select "Understanding Ratings" under Rating Resources on the homepage. Invesco V.I. International Growth Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. International Growth Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. International Growth Fund<br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>51</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.00<span>%</span><sup style="vertical-align:0.5em;font-size:66.6%">†</sup></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-size:6pt;vertical-align:super;"><sup style="font-size:6pt;vertical-align:super">†</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div></td> </tr> </table> 51 0.0100 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>315,062,787</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">62</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">38<span>%</span></td> </tr> </table>

315062787

0.38

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">7.86<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ASML Holding N.V.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.84<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">SK hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Siemens AG</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.24<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BAE Systems PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.78<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Mitsubishi UFJ Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.42<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lonza Group AG</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.40<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advantest Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.29<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Dollarama, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Compass Group PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.22<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10267359.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">7.86<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ASML Holding N.V.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.84<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">SK hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Siemens AG</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.24<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BAE Systems PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.78<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Mitsubishi UFJ Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.42<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lonza Group AG</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.40<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advantest Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.29<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Dollarama, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Compass Group PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.22<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0786 0.0584 0.0419 0.0324 0.0278 0.0242 0.0240 0.0229 0.0226 0.0222 Invesco V.I. International Growth Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. International Growth Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. International Growth Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>64</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.25<span>%</span><sup style="vertical-align:0.5em;font-size:66.6%">†</sup></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-size:6pt;vertical-align:super;"><sup style="font-size:6pt;vertical-align:super">†</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div></td> </tr> </table> 64 0.0125 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>315,062,787</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">62</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">38<span>%</span></td> </tr> </table>

315062787

0.38

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">7.86<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ASML Holding N.V.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.84<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">SK hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Siemens AG</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.24<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BAE Systems PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.78<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Mitsubishi UFJ Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.42<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lonza Group AG</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.40<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advantest Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.29<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Dollarama, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Compass Group PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.22<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10267395.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">7.86<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ASML Holding N.V.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.84<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">SK hynix, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.19<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Siemens AG</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.24<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BAE Systems PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.78<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Mitsubishi UFJ Financial Group, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.42<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lonza Group AG</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.40<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advantest Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.29<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Dollarama, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Compass Group PLC</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.22<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0786 0.0584 0.0419 0.0324 0.0278 0.0242 0.0240 0.0229 0.0226 0.0222 Invesco V.I. Main Street Fund® Series I This semi-annual shareholder report contains important information about Invesco V.I. Main Street Fund<sup style="vertical-align:0.5em;font-size:66.6%">®</sup> (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Main Street Fund<sup style="vertical-align:0.5em;font-size:66.6%">®</sup><br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>41</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.80<span>%</span><sup style="vertical-align:0.5em;font-size:66.6%">†</sup></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-size:6pt;vertical-align:super;"><sup style="font-size:6pt;vertical-align:super">†</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div></td> </tr> </table> 41 0.0080 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>520,643,971</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">69</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">22<span>%</span></td> </tr> </table>

520643971

0.22

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">8.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">7.23<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Apple, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.20<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.77<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Broadcom, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.44<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">JPMorgan Chase & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.17<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Materials, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.70<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Meta Platforms, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.48<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Philip Morris International, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.46<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10267431.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">8.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">7.23<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Apple, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.20<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.77<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Broadcom, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.44<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">JPMorgan Chase & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.17<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Materials, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.70<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Meta Platforms, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.48<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Philip Morris International, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.46<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0853 0.0723 0.0693 0.0520 0.0477 0.0344 0.0317 0.0270 0.0248 0.0246 Invesco V.I. Main Street Fund® Series II This semi-annual shareholder report contains important information about Invesco V.I. Main Street Fund<sup style="vertical-align:0.5em;font-size:66.6%">®</sup> (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Main Street Fund<sup style="vertical-align:0.5em;font-size:66.6%">®</sup><br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>54</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.05<span>%</span><sup style="vertical-align:0.5em;font-size:66.6%">†</sup></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-size:6pt;vertical-align:super;"><sup style="font-size:6pt;vertical-align:super">†</sup></div></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div></td> </tr> </table> 54 0.0105 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>520,643,971</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">69</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">22<span>%</span></td> </tr> </table>

520643971

0.22

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">8.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">7.23<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Apple, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.20<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.77<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Broadcom, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.44<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">JPMorgan Chase & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.17<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Materials, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.70<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Meta Platforms, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.48<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Philip Morris International, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.46<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10267467.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">8.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">7.23<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Apple, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">6.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Microsoft Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.20<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Amazon.com, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.77<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Broadcom, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.44<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">JPMorgan Chase & Co.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.17<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Materials, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.70<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Meta Platforms, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.48<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Philip Morris International, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.46<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0853 0.0723 0.0693 0.0520 0.0477 0.0344 0.0317 0.0270 0.0248 0.0246 Invesco V.I. Main Street Mid Cap Fund® Series I This semi-annual shareholder report contains important information about Invesco V.I. Main Street Mid Cap Fund<sup style="vertical-align:0.5em;font-size:66.6%">®</sup> (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Main Street Mid Cap Fund<sup style="vertical-align:0.5em;font-size:66.6%">®</sup><br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>49</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.93<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 49 0.0093 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>164,943,932</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">98</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">29<span>%</span></td> </tr> </table>

164943932

0.29

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Royal Caribbean Cruises Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.89<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Curtiss-Wright Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Rockwell Automation, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.67<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Keysight Technologies, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.64<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Yum! Brands, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.61<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Raymond James Financial, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.60<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ATI, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.57<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wintrust Financial Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.54<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Datadog, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">American Healthcare REIT, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.50<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266798.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Royal Caribbean Cruises Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.89<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Curtiss-Wright Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Rockwell Automation, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.67<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Keysight Technologies, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.64<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Yum! Brands, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.61<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Raymond James Financial, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.60<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ATI, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.57<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wintrust Financial Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.54<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Datadog, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">American Healthcare REIT, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.50<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0189 0.0169 0.0167 0.0164 0.0161 0.0160 0.0157 0.0154 0.0153 0.0150 Invesco V.I. Main Street Mid Cap Fund® Series II This semi-annual shareholder report contains important information about Invesco V.I. Main Street Mid Cap Fund<sup style="vertical-align:0.5em;font-size:66.6%">®</sup> (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Main Street Mid Cap Fund<sup style="vertical-align:0.5em;font-size:66.6%">®</sup><br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>62</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.18<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 62 0.0118 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>164,943,932</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">98</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">29<span>%</span></td> </tr> </table>

164943932

0.29

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Royal Caribbean Cruises Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.89<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Curtiss-Wright Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Rockwell Automation, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.67<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Keysight Technologies, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.64<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Yum! Brands, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.61<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Raymond James Financial, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.60<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ATI, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.57<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wintrust Financial Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.54<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Datadog, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">American Healthcare REIT, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.50<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266830.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Royal Caribbean Cruises Ltd.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.89<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Curtiss-Wright Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Rockwell Automation, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.67<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Keysight Technologies, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.64<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Yum! Brands, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.61<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Raymond James Financial, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.60<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ATI, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.57<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Wintrust Financial Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.54<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Datadog, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">American Healthcare REIT, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.50<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0189 0.0169 0.0167 0.0164 0.0161 0.0160 0.0157 0.0154 0.0153 0.0150 Invesco V.I. Main Street Small Cap Fund® Series I This semi-annual shareholder report contains important information about Invesco V.I. Main Street Small Cap Fund<sup style="vertical-align:0.5em;font-size:66.6%">®</sup> (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Main Street Small Cap Fund<sup style="vertical-align:0.5em;font-size:66.6%">®</sup><br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>45</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.82<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 45 0.0082 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>1,437,060,607</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">104</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">43<span>%</span></td> </tr> </table>

1437060607

104

0.43

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Enpro, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Columbia Banking System, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Outfront Media, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.91<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Kodiak Gas Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.85<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">AAR Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.81<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MaxLinear, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.80<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">AutoNation, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Zurn Elkay Water Solutions Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.68<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Cathay General Bancorp</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.61<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BrightSpring Health Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.58<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10267503.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Enpro, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Columbia Banking System, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Outfront Media, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.91<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Kodiak Gas Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.85<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">AAR Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.81<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MaxLinear, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.80<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">AutoNation, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Zurn Elkay Water Solutions Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.68<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Cathay General Bancorp</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.61<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BrightSpring Health Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.58<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0196 0.0193 0.0191 0.0185 0.0181 0.0180 0.0169 0.0168 0.0161 0.0158 Invesco V.I. Main Street Small Cap Fund® Series II This semi-annual shareholder report contains important information about Invesco V.I. Main Street Small Cap Fund<sup style="vertical-align:0.5em;font-size:66.6%">®</sup> (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Main Street Small Cap Fund<sup style="vertical-align:0.5em;font-size:66.6%">®</sup><br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>58</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.07<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 58 0.0107 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>1,437,060,607</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">104</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">43<span>%</span></td> </tr> </table>

1437060607

104

0.43

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Enpro, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Columbia Banking System, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Outfront Media, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.91<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Kodiak Gas Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.85<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">AAR Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.81<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MaxLinear, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.80<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">AutoNation, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Zurn Elkay Water Solutions Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.68<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Cathay General Bancorp</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.61<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BrightSpring Health Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.58<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10267539.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Enpro, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.96<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Columbia Banking System, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Outfront Media, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.91<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Kodiak Gas Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.85<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">AAR Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.81<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MaxLinear, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.80<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">AutoNation, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.69<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Zurn Elkay Water Solutions Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.68<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Cathay General Bancorp</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.61<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BrightSpring Health Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.58<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0196 0.0193 0.0191 0.0185 0.0181 0.0180 0.0169 0.0168 0.0161 0.0158 Invesco® V.I. S&P 500 Buffer Fund - December Series I This semi-annual shareholder report contains important information about Invesco<sup style="vertical-align: 0.5em; font-size: 66.6%;">®</sup> V.I. S&P 500 Buffer Fund - December (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: 400; font-family: 'arial'; font-size: 9pt;">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 71, 255); font-size: 14pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b></div> <div style="font-weight: 400; font-kerning: none; line-height: 13pt; text-align: left; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 12pt 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Invesco<sup style="vertical-align: 0.5em; font-size: 66.6%;">®</sup> V.I. S&P 500 Buffer Fund - December<br/>(Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>36</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.70<span>%</span><sup style="vertical-align: 0.5em; font-size: 66.6%;">†</sup></td> </tr> </table> <table style="table-layout: auto; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 11pt; line-height: 13pt; text-align: left; margin-bottom: 12pt; width: auto;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; width: 9pt; font-size: 6pt; vertical-align: super; padding: 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin: 0px;">Annualized.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; width: 9pt; font-size: 6pt; vertical-align: super; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: italic; text-align: left; font-size: 6pt; vertical-align: super; padding: 0px; margin: 0px;"><sup style="font-size: 6pt; vertical-align: super;">†</sup></div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin: 0px;">Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</div> </td> </tr> </table> 36 0.0070 <div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 71, 255); font-size: 14pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>What Are Key Statistics About The Fund?</b></div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 10pt 0px;">(as of June 30, 2026)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; width: 40%; text-align: left; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>70,692,009</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; width: 40%; text-align: left; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">6</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; width: 40%; text-align: left; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table>

70692009

68823046

56977276

74325228

195022615

0.48

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Allegro MicroSystems, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.67<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MKS, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Forgent Power Solutions, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.17<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Entegris, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.09<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Sanmina Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.08<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BrightSpring Health Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.08<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">IES Holdings, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.02<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ITT, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.94<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Industrial Technologies, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Axsome Therapeutics, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.79<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266863.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Allegro MicroSystems, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.67<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MKS, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Forgent Power Solutions, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.17<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Entegris, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.09<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Sanmina Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.08<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BrightSpring Health Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.08<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">IES Holdings, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.02<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ITT, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.94<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Industrial Technologies, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Axsome Therapeutics, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.79<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0267 0.0253 0.0217 0.0209 0.0208 0.0208 0.0202 0.0194 0.0193 0.0179 Invesco V.I. Small Cap Equity Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. Small Cap Equity Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Small Cap Equity Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>68</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.21<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 68 0.0121 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>195,022,615</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">86</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">48<span>%</span></td> </tr> </table>

195022615

0.48

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Allegro MicroSystems, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.67<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MKS, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Forgent Power Solutions, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.17<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Entegris, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.09<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Sanmina Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.08<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BrightSpring Health Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.08<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">IES Holdings, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.02<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ITT, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.94<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Industrial Technologies, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Axsome Therapeutics, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.79<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10266888.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Allegro MicroSystems, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.67<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">MKS, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Forgent Power Solutions, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.17<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Entegris, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.09<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Sanmina Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.08<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">BrightSpring Health Services, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.08<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">IES Holdings, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.02<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">ITT, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.94<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Applied Industrial Technologies, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.93<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Axsome Therapeutics, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">1.79<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0267 0.0253 0.0217 0.0209 0.0208 0.0208 0.0202 0.0194 0.0193 0.0179 Invesco V.I. Technology Fund Series I This semi-annual shareholder report contains important information about Invesco V.I. Technology Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Technology Fund<br/> (Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>58</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">0.95<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 58 0.0095 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>347,274,250</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">53</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">83<span>%</span></td> </tr> </table>

347274250

0.83

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.86<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advanced Micro Devices, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.37<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.02<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd., ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Micron Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.33<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Palo Alto Networks, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.33<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">CrowdStrike Holdings, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.08<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Datadog, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.76<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Intel Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.66<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10267382.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.86<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advanced Micro Devices, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.37<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.02<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd., ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Micron Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.33<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Palo Alto Networks, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.33<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">CrowdStrike Holdings, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.08<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Datadog, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.76<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Intel Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.66<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0586 0.0537 0.0526 0.0502 0.0453 0.0433 0.0333 0.0308 0.0276 0.0266 Invesco V.I. Technology Fund Series II This semi-annual shareholder report contains important information about Invesco V.I. Technology Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-weight:400;font-family:'arial';font-size:9pt">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:12pt;margin-left:0px;font-kerning:none;line-height:13pt;text-align:left;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center;">Costs paid as a percentage<br/> of a $10,000 investment*</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: left;">Invesco V.I. Technology Fund<br/> (Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; vertical-align: bottom; text-align: center;"><span style="float:none">$</span>73</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center;">1.20<span>%</span></td> </tr> </table><table style="table-layout:auto;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid;font-family:'times new roman';color:rgb(0, 0, 0);font-size:11pt;line-height:13pt;text-align:left;margin-bottom:12pt;width:auto"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; width: 9pt; font-size: 6pt; vertical-align: super;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;">Annualized.</div></td> </tr> </table> 73 0.0120 <div style="margin-top:10pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Are Key Statistics About The Fund?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><table style="table-layout:auto;width:100%;border-collapse:collapse;page-break-inside:avoid;break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;"><span style="float:none">$</span>347,274,250</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">53</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; width: 40%; text-align: left; font-weight: normal;">Portfolio turnover rate</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-kerning: none; white-space: nowrap;">83<span>%</span></td> </tr> </table>

347274250

0.83

<div style="margin-top:0px;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 71, 255);font-size:14pt;font-weight:bold;"> <b>What Comprised The Fund's Holdings?</b> </div><div style="font-weight:400;margin-top:0px;margin-right:0px;margin-bottom:10pt;margin-left:0px;font-kerning:none;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(as of June 30, 2026)</div><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.86<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advanced Micro Devices, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.37<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.02<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd., ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Micron Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.33<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Palo Alto Networks, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.33<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">CrowdStrike Holdings, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.08<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Datadog, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.76<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Intel Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.66<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table><div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Sector allocation </b> <br/> <b>(% of net assets)</b> </div><div style="font-weight:400;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_10267355.jpg" style="width: 172.8pt;"/> </div> <div style="font-kerning:none;margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;letter-spacing:1.25px;font-weight:bold;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-transform:none;"> <b>Top ten holdings*</b> <br/> <b>(% of net assets)</b> </div><table style="table-layout:auto;width:100%;border-collapse:collapse;break-inside:avoid-page;page-break-inside:avoid"> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">NVIDIA Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.86<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Advanced Micro Devices, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.37<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Lam Research Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.26<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Alphabet, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">5.02<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Taiwan Semiconductor Manufacturing Co. Ltd., ADR</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.53<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Micron Technology, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">4.33<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Palo Alto Networks, Inc.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.33<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">CrowdStrike Holdings, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">3.08<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Datadog, Inc., Class A</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.76<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 8pt; padding-bottom: 3pt; padding-left: 12pt; font-kerning: none; text-align: left; width: 82%;">Intel Corp.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 8pt; font-kerning: none; white-space: nowrap;">2.66<span>%</span></td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); margin-bottom: 12pt; text-align: left; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;">* Excluding money market fund holdings, if any.</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-kerning: none; color: rgb(0, 0, 0); text-align: left; margin-bottom: 12pt; font-family: 'Arial'; font-size: 9pt; line-height: 120%; font-weight: normal;"></td> </tr> </table> 0.0586 0.0537 0.0526 0.0502 0.0453 0.0433 0.0333 0.0308 0.0276 0.0266 Invesco V.I. U.S. Government Money Portfolio Series I This semi-annual shareholder report contains important information about Invesco V.I. U.S. Government Money Portfolio (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: 400; font-family: 'arial'; font-size: 9pt;">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 71, 255); font-size: 14pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b></div> <div style="font-weight: 400; font-kerning: none; line-height: 13pt; text-align: left; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 12pt 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Invesco V.I. U.S. Government Money Portfolio<br/>(Series I)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>33</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.67<span>%</span></td> </tr> </table> <table style="table-layout: auto; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 11pt; line-height: 13pt; text-align: left; margin-bottom: 12pt; width: auto;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; width: 9pt; font-size: 6pt; vertical-align: super; padding: 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin: 0px;">Annualized.</div> </td> </tr> </table> 33 0.0067 <div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 71, 255); font-size: 14pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>What Are Key Statistics About The Fund?</b></div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 10pt 0px;">(as of June 30, 2026)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; width: 40%; text-align: left; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>242,969,515</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; width: 40%; text-align: left; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">65</td> </tr> </table>

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65 <div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 71, 255); font-size: 14pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>What Comprised The Fund's Holdings?</b></div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 10pt 0px;">(as of June 30, 2026)</div> <div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; letter-spacing: 1.25px; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>Composition by maturity, in days </b> <br/><b>(% of total investments)*</b></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">1-7</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">41.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">8-30</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">0.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">31-60</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">17.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">61-90</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">91-180</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">13.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; width: 82%; padding: 6pt 8pt 3pt 12pt;">181+</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; white-space: nowrap; padding: 6pt 12pt 3pt 8pt;">20.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; text-align: left; padding: 6pt 3pt 3pt 3pt;">* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; padding: 6pt 3pt 3pt 3pt;"></td> </tr> </table> 0.413 0.006 0.176 0.063 0.133 0.209 Invesco V.I. U.S. Government Money Portfolio Series II This semi-annual shareholder report contains important information about Invesco V.I. U.S. Government Money Portfolio (the “Fund”) for the period January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-weight: 400; font-family: 'arial'; font-size: 9pt;">invesco.com/reports</span>. You can also request this information by contacting us at (800) 959-4246. invesco.com/reports (800) 959-4246 <div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 71, 255); font-size: 14pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>What Were The Fund Costs For The Last </b> <b>Six Months</b> <b>?</b></div> <div style="font-weight: 400; font-kerning: none; line-height: 13pt; text-align: left; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 12pt 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; text-align: left; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; text-align: left; padding: 6pt 3pt 3pt 3pt;">Invesco V.I. U.S. Government Money Portfolio<br/>(Series II)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>46</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); font-kerning: none; white-space: nowrap; vertical-align: bottom; text-align: center; padding: 6pt 3pt 3pt 3pt;">0.92<span>%</span></td> </tr> </table> <table style="table-layout: auto; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 11pt; line-height: 13pt; text-align: left; margin-bottom: 12pt; width: auto;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; font-style: italic; margin-bottom: 0; text-align: left; width: 9pt; font-size: 6pt; vertical-align: super; padding: 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-kerning: none; vertical-align: baseline; font-style: italic; font-size: 7.5pt; margin-bottom: 0; text-align: left; padding: 0;"> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; padding: 0px; margin: 0px;">Annualized.</div> </td> </tr> </table> 46 0.0092 <div style="font-kerning: none; font-family: 'arial'; color: rgb(0, 71, 255); font-size: 14pt; font-weight: bold; margin: 10pt 0px 3pt 0px;"><b>What Are Key Statistics About The Fund?</b></div> <div style="font-weight: 400; font-kerning: none; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 10pt 0px;">(as of June 30, 2026)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; width: 40%; text-align: left; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>242,969,515</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: middle; font-kerning: none; width: 40%; text-align: left; font-weight: normal; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; font-kerning: none; padding: 6pt 10pt 3pt 10pt;">65</td> </tr> </table>

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