range is subject to change at any time due to market activity or changes in the composition of that index. A company’s “market capitalization” is the value of its outstanding stock.
The Fund invests primarily in U.S. companies but may also purchase securities of issuers
in any country, including developed countries and emerging markets. The Fund has no limits on the amount of its assets
that can be invested in foreign securities. Foreign securities are those of issuers that are organized under the laws of a foreign
country or that have a substantial portion of their operations or assets in a foreign country or countries, or that derive a substantial
portion of their revenue or profits from businesses, investments or sales outside of the United States, or whose “country of risk” is a foreign country as determined by a third party service provider.
While the Fund mainly invests in common stock, it may also invest in other equity
securities, such as preferred stock, rights, warrants and securities convertible into common stock.
In selecting investments for the Fund, the portfolio managers look for companies with high growth potential using a “bottom-up” stock selection process. The “bottom-up” approach focuses on fundamental analysis of individual issuers before considering the impact of overall economic, market or industry trends. This approach includes analysis of a company’s financial statements and management structure and consideration of the company’s operations, product development, and its industry position. The portfolio managers currently focus on what they believe to be high-growth companies that are characterized
by industry leadership, market share growth, high caliber management teams, sustainable competitive advantages, and strong
growth themes or new innovative products or services. The portfolio managers monitor individual issuers for changes in the
factors above, which may trigger a decision to sell a security, but does not require a decision to do so. The factors considered by the
portfolio managers may vary in particular cases and may change over time.
The Fund is non-diversified, which means it can invest a greater percentage of its
assets in a small group of issuers or any one issuer than a diversified fund can.
In anticipation of or in response to market, economic, political, or other conditions, the Fund’s portfolio managers may temporarily use a different investment strategy for defensive purposes. If the Fund’s portfolio managers do so, different factors could affect the Fund’s performance and the Fund may not achieve its investment objective.
The Fund’s investments in the types of securities and other investments described in this prospectus vary from time to time, and, at any time, the Fund may not be invested in all of the types of securities and other
investments described in this prospectus. The Fund may also invest in securities and other investments not described in this prospectus.
For more information, see “Description of the Funds and Their Investments and Risks” in the Fund’s SAI.
4. The following will be added under the “Description of the Funds and Their Investments and Risks — Fund Policies— Non-Fundamental Restrictions” section of the SAI:
“ Invesco V.I. Discovery Large Cap Fund invests, under normal circumstances, at least 80% of its assets in equity securities of “large-cap” issuers.”