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Apr. 30, 2019
Statutory Prospectus Supplement dated September 27, 2019 The purpose of this supplement is to provide you with changes to the current Statutory Prospectuses for Series I and II shares of the Fund listed below: Invesco V.I. Small Cap Equity Fund This supplement amends the Statutory Prospectuses of the above referenced fund (a “Fund”) and is in addition to any other supplement(s), unless otherwise specified. The following information is added as the third paragraph appearing under the heading “Fund Summary - Principal Investment Strategies of the Fund” in the prospectus: “The Fund may invest up to 10% of its net assets in real estate investment trusts (REITs).” The following risk is added under the heading “Fund Summary – Principal Risks of Investing in the Fund” in the prospectus: “REIT Risk/Real Estate Risk. Investments in real estate related instruments may be affected by economic, legal, cultural, environmental or technological factors that affect property values, rents or occupancies of real estate related to the Fund’s holdings. Shares of real estate related companies, which tend to be small- and mid-cap companies, may be more volatile and less liquid.”

Apr. 30, 2019

Statutory Prospectus Supplement dated September 27, 2019

The purpose of this supplement is to provide you with changes to the current Statutory Prospectuses for Series I and II shares of the Fund listed below:

Invesco V.I. Small Cap Equity Fund

This supplement amends the Statutory Prospectuses of the above referenced fund (a “Fund”) and is in addition to any other supplement(s), unless otherwise specified.

The following information is added as the third paragraph appearing under the heading “Fund Summary - Principal Investment Strategies of the Fund” in the prospectus:

“The Fund may invest up to 10% of its net assets in real estate investment trusts (REITs).”

The following risk is added under the heading “Fund Summary – Principal Risks of Investing in the Fund” in the prospectus:

“REIT Risk/Real Estate Risk. Investments in real estate related instruments may be affected by economic, legal, cultural, environmental or technological factors that affect property values, rents or occupancies of real estate related to the Fund’s holdings. Shares of real estate related companies, which tend to be small- and mid-cap companies, may be more volatile and less liquid.”