Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Invesco V.I. Discovery Mid Cap Growth II Release date as of 2024-10-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-10-31 Out of 512 Mid-Cap Growth Funds Morningstar® Style Box™ What is this? As of 2024-09-30 Total Fund Assets ($ Mil) 951.65 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks capital appreciation. The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of mid-cap issuers, and in derivatives and other instruments that have economic characteristics similar to such securities. The fund may invest up to 20% of its net assets in companies in other market capitalization ranges. It invests primarily in U.S. companies but may also purchase securities of issuers in any country, including developed countries and emerging markets.

Morningstar Category: Mid-Cap Growth Some mid-cap growth portfolios invest in stocks of all sizes, thus leading to a mid-cap profile, but others focus on midsize companies. Mid-cap growth portfolios target U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).

Investment Risks Mid Cap Funds: The securities of companies with market capitalizations below $10 billion may be more volatile and less liquid than the securities of larger companies.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 95.7 Non-U.S. Stocks 2.8 Bonds 0.0 Cash 1.5 Other 0.0 Data through 2024-09-30 Morningstar Equity Sectors % of Stocks Cyclical 26.01 Basic Materials 0.88 Consumer Cyclical 11.97 Financial Services 10.72 Real Estate 2.44 Sensitive 59.90 Communication Services 1.84 Energy 3.22 Industrials 23.33 Technology 31.51 Defensive 14.09 Consumer Defensive 0.00 Healthcare 13.32 Utilities 0.77 Data through 2024-09-30 Holding Status Total Number of Stock Holdings 84 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 21.83 Turnover % (as of 2023-12-31) 129.00 30 Day SEC Yield % --- Top Holdings Sector P/E % of Net Assets Ares Management Corp Ordinary Shares - Class A 86.43 2.55 Tenet Healthcare Corp 4.91 2.34 Monolithic Power Systems Inc 85.60 2.28 The Trade Desk Inc Class A 235.71 2.26 Hilton Worldwide Holdings Inc 50.18 2.24 Motorola Solutions Inc 52.62 2.12 Guidewire Software Inc --- 2.11 Targa Resources Corp 35.15 2.02 Quanta Services Inc 55.75 1.98 Encompass Health Corp 23.40 1.93 Data through 2024-09-30

Principal Risks    Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, Active Management, High Portfolio Turnover, Market/Market Volatility, Equity Securities, Industry and Sector Investing, Small Cap, Mid-Cap Show Risk Definitions

Other Information Inception Date: 2000-10-16 Portfolio Manager(s) Ronald J. Zibelli   (2008-11-17) Mr. Zibelli has been a Senior Vice President of OppenheimerFunds, Inc since January 2014 and a Senior Portfolio Manager since May 2006. He was a Vice President of OppenheimerFunds from May 2006 to January 2014. Prior to joining OppenheimerFunds, he spent six years at Merrill Lynch Investment Managers, during which time he was a Managing Director and Small Cap Growth Team Leader. Prior to joining Merrill Lynch Investment Managers, Mr. Zibelli spent 12 years with Chase Manhattan Bank, including two years as Senior Portfolio Manager at Chase Asset Management. Justin J. Livengood   (2014-04-30) Mr. Livengood has been a Vice President of OppenheimerFunds since May 2006 and a Senior Portfolio Manager since January 2014. He was a Senior Research Analyst from May 2006 to January 2014, responsible for the health care, energy and financial services sectors for mid- and small-cap growth accounts. Before joining OppenheimerFunds in May 2006, Mr. Livengood was a vice president and fund analyst with Merrill Lynch Investment Managers. During his tenure at Merrill Lynch he also worked as an investment banking analyst in the Global Media Group and as an associate with Merrill Lynch Ventures. Investment Advisor(s) Invesco Advisers, Inc. Issuer Invesco Subadvisor(s) ---

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