Semi-Annual Report of Variable Product Funds June 30, 2020 Choose a fund to view: Invesco V.I. American Franchise Fund - Series I Shares Invesco V.I. Core Equity Fund - Series I Shares Invesco V.I. Technology Fund - Series I Shares VP Capital Appreciation Fund - Class I VP Income & Growth Fund - Class I VP International Fund - Class I VP Mid Cap Value Fund - Class I VP Ultra� Fund - Class I VP Value Fund - Class I VP Inflation Protection Fund - Class II Asset Allocation Fund - Class 2 Shares Capital Income Builder� - Class 2 Shares Global Bond Fund - Class 2 Shares Global Growth Fund - Class 2 Shares Growth-Income Fund - Class 2 Shares New World Fund� - Class 2 Shares Managed Risk Asset Allocation Fund - Class P2 Shares Managed Risk Blue Chip Income and Growth Fund � Class P2 Shares Managed Risk Growth Fund � Class P2 Shares Managed Risk Growth-Income Fund � Class P2 Shares Managed Risk International Fund � Class P2 Shares Appreciation Portfolio � Initial Shares Opportunistic Small Cap Portfolio � Initial Shares BNY Mellon Stock Index Fund, Inc. � Initial Shares BNY Mellon Sustainable U.S. Equity Portfolio, Inc. � Initial Shares Calamos Growth and Income Portfolio Columbia Variable Portfolio - Mid Cap Growth Fund (Class 2) Columbia Variable Portfolio - Seligman Global Technology Fund (Class 2) Columbia Variable Portfolio � Select Small Cap Value Fund (Class 2) Federated Hermes Managed Volatility Fund II � P (formerly Federated Managed Volatility Fund II � P) Federated Hermes High Income Bond Fund II - P (formerly Federated High Income Bond Fund II - P) Federated Hermes Government Money Fund II - S (formerly Federated Government Money Fund II - S) VIP Contrafund℠ Portfolio - Service Class 2 VIP Freedom Income Portfolio℠ - Service Class 2 VIP Freedom 2010 Portfolio℠ - Service Class 2 VIP Freedom 2015 Portfolio℠ - Service Class 2 VIP Freedom 2020 Portfolio℠ - Service Class 2 VIP Freedom 2025 Portfolio℠ - Service Class 2 VIP Freedom 2030 Portfolio℠ - Service Class 2 VIP Freedom 2035 Portfolio℠ - Service Class 2 VIP Freedom 2040 Portfolio℠ - Service Class 2 VIP Freedom 2045 Portfolio℠ - Service Class 2 VIP Freedom 2050 Portfolio℠ - Service Class 2 Franklin Global Real Estate VIP Fund - Class 2 Franklin Small-Mid Cap Growth VIP Fund - Class 2 Templeton Developing Markets VIP Fund - Class 2 Templeton Foreign VIP Fund - Class 2 JPMorgan Insurance Trust Mid Cap Value Portfolio - Class 1 Shares JPMorgan Insurance Trust Small Cap Core Portfolio - Class 1 Shares JPMorgan Insurance Trust U.S. Equity Portfolio - Class 1 Shares MFS� Growth Series - Initial Class Shares MFS� Research Series - Initial Class Shares MFS� Total Return Bond Series - Initial Class Shares MFS� Total Return Series - Initial Class Shares MFS� Utilities Series - Initial Class Shares MFS� Income Portfolio � Initial Class Shares (formerly MFS� Strategic Income Portfolio � Initial Class Shares TOPS� Managed Risk Balanced ETF Portfolio - Class 2 Shares TOPS� Managed Risk Growth ETF Portfolio - Class 2 Shares TOPS� Managed Risk Moderate Growth ETF Portfolio - Class 2 Shares