Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print American Century VP Value I Release date as of 2024-03-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-03-31 Out of 1118 Large Value Funds Morningstar® Style Box™ What is this? As of 2024-03-31 Total Fund Assets ($ Mil) 925.65 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks long-term capital growth; income is a secondary consideration. In selecting stocks for the fund, the portfolio managers look for companies of all sizes whose stock price may not reflect the company's value. The managers attempt to purchase the stocks of these undervalued companies and hold each stock until the price has increased to, or is higher than, a level the managers believe more accurately reflects the fair value of the company.

Morningstar Category: Large Value Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

Investment Risks There are no additional fund specific investment risks (e.g. liquidity risk, currency risk, foreign investment risk, etc.) associated with this fund beyond the normal risks generally associated with investing in a mutual fund.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 83.5 Non-U.S. Stocks 15.0 Bonds 0.0 Cash 1.6 Other 0.0 Data through 2024-03-31 Morningstar Equity Sectors % of Stocks Cyclical 31.15 Basic Materials 1.69 Consumer Cyclical 4.10 Financial Services 22.43 Real Estate 2.93 Sensitive 33.03 Communication Services 5.63 Energy 9.53 Industrials 10.74 Technology 7.13 Defensive 35.81 Consumer Defensive 12.21 Healthcare 18.29 Utilities 5.31 Data through 2024-03-31 Holding Status Total Number of Stock Holdings 99 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 26.42 Turnover % (as of 2023-12-31) 35.00 30 Day SEC Yield % 2.23 Top Holdings Sector P/E % of Net Assets Berkshire Hathaway Inc Class A 9.55 3.46 Medtronic PLC 27.67 3.16 Johnson & Johnson 30.42 3.06 JPMorgan Chase & Co 12.34 2.93 Bank of America Corp 12.31 2.58 Exxon Mobil Corp 13.08 2.50 Cisco Systems Inc 15.17 2.41 U.S. Bancorp 13.67 2.26 Verizon Communications Inc 15.26 2.18 Zimmer Biomet Holdings Inc 27.05 1.88 Data through 2024-03-31

Principal Risks    Foreign Securities, Loss of Money, Not FDIC Insured, Capitalization, Market/Market Volatility, Socially Conscious, Shareholder Activity, Management Show Risk Definitions

Other Information Inception Date: 1996-05-01 Portfolio Manager(s) Kevin Toney   (2003-12-31) Kevin Toney, CFA, CIO, senior vice president and senior portfolio manager for American Century Investments, joined the company in 1999 as an investment analyst and became a portfolio manager in 2006. Kevin is responsible for the teams that manage the company’s value and real estate equity strategies that comprise the firm’s Global Value Equity discipline. Before joining American Century Investments, Kevin was an associate in the M&A group of Toronto Dominion Securities. He has worked in the investment industry since 1993. Brian Woglom   (2005-12-31) Brian have more than five years of experience with American Century. He was a member of the team of investment professionals managing the U.S. Value Yield, U.S. Value, U.S. Large Cap Value, U.S. Mid Cap Value and U.S. Equity Market Neutral Value strategies and related accounts, and he co-manages U.S. Large Cap Value, U.S. Value, U.S. Mid Cap Value and U.S. Equity Market Neutral Value. He joined American Century Investments in 2005. Previously, Brian was an investment analyst for Argo Partners and an analyst for the portfolio management unit of Metropolitan Life Insurance Co. He has worked in the investment industry since 1998. Brian earned a bachelor's degree in economics from Amherst College and a master’s degree in business administration from the University of Michigan. He is a CFA® charterholder and a member of the CFA Institute. Dave M. Byrns   (2022-02-19) Mr. Byrns, Portfolio Manager, has been a member of the team since joining American Century Investments in 2014 as an investment analyst. He became a senior investment analyst in 2016 and a portfolio manager in 2020. David has over 3 years experience in the investment industry. He was an Equity Analyst for the Multiple Attribute Dividend Growth, Large Cap Quality Growth, High Yield Equity and Multiple Attribute Growth strategies. Prior to joining Hilliard Lyons in 2009, David was a Jr. Equity Analyst at Fifth Third Asset Management for the dividend growth strategies. David has a B.S.B.A. from the University of Dayton where he was selected as a portfolio manager for the student portion of the university’s endowment. He has passed all three levels of the CFA Examination and is accumulating the necessary work experience to be awarded his charter. He is also a member of the CFA Institute. Philip Sundell   (2002-12-31) Vice President of American Century since 2022 and Portfolio Manager of American Century since 2017. He joined American Century in 1997 and became a senior analyst in 2007. He began his investment career in 1992 and has a BS from Missouri State University and an MBA from Texas Christian University. Michael Liss   (1998-12-31) Michael Liss, CFA, is Vice President and Senior Portfolio Manager of American Century. Mr. Liss has been with American Century since 1998. He holds a bachelor’s degree in accounting and finance from Albright College and an MBA in finance from Indiana University. Investment Advisor(s) American Century Investment Management Inc Issuer American Century Investments Subadvisor(s) ---

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