Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print American Century VP Ultra® II Release date as of 2023-04-30. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2023-04-30 Out of 1123 Large Growth Funds Morningstar® Style Box™ What is this? As of 2023-03-31 Total Fund Assets ($ Mil) 253.22 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks long-term capital growth. The portfolio managers look for stocks of companies they believe will increase in value over time. The portfolio managers make their investment decisions based primarily on their analysis of individual companies, rather than on broad economic forecasts. Management of the fund is based on the belief that, over the long term, stock price movements follow growth in earnings, revenues and/or cash flow. Under normal market conditions, the portfolio managers seek securities of companies whose earnings or revenues are not only growing, but growing at an accelerated pace.

Morningstar Category: Large Growth Large-growth portfolios invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large 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). Most of these portfolios focus on companies in rapidly expanding industries.

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 96.6 Non-U.S. Stocks 2.7 Bonds 0.0 Cash 0.7 Other 0.0 Data through 2023-03-31 Morningstar Equity Sectors % of Stocks Cyclical 26.24 Basic Materials 0.70 Consumer Cyclical 15.73 Financial Services 9.80 Real Estate 0.01 Sensitive 55.29 Communication Services 9.31 Energy 1.89 Industrials 5.01 Technology 39.08 Defensive 18.47 Consumer Defensive 3.81 Healthcare 14.66 Utilities 0.00 Data through 2023-03-31 Holding Status Total Number of Stock Holdings 63 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 53.40 Turnover % (as of 2022-12-31) 24.00 30 Day SEC Yield % 0.00 Top Holdings Sector P/E % of Net Assets Apple Inc 28.81 14.45 Microsoft Corp 33.29 6.79 Amazon.com Inc 251.07 5.07 NVIDIA Corp 159.48 4.74 Mastercard Inc Class A 37.97 4.21 Visa Inc Class A 31.11 4.10 Tesla Inc 48.33 3.77 Alphabet Inc Class C 24.05 3.76 Alphabet Inc Class A 23.85 3.42 UnitedHealth Group Inc 22.51 3.09 Data through 2023-03-31

Principal Risks    Prepayment (Call), Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, Nondiversification, Market/Market Volatility, Socially Conscious, Shareholder Activity, Management Show Risk Definitions

Other Information Inception Date: 2002-05-01 Portfolio Manager(s) Michael X Li   (2008-12-22) Dr. Li, Vice President & Portfolio Manager, co-manages the U.S. Focused Dynamic Growth, U.S. Large Cap Quality Growth and U.S. Premier Large Cap Growth strategies. Prior to his current role, he was an analyst on the U.S. Lg Cap Qual Gr portfolio. Before joining American Century Inv. in 2002, Mr. Li was a scientist/project manager for Bristol-Myers Squibb Co. Mr. Li has a bachelor’s degree in materials science and engineering from the University of Science & Technology of China, a MBA from The Wharton School of the Univ. of Pennsylvania, and a Ph.D. in chemistry from the Univ. of Michigan. Jeffrey R. Bourke   (2008-12-31) Jeff Bourke is a portfolio manager for American Century Investments®. Mr. Bourke joined American Century Investments in 2007. Before he was promoted to portfolio manager in 2013, he was an investment analyst. Previously, he was an associate equity research analyst at Robert W. Baird & Co. He has worked in the investment industry since 2003. Mr. Bourke earned a master's degree in business administration from the Booth School of Business at the University of Chicago and a bachelor's degree in civil and environmental engineering from Duke University. He is a CFA® charterholder and a member of the CFA Institute. Keith Lee   (2008-12-22) Keith Lee Mr. Lee, Senior Vice President and Senior Portfolio Manager, has been a member of the team that manages the fund since 2008. Prior, he was a senior analyst on the U.S. Lg Cap Qual Gr strategy. He joined American Century in 1998 and again in 2001. He started in the industry as an analyst for Oppenheimer funds in New York in 1996. He holds a bachelor’s degree in industrial engineering from Columbia University, is a CFA charterholder and a member of the CFA Institute. Investment Advisor(s) American Century Investment Management Inc Issuer American Century Investments Subadvisor(s) ---

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