Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print American Century VP Large Company Val II Release date as of 2022-05-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2022-05-31 Out of 1145 Large Value Funds Morningstar® Style Box™ What is this? As of 2022-03-31 Total Fund Assets ($ Mil) 137.27 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks long-term capital growth; income is a secondary objective. The fund invests primarily in larger companies. Under normal market conditions, the portfolio managers will invest at least 80% of the fund's net assets in equity securities of companies comprising the Russell 1000® Index. In selecting stocks, the portfolio managers look for companies whose stock price may not adequately 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 85.6 Non-U.S. Stocks 11.3 Bonds 0.0 Cash 3.2 Other 0.0 Data through 2022-03-31 Morningstar Equity Sectors % of Stocks Cyclical 25.63 Basic Materials 0.63 Consumer Cyclical 3.10 Financial Services 20.79 Real Estate 1.11 Sensitive 29.96 Communication Services 5.06 Energy 6.49 Industrials 13.02 Technology 5.39 Defensive 44.40 Consumer Defensive 14.42 Healthcare 23.80 Utilities 6.18 Data through 2022-03-31 Holding Status Total Number of Stock Holdings 67 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 29.41 Turnover % (as of 2021-12-31) 40.00 30 Day SEC Yield % 1.59 Top Holdings Sector P/E % of Net Assets Johnson & Johnson 24.20 4.24 Medtronic PLC 26.85 4.10 Verizon Communications Inc 9.98 3.08 Cisco Systems Inc 15.81 2.89 JPMorgan Chase & Co 9.80 2.77 Zimmer Biomet Holdings Inc 89.71 2.74 Allstate Corp 12.05 2.46 Berkshire Hathaway Inc Class B 8.54 2.46 Bank of New York Mellon Corp 11.57 2.43 Raytheon Technologies Corp 33.85 2.24 Data through 2022-03-31

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

Other Information Inception Date: 2004-10-29 Portfolio Manager(s) Brian Woglom   (2016-01-08) Brian is 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. Philip Sundell   (2016-12-31) Mr. Sundell, CFA, is a portfolio manager for American Century Investments, a premier investment manager headquartered in Kansas City, Missouri. He is based in the company’s Kansas City, Missouri office. He joined American Century Investments in 1997 as a financial analyst and became a research analyst for the Global Value Equity discipline in 2001. Phil holds a bachelor’s degree from Missouri State University and a master’s degree in business administration from Texas Christian University. He is a CFA® charterholder and a member of the CFA Institute. Adam Krenn   (2022-02-19) Mr. Krenn, Portfolio Manager, has been a member of the team that manages the fund since 2011. He joined American Century Investments in 2011 as an investment analyst. He became a senior analyst in 2012 and a portfolio manager in 2020. He has a bachelor’s degree from the University of Notre Dame. He is a CFA charterholder Phillip N. Davidson   (2016-12-31) Mr. Davidson, CFA, is a senior vice president and executive portfolio manager for American Century Investments. Prior to joining American Century in 1993, Phil was vice president and equity portfolio manager for Boatmen’s Trust Company in St. Louis. During his 11 years at Boatmen’s, he specialized in the management of institutional equity accounts using a value-oriented investment style. He has worked in the financial industry since 1980. Phil holds a bachelor’s degree in business administration and a master’s degree in finance from Illinois State University. Investment Advisor(s) American Century Investment Management Inc Issuer American Century Investments Subadvisor(s) ---

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