Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print American Century VP Large Company Val II 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) 151.69 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 87.8 Non-U.S. Stocks 10.4 Bonds 0.0 Cash 1.8 Other 0.0 Data through 2024-03-31 Morningstar Equity Sectors % of Stocks Cyclical 25.70 Basic Materials 0.54 Consumer Cyclical 4.11 Financial Services 19.69 Real Estate 1.36 Sensitive 29.00 Communication Services 3.36 Energy 8.18 Industrials 11.04 Technology 6.42 Defensive 45.31 Consumer Defensive 14.92 Healthcare 23.72 Utilities 6.67 Data through 2024-03-31 Holding Status Total Number of Stock Holdings 71 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 29.86 Turnover % (as of 2023-12-31) 37.00 30 Day SEC Yield % 1.86 Top Holdings Sector P/E % of Net Assets Johnson & Johnson 30.42 4.75 Medtronic PLC 27.67 4.49 Zimmer Biomet Holdings Inc 27.05 3.97 JPMorgan Chase & Co 12.34 2.93 Exxon Mobil Corp 13.08 2.55 Duke Energy Corp 18.08 2.42 Berkshire Hathaway Inc Class B 9.50 2.24 Bank of New York Mellon Corp 14.89 2.22 Colgate-Palmolive Co 32.51 2.16 Norfolk Southern Corp 31.78 2.13 Data through 2024-03-31

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 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. Philip Sundell   (2016-12-31) 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. Adam J. Krenn   (2022-02-19) Adam Krenn, CFA, is a portfolio manager and senior investment analyst for American Century Investments®. Mr. Krenn joined the company in 2011 as an investment analyst. Prior to that, he worked as an equity analyst at Eaton Vance Investment Managers and as an equity research associate at Fidelity Management & Research company. He has worked in the investment industry since 2004. Mr. Krenn holds bachelor's degrees in economics and Chinese from the University of Notre Dame. Investment Advisor(s) American Century Investment Management Inc Issuer American Century Investments Subadvisor(s) ---

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