Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print American Century VP Mid Cap 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 380 Mid-Cap Value Funds Morningstar® Style Box™ What is this? As of 2024-03-31 Total Fund Assets ($ Mil) 673.04 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks long-term capital growth; income is a secondary consideration. Under normal market conditions, the portfolio managers will invest at least 80% of the fund's net assets in medium size companies. The portfolio managers consider medium size companies to include those whose market capitalization at the time of purchase is within the capitalization range of the Russell 3000® Index, excluding the largest 100 such companies.

Morningstar Category: Mid-Cap Value Some mid-cap value portfolios focus on medium-size companies while others land here because they own a mix of small-, mid-, and large-cap stocks. All look for U.S. stocks that are less expensive or growing more slowly than the market. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-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 Mid Cap Funds: The securities of companies with market capitalizations below $10 billion may be more volatile and less liquid than the securities of larger companies.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 86.8 Non-U.S. Stocks 11.6 Bonds 0.0 Cash 1.6 Other 0.0 Data through 2024-03-31 Morningstar Equity Sectors % of Stocks Cyclical 30.67 Basic Materials 1.11 Consumer Cyclical 5.88 Financial Services 17.07 Real Estate 6.61 Sensitive 29.23 Communication Services 3.18 Energy 5.71 Industrials 13.86 Technology 6.48 Defensive 40.10 Consumer Defensive 13.15 Healthcare 15.39 Utilities 11.56 Data through 2024-03-31 Holding Status Total Number of Stock Holdings 100 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 21.27 Turnover % (as of 2023-12-31) 47.00 30 Day SEC Yield % 1.82 Top Holdings Sector P/E % of Net Assets Zimmer Biomet Holdings Inc 27.05 3.05 Conagra Brands Inc 14.46 2.39 Northern Trust Corp 17.50 2.17 Bank of New York Mellon Corp 14.89 2.11 Enterprise Products Partners LP 11.58 2.02 Kimberly-Clark Corp 24.83 1.99 Henry Schein Inc 23.90 1.99 Quest Diagnostics Inc 17.77 1.96 Koninklijke Ahold Delhaize NV --- 1.85 Allstate Corp --- 1.74 Data through 2024-03-31

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

Other Information Inception Date: 2004-12-01 Portfolio Manager(s) Kevin Toney   (2004-10-29) 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. Nathan Rawlins   (2022-03-15) Mr. Rawlins, Portfolio Manager and Senior Investment Analyst, has been a member of the team that manages the fund since joining American Century in 2015 as an investment analyst. He became a senior investment analyst in 2020 and a portfolio manager in 2022. He has a bachelor’s degree from the University of Kansas and an MBA from the Kelley School of Business, Indiana University. He is a CFA charterholder. Michael Liss   (2004-10-29) 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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