VP Capital Appreciation Fund

Summary

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FUND FACTS

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Expenses and Dividends

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Morningstar

Morningstar Rating™:
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange‐traded funds, closed‐end funds, and separate accounts) with at least a three‐year history. Exchange‐traded funds and open‐ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk‐Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three‐, five‐, and 10‐year (if applicable) Morningstar Rating metrics. The weights are: 100% three‐year rating for 36‐59 months of total returns, 60% five‐year rating/40% three‐year rating for 60‐119 months of total returns, and 50% 10‐year rating/30% five‐year rating/20% three‐ year rating for 120 or more months of total returns. While the 10‐year overall star rating formula seems to give the most weight to the 10‐year period, the most recent three‐year period actually has the greatest impact because it is included in all three rating periods.
Morningstar Investment Style Box™:
The Morningstar Investment Style Box™ reveals a fund's investment strategy. For the equity holdings in the fund's portfolio, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth).
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FUND DOCUMENTS & RESOURCES

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Variable Portfolios

American Century Investments Variable Portfolio Funds (VP Funds) are a series of investment choices available exclusively through variable annuity and variable universal life products. There are no plans to distribute VP Funds in any other way. Performance will vary based on the fees and expenses assessed with investments in variable insurance products. Those charges are disclosed in the separate account prospectus.

Investment Objective

Seeks capital growth.

Risk & Additional Details

Goal & Strategy

Long-term capital growth by investing primarily in mid-sized U.S. companies.

Characteristics

Seeks high growth by investing in mid-sized companies exhibiting both sustainable accelerating earnings growth and positive price momentum.

Performance

  • ANNUALIZED
  • Average annual total returns illustrate the annual compounded returns that would have produced the cumulative total return if the fund's performance had remained constant throughout the period indicated. Returns for periods less than one year are not annualized.

    For periods prior to the inception of a class, performance is for the oldest class, restated with applicable fees, if any.

    Annualized

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  • CALENDAR YEAR
  • Calendar Year

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    Composition

    • INVESTMENT BLEND
    • Investment Blend

    • TOP TEN HOLDINGS
    • Top Ten Holdings

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    • SECTOR WEIGHTINGS
    • Sector Weightings

      Geography

      • TOP COUNTRIES
      • Top Countries

      • TOP REGIONS
      • Top Regions

        Management

        Rob Brookby

        Rob Brookby

        Vice President and Senior Portfolio Manager

        Nalin Yogasundram

        Nalin Yogasundram

        Vice President, Portfolio Manager

        Returns or yields for the fund would have been lower if .08% of the management fee had not been waived. The advisor expects this waiver to continue until April 30, 2023, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current information.

        The VP Funds are managed by the same management team using the same objectives, approach, and philosophy as the retail fund. The VP portfolios are managed in a manner that under normal circumstances should produce similar performance. However, it is important to note that there are additional fees and charges assessed with investments in variable insurance products, those charges are disclosed in the separate account prospectus. The fees and charges will reduce returns when compared to that of the retail fund. There is no guarantee that the management team will achieve the same or similar performance in the future.

        The value and/or returns of a portfolio will fluctuate with market and economic conditions.

        Historically, small- and/or mid-cap stocks have been more volatile than the stock of larger, more-established companies. Smaller companies may have limited resources, product lines and markets, and their securities may trade less frequently and in more limited volumes than the securities of larger companies.

        B

        Please see the prospectus for details about sales charges.

        C

        The gross expense ratio is the fund's total annual operating costs, expressed as a percentage of the fund's average net assets for a given time period. It is gross of any fee waivers or expense reimbursement. The net expense ratio is the expense ratio after the application of any waivers or reimbursement. This is the actual ratio that investors paid during the fund's most recent fiscal year. Please see the prospectus for more information.

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