2020 Estimated Distributions

What are distributions?

Why are some distributions larger than others?

Why do funds pay distributions?

When can I expect tax information?

Mutual Funds

As of October 30, 20202

Fund Name Ordinary Income Per Share3 Ordinary Income Pay Date4 Short-Term Capital Gain Per Share Long-Term Capital Gains Per Share Capital Gain Pay Date4
AC Alternatives® Income Fund 0.0433 12/22/2020 0.0000 0.0000 12/22/2020
AC Alternatives® Market Neutral Value Fund 0.0000 12/22/2020 0.0000 0.0000 12/22/2020
Balanced Fund 0.0227 12/22/2020 0.0000 1.1087 12/22/2020
California High-Yield Municipal Fund daily daily 0.0000 0.0000 12/08/2020
California Intermediate-Term Tax-Free Bond Fund daily daily 0.0000 0.0000 12/08/2020
Core Plus Fund daily daily 0.0000 0.0000 12/08/2020
Disciplined Core Value Fund9 0.1424 12/22/2020 0.0000 5.2645 12/22/2020
Disciplined Growth Fund 0.0000 12/22/2020 0.7050 3.8505 12/22/2020
Diversified Bond Fund daily daily 0.1595 0.2209 12/08/2020
Emerging Markets Debt Fund daily daily 0.0000 0.0000 12/08/2020
Emerging Markets Fund 0.0628 12/22/2020 0.0000 0.0000 12/22/2020
Emerging Markets Small Cap Fund 0.0182 12/22/2020 0.0000 0.0000 12/22/2020
Equity Growth Fund 0.0534 12/22/2020 0.0000 3.6353 12/22/2020
Equity Income Fund 0.0568 12/22/2020 0.0000 0.0000 12/22/2020
Focused Dynamic Growth Fund 0.0000 12/08/2020 0.0000 0.3210 12/08/2020
Focused Global Growth Fund 0.0000 12/22/2020 0.3228 1.2339 12/22/2020
Focused International Growth Fund 0.0000 12/22/2020 0.0000 0.0000 12/22/2020
Ginnie Mae Fund daily daily 0.0000 0.0000 12/08/2020
Global Bond Fund 0.0000 12/22/2020 0.0150 0.0275 12/22/2020
Global Gold Fund 0.0552 12/22/2020 0.0000 0.0000 12/22/2020
Global Real Estate Fund 0.1527 12/08/2020 0.0000 0.0000 12/08/2020
Global Small Cap Fund 0.0000 12/22/2020 0.0000 0.1169 12/22/2020
Government Bond Fund daily daily 0.0306 0.0000 12/08/2020
Growth Fund 0.0000 12/08/2020 0.0000 1.6415 12/08/2020
Heritage Fund 0.0000 12/08/2020 0.0000 3.6401 12/08/2020
High Income Fund daily daily 0.0000 0.0000 12/08/2020
High-Yield Fund daily daily 0.0000 0.0000 12/08/2020
High-Yield Municipal Fund daily daily 0.0000 0.0006 12/08/2020
Inflation-Adjusted Bond Fund 0.1101 12/22/2020 0.0000 0.0000 12/22/2020
Intermediate-Term Tax-Free Bond Fund daily daily 0.0000 0.0000 12/08/2020
International Bond Fund 0.2713 12/22/2020 0.0000 0.0000 12/22/2020
International Growth Fund 0.0142 12/22/2020 0.0000 0.3167 12/22/2020
International Opportunities Fund 0.0000 12/22/2020 0.0000 0.0748 12/22/2020
International Value Fund 0.1683 12/22/2020 0.0000 0.0000 12/22/2020
Large Company Value Fund 0.0699 12/22/2020 0.0000 0.1236 12/22/2020
Mid Cap Value Fund 0.0509 12/22/2020 0.0000 0.0852 12/22/2020
Non-U.S. Intrinsic Value Fund 0.0872 12/22/2020 0.0000 0.0000 12/22/2020
One Choice® 2025 Portfolio 0.1635 12/29/2020 0.0345 0.7129 12/29/2020
One Choice® 2030 Portfolio 0.1518 12/29/2020 0.0277 0.5928 12/29/2020
One Choice® 2035 Portfolio 0.1638 12/29/2020 0.0654 0.7948 12/29/2020
One Choice® 2040 Portfolio 0.1316 12/29/2020 0.0457 0.7147 12/29/2020
One Choice® 2045 Portfolio 0.1376 12/29/2020 0.0902 0.8811 12/29/2020
One Choice® 2050 Portfolio 0.1227 12/29/2020 0.0890 0.7530 12/29/2020
One Choice® 2055 Portfolio 0.1290 12/29/2020 0.0739 0.6488 12/29/2020
One Choice® 2060 Portfolio 0.1242 12/29/2020 0.0409 0.3288 12/29/2020
One Choice® 2065 Portfolio 0.0987 12/29/2020 0.0000 0.0000 12/29/2020
One Choice® In Retirement Portfolio 0.1138 12/29/2020 0.0043 0.0000 12/29/2020
One Choice® Portfolio: Aggressive 0.1856 12/29/2020 0.0751 1.3682 12/29/2020
One Choice® Portfolio: Conservative 0.1601 12/29/2020 0.0478 0.5100 12/29/2020
One Choice® Portfolio: Moderate 0.1312 12/29/2020 0.0482 1.1912 12/29/2020
One Choice® Portfolio: Very Aggressive 0.1480 12/29/2020 0.0812 1.4514 12/29/2020
One Choice® Portfolio: Very Conservative 0.1339 12/29/2020 0.0200 0.2280 12/29/2020
Real Estate Fund 0.1617 12/22/2020 0.0000 0.0000 12/22/2020
Select Fund 0.0000 12/08/2020 0.0000 6.5316 12/08/2020
Short Duration Fund daily daily 0.0000 0.0000 12/08/2020
Short Duration Inflation Protection Bond Fund 0.0667 12/22/2020 0.0000 0.0000 12/22/2020
Short Duration Strategic Income Fund daily daily 0.0000 0.0000 12/08/2020
Short-Term Government Fund daily daily 0.0000 0.0000 12/08/2020
Small Cap Growth Fund 0.0000 12/08/2020 0.1693 2.3175 12/08/2020
Small Cap Value Fund 0.0238 12/22/2020 0.0000 0.0000 12/22/2020
Small Company Fund 0.0093 12/22/2020 0.0000 0.0000 12/22/2020
Strategic Allocation: Aggressive Fund 0.0545 12/29/2020 0.1167 0.3482 12/29/2020
Strategic Allocation: Conservative Fund 0.0275 12/29/2020 0.0511 0.1391 12/29/2020
Strategic Allocation: Moderate Fund 0.0250 12/29/2020 0.0760 0.2034 12/29/2020
Strategic Income Fund daily daily 0.0708 0.0373 12/08/2020
Sustainable Equity Fund 0.1645 12/08/2020 0.0000 0.0000 12/08/2020
Ultra® Fund 0.0000 12/08/2020 0.0000 2.1911 12/08/2020
Utilities Fund 0.0774 12/22/2020 0.0000 0.9194 12/22/2020
Value Fund 0.0448 12/22/2020 0.0330 0.0941 12/22/2020
Zero Coupon 2025 Fund 3.1414 12/04/2020 0.0697 1.3714 12/04/2020


Note: Money market funds declare dividends daily and distribute income monthly. These funds are expected to make only regular monthly income distributions on December 31, 2020, and are not listed above.

Regulations regarding distributions can be complex, and there are several methods for managing your tax liability. Please consult a tax advisor about your particular circumstances. You also may obtain helpful information by calling the Internal Revenue Service at 1-800-829-1040 or visiting https://www.irs.gov .

Variable Portfolios 2020 Estimated Distributions

As of 10/30/20202

Fund Name Ordinary Income Per Share3 Ordinary Income Pay Date4 Short-Term Capital Gain Per Share Long-Term Capital Gains Per Share Capital Gain Pay Date4
VP Balanced Fund 0.0070 12/29/2020 0.0000 0.0000 N/A
VP Disciplined Core Value Fund 0.0424 12/29/2020 0.0000 0.0000 N/A
VP Inflation Protection Fund 0.0913 12/29/2020 0.0000 0.0000 N/A
VP Large Company Value Fund 0.0635 12/29/2020 0.0000 0.0000 N/A
VP Mid Cap Value Fund 0.0668 12/29/2020 0.0000 0.0000 N/A
VP Value Fund 0.0692 12/29/2020 0.0000 0.0000 N/A

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.

Exchange Traded Funds 2020 Estimated Distributions

As of 10/30/20202

2020 Distribution Calendar

Fund Name Ordinary Income Per Share3 Ordinary Income Pay Date10 Short-Term Capital Gain Per Share Long-Term Capital Gains Per Share Capital Gain Pay Date10
American Century® Diversified Corporate Bond ETF5 0.2677 12/23/2020 0.0000 0.2224 12/23/2020
American Century® Diversified Municipal Bond ETF5 0.0984 12/23/2020 0.0000 0.0000 12/23/2020
American Century® Focused Dynamic Growth ETFB,12 0.0076 12/23/2020 0.0000 0.0000 12/23/2020
American Century® Focused Large Cap Value ETFB,12 0.2766 12/23/2020 0.0000 0.0000 12/23/2020
American Century® Mid Cap Growth Impact ETFC,13 0.0000 12/23/2020 0.0000 0.0000 12/23/2020
American Century® Quality Diversified International ETF6 0.3973 12/23/2020 0.0000 0.0000 12/23/2020
American Century® STOXX® U.S. Quality Growth ETF6,7,8 0.0005 12/23/2020 0.0000 0.0000 12/23/2020
American Century® STOXX® U.S. Quality Value ETF6,7, 8 0.1728 12/23/2020 0.0000 0.0000 12/23/2020
American Century® Sustainable Equity ETFC,14 0.1106 12/23/2020 0.0000 0.0000 12/23/2020

 

B

This ETF is different from traditional ETFs.

Traditional ETFs tell the public what assets they hold each day. This ETF will not. This may create additional risks for your investment. Specifically:

-You may have to pay more money to trade the ETF's shares. This ETF will provide less information to traders, who tend to charge more for trades when they have less information.
-The price you pay to buy ETF shares on an exchange may not match the value of the ETF's portfolio. The same is true when you sell shares. These price differences may be greater for this ETF compared to other ETFs because it provides less information to traders.
-These additional risks may be even greater in bad or uncertain market conditions.

The differences between this ETF and other ETFs may also have advantages. By keeping certain information about the ETF secret, this ETF may face less risk that other traders can predict or copy its investment strategy. This may improve the ETF's performance. If other traders are able to copy or predict the ETF's investment strategy, however, this may hurt the ETF's performance.

For additional information regarding the unique attributes and risks of this ETF, see the additional risk discussion at the end of this material.

C

This fund is different from traditional ETFs.

Traditional ETFs tell the public what assets they hold each day. This fund will not. This may create additional risks for your investment. For example:
-You may have to pay more money to trade the fund's shares. This fund will provide less information to traders, who tend to charge more for trades when they have less information.
-The price you pay to buy fund shares on an exchange may not match the value of the fund's portfolio. The same is true when you sell shares. These price differences may be greater for this fund compared to other ETFs because it provides less information to traders.
-These additional risks may be even greater in bad or uncertain market conditions.
-The ETF will publish on its website each day a "Proxy Portfolio" designed to help trading in shares of the ETF. While the Proxy Portfolio includes some of the ETF's holdings, it is not the ETF's actual portfolio.

The differences between this fund and other ETFs may also have advantages. By keeping certain information about the fund secret, this fund may face less risk that other traders can predict or copy its investment strategy. This may improve the fund's performance. If other traders are able to copy or predict the fund's investment strategy, however, this may hurt the fund's performance.

For additional information regarding the unique attributes and risks of this ETF, see the additional risk discussion at the end of this material.

Exchange Traded Funds (ETFs) are bought and sold through exchange trading at market price (not NAV), and are not individually redeemed from the fund. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.

Exchange Traded Funds (ETFs): Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investments Services, Inc.

1 Dividend income estimates for income funds that declare distributions daily are not generally listed, although they may pay distributions. In addition, some stock funds in the chart may show no estimated distributions at this time. However, please keep in mind that this may change.

2 The estimates provided are as of October 30, 2020. Keep in mind that market conditions, portfolio changes and/or changes in outstanding fund shares could affect these estimates substantially. In addition, there is a possibility that funds not listed above could be eligible to pay a capital gains distribution. This information is not final and is subject to change until the ex-dividend date.

3 The estimates in this chart do not reflect calculations for Qualified Dividends. However, those calculations, if applicable, will appear on Form 1099-DIV sent in late January 2021.

4 Per-share distributions are paid to investors who are shareholders of record with American Century Investments the business day before the payable date.

5

The fund is an actively managed ETF that does not seek to replicate the performance of a specified index. To determine whether to buy or sell a security, the portfolio managers consider, among other things, various fund requirements and standards, along with economic conditions, alternative investments, interest rates and various credit metrics. If the portfolio manager considerations are inaccurate or misapplied, the fund's performance may suffer.

6

This fund is not actively managed and the portfolio managers do not attempt to take defensive positions under any market conditions, including declining markets. The portfolio managers also do not generally add or remove a security from the fund until such security is similarly added or removed from the underlying index. Therefore, the fund may hold an underperforming security or not hold an outperforming security until the underlying index reacts. This may result in underperformance compared to the market generally. In addition, there is no assurance that the underlying index will be determined, composed or calculated accurately. While the index provider provides descriptions of what the underlying index is designed to achieve, the index provider does not guarantee the quality, accuracy or completeness of data in respect of its indices, and does not guarantee that the underlying index will be in line with the described index methodology. Gains, losses or costs to the fund caused by errors in the underlying index may therefore be borne by the fund and its shareholders.

7

STOXX® is a registered trademark of STOXX Ltd.

8

The STOXX® Index is the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland ("STOXX"), Deutsche Börse Group or their licensors, which is used under license. The fund is neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse Group or their licensors, research partners or data providers and STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or interruptions in the STOXX® Index or its data.

9

On September 25, 2020, Income & Growth Fund's name changed to Disciplined Core Value Fund.

10

Per-share distributions are determined on ex-date 12/17/2020 for shareholders of record the business day after the ex-date.

12

Investment return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results.

The fund is an actively managed ETF that does not seek to replicate the performance of a specified index.

This fund may invest in a limited number of companies, which carries more risk because changes in the value of a single company may have a more significant effect, either negative or positive on the fund's value.

Because the shares are traded in the secondary market, a broker may charge a commission to execute a transaction in shares, and an investor also may incur the cost of the spread between the price at which a dealer will buy shares and the somewhat higher price at which a dealer will sell shares.

The Verified Intraday Indicative Value: Unlike traditional ETFs, the fund does not tell the public what assets it holds each day. Instead, the fund provides a verified intraday indicative value (VIIV), calculated and disseminated every second throughout the trading day by the Cboe BZX Exchange, Inc. (Listing Exchange) or by market data vendors or other information providers. It is available on websites that publish updated market quotations during the trading day, by searching for the fund's ticker plus the extension .IV, though some websites require more unique extensions. For example, the VIIV can be found on Yahoo Finance (https://finance.yahoo.com) by typing "^FLV-IV" (for Focused Large Cap Value ETF) or "^FDG-IV" (for Focused Dynamic Growth ETF) in the search box labeled "Quote Lookup." The VIIV is based on the current market value of the securities in the fund's portfolio on that day. The VIIV is intended to provide investors and other market participants with a highly correlated per share value of the underlying portfolio that can be compared to the current market price. To calculate the VIIV, the fund employs two separate calculation engines to provide two independently calculated sources of intraday indicative values (calculation engines). The fund then uses a pricing verification agent to continuously compare the data from both the calculations engines on a real time basis. If during the process of real time price verification, the indicative values from the calculation engines differ by more than 25 basis points for 60 consecutive seconds, the pricing verification agent will alert the advisor, and the advisor will request that the Listing Exchange halt trading of the fund's shares until the two indicative values come back into line. This "circuit breaker" is designed to prevent the VIIV from reflecting outlier prices. The specific methodology for calculating the fund's VIIV is available on the fund's website.

Portfolio Transparency Risk: The VIIV is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of the fund's shares trading at or close to the underlying net asset value (NAV) per share of the fund. There is, however, a risk, which may increase during periods of market disruption or volatility, that market prices will vary significantly from the underlying NAV of the fund. Similarly, because the fund's shares trade on the basis of a published VIIV, they may trade at a wider bid/ask spread than shares of ETFs that publish their portfolios on a daily basis, especially during periods of market disruption or volatility, and therefore, may cost investors more to trade. Although the fund seeks to benefit from keeping its portfolio information secret, some market participants may attempt to use the VIIV to identify the fund's trading strategy, which if successful, could result in such market participants engaging in certain predatory trading practices that may have the potential to harm the fund and its shareholders. The fund's website will contain a historical comparison of each business day's final VIIV to that business day's NAV.

Early Close / Trading Halt Risk: Trading in fund shares on the Listing Exchange may be halted in certain circumstances. An exchange or market may close early or issue trading halts on portfolio securities. In times of market volatility, if trading is halted in some of the securities that the fund holds, there may be a disconnect between the market price of those securities and the market price of the fund. In addition, if at any time the securities representing 10% or more of the fund's portfolio become subject to a trading halt or otherwise do not have readily available market quotations, the fund's advisor will request the Listing Exchange to halt trading on the fund, meaning that investors would not be able to trade their shares. Also, if there is a circuit breaker event, as described above, the fund's advisor will request the Listing Exchange to halt trading. During any such trading halt, the VIIV would continue to be calculated and disseminated. Trading halts may have a greater impact on the fund than traditional ETFs because of its lack of transparency. Additionally, the fund's advisor monitors the bid and ask quotations for the securities the fund holds, and, if it determines that such a security does not have readily available market quotations (such as during an extended trading halt), it will post that fact and the name and weighting of that security in the fund's VIIV calculation on the fund's web site. This information should permit market participants to calculate the effect of that security on the VIIV calculation, determine their own fair value of the disclosed portfolio security, and better judge the accuracy of that day's VIIV for the fund. An extended trading halt in a portfolio security could exacerbate discrepancies between the VIIV and the fund's NAV.

Authorized Participant / Authorized Participant Representative Concentration Risk: The fund issues and redeems shares that have been aggregated into blocks of 5000 shares or multiples thereof (Creation Units) to authorized participants who have entered into agreements with the fund's distributor. (Authorized Participants). The creation and redemption process for the fund occurs through a confidential brokerage account (Confidential Account) with an agent, called an AP Representative, on behalf of an Authorized Participant. Each day, the AP Representative will be given the names and quantities of the securities to be deposited, in the case of a creation, or redeemed, in the case of a redemption (Creation Basket), allowing the AP Representative to buy and sell positions in the portfolio securities to permit creations or redemptions on the Authorized Participant's behalf, without disclosing the information to the Authorized Participant. The fund may have a limited number of institutions that act as Authorized Participants and AP Representatives, none of which are obligated to engage in creation or redemption transactions. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the fund and no other Authorized Participant is able to step forward to process creation and/or redemption orders, fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs generally. The fact that the fund is offering a novel and unique structure may affect the number of entities willing to act as Authorized Participants and AP Representatives. During times of market stress, Authorized Participants may be more likely to step away from this type of ETF than a traditional ETF.

13

MID is classified as non-diversified. Because it is non-diversified, it may hold large positions in a small number of securities. To the extent it maintains such positions; a price change in any one of those securities may have a greater impact on the fund's share price than if it were diversified.

14

Investment return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results.

The fund is an actively managed ETF that does not seek to replicate the performance of a specified index.

Proxy Portfolio Risk:
The goal of the Proxy Portfolio is, during all market conditions, to track closely the daily performance of the Actual Portfolio and minimize intra-day misalignment between the performance of the Proxy Portfolio and the performance of the Actual Portfolio. The Proxy Portfolio is designed to reflect the economic exposures and the risk characteristics of the Actual Portfolio on any given trading day.
-The Proxy Portfolio methodology is novel and not yet proven as an effective arbitrage mechanism. The effectiveness of the Proxy Portfolio as an arbitrage mechanism is contingent upon, among other things, the fund's factor model analysis creating a proxy portfolio that performs in a manner substantially identical to the performance of the fund's actual portfolio. While the Proxy Portfolio may include some of the fund's holdings, it is not the fund's Actual Portfolio. ETFs trading on the basis of a published Proxy Portfolio may exhibit wider premiums and discounts, bid/ask spreads, and tracking error than other ETFs using the same investment strategies that publish their portfolios on a daily basis, especially during periods of market disruption or volatility. Therefore, shares of the fund may cost investors more to trade than shares of a traditional ETF.
-Each day the fund calculates the overlap between the holdings of the prior Business Day's Proxy Portfolio compared to the Actual Portfolio (Proxy Overlap) and the difference, in percentage terms, between the Proxy Portfolio per share NAV and that of the Actual Portfolio (Tracking Error). If the Tracking Error becomes large, there is a risk that the performance of the Proxy Portfolio may deviate from the performance of the Actual Portfolio.
-The fund's Board of Trustees monitors its Tracking Error and bid/spread. If deviations become too large, the Board will consider the continuing viability of the fund, whether shareholders are being harmed, and what, if any, corrective measures would be appropriate. See the Statement of Additional Information for further discussion of the Board's monitoring responsibilities.
-Although the fund seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Proxy Portfolio to identify a fund's trading strategy, which if successful, could result in such market participants engaging in certain predatory trading practices that may have the potential to harm the fund and its shareholders.

Premium/Discount Risk:
Publication of the Proxy Portfolio is not the same level of transparency as the publication of the full portfolio by a fully transparent active ETF. Although the Proxy Portfolio is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of the fund at or close to the underlying net asset value (NAV) per share of the fund, there is a risk (which may increase during periods of market disruption or volatility) that market prices will vary significantly from the underlying NAV of the fund. This means the price paid to buy shares on an exchange may not match the value of the fund's portfolio. The same is true when shares are sold.

Trading Issues Risk:
If securities representing 10% or more of the fund's Actual Portfolio do not have readily available market quotations, the fund will promptly request that the Exchange halt trading in the fund's shares. Trading halts may have a greater impact on this fund compared to other ETFs due to the fund's nontransparent structure. If the trading of a security held in the fund's Actual Portfolio is halted, or otherwise does not have readily available market quotations, and the Advisor believes that the lack of any such readily available market quotations may affect the reliability of the Proxy Portfolio as an arbitrage vehicle, or otherwise determines it is in the best interest of the fund, the Advisor promptly will disclose on the fund's website the identity and weighting of such security for so long as such security's trading is halted or otherwise does not have readily available market quotations and remains in the Actual Portfolio.

Authorized Participant Concentration Risk:
Only an authorized participant may engage in creation or redemption transactions directly with the fund. The fund may have a limited number of institutions that act as authorized participants. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the fund and no other authorized participant is able to step forward to process creation and/or redemption orders, fund shares may trade at a discount to net asset value (NAV) and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs generally. The fact that the fund is offering a novel and unique structure may affect the number of entities willing to act as Authorized Participants. During times of market stress, Authorized Participants may be more likely to step away from this type of ETF than a traditional ETF.

A strategy or emphasis on environmental, social and governance factors ("ESG") may limit the investment opportunities available to a portfolio. Therefore, the portfolio may underperform or perform differently than other portfolios that do not have an ESG investment focus. A portfolio's ESG investment focus may also result in the portfolio investing in securities or industry sectors that perform differently or maintain a different risk profile than the market generally or compared to underlying holdings that are not screened for ESG standards.

IRS Circular 230 Disclosure: American Century Companies, Inc. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with American Century Companies, Inc. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.

This information is for educational purposes only and is not intended as tax advice. Please consult your tax advisor for more detailed information or for advice regarding your individual situation.