Summary Prospectus      March 31, 2014

 

American Century Investments ®

 

VP Capital Appreciation Fund

 

 

Class II: AVCWX

     

 

 

 

Before you invest, you may want to review the fund’s prospectus, which contains more information about the fund and its risks. You can find the fund’s prospectus and other information about the fund online at the web addresses listed below. You can also get this information at no cost by calling or sending an email request. The fund’s prospectus and other information are also available from insurance companies through which shares of the fund may be purchased or sold.

 

 
 

Retail Investors

americancentury.com/funds/vp_fund_reports.jsp

1-800-378-9878 or 816-531-5575

prospectus@americancentury.com

Financial Professionals

americancentury.com/ipro/funds/fund_reports_vp.jsp

1-800-345-6488

advisor_prospectus@americancentury.com

 
 

 

T his summary prospectus incorporates by reference the fund’s prospectus and statement of additional information (SAI), each dated March 31, 2014 (as supplemented at the time you receive this summary prospectus), as well as the Report of Independent Registered Public Accounting Firm and the financial statements included in the fund’s annual report to shareholders, dated December 31, 2013. The fund's SAI and annual report may be obtained, free of charge, in the same manner as the prospectus.

 

 

 

Investment Objective

 

This fund seeks capital growth.

 

Fees and Expenses

 

The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. The table does not include the fees and expenses associated with your variable annuity or variable life insurance contract. Had they been included, fees and expenses presented below would have been higher. For information regarding the fees and expenses associated with your variable annuity or variable life insurance contract, please refer to your insurance product prospectuses.

 

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

 

 

Class II

Management Fee

0.89%

Distribution and Service (12b-1) Fees

0.25%

Other Expenses

0.01%

Total Annual Fund Operating Expenses

1.15%

 

Example

 

The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds. The example does not include fees and expenses associated with your variable annuity or variable life insurance contract. Had they been included, fees and expenses would have been higher. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that you earn a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

 

1 year

3 years

5 years

10 years

Class II

$117

$366

$634

$1,397

 

Portfolio Turnover

 

The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 72% of the average value of its portfolio.

 

 
 
 

 

Principal Investment Strategies

 

The portfolio managers look for stocks of medium-sized and smaller companies they believe will increase in value over time, using an investment strategy developed by the fund’s investment advisor. In implementing this strategy, the portfolio managers make their investment decisions based primarily on their analysis of individual companies, rather than on broad economic forecasts. Management of the fund is based on the belief that, over the long term, stock price movements follow growth in earnings and revenues. The portfolio managers’ principal analytical technique involves the identification of companies with earnings and revenues that are not only growing, but growing at an accelerating pace. This includes companies whose growth rates, although still negative, are less negative than prior periods, and companies whose growth rates are expected to accelerate. In addition to accelerating growth, the fund also considers companies demonstrating price strength relative to their peers. This means that the portfolio managers favor companies whose securities are the strongest performers compared to the overall market. These techniques help the portfolio managers buy or hold the stocks of companies they believe have favorable growth prospects and sell the stocks of companies whose characteristics no longer meet their criteria.

 

The fund will usually purchase common stocks of companies that are medium-sized and smaller at the time of purchase, but it can purchase securities of larger-sized companies as well.

 

Also, although the portfolio managers intend to invest the fund’s assets primarily in U.S. securities, the fund may invest in securities of foreign companies when these securities meet the portfolio managers’ standards of selection.

 

The fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies.

 

Principal Risks

 

•

Growth Stocks  – Investments in growth stocks may involve special risks and their prices may fluctuate more dramatically than the overall stock market.

 

•

Mid Cap Stocks  – The fund invests in mid-sized and smaller companies, which may be more volatile and subject to greater risk than larger companies. Smaller companies may have limited financial resources, product lines and markets, and their securities may trade less frequently and in more limited volumes than the securities of larger companies, which could lead to higher transaction costs.

 

•

Style Risk  – If at any time the market is not favoring the fund’s growth investment style, the fund’s gains may not be as big as, or its losses may be bigger than, those of other equity funds using different investment styles.

 

•

Foreign Securities  – The fund may invest in foreign securities, which can be riskier than investing in U.S. securities. Securities of foreign issuers may be less liquid, more volatile and harder to value than U.S. securities.

 

•

Price Volatility  – The value of the fund’s shares may fluctuate significantly in the short term.

 

•

Market Risk  – The value of the fund’s shares will go up and down based on the performance of the companies whose securities it owns and other factors generally affecting the securities market.

 

•

Redemption Risk  –The fund may need to sell securities at times it would not otherwise do so in order to meet shareholder redemption requests. Selling securities to meet such redemptions may cause the fund to experience a loss, increase the fund's transaction costs. To the extent that an insurance company has a large position in the fund, the fund may experience relatively large redemptions if such insurance company reallocates its assets.

 

•

Principal Loss  – At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.

 

An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

 

 
 
 

 

Fund Performance

 

The following bar chart and table provide some indication of the risks of investing in the fund. Because Class II is new, the bar chart shows changes in the fund’s performance from year to year for Class I shares. The table shows how the fund’s average annual returns for the periods shown compared with those of a broad measure of market performance. Fees associated with your variable annuity or variable life insurance contract are not reflected in the chart or table below. Had they been included, returns presented below would have been lower. The fund’s past performance is not necessarily an indication of how the fund will perform in the future.

 

Calendar Year Total Returns 1

 

 

Highest Performance Quarter

(3Q 2010): 18.43%

 

Lowest Performance Quarter
(4Q 2008): -26.62%


1

Because Class II is new, the returns shown are for a share class that is not presented in this prospectus and that would have substantially similar annual returns because each represents an investment in the same portfolio of securities. The annual return would differ only to the extent that the classes do not have the same expenses.

 

Average Annual Total Returns

 

     

For the calendar year ended December 31, 2013

1 year

5 years

10 years

Class I (1)

30.92%         

20.63%           

11.92%            

Class II (2)

30.74%         

20.45%           

11.75%            

Russell Midcap ® Growth Index
   (reflects no deduction for fees, expenses or taxes)

35.74%         

23.36%           

9.76%            

 

1

Because Class II is new, the returns shown are for a share class that is not presented in this prospectus and that would have substantially similar annual returns because each represents an investment in the same portfolio of securities. The annual return would differ only to the extent that the classes do not have the same expenses.

 

2

Historical performance for Class II prior to its inception is based on the performance of Class I shares. Class II performance has been adjusted to reflect differences in expenses between classes.

 

 
 
 

 

Portfolio Management

 

Investment Advisor

 

American Century Investment Management, Inc.

 

Portfolio Managers

 

David M. Hollond , Chief Investment Officer, U.S. Growth Equity – Mid & Small Cap, Senior Vice President and Senior Portfolio Manager, has been a member of the team that manages the fund since 2007.

 

Greg Walsh , Vice President and Portfolio Manager, has been a member of the team that manages the fund since 2003.

 

Purchase and Sale of Fund Shares

 

The fund only offers shares through insurance company separate accounts. For instructions on how to purchase and redeem shares through your separate account, read the prospectus provided by your insurance company. Orders for fund shares will be priced at the net asset value next determined after the order is received in the form required by the agreement between the fund, its investment advisor and/or its distributor and the insurance company from which you have purchased your separate account. There are no sales commissions or redemption charges. However, certain sales or deferred sales charges and other charges may apply to the variable annuity or life insurance contracts. Those charges are disclosed in the separate account prospectus.

 

Tax Information

 

Consult the prospectus of your insurance company separate account for a discussion of the tax status of your variable contract.

 

Payments to Broker-Dealers and Other Financial Intermediaries

 

The fund is offered as an underlying investment option for variable annuity or life insurance contracts. The fund and its related companies pay the sponsoring insurance company and its related companies for distribution and other services. These payments may influence the insurance company to include the fund over another investment as an option in its products. Ask your salesperson or visit your insurance company’s website for more information.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

©2014 American Century Proprietary Holdings, Inc. All rights reserved.  

CL-SUM-81257    1403

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