Portfolio Managers Update - Inflation Protection Portfolio
Effective September 9, 2024, Stephen Bartolini has joined James Platz, Robert Gahagan, and Miguel Castillo as a co-portfolio manager for the Inflation Protection Portfolio (the "Portfolio"). Accordingly, the "Portfolio Managers" information set forth in the summary section for the Portfolio in the Prospectus under the "PORTFOLIO MANAGEMENT" section is hereby deleted and replaced with the following:
"Portfolio Managers: James E. Platz, CFA, Vice President and Portfolio Manager, has served American Century as a portfolio manager since 2003 and has managed the Portfolio since 2008.
Robert V. Gahagan, Senior Vice President and Senior Portfolio Manager, has served American Century as a portfolio manager since 1991 and has managed the Portfolio since 2007.
Miguel Castillo, Vice President and Portfolio Manager, has served American Century as a portfolio manager since 2014 and has managed the Portfolio since 2015.
Stephen Bartolini, CFA, Vice President and Portfolio Manager, has served American Century as a portfolio manager since 2024 and has managed the Portfolio since September 2024."
In addition, the following text replaces the information that appears in the Prospectus under the heading "THE INVESTMENT ADVISER AND SUB-ADVISERS - Portfolio Managers - Inflation Protection Portfolio":
"James E. Platz, CFA, Vice President and Portfolio Manager, joined American Century Investments in October 2003 as a portfolio manager.
Robert V. Gahagan, Senior Vice President and Senior Portfolio Manager, joined American Century Investments in 1983 and became a portfolio manager in January 1991. Mr. Gahagan serves on the American Century Investments' Global Macro Strategy Team, which is responsible for periodically adjusting the Portfolio's strategic investment parameters based on economic and market conditions.
Miguel Castillo, Vice President and Portfolio Manager, joined American Century Investments in February 2008 as a portfolio research analyst, served as a fixed income trader from 2008 to 2014, and has served as a Portfolio Manager on American Century Investment's portfolio management team since 2014. He has served as a portfolio manager of the Portfolio since 2015.
Stephen Bartolini, CFA, Vice President, Senior Portfolio Manager, has served American Century as a portfolio manager since 2024. Prior to joining American Century, Steve was a portfolio manager at T. Rowe Price and the co-head of the Global Interest Rate and Currency strategy team from 2010 to 2024. He has managed the Portfolio since September 2024."
Update to More About Principal Investment Strategies and Risks Section
The "Diversification" sub-section under the "More About Principal Investment Strategies and Risks" section of the Prospectus beginning on page 109 is hereby deleted and replaced with the following:
"Diversification. Each Portfolio, other than the Focused Appreciation Portfolio, is classified as a diversified investment company pursuant to the Investment Company Act of 1940, as amended (the "1940 Act"). Diversification requirements are measured at the time of acquisition of investments. Subsequent market fluctuations in the values of acquired securities that cause a Portfolio to exceed prescribed diversification limits will not result in the Portfolio losing its status as a diversified