Estimated Distributions

Understanding types and why funds pay them

Don't let tax time catch you off guard. Review initial distribution estimates for many of our funds.^{1, 2} For your non-retirement accounts, these numbers can help you gauge the income and capital gains that appear on your Form 1099-DIV in late January (mid February for real estate funds).

There are two types of distributions: income and capital gains. Mutual fund companies must pass along 98% of net investment income and 98.2% capital gains to their shareholders.

You could receive income distributions if the securities in your fund pay dividends or interest.

You may receive capital gain distributions if the sale of securities within your mutual fund creates a profit. These gains will be designated as short- or long-term based on how long the securities were held in the portfolio, not on when you purchased fund shares.

Why Do Funds Pay Distributions?

Tax rules require mutual funds to distribute 98% of net investment income and 98.2% capital gains to shareholders each year. The rules also allow mutual funds to offset capital gains with losses carried forward from a prior year.

Why are Some Distributions Larger than Others?

The amount of a distribution can increase when the dividend payments or profits increase. A fund's capital gain distribution, however, is not necessarily a reflection of its overall performance. Because regulations regarding distributions are complex, you may want to consult a tax advisor about your circumstances.

American Century Investments^® pays per-share distributions to shareholders invested on the fund's record day. On the Payable Date, each fund's share price is reduced by the amount of its distribution.

If distributions are paid to your account, you will see them on your fourth quarter statement and for taxable accounts in taxable funds, on the IRS Form 1099-DIV you will receive in January.

When Can I Expect Tax Information?

You can view distributions paid in December on your annual account statement, which is sent in early January. If your fund pays a distribution to your taxable account or you have sold shares, we will mail your tax forms by the end of January. For Real Estate Fund and Global Real Estate Fund shareholders, we will mail your Form 1099-DIV/B in late February.

Mutual Fund 2023 Distributions

Estimated distributions as of October 31, 2023²

Fund Name	Ordinary Income Pay Date⁴	Ordinary Income Per Share³	Capital Gain Pay Date⁴	Short-Term Capital Gain Per Share	Long-Term Capital Gains Per Share
Balanced Fund	12/19/2023	0.0758	12/19/2023	0.0000	0.0000
California High-Yield Municipal Fund	Daily	Daily	12/06/2023	0.0000	0.0000
California Intermediate-Term Tax-Free Bond Fund	Daily	Daily	12/06/2023	0.0000	0.0000
Core Plus Fund	Daily	Daily	12/06/2023	0.0000	0.0000
Disciplined Core Value Fund	12/19/2023	0.1145	12/19/2023	0.0000	0.0000
Disciplined Growth Fund	12/19/2023	0.0000	12/19/2023	0.0000	0.0000
Diversified Bond Fund	Daily	Daily	12/06/2023	0.0000	0.0000
Emerging Markets Debt Fund	12/19/2023	0.0853	12/19/2023	0.0000	0.0000
Emerging Markets Fund	12/19/2023	0.1459	12/19/2023	0.0000	0.0000
Emerging Markets Small Cap Fund	12/19/2023	0.0831	12/19/2023	0.0000	0.0000
Fund Name	Ordinary Income Pay Date⁴	Ordinary Income Per Share³	Capital Gain Pay Date⁴	Short-Term Capital Gain Per Share	Long-Term Capital Gains Per Share
Equity Growth Fund	12/19/2023	0.0459	12/19/2023	0.0000	0.0000
Equity Income Fund	12/19/2023	0.0672	12/19/2023	0.0097	0.4222
Focused Dynamic Growth Fund	12/06/2023	0.0000	12/06/2023	0.0000	0.0000
Focused Global Growth Fund	12/19/2023	0.0482	12/19/2023	0.0000	0.3229
Focused International Growth Fund	12/19/2023	0.0917	12/19/2023	0.0000	0.0000
Focused Large Cap Value Fund	12/19/2023	0.0464	12/19/2023	0.0435	0.1241
Ginnie Mae Fund	Daily	Daily	12/06/2023	0.0000	0.0000
Global Bond Fund	12/19/2023	0.1149	12/19/2023	0.0000	0.0000
Global Gold Fund	12/19/2023	0.1156	12/19/2023	0.0000	0.0000
Global Real Estate Fund	12/19/2023	0.2602	12/19/2023	0.0000	0.0000
Fund Name	Ordinary Income Pay Date⁴	Ordinary Income Per Share³	Capital Gain Pay Date⁴	Short-Term Capital Gain Per Share	Long-Term Capital Gains Per Share
Global Small Cap Fund	12/19/2023	0.0123	12/19/2023	0.0000	0.0000
Government Bond Fund	Daily	Daily	12/06/2023	0.0000	0.0000
Growth Fund	12/19/2023	0.0000	12/19/2023	0.0349	2.4201
Heritage Fund	12/19/2023	0.0000	12/19/2023	0.0000	0.1667
High Income Fund	Daily	Daily	12/06/2023	0.0000	0.0000
High-Yield Fund	Daily	Daily	12/06/2023	0.0000	0.0000
High-Yield Municipal Fund	Daily	Daily	12/06/2023	0.0000	0.0000
Inflation-Adjusted Bond Fund	12/19/2023	0.3826	12/19/2023	0.0000	0.0000
Intermediate-Term Tax-Free Bond Fund	Daily	Daily	12/19/2023	0.0000	0.0000
International Bond Fund	12/19/2023	0.0000	12/19/2023	0.0000	0.0000
Fund Name	Ordinary Income Pay Date⁴	Ordinary Income Per Share³	Capital Gain Pay Date⁴	Short-Term Capital Gain Per Share	Long-Term Capital Gains Per Share
International Growth Fund	12/19/2023	0.0781	12/19/2023	0.0000	0.0000
International Opportunities Fund	12/19/2023	0.0000	12/19/2023	0.0000	0.0000
International Small-Mid Cap Fund	12/19/2023	0.0856	12/19/2023	0.0000	0.0000
International Value Fund	12/19/2023	0.3526	12/19/2023	0.0000	0.0000
Mid Cap Value Fund	12/19/2023	0.0868	12/19/2023	0.1060	0.4584
Multisector Income Fund¹¹	Daily	Daily	12/06/2023	0.0000	0.0000
Non-U.S. Intrinsic Value Fund	12/19/2023	0.3388	12/19/2023	0.2957	0.4063
One Choice^® 2025 Portfolio	12/21/2023	0.2788	12/21/2023	0.0000	0.2396
One Choice^® 2030 Portfolio	12/21/2023	0.2624	12/21/2023	0.0000	0.0594
One Choice^® 2035 Portfolio	12/21/2023	0.2809	12/21/2023	0.0000	0.1051
Fund Name	Ordinary Income Pay Date⁴	Ordinary Income Per Share³	Capital Gain Pay Date⁴	Short-Term Capital Gain Per Share	Long-Term Capital Gains Per Share
One Choice^® 2040 Portfolio	12/21/2023	0.2472	12/21/2023	0.0000	0.0286
One Choice^® 2045 Portfolio	12/21/2023	0.2533	12/21/2023	0.0000	0.0743
One Choice^® 2050 Portfolio	12/21/2023	0.2179	12/21/2023	0.0039	0.0028
One Choice^® 2055 Portfolio	12/21/2023	0.2194	12/21/2023	0.0000	0.0000
One Choice^® 2060 Portfolio	12/21/2023	0.2088	12/21/2023	0.0000	0.0000
One Choice^® 2065 Portfolio	12/21/2023	0.1658	12/21/2023	0.0000	0.0089
One Choice^® Blend Plus 2015 Portfolio	12/21/2023	0.2529	12/21/2023	0.0000	0.0000
One Choice^® Blend Plus 2020 Portfolio	12/21/2023	0.2067	12/21/2023	0.0000	0.0000
One Choice^® Blend Plus 2025 Portfolio	12/21/2023	0.2171	12/21/2023	0.0000	0.0000
One Choice^® Blend Plus 2030 Portfolio	12/21/2023	0.2013	12/21/2023	0.0000	0.0000
Fund Name	Ordinary Income Pay Date⁴	Ordinary Income Per Share³	Capital Gain Pay Date⁴	Short-Term Capital Gain Per Share	Long-Term Capital Gains Per Share
One Choice^® Blend Plus 2035 Portfolio	12/21/2023	0.1929	12/21/2023	0.0000	0.0000
One Choice^® Blend Plus 2040 Portfolio	12/21/2023	0.1825	12/21/2023	0.0000	0.0000
One Choice^® Blend Plus 2045 Portfolio	12/21/2023	0.1677	12/21/2023	0.0000	0.0220
One Choice^® Blend Plus 2050 Portfolio	12/21/2023	0.1523	12/21/2023	0.0000	0.0404
One Choice^® Blend Plus 2055 Portfolio	12/21/2023	0.1453	12/21/2023	0.0000	0.0000
One Choice^® Blend Plus 2060 Portfolio	12/21/2023	0.1453	12/21/2023	0.0010	0.0404
One Choice^® Blend Plus 2065 Portfolio	12/21/2023	0.1437	12/21/2023	0.0000	0.0000
One Choice^® In Retirement Portfolio	12/21/2023	0.1482	12/21/2023	0.0000	0.2312
One Choice^® Portfolio: Aggressive	12/21/2023	0.3494	12/21/2023	0.0000	0.0000
One Choice^® Portfolio: Conservative	12/21/2023	0.1826	12/21/2023	0.0000	0.0000
Fund Name	Ordinary Income Pay Date⁴	Ordinary Income Per Share³	Capital Gain Pay Date⁴	Short-Term Capital Gain Per Share	Long-Term Capital Gains Per Share
One Choice^® Portfolio: Moderate	12/21/2023	0.2091	12/21/2023	0.0000	0.0000
One Choice^® Portfolio: Very Aggressive	12/21/2023	0.3258	12/21/2023	0.0000	0.0000
One Choice^® Portfolio: Very Conservative	12/21/2023	0.1656	12/21/2023	0.0000	0.0000
Real Estate Fund	12/19/2023	0.1776	12/19/2023	0.0000	0.0000
Select Fund	12/19/2023	0.0000	12/19/2023	0.0000	5.6214
Short Duration Fund	Daily	Daily	12/06/2023	0.0000	0.0000
Short Duration Inflation Protection Bond Fund	12/19/2023	0.2948	12/19/2023	0.0000	0.0000
Short Duration Strategic Income Fund	Daily	Daily	12/06/2023	0.0000	0.0000
Short-Term Government Fund	Daily	Daily	12/06/2023	0.0000	0.0000
Small Cap Dividend Fund	12/19/2023	0.0661	12/19/2023	0.0000	0.0000
Fund Name	Ordinary Income Pay Date⁴	Ordinary Income Per Share³	Capital Gain Pay Date⁴	Short-Term Capital Gain Per Share	Long-Term Capital Gains Per Share
Small Cap Growth Fund	12/19/2023	0.0000	12/19/2023	0.0000	0.0000
Small Cap Value Fund	12/19/2023	0.0241	12/19/2023	0.0000	0.0000
Small Company Fund	12/19/2023	0.0082	12/19/2023	0.0000	0.0000
Strategic Allocation: Aggressive Fund	12/21/2023	0.1292	12/21/2023	0.0000	0.0392
Strategic Allocation: Conservative Fund	12/21/2023	0.0347	12/21/2023	0.0000	0.0035
Strategic Allocation: Moderate Fund	12/21/2023	0.0406	12/21/2023	0.0000	0.0000
Sustainable Equity Fund	12/19/2023	0.3758	12/19/2023	0.0000	0.3614
Ultra^® Fund	12/19/2023	0.0000	12/19/2023	0.0000	4.6196
Utilities Fund	12/19/2023	0.0820	12/19/2023	0.0000	0.0000
Value Fund	12/19/2023	0.0428	12/19/2023	0.0157	0.3976
Zero Coupon 2025 Fund	12/08/2023	4.2251	12/08/2023	0.0000	0.0000

Note: Money market funds declare dividends daily and distribute income monthly. These funds are expected to make only regular monthly income distributions on December 29, 2023, 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 2023 Estimated Distributions

As of 10/31/2023²

Estimated Distributions

Fund Name	Ordinary Income Pay Date⁴	Ordinary Income Per Share³	Capital Gain Pay Date⁴	Short-Term Capital Gain Per Share	Long-Term Capital Gains Per Share
VP Avantis Global Equity Allocation Fund¹²	12/21/2023	0.0788	N/A	0.0000	0.0000
VP Balanced Fund^{12, 13}	12/21/2023	0.0326	N/A	0.0000	0.0000
VP Disciplined Core Value Fund^{12, 13}	12/21/2023	0.0239	N/A	0.0000	0.0000
VP Inflation Protection Fund^{12, 13}	12/21/2023	0.0998	N/A	0.0000	0.0000
VP Large Company Value Fund^{12, 13}	12/21/2023	0.1340	N/A	0.0000	0.0000
VP Mid Cap Value Fund^{12, 13}	12/21/2023	0.1499	N/A	0.0000	0.0000
VP Value Fund^{12, 13}	12/21/2023	0.0698	N/A	0.0000	0.0000

Exchange Traded Funds 2023 Estimated Distributions

As of 10/31//2023²

Estimated Distributions

Fund Name	Ordinary Income Pay Date⁸	Ordinary Income Per Share³	Capital Gain Pay Date⁸	Short-Term Capital Gain Per Share	Long-Term Capital Gains Per Share
American Century^® Diversified Corporate Bond ETF (KORP)⁵	12/21/2023	0.1956	12/21/2023	0.0000	0.0000
American Century^® Diversified Municipal Bond ETF (TAXF)⁵	12/21/2023	0.1352	12/21/2023	0.0000	0.0000
American Century^® Emerging Markets Bond ETF (AEMB)⁵	12/21/2023	0.1910	12/21/2023	0.0000	0.0000
American Century^® Focused Dynamic Growth ETF (FDG)^{A, 10}	12/21/2023	0.0000	12/21/2023	0.0000	0.0000
American Century^® Focused Large Cap Value ETF (FLV)^{A, 10}	12/21/2023	0.2757	12/21/2023	0.0000	0.0000
American Century^® Low Volatility ETF (LVOL)⁵	12/21/2023	0.2036	12/21/2023	0.0000	0.0000
American Century^® Mid Cap Growth Impact ETF (MID)^{A, 9, 10}	12/21/2023	0.0000	12/21/2023	0.0000	0.0000
American Century^® Multisector Floating Income ETF (FUSI)⁵	12/21/2023	0.2834	12/21/2023	0.0000	0.0000
American Century^® Multisector Income ETF (MUSI)⁵	12/21/2023	0.2245	12/21/2023	0.0000	0.0000
Fund Name	Ordinary Income Pay Date⁸	Ordinary Income Per Share³	Capital Gain Pay Date⁸	Short-Term Capital Gain Per Share	Long-Term Capital Gains Per Share
American Century^® Quality Convertible Securities ETF (QCON)⁵	12/21/2023	0.1105	12/21/2023	0.0000	0.0000
American Century^® Quality Diversified International ETF (QINT)⁶	12/21/2023	0.7131	12/21/2023	0.0000	0.0000
American Century^® Quality Preferred ETF (QPFF)⁵	12/21/2023	0.1791	12/21/2023	0.0000	0.0000
American Century^® Select High Yield ETF (AHYB)⁵	12/21/2023	0.2189	12/21/2023	0.0000	0.0000
American Century^® Short Duration Strategic Income ETF (SDSI)⁵	12/21/2023	0.2520	12/21/2023	0.0000	0.0000
American Century^® Sustainable Equity ETF (ESGA)^{A, 10}	12/21/2023	0.1370	12/21/2023	0.0000	0.0000
American Century^® Sustainable Growth ETF (ESGY)^{A, 9, 10}	12/21/2023	0.0036	12/21/2023	0.0000	0.0000
American Century^® U.S. Quality Growth ETF (QGRO)^{6, 7}	12/21/2023	0.0218	12/21/2023	0.0000	0.0000
American Century^® U.S. Quality Value ETF (VALQ)^{6, 7}	12/21/2023	0.1289	12/21/2023	0.0000	0.0000

ᴬ FDG, FLV, MID, ESGY, ESGA: These ETFs are 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 ETFs' shares. These ETFs 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 these ETFs 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 their 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 these ETFs and other ETFs may also have advantages. By keeping certain information about the ETFs secret, these ETF may face less risk that other traders can predict or copy its investment strategy. This may improve the ETFs' performance. If other traders are able to copy or predict the ETFs' investment strategy, however, this may hurt the ETFs' performance.

For additional information regarding the unique attributes and risks of these ETFs, 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.

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.

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

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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.

The estimates provided are as of October 31, 2023. 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.

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 2024.

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

This 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.

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.

Effective May 31, 2023, this fund was renamed.

Per-share distributions are determined on ex-date 12/18/2023 for shareholders of record the business day after the ex-date.

ESGY, MID: The fund 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.

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 to track closely the daily 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.

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).
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: 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.

Trading Issues Risk: Trading halts may have a greater impact on this fund compared to other ETFs due to the fund's nontransparent structure.

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. 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.

Many of American Century's investment strategies incorporate the consideration of environmental, social, and/or governance (ESG) factors into their investment processes in addition to traditional financial analysis. However, when doing so, the portfolio managers may not consider ESG factors with respect to every investment decision and, even when such factors are considered, they may conclude that other attributes of an investment outweigh ESG considerations when making decisions for the portfolio. The consideration of ESG factors may limit the investment opportunities available to a portfolio, and the portfolio may perform differently than those that do not incorporate ESG considerations. ESG data used by the portfolio managers often lacks standardization, consistency, and transparency, and for certain companies such data may not be available, complete, or accurate.

Effective February 14, 2023, Strategic Income Fund was renamed Multisector Income Fund.

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.

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.

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.

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