Strategy. Principal Investment Strategies The Fund invests primarily in equity securities of mid-capitalization companies that the Funds subadviser, American Century Investment Management, Inc. (American Century), believes offer prospects for long-term capital growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of medium-size companies. American Century currently considers mid-cap companies to include those whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 1000 Index, excluding the largest 100 such companies (as of February 28, 2025, between $297.55 million and $102.75 billion). American Century intends to manage the Fund so that its dollar-weighted average market … Show more… Principal Investment Strategies The Fund invests primarily in equity securities of mid-capitalization companies that the Funds subadviser, American Century Investment Management, Inc. (American Century), believes offer prospects for long-term capital growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of medium-size companies. American Century currently considers mid-cap companies to include those whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 1000 Index, excluding the largest 100 such companies (as of February 28, 2025, between $297.55 million and $102.75 billion). American Century intends to manage the Fund so that its dollar-weighted average market capitalization falls within the market capitalization range of companies included in the Russell Midcap Index (as of February 28, 2025, between $334.21 million and $82.33 billion). Equity securities may include common stock, preferred stock, securities convertible into common or preferred stock, stock futures contracts, and stock index futures contracts. The Fund may invest in real estate investment trusts (REITs). The Fund may use futures contracts as a substitute for direct investments in equity securities. The Fund typically invests most of its assets in equity securities of U.S. companies, but may invest in foreign securities and American Depositary Receipts (ADRs), including emerging market securities. The Funds investments in foreign securities are limited to 35% of its total assets. The Fund may but will not necessarily engage in foreign currency forward contracts to seek to hedge or to attempt to protect against adverse changes in currency exchange rates. Use of derivatives by the Fund may create investment leverage. The Fund may invest a portion of its assets in debt securities of companies and debt obligations of governments and their agencies, and other similar securities. The Fund may at times have significant exposure to one or more industries or sectors. The Fund may hold a portion of its assets in cash or cash equivalents. In selecting investments for the Fund, American Century seeks to identify stocks of companies that it believes are undervalued at the time of purchase. American Century attempts to purchase the stocks of these undervalued companies and hold each stock until it has returned to favor in the market and the stocks price has increased to, or is higher than, a level the managers believe more accurately reflects the fair value of the company. Companies may be undervalued due to market declines, poor economic conditions, actual or anticipated bad news regarding the issuer or its industry, or because they have been overlooked by the market. To identify these companies, American Century looks for companies with earnings, cash flows, and/or assets that may not be accurately reflected in the companies values, as determined by the managers. The managers also may consider whether the companies securities have a favorable income-paying history and whether income payments are expected to continue or increase. American Century uses a variety of analytical research tools and techniques to help it make decisions about buying or holding securities of companies that meet its investment criteria and selling the securities of companies that do not. American Century may sell a stock from the Fund if, for example, in its judgment, a stock no longer meets its valuation criteria, a stocks risk parameters outweigh its return opportunity, more attractive alternatives are identified, or specific events alter a stocks prospects. Show less