Fund Name Positions Here

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1 Fund Name Positions Here U.S. Real Estate Securities At A Glance Inception: December 2008 Benchmark: MSCI U.S. REIT Philosophy We believe top-down analysis of economic property sectors combined with bottom-up security evaluation of real estate companies will lead to outperformance in a variety of market environments. Key Tenets: The dynamic real estate market environment demands the ability to shift allocations to property sectors to adjust the economic sensitivity of the portfolio. Top-down analysis requires evaluating a broad range of macro factors in order to effectively and accurately assess opportunities. Investing in companies with attractive relative valuations and/or superior growth provides broader opportunities to generate excess returns. Sustained experience and access within the real estate industry enhances company-level research. We believe that economic, property sector and fundamental security factors are important forces in determining REIT security pricing. As such, we apply a disciplined and focused approach to investing through first formulating a detailed understanding of the economic factors impacting commercial property sector fundamentals and relative valuation levels. We then use information derived from independent research to develop a fundamental framework for identifying security-specific information on REITs and real estate companies. We believe utilizing this property sector (top-down) and security-specific (bottom-up) approach enables us to outperform the MSCI U.S. REIT benchmark with lower volatility over time. We also believe access to and relationships with various information sources leads to superior investment performance on a year-in/year-out basis. Applying objective analytical rigor to these information sources allows us to distill and utilize this information in a discrete and successful manner. We pursue information through publicly traded and private commercial real estate companies, sell-side and thirdparty research organizations, and research sources unaffiliated with the real estate industry. Pursuing and maintaining objective and insightful research information is a core value in our investment philosophy.

2 Investment process Our team actively follows a universe of approximately120 companies, which represents over 90% of the market capitalization of the MSCI U.S. REIT Index. Our target universe, however, extends beyond the MSCI U.S. REIT Index to include REIT and non-reit companies that derive most of their income from the ownership and/or management of real estate assets, such as real estate operating companies. Selection of the target universe is based on qualitative as well as quantitative information. The first component of our stock selection process is utilizing an economic framework to derive opinions about property sector fundamentals and relative valuations. We then determine our desired exposures based on the most attractive risk/rewards. Fundamental, company-specific research is the next step in the stock selection process. We utilize a proprietary valuation methodology that ranks the attractiveness of the securities within our universe. The analytical inputs to our process include: 1) price to net asset value, 2) P/E ratio to long-term growth rate and 3) dividend safety. The attractiveness of stocks in the universe is based on these inputs. Additionally, all inputs are generated from our research team and are updated on a continual basis. We formulate our decisions independently, but utilize a variety of outside resources as information sources from which we distill our ideas. Research on our universe of securities is pursued on a daily basis. Company coverage is assigned by property sector, with responsibility for both property sector and individual company investment decisions. The process requires constant contact with company management teams and thirdparty sources, as well as daily participation in our investment committee meetings. The portfolio is constructed based on the results of our top-down view on commercial property sectors and our bottom-up ranking of individual stocks. Typically, the portfolio consists of 40 to 55 stocks from our investment universe. Weighting decisions are made with awareness of the benchmark s weight. We typically will hold a minimum of 1% in a security. Sell Discipline We utilize our daily valuation model to make sell decisions. Additionally, we rely on our top-down research to make sell decisions regarding appropriate weights among the property sectors. Disposition of an investment may be triggered by: Security valuation becoming unfavorable Growth prospects deteriorating Company-specific fundamentals changing in Competitive position of property portfolio Business plan or long-term strategy Senior management Capital structure National and regional economic developments Changes in capital markets Changes in demographic trends Changes in government policy toward real estate Adherence to strict criteria helps us lock in gains and manage potential losses. Risk Management We seek to mitigate risk in the portfolio in several ways. First, our property sector focus seeks to identify the sectors that are most attractive at a given point in the economic cycle. This typically leads us to defensive sectors during economic downturns, and relatively undervalued sectors during periods of economic growth. This has historically been a volatilitydampening mechanism. Typically, we have the ability to be 50% to 150% of the benchmark in the core property sectors (retail, office, multi-family and industrial) and 0% to 200% of the benchmark in the secondary property sectors (health care, lodging, self storage, diversified). At the security level, we seek to mitigate risk by focusing on individual securities that exhibit the best relative profiles. Thus, our identification of better relative values and our fundamental research identifying capital structure and funding source strength, liquidity and financial flexibility is also a component of our risk management. We seek to have a 1% overweight position in securities the investment team deems a strong buy. We seek to maintain a 1% weighting in any security we own. We use both internally generated and external tools to monitor and manage risk exposures in our portfolio. We use FactSet software for performance attribution analysis. In addition, we use the Barra model to monitor the portfolio s active risk factors. While the team does not model active risk into the construction of the portfolio, they do make use of detailed Barra analytics to understand the sources of risk in the portfolio and mitigate any unintended risks. U.S. Real Estate Securities > 2

3 Performance Patterns The top-down and bottom-up nature of our investment process results in a portfolio designed to outperform in a variety of markets. We attempt to outperform the market every year. When commercial real estate fundamentals and REIT stock price movements diverge, our process can exhibit weakness relative to benchmarks and peers. competitive advantages We use a distinctive investment process that employs both top-down and bottom-up components to determine property sector and security allocations. This combination of fundamental and macroeconomic/property sector analysis gives us the potential to outperform in various market environments, creating superior risk-adjusted returns over time. In addition, we minimize style biases by investing in both high potential growers and undervalued companies. Our valuation includes both a price-to-net-asset value and an earnings component, which we believe gives us an advantage over value-biased managers. Finally, the industry tenure and depth of experience within the team gives us unique insights into the dynamics of this specialized universe of securities. Management Team Steven Brown Senior Vice President Senior Portfolio Manager Steve co-manages the U.S. Real Estate Securities and Global Real Estate Securities portfolios. Before joining American Century Investments in 2008 he was with Neuberger Berman, LLC, as global head of real estate securities. In that role, Steve led a team that managed $3 billion in publicly traded real estate securities. Prior to that, Steve was senior vice president and portfolio manager at Cohen & Steer Capital Management. Steve has worked in the investment industry since He earned a bachelor s degree in economics and an MBA in finance from New York University. Steven Rodriguez Portfolio Manager Steve co-manages the U.S. Real Estate Securities and Global Real Estate Securities portfolios. He joined American Century Investments in March of 2009 from Barclays Capital (formerly Lehman Brothers) where he was a REIT equity research associate, responsible for conducting fundamental research and analysis on REIT securities as well as analyzing real estate industry trends. Previously, Steve was an associate with Pricewaterhouse Coopers, LLP. He has a bachelor s degree in economics and a master s degree in accounting from the University of Michigan. Vishal Govil, CFA Senior Investment Analyst Vishal provides fundamental research and analysis for the U.S. Real Estate Securities and Global Real Estate Securities portfolios. Vishal joined in 2010 as a portfolio research analyst. Previously, Vishal worked for Goldman Sachs Asset Management as an analyst developer. He earned a bachelor s degree in computer engineering from Columbia University and an MBA from the University of Chicago Booth School of Business. He is a CFA charterholder and a member of the CFA Institute. Joseph Crossett Investment Analyst Joe provides fundamental research and analysis for the U.S. Real Estate Securities and Global Real Estate Securities strategies. He joined in 2013 from John Hancock, where he was an analyst, most recently in their Real Estate Finance group. Before joining John Hancock, he was a financial analyst with Avid Technology. He has worked in the industry since Joe holds a bachelor s degree in economics and finance from Bentley University and a master s degree in finance from the Carroll Graduate School of Management at Boston College. Peter Hardy, CFA Vice President Client Portfolio Manager Peter represents portfolio management in communicating investment strategies and results to institutional clients. Prior to joining in 2008, he was director of institutional client service and consultant relations at Morgan Asset Management, the investment management subsidiary of Regions Financial. Peter also was chief investment officer for Regions Financial Benefit Plans. Previously, he was vice president and equity portfolio manager at Trusco Capital Management and portfolio manager at STI Capital Management. Peter earned a bachelor s degree in business administration from Furman University. He is a CFA charterholder and a member of the CFA Institute. U.S. Real Estate Securities > 3

4 Matthew Oldroyd, CFA Vice President Client Portfolio Manager Matt represents portfolio management in communicating investment strategies and results to institutional clients. Prior to his current role, he was responsible for developing client relationships in the central United States, focusing on public and corporate pension plans, endowments and foundations and multi-employer relationships. Matt also was responsible for relationship management for many of the company s largest institutional clients. Before joining American Century Investments in 2000, he was a client advisor at J.P. Morgan Investment Management. Matt has worked in the investment industry since He earned a bachelor s degree in international studies and German from American University in Washington, D.C. Matt spent a year on a post-graduate scholarship at the University of Cologne in Germany. He is a CFA charterholder and a member of the CFA Institute. Separate Account Subadvisory Account Collective Investment Trust Real Estate Fund Available Vehicles Institutional Share Class - REAIX R6 Share Class - AREDX Investor Share Class - REACX A Share Class - AREEX C Share Class - ARYCX R Share Class - AREWX Available in U.S. and certain non-u.s. countries Available in U.S. and certain non-u.s. countries Available only in U.S. Available only in U.S. U.S. Real Estate Securities > 4

5 For purposes of compliance with the Global Investment Performance Standards (GIPS ), the Firm is defined as American Century Investment Management, Inc. ( ACIM ). ACIM claims compliance with the Global Investment Performance Standards (GIPS ). Portfolio construction guidelines document operational policies and not necessarily investment restrictions imposed on management of the strategy. In the UK, this promotion has been approved with limitations, in accordance with Section 21 of the Financial Services and Markets Act, by American Century Investment Management (UK) Limited, which is authorised and regulated by the Financial Conduct Authority. This promotion is directed at persons having professional experience of participating in unregulated schemes and units to which the communication relates are available only to such persons. Persons who do not have professional experience in participating in unregulated schemes should not rely on it. American Century Investment Management (UK) Limited is registered in England. Registered number: Registered office: 30 Haymarket, London SW1Y 4EX This document does not constitute an offer or solicitation to invest. American Century Investment Management (UK) Limited may not be licensed in all jurisdictions, and unless otherwise indicated, no regulator or government authority has reviewed this document or the merits of the shares referenced herein. This document is provided on a privileged and confidential basis and, where required by local law, at the request of the recipient. This document (and the information contained herein) is for informational purposes only and is not to be reproduced, distributed or transmitted without the written consent of American Century Investment Management (UK) Limited. If you receive a copy of this document, you may not treat this as constituting a public offering and you should note that there may be restrictions or limitations to whom these materials may be made available. You should conduct appropriate checks to ensure that these materials are made available only to eligible recipients, pursuant to private placement exemptions, or are otherwise used in accordance with applicable law. If you wish to invest, it is your duty to inform yourself of, and to observe, all applicable laws and regulations of any relevant jurisdiction. In particular, you should inform yourself as to the legal requirements of so applying, and any applicable exchange control regulations and taxes in the countries of your respective citizenship, residence or domicile as well as any other requisite governmental or other consents or formalities which you might encounter which might be relevant to your purchase, holding or disposal of shares. Past performance is no indication as to future performance. Any investment is done at the investor s own risk. American Century Investment Management (Asia Pacific), Limited currently holds Type 1 and Type 4 registrations from the Securities and Futures Commission ( SFC ). American Century Investment Management, Inc. is not registered with the SFC. Portfolio managers are not licensed by Hong Kong and Futures Commission to perform any regulated function in or from Hong Kong. Furthermore, none of the portfolio managers are located in or operate in or from Hong Kong. To receive a complete list of composites and/or a GIPS compliant presentation, contact: 4500 Main Street Kansas City, MO Fax: Haymarket London, SW1Y 4EX United Kingdom Fax: Third Avenue, 23rd Floor New York, NY Fax: Suite 3201 Citibank Tower 3 Garden Road, Central Hong Kong Fax: Charleston Road Mountain View, CA Fax: Rosecrans Avenue Suite 4345 El Segundo, CA Fax: American Century Proprietary Holdings, Inc. All rights reserved. FOR INSTITUTIONAL USE ONLY IM-FLY U.S. Real Estate Securities > 5