Fund Name Positions Here

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1 Fund Name Positions Here Global Fixed Income Our Competitive Advantages Actively managed, well diversified global fixed income portfolio with multiple sources of return. Active risk budgeting designed to reduce overall portfolio risk and volatility. Bottom-up security and currency selection expertise based on relative value frameworks. At A Glance Inception: February 2011 Benchmark: Barclays Global Aggregate Index (USD Hedged) Experienced Global Fixed Income Managers We believe that significant areas of the bond market are inherently inefficient and mean reverting, and opportunities exist to exploit the bond market s inefficiencies and mean reversion tendencies. We do this by applying a relative value approach to identify a diverse collection of active positions across sectors, countries, currencies and yield curves encompassed within a risk-managed framework. Our fixed income history dates back to 1972 when James M. Benham expanded the market for U.S. Treasury money market funds.* Over the years, we have extended our capabilities into all areas of the fixed income marketplace, never compromising the tenets of risk management, liquidity and yield. We expanded our in-house global fixed income capabilities when John Lovito joined the firm in John is a member of our Global Macro Strategy team and leads the Global Fixed Income team. He was previously a managing director and head of global fixed income strategies at Lehman Brothers Asset Management. He began his career in at Brown Brothers Harriman & Company and has been managing global bond portfolios and teams since becoming a portfolio manager there in Based in our New York office, John works with team members in London as well as our U.S. fixed income team located in Mountain View, California. Simon Chester joined the firm in our London office at the end of and is a portfolio manager responsible for non-u.s. credits in our global and non-u.s. strategies. He has been engaged in non-u.s. credit analysis since 1989, including10 years as a senior European credit specialist with Western Asset Management Company. In addition, Edward Boyle joined as portfolio manager in He has worked in the industry since 1989, most recently at FX Concepts. Strategy Overview Global Fixed Income (USD Hedged) is structured to exploit inefficiencies throughout the world s bond and currency markets. Many global bond investors follow short- and medium-term trends to generate profits, which drives markets away from fundamental fair value. Our process seeks to identify these misvaluations through disciplined fundamental analysis and to consistently capture excess returns when reversion to fair value occurs. *The Benham Group merged with, then known as Twentieth Century Investors, in 1995.

2 Sources of Alpha We believe that the most efficient way to generate consistent excess returns in global bond mandates is through the construction of a well diversified portfolio. Diversification involves the use of multiple drivers of returns, multiple time horizons and multiple trading strategies. Our objective is to construct portfolios in which correlations among alpha sources are low, with no single alpha source dominating performance. Expected Excess Return Targets Yield Curve Positioning/Duration Management 20% - 40% Sector Allocation/Issue Selection 30% - 50% Country Allocation 20% - 40% Currency Selection 20% - 40% Within each alpha source, we utilize a relative value approach that seeks to add incremental returns by capturing value over short-, medium- and long-term horizons. This is accomplished through the use of quantitative models that analyze a number of fundamental variables that we believe repeatedly drive markets over time. All market and economic data is collected and processed daily using a consistent methodology, which assures a disciplined and unbiased analysis. Our quantitative models form the foundation of our daily analysis by generating a recommended portfolio. In addition, qualitative research is important in assessing factors such as political trends, government intervention in the markets and corporate hedging. Given that the process is based on the fundamental factors that we believe drive markets over time, we deviate from the recommended portfolio only when we have very strong conviction. Yield Curve Positioning/ Duration Management We implement our interest rate views primarily through yield curve positioning rather than through duration trades. Duration is not used as a significant source of alpha generation. We prefer the risk/reward trade-off of yield curve positioning. The yield curve s historical mean reversion tendencies and high correlation to macroeconomic factors presents a more consistent approach to extracting value over time. The Global Macro Strategy team, with the assistance of the Rates and Currency Markets team, is responsible for yield curve positioning and duration management in our global and non-u.s. portfolios. The fundamental factors we consider are the economic cycle, inflation expectations, monetary policy, risk appetite and term premia. The team incorporates quantitative tools such as an interest rate scorecard and technical sector rich/cheap analysis and overlays these with qualitative thinking to determine the broad, strategic positioning of portfolios. Country Allocation Consistent with the Global Macro Strategy view, the Rates and Currency Markets team makes relative value decisions among countries based on economic analysis of over 25 bond markets. There are three major factors we analyze to determine each country s interest rate and yield curve structure in a portfolio: 1) the level and path of real interest rates, 2) inflation expectations reflected in bond yields versus the prevailing level of inflation, and 3) the impact of forecasted levels of real economic activity on inflation expectations. Along with these factors, we monitor fiscal and monetary policies, supply and demand trends and political developments in each country in our universe. Sector Allocation/ Issue Selection The Global Macro Strategy team, with input from the sector specialist teams, determines the broad allocation of portfolios based on the assessment of relative value among sectors. The sector specialist teams then make security selection decisions based upon in-depth fundamental analysis and relative value. Our Corporate Markets team consists of experienced credit analysts who cover the full spectrum of issuer credit quality from investment-grade through high yield within their areas of expertise. The teams employ both qualitative and quantitative tools to make decisions. Historical models examine spread relationships over the past one- and fiveyear periods. Fundamental research covers an extensive range of factors affecting each industry and a company s credit profile and future prospects. The credit analysts, in conjunction with portfolio managers, identify attractive issues by assessing fundamentals against market pricing. They identify undervalued credit opportunities across maturities and global credit markets. This factors in issue-specific variables such as security covenants, issuing entity and structural subordination. Following completion of the above analysis, each analyst assigns a proprietary credit rating that factors in all relevant forward-looking credit risks. For new positions, a detailed research report is written that depicts our analysis in the determination of our proprietary rating. Portfolio managers coordinate analyst recommendations to identify relative value trades. A critical factor in our bond selection process is matching credit fundamentals with valuations to balance risks with rewards. This process creates a list of overweight and underweight bond recommendations used to construct portfolios in line with their mandates. The teams communicate daily and use a central database to record investment recommendations and update commentary on prevailing credit issues affecting holdings. Global Fixed Income > 2

3 Currency Management The currency market is the deepest and most liquid market in the world, but is inefficient due to a majority of participants being passive investors seeking liquidity and currency hedging to reduce risk exposure. Large corporations doing business beyond their national borders that need to convert revenues and earnings back into their home currency for financial reporting and cash flow purposes is one example of passive participants trading large volumes in the currency market. Central banks and national governments whose objectives are to implement the monetary policy of their respective countries are another example. The existence of numerous and sizable participants who do not try to maximize their foreign exchange profit is a differentiating factor of the currency market compared to other financial markets. Active investors have the opportunity to consistently profit by providing passive investors short-term liquidity and meeting their currency hedging needs. As professional currency managers, we use our relative value framework to take advantage of inefficiencies caused by the opposing objectives of market participants. The inefficiencies that influence exchange rate movements include informational asymmetries, different reaction speeds to significant data innovations, diverse opportunity sets and risk/return expectations. We use our quantitative models in our currency overlay strategy similar to our country framework, although the drivers differ. Currency drivers include interest rate differentials, commodity trends, equity trends, economic leading indicators, trade balances, current account balances and risk tolerance. The correlations of currency returns to the returns of traditional asset classes have been both low and relatively stable, even during times of market upheaval and distress. This characteristic, in combination with the alpha potential, make currencies attractive as a diversified source of return in portfolios. PORTFOLIO CONSTRUCTION We use a combination top-down/bottom-up approach to portfolio construction. The Global Macro Strategy team, with the assistance of the Rates and Currency Markets team, conducts top-down analysis of the market to determine the appropriate duration, yield curve and sector allocation. This team is comprised of the seven most senior portfolio managers who lead the sector and risk management teams. It is chaired by CIO Dave MacEwen and includes John Lovito, head of the Global Fixed Income team. To assist them in making policy decisions, the Global Macro Strategy team receives input from each of the sector specialist teams regarding valuations in their sectors. Once the broad positioning is established, we build portfolios from the bottom up. The Global Fixed Income team works with sector specialists to make individual issue selection decisions based upon in-depth fundamental analysis. We believe this approach best captures the expertise of each member of the Fixed Income team; it allows us to incorporate big picture/ economic outlooks into sector decisions while analysts can be focused on fundamental research and thus construct portfolios with our best ideas. All bond holdings are subject to peer review on an ongoing basis and the Risk Management team independently verifies that portfolio holdings comply with risk budgets. Any purchase or sale of a bond is subject to a trade pre-clear compliance authorization and ongoing post-trade guideline compliance. Portfolio managers ensure that appropriate sector and issuer diversification is maintained at all times using comprehensive portfolio reporting tools. The Barclays POINT analytical system is one of the key tools used in portfolio and risk management. The system helps manage overweights and underweights and size individual positions within a portfolio. All individual issue and sector positions are sized with a view toward the portfolio s desired excess return target and appropriate tracking error. Furthermore, the Global Fixed Income team works closely with the Risk Management team to size positions relative to a given benchmark to manage the overall portfolio volatility. Our principle of structuring portfolios to capitalize on diversified sources of alpha is designed to shield portfolios from an unexpected deterioration in fundamentals in the various areas of the market. The invested portfolio is actively managed to reflect changes in risks and valuations. RISK MANAGEMENT Our ability to manage numerous active positions involves a comprehensive risk management framework at each stage of the investment process. A dedicated Risk Management team identifies and monitors active portfolio risks. This involves modeling expected risks using linear and non-linear models. Next, realized risks are analyzed to make sure that active positions are sized appropriately and that the models used to evaluate the risks are accurate within a reasonable tolerance. Expected risks are modeled as follows: Risk measure reports provide relative positioning on a duration, curve and sector basis versus the index. Active risk budgeting determines the tracking error associated with each active position based on fixed income factor volatilities over various time periods. Also, total tracking error determines the strategies risk versus its benchmark given the historical correlations of the active positions. Scenario analysis defines expected returns of each asset class given the Global Macro Strategy Team s economic scenarios and probabilities. Global Fixed Income > 3

4 Realized risks are analyzed as follows: Complete performance attribution reports to assess how portfolio positions are performing relative to the index as well as the effectiveness of position sizes. For example, if a position is performing differently than ex-ante expectations, we will resize the position accordingly. Analyze risk models to determine if our actual results are within the model s allowable estimated range. Look at historical results to determine the level of volatility in the current risk environment. Global fixed income portfolios incorporate multiple yield curves, countries, currencies and sectors. Thus, it is essential that portfolio characteristics are closely monitored. Portfolio attribution is an essential feedback loop to the investment process because it assists in identifying performance drivers across and within alpha sources and in verifying that performance is consistent with our expectations. It also assures portfolios with similar mandates are behaving consistently with each other. Furthermore, our tracking error risk budgeting approach allows us to monitor overall portfolio risk as well as the contribution to risk from each alpha source. A daily risk report shows the decomposition of tracking error by yield curve, country, currency, quality and spread factor positions. Our intent throughout the investment process is to understand and quantify risks to better manage our active positions, and thereby maximize return potential without incurring undue risk. We employ a conservative approach to the use of derivative and leveraged securities in which risk is tightly managed. The main instruments we use are government bond futures and currency forwards. We limit futures to a notional value of 100% of the portfolios market values. The maximum active risk from currency forwards is +/- 7% of the portfolio s market value. All transactions are approved and documented before execution by a multi-departmental Complex Securities Committee comprised of individuals from the investment management, trading, investment accounting and legal departments. All counterparties to derivatives transactions undergo an extensive credit risk evaluation by our credit analysts and must be approved by the Complex Securities Committee. We restrict exposure to a single counterparty to 5%. Diversification and Enhanced Alpha Potential The broad opportunity set in global bond mandates makes them an attractive allocation in institutional portfolios as a portfolio diversifier and dollar hedge. Varied and uncorrelated sources of alpha among countries, currencies, interest rate structures and issues offers the potential to enhance excess returns and reduce overall portfolio volatility. The opportunity to reduce home-country bias and to improve a portfolio s risk/return profile, as represented by higher Sharpe ratios, are key benefits of a global fixed income allocation. American Century Global Fixed Income brings together the skills of experienced portfolio managers working across the globe and a relative value approach used by the firm for more than 30 years. Our strategy is designed to exploit inefficiencies and mean reversion tendencies throughout the world s bond markets. We use a bottom-up security and currency selection process with a quantitative overlay to construct portfolios with diversified sources of returns. A dedicated Risk Management team and active risk budgeting throughout the investment process are employed to manage risk and volatility. Available Vehicles Separate Account Subadvisory Account Global Bond Fund Institutional Share Class - AGBAX R6 Share Class - AGBDX Investor Share Class - AGBVX A Share Class - AGBAX C Share Class - AGBTX R Share Class - AGBRX 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. Global Fixed Income > 4

5 Management Team Teams Professionals Education Global Macro Strategy Dave MacEwen, Co-CIO & CIO, Fixed Income Bob Gahagan, SVP & Sr. Portfolio Manager Steven Permut, SVP & Sr. Portfolio Manager Brian Howell, VP & Sr. Portfolio Manager John Lovito, SVP & Sr. Portfolio Manager Kevin Akioka, CFA, VP & Sr. Portfolio Manager Margé Karner, VP & Sr. Portfolio Manager MBA, University of Delaware MBA, University of Missouri, Kansas City MBA, Golden Gate University MBA, University of California-Berkeley MBA, Fordham University MA, Johns Hopkins University Started in Industry* Started at ACI Corporate Markets Kevin Akioka, CFA, VP & Sr. Portfolio Manager Margé Karner, VP & Sr. Portfolio Manager Jeffrey Houston, CFA, VP & Sr. Portfolio Manager John Walsh, VP & Portfolio Manager Simon Chester, VP & Portfolio Manager Gavin Fleischman, VP & Portfolio Manager Phil Yuhn, VP & Portfolio Manager Gregory Afiesh, VP & Director of Corp Credit Research Pierson Cheng, VP & Sr. Corporate Analyst Sudha Mani, VP & Sr. Corporate Analyst Kevin Sid, Sr. Corporate Analyst Jill Sakol Snow, Sr. Corporate Analyst Chris Brown, Sr. Corporate Analyst Tommy Youn, Sr. Corporate Analyst Alessandra Alecci, Sr. Corporate Analyst Cecile Rihouey, CFA, CIIA, Corporate Analyst Jessica Raymond, Corporate Analyst Valeria Cisnero, CFA, Corporate Analyst MA, Johns Hopkins University MBA, Syracuse University MBA, Creighton University BCom, University of South Africa MBA, Fordham University BS, California Polytechnic State University MBA, University of Southern California MBA, San Jose State University BS, University of San Francisco MS, Columbia University MS, SKEMA Business School BS, Stanford University MBA, University of Pennsylvania Rates and Currency Markets John Lovito, SVP & Sr. Portfolio Manager Bob Gahagan, SVP & Sr. Portfolio Manager Brian Howell, VP & Sr. Portfolio Manager Jim Platz, CFA, VP & Sr. Portfolio Manager Edward Boyle, VP & Portfolio Manager Miguel Castillo, Portfolio Manager Christine Sterling, Sr. Portfolio Trading Associate MBA, Fordham University MBA, University of Missouri, Kansas City MBA, University of California-Berkeley MBA, University of Southern California MS, Stanford University MBA, University of Minnesota BS, King s College Securitized Markets Bob Gahagan, SVP & Sr. Portfolio Manager Alejandro Aguilar, CFA, VP & Sr. Portfolio Manager Dan Shiffman, CFA, VP & Sr. Portfolio Manager Jesse Singh, CFA, VP & Portfolio Manager Lydia Delos Santos, Sr. Portfolio Trading Associate MBA, University of Missouri, Kansas City MBA, University of Michigan MBA, Thunderbird School of Global Mgmt BA, St. Paul University, Manila, Phillipines Municipal Markets Steven Permut, SVP & Sr. Portfolio Manager Alan Kruss, VP & Portfolio Manager David Moore, CFA, VP & Director of Muni Bond Research Joseph Gotelli, VP & Portfolio Manager Brad Bode, VP & Sr. Municipal Credit Analyst Tim Benham, CFA, Sr. Municipal Credit Analyst Bill McClintock, Sr. Municipal Credit Analyst Tyler Sweany, Municipal Credit Analyst MBA, Golden Gate University BA, San Francisco State University MBA, Babson College MBA, Santa Clara University BS, Southeast Missouri State University BS, University of California at Santa Barbara BS, University of California at Santa Cruz MBA, Baker University Cash Management Dave MacEwen, Co-CIO & CIO, Fixed Income Denise Latchford, VP & Sr. Portfolio Manager Le Tran, Portfolio Manager Peter Hui, Sr. Portfolio Trading Associate Clifton Lim, Fixed Income Trader MBA, University of Delaware MBA, Golden Gate University BS, San Francisco State University BS, California State University-East Bay BA, University of California-Berkeley Risk Management Brian Howell, VP & Sr. Portfolio Manager Lisa Quan, CFA, Sr. Risk Analyst Tei Chen, Sr. Risk Analyst Thuy Ngo, Associate Risk Analyst MBA, University of California-Berkeley BBA, University of Michigan BA, University of California-Berkeley MBA, San Jose State University 1993 Client Portfolio Managers Rich Taylor, VP Colleen Ambrose, CFA, VP MBA, Harvard University 2001 * Includes professional experience in investment-related occupations such as accounting, financial, communications, commercial law or professional occupations relating to their industry or market area. Global Fixed Income > 5

6 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 Global Fixed Income > 6