Periods Ending September 30, MSCI ACWI ex-u.s.

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1 Cumulative Excess Return % Return % Non-U.S. Growth (MSCI ACWI ex-u.s.) Quarterly Review Composite Performance Periods Ending September 30, Qtr 3 1 Year 3 Year 5 Year Since Inception At A Glance Inception: November 1, 2011 Benchmark: MSCI ACWI ex-u.s. AUM: $ million Non-U.S. Growth (MSCI ACWI ex-u.s.) Gross of Fees Non-U.S. Growth (MSCI ACWI ex-u.s.) Net of Fees MSCI ACWI ex-u.s. Inception date: November 1, The value of investments can fluctuate. Data assumes reinvestment of dividends and capital gains. Data reflects past performance. Past performance does not guarantee future results. Periods greater than one year have been annualized. Quarterly Top Relative Contributors and Detractors Contributor Detractor Lonza Group AG 0.53 Zalando SE Wirecard AG 0.26 Tencent Holdings Ltd MonotaRO Co Ltd 0.21 Huazhu Group Ltd Recruit Holdings Co Ltd 0.19 Dollarama Inc Amadeus IT Group SA 0.18 Intertek Group PLC Attribution Analysis One Year Ending September 30, Sector Allocation Security Selection Currency Effect Total Effect

2 Investing With a Time-Tested Growth Philosophy We believe that accelerating growth in revenues and earnings results in significant potential for stock price appreciation. markets are inefficient at identifying such points. Our process is designed to uncover stocks that outperform as earnings growth accelerates, market expectations rise and multiples expand. Goal Seeks to outperform the MSCI ACWI ex-u.s. by 2% to 3% annualized over a market cycle. Risk Guidelines Maximum position size: 2.5% active weight Regional exposure: +/- 10% of benchmark weight Sector exposure: +/- 5% of benchmark weight Emerging markets exposure: +/- 10% of benchmark weight Expected tracking error: 4% to 6% versus benchmark Investment Process 1 2 Fundamental 3 Investment Universe Greater than $3 billion market cap Sufficient trading liquidity Idea Generation Identify companies exhibiting accelerating growth and improving fundamentals Fundamental information flow Quantitative screens Analysis Confirm acceleration is genuine and sustainable Construction Focus portfolio on best ideas Monitor risk controls and guidelines 1,500 Companies 500 Companies Companies Companies 2

3 Characteristics Characteristics Benchmark Weighted Average Market Capitalization $45.8 B $49.6 B Median Market Capitalization $14.4 B $3.9 B Price To Earnings Ratio, Historical 1 Year 22.7x 13.8x Price To Earnings Ratio, Forecasted 1 Year 21.7x 13.6x EPS Growth, Historical 1 Year 31.6% 29.0% EPS Growth, Forecasted 1 Year 20.4% 11.7% Number of Holdings Number of Countries Turnover, Trailing 1 Year 61% N/A % Cash 1.2% 0.0% Forecasts are not a reliable indicator of future performance. Investment Team Managers - Rajesh Gandhi, CFA - Jim Zhao, CFA Client Managers - Nathan Chaudoin - Bernard Chua, CFA - Laura Granger, CFA - Jim Shore, CFA 8 Investment Analysts Located in New York Top 10 Holdings Holding Country Industry Assets Royal Dutch Shell PLC UK Oil, Gas & Consumable Fuels 2.98 Lonza Group AG Switzerland Life Sciences Tools & Services 2.58 CSL Ltd Australia Biotechnology 2.22 Tencent Holdings Ltd China Internet Software & Services 2.19 AIA Group Ltd Hong Kong Insurance 2.02 Alibaba Group Holding Ltd China Internet Software & Services 1.95 London Stock Exchange Group PLC UK Capital Markets 1.83 AstraZeneca PLC UK Pharmaceuticals 1.80 Shiseido Co Ltd Japan Personal Products 1.77 Danone SA France Food Products 1.67 Total 21.01% Top 10 Overweights Holding Weight Benchmark Weight Overweight Lonza Group AG CSL Ltd London Stock Exchange Group PLC Shiseido Co Ltd Bombardier Inc Royal Dutch Shell PLC Don Quijote Holdings Co Ltd Symrise AG AIA Group Ltd Danone SA Equity holdings are grouped to include common shares, depository receipts, rights and warrants issued by the same company. holdings subject to change. 3

4 Sector Allocation Weight vs. Benchmark % Sector Benchmark Consumer Discretionary Information Technology Health Care Consumer Staples Industrials Materials Energy Utilities Real Estate Telecommunication Services Financials Quarterly Sector Performance Contribution to Return vs. Benchmark Sector Contribution to Return Contribution to Benchmark Return Health Care Information Technology Real Estate Utilities Energy Telecommunication Services Consumer Staples Materials Financials Industrials Consumer Discretionary When shown, "Diversified" includes portfolio holdings that cannot be attributed to a specific GICS sector. % 4

5 Country Allocation: Top 10 Over/Underweights Weight vs. Benchmark Country Benchmark 7.41 United Kingdom Sweden Netherlands Belgium Peru Austria Ireland France Spain Denmark Singapore India Germany Italy Taiwan Japan South Africa Switzerland Canada South Korea % Quarterly Top Relative Contributors and Detractors by Country Contributor Spain 0.28 Sweden 0.23 Denmark 0.15 Germany 0.14 South Africa 0.13 Detractor China Canada Japan Brazil Ireland

6 Percentile Rank Non-U.S. Growth (MSCI ACWI ex-u.s.) Risk-Adjusted Performance Three-Year MPT Statistics vs. ea ACWI ex US Large Cap Equity Universe vs. MSCI ACWI ex-u.s., Citigroup 3-Month T-Bill 0 Excess Returns Tracking Error Information Ratio Sharpe Ratio 25 Median American Century Investments Non-U.S. Growth (MSCI ACWI ex-u.s.) Excess Returns Tracking Error Information Ratio Sharpe Ratio Manager Percentile Rank Median Source: evestment Analytics Excess returns are gross of fees. Number of products in the universe was 118. Available Vehicles Separate Account Collective Investment Trust Available in U.S. and certain non-u.s. countries Available only in U.S. 6

7 Quarterly Commentary Review Non-U.S. stocks trailed U.S. stocks. U.S. companies continued to benefit from fiscal stimulus in the form of recent tax cuts, which have helped boost capital spending and hiring. Additionally, strong consumer and technology trends in the U.S. (the S&P 500 Index is more skewed toward information technology than the MSCI EAFE Index or the MSCI ACWI ex-u.s.) supported this outperformance. Exposure to global macroeconomic trends weighed on non-u.s. stocks. Non-U.S. stocks were pressured by several factors, including greater exposure to the more volatile emerging markets and China, more exposure to the effects of potential trade war escalation, and questions around political stability, particularly regarding upcoming elections in Italy, due to the rise in populism. The risk premium for non-u.s. stocks continued to rise. Market multiples for non-u.s. markets declined, and growth stocks were pressured amid a rotation to more defensive and lower-volatility sectors, such as health care, telecommunications, and energy, as investors looked for stronger visibility into earnings growth. China exposure weighed on portfolio performance. Concerns equity market. In this environment, performance was pressured by both direct exposure to China-based companies such as Tencent Holdings, Huazhu Group, and Alibaba Group Holding, as well as names with exposure to China, such as Japan-based cosmetics firm Shiseido, which is exposed to both Chinese domestic consumers and overseas travelers. Abnormally warm weather across Europe affected retail sales. Germany-based online retailer Zalando declined as prolonged hot weather across Europe led to weak sales data for fall apparel and merchandise. Outsourcing in pharmaceuticals benefited pharmaceutical integrated solutions provider. Increasing industry outsourcing and synergies from its Capsugel acquisition helped continue Lonza Positioning in Japan detracted. News that the Bank of Japan would be curtailing its quantitative easing program benefited Japanese financials. However, our lack of exposure to this sector of the Japanese market hurt portfolio performance. Key Contributors Lonza Group. -ofexpectations results, beating both revenue and earnings estimates. More pharmaceutical companies are outsourcing, and Lonza is beginning to realize strong synergies from its Capsugel acquisition. Management raised full-year revenue guidance and margin targets. out to Organic growth is accelerating from an already high level, driven by demand for digital payment services and omnichannelbased services, which leverage integrated solutions. MonotaRO. the company reported better-than-expected second-quarter results followed by better-than-expected monthly sales reports in both July and August. The company also reported strong growth in new customer acquisition as the industry continues to transition to online. Key Detractors Zalando. The stock declined after the company gave an intra-quarter update on sales. Abnormally warm weather in Europe led to weak sales of new fall merchandise. The company has not yet reported full results, but all of the European-based retailers have been weak on similar news of sales negatively affected by weather. Tencent Holdings. After two years of strong performance, the stock weakened as the market shifted to more defensive names. Temporary delays in new game launches due to government agency personnel issues further hurt the stock as did overall weakness in China due to concerns over tariffs, trade, and the potential impact on growth. Huazhu Group. The Chinaon general concerns over the impact of trade negotiations on Chinese consumer demand and fear of an economic slowdown. Nevertheless, hotel data in China continues to be strong. Occupancy growth remains high despite slowing somewhat, and room rates continue to rise. Notable Trades Terumo. This medical device company has a large portfolio of products, which we believe supports long-term sustainable growth. The company is a leading provider of cardiac and vascular interventional systems. Terumo is gaining market share both from improvements to existing devices as well as new product approvals. Unicharm. The consumer products company is experiencing improvement in its China baby care business as it finishes transitioning its product mix to premium brands. The company is upgrade trend in China, and a strong brand premiumization trend. CP ALL. We sold our position in the convenience store operator due increasing competitive pressures. While the company continues to open new stores, they are entering more crowded markets where there is increased pricing competition. Julius Baer Group. We sold Julius Baer because net new money flow has begun to decelerate. We are also concerned about regulatory issues involving some of the Baer private bankers, including fallout from the International Federation of Association Football money laundering scandal. Wirecard. Stock of the payment processing company rallied after the company reported better-than-expected results and raised guidance 7

8 Positioning for the Future The portfolio continues to invest in companies where we believe fundamentals are strong and improving but share price performance does not fully reflect these factors. Our process is based on individual security selection, but broad themes have emerged. Corporate earnings drive stock performance. We remain focused on our disciplined, bottom-up fundamental process of identifying opportunities with accelerating, sustainable growth, where we see upside to consensus estimates. We expect earnings growth to remain the key driver of stock price performance. The outlook for earnings growth in developed markets appears favorable and sustainable, with strong consumer data supporting companies with consumer exposure across numerous sectors in Europe and Japan. The desire for lifestyle improvement and wellness led to consumer discretionary overweight and select investments in materials. We see athletic wear retailers such as adidas and ANTA Sports Products gaining share with an increasing desire for healthier lifestyles. Symrise and Chr. Hansen Holding are examples -quality ingredients and higher-quality goods. Technology disruption and the shift to digital benefiting firms across multiple sectors. We remain invested in opportunities in beneficiaries of the shift to digital advertising, such as Tencent Holdings and Yandex, retailers such as ASOS and ZOZO (formerly Start Today), companies expected to benefit from the rollout of 5G networks, such as Telefonaktiebolaget L.M. Ericsson and Anritsu, online employment agency Recruit Holdings, and building products distributor Ferguson, whose online portal for contractors continues to grow in popularity. Capital investment benefiting industrials and materials. Capital spending trends are supporting late-cycle industrials with exposure to multiple end markets. Epiroc is benefiting from improvement in capital spending in the mining industry. Residential and commercial construction strength is driving demand at cement aggregates firm CRH and building products distributor Ferguson. Exposure to Chinese consumers presents cross-sector opportunities. The portfolio is invested in companies exposed to increasing demand from Chinese consumers for premium goods (Diageo, Treasury Wine Estates, Kering, and Shiseido) and travel (Huazhu Group). 8

9 Composite returns are gross of investment management fees. Sector weights, portfolio characteristics and holdings are of a representative account in the composite. Holdings are current as of the date indicated, are subject to change and may not reflect the portfolio's current holdings. construction guidelines document operational policies and not necessarily investment restrictions imposed on management of the strategy. Material presented has been derived from industry sources considered to be reliable, but their accuracy and completeness cannot be guaranteed. Opinions expressed are those of the portfolio investment team and are no guarantee of the future performance of any American Century Investments portfolio. Nothing in this document should be construed as offering investment advice. Please note that this is for informational purposes only and does not take into account whether an investment is suitable or appropriate for a specific investor. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI. For purposes of compliance with the Global Investment Performance Standards (GIPS tment Performance Standards (GIPS ). Non-U.S. Growth (MSCI ACWI ex-u.s.) composite includes portfolios that use a growth investment strategy primarily targeting large companies in developed non-u.s. markets with limited investment in emerging markets. Index futures (and currency forwards and futures, where applicable or appropriate) are occasionally used to equitize cash and manage portfolio risk. Other derivative instruments may be used, as allowed, as part of the investment strategy. Returns are calculated and stated in U.S. dollars. The return may increase or decrease as a result of currency fluctuations. Returns for periods less than one year are not annualized. To receive a complete list of composites and/or a GIPS compliant presentation, contact: American Century Investments 4500 Main Street Kansas City, MO Henrietta Street, 4th Floor London, WC2E 8LH United Kingdom Madison Avenue, 9th Floor New York, NY Suite 3201 Champion Tower 3 Garden Road, Central Hong Kong Charleston Road Mountain View, CA Macquarie Street Suite 1324 Sydney, NSW 2000, Australia Rosecrans Avenue Suite 4345 El Segundo, CA American Century Proprietary Holdings, Inc. All rights reserved. IM-FLY