Periods Ending June 30, Russell 1000 Value

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1 Cumulative Excess Return % Return % U.S. Value Yield Quarterly Review Composite Performance Periods Ending June 30, 2018 At A Glance Inception: September 1, Benchmark: Russell 3000 Value AUM: $14.02 billion Qtr 2 1 Year 3 Year 5 Year 10 Year U.S. Value Yield Gross of Fees U.S. Value Yield Net of Fees Russell 3000 Value Benchmark Russell 1000 Value 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 (%) Berkshire Hathaway Inc 0.23 PNC Financial Services Group Inc/The Enterprise Products Partners LP 0.22 Exxon Mobil Corp Automatic Data Processing Inc M Co One Gas Inc 0.21 Stanley Black & Decker (Conv) Philip Morris International Inc 0.21 Twenty-First Century Fox Inc Attribution Analysis One Year Ending June 30, Sector Allocation Security Selection Total Effect

2 Investment Philosophy We believe investing in high-quality businesses selling at a discount to fair value will generate superior risk-adjusted returns over time. We believe downside protection is critical to producing long-term outperformance. Goal Seeks to outperform the Russell 3000 Value Index by 2% to 3% annualized over a market cycle. Investment Process 1 2 Broad Stock Universe Stocks with market caps greater than $500 million Quality Screens Select stocks with 1) high returns on capital and 2) low leverage within the industry for further analysis Identify High Quality Companies Company Analysis Risk/Reward Profile Proprietary High Quality Universe Universe is monitored on an ongoing basis. Risk Guidelines Sector allocation: +/- 10% relative to the benchmark Security allocation: +/- 5% relative to the benchmark Portfolio concentration: Top 10 holdings typically represent 25% to 35% of portfolio Non-U.S. exposure: <10% Cash exposure: < 3% 3 Price 4 Build Filters Eliminate stocks failing to meet two of five classic valuation metrics Diversified Portfolio Portfolio 2

3 Portfolio Characteristics Characteristics Portfolio Benchmark Weighted Average Market Capitalization $111.2 B $106.8 B Median Market Capitalization $42.1 B $1.8 B Price To Cash Flow Ratio, Historical 1 Year 12.0x 9.9x Price To Earnings Ratio, Historical 1 Year 19.4x 16.1x Price To Book Ratio, Historical 1 Year 2.4x 1.9x Dividend Yield 2.9% 2.4% Number of Holdings % Cash 3.0% 0.0% Investment Team Portfolio Managers - Phil Davidson, CFA - Michael Liss, CFA, CPA - Kevin Toney, CFA - Dan Gruemmer, CFA Client Portfolio Managers - Peter Hardy, CFA - Matt Oldroyd, CFA, CAIA 9 Investment Analysts Top 10 Holdings Holding Industry Assets (%) Johnson & Johnson Pharmaceuticals 3.55 Procter & Gamble Co/The Household Products 3.48 PNC Financial Services Group Inc/The Banks 2.87 Republic Services Inc Commercial Services & Supplies 2.52 TOTAL SA Oil, Gas & Consumable Fuels M Co Industrial Conglomerates 2.48 Chevron Corp Oil, Gas & Consumable Fuels 2.44 Bank of America Corp (conv) Banks 2.24 Medtronic PLC Health Care Equipment & Supplies 2.17 PepsiCo Inc Beverages 2.11 Total 26.39% Top 10 Overweights Holding Portfolio Weight (%) Benchmark Weight (%) Overweight (%) TOTAL SA Republic Services Inc PNC Financial Services Group Inc/The M Co Bank of America Corp (conv) Stanley Black & Decker Inc (conv) Procter & Gamble Co/The Microchip Technology Inc (conv) PepsiCo Inc ONE Gas Inc Equity holdings are grouped to include common shares, depository receipts, rights and warrants issued by the same company. Portfolio holdings subject to change. 3

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

5 Percentile Rank U.S. Value Yield Risk-Adjusted Performance Three-Year MPT Statistics vs. ea U.S. Large Cap Value Equity Universe vs. Russell 3000 Value, Citigroup 3-Month T-Bill 0 Excess Returns Tracking Error Information Ratio Sharpe Ratio 25 Median American Century Investments U.S. Value Yield 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 364. Available Vehicles Separate Account Collective Investment Trust Equity Income Fund I Share Class - ACIIX R5 Share Class - AEIUX R6 Share Class - AEUDX Investor Share Class - TWEIX Available in U.S. and certain non-u.s. countries As of April 10, 2017, the Institutional Share Class was renamed I Share Class. 5

6 Quarterly Commentary Portfolio Review Volatility continued. Broad U.S. equity market indices ended the quarter higher, supported by generally positive economic and earnings news. Nonetheless, stocks remained volatile against a backdrop of higher interest rates, geopolitical tensions, and the threat of increased trade barriers. For the quarter, growth continued to outperform value among large- and mid-cap stocks, according to the FTSE Russell Indices, and higher-quality stocks generally underperformed lower-quality stocks. Furthermore, Mergers and Acquisitions activity remained strong. Energy outperformed, while industrials lagged. Within the benchmark, the energy sector was propelled by rising oil and gas prices. On the other hand, the industrial sector lagged on fears of global trade barriers. Positive stock selection in financials. In the financials sector, positive stock selection drove outperformance. An underweight position in the sector also contributed. Our avoidance of Berkshire Hathaway was particularly beneficial. We do not own the stock because it does not pay a dividend. Consumer staples contributed to performance. Lack of exposure to tobacco company Philip Morris International positively impacted Energy detracted. Security selection in the energy sector weighed exposure to ConocoPhillips detracted as both companies benefited from rising oil and gas prices. Industrials a top overweight. During the quarter, industrials became a top overweight in the portfolio. We selectively initiated and added to higher-quality positions that declined due to concerns about trade wars or tempered guidance. Underweight in consumer discretionary. We remain underweight in this sector because it is difficult for us to find consumer discretionary companies that meet our quality and valuation criteria. Key Contributors Berkshire Hathaway. This is a large benchmark company that declined during the quarter. Lack of exposure to the stock was therefore beneficial to relative performance. We do not own Berkshire Hathaway common stock, as it does not pay a dividend. Enterprise Products Partners. This master limited partnership (MLP) outperformed due to increased oil and gas volumes and strong demand in the U.S. The company also simplified its structure and eliminated incentive distribution rights, which we believe results in a more sustainable MLP model. (MLPs are publicly traded, generally higher yielding securities of enterprises that engage in certain businesses, usually pertaining to the use of natural resources.) ONE Gas. Colder weather conditions and lower expenses contributed to outperformance for this large natural gas distributor. The company exceeded earnings per share estimates and raised its guidance to the upper end of the range for the full year. Key Detractors PNC Financial Services Group. During the quarter, banks generally underperformed. Additionally, PNC reported weaker-thanexpected results due to lower loan and fee income growth as well as higher expenses. Exxon Mobil. Our underweight in the integrated energy company detracted from performance. After multiple quarters of underperformance, the stock recovered as the price of oil and gas rose. However, we remain cautious on Exxon as it is making capital investments that could weigh on its returns on capital, free cash flow generation, and ability to organically fund its dividend. 3M. The stock of this diversified industrial company fell after reporting worse-than-expected earnings for its most recent quarter. higher raw material costs. 3M also lowered earnings guidance for its 2018 fiscal year. Notable Trades Eaton. We initiated a new position in power management company Eaton when the stock weakened on concerns that some end markets were slowing. We feel the market overreacted and that Eaton has an attractive dividend yield and a high degree of earlyand mid-cycle exposure. Paychex. A new position was established in this outsourcing company after the stock price fell and we found the risk/reward to be favorable. Paychex was a large beneficiary of U.S. tax reform. After reporting strong earnings, Paychex announced that it plans to reinvest nearly all of the tax reform benefit. We believe investors overreacted, which presented a good opportunity to start a position. AT&T. During the quarter, we eliminated our position in AT&T and added to Verizon Communications. Our metrics show that Verizon offers an attractive valuation and a relatively superior balance sheet. Additionally, since AT&T is undergoing a transitional acquisition, we believe that Verizon offers more stability. General Mills. Following its acquisition of Blue Buffalo Pet a level that caused us to exit our position in the stock. We invested proceeds from the exit into names we believe have more attractive balance sheets. 6

7 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. Value opportunities in industrials. The industrials sector became a top overweight in the portfolio during the quarter as we selectively initiated and added to higher-quality securities that declined due to concerns about trade wars or tempered guidance. A new position was initiated in Eaton, and we added to our position in 3M. Consumer staples remains overweight. Companies in this sector tend to offer business models that fit our investment process well. Additionally, we believe valuations have become attractive as fundamental headwinds, including fears of increased competition, have pressured stock prices. Procter & Gamble is a top holding that we consider to be one of the highest-quality companies in the consumer product industry. Overweight in financials. In the financials sector, the portfolio moved from underweight to overweight. This was driven by the positioning. We increased our positions in the insurance industry, including Allstate and Marsh & McLennan. A new position was initiated in Invesco, and we added to our position in PNC Financial Services Group. Real estate remains overvalued. We have a material underweight in real estate because our metrics show that valuations in the sector generally remain inflated. Furthermore, we think rising interest rates pose a threat to stocks in this sector. Consumer discretionary is a consistent underweight. This sector is a material underweight in the portfolio. We generally seek attractively valued, higher-quality companies with sustainable business models, and stocks in the consumer discretionary sector fit that profile less frequently. 7

8 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. Portfolio 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. For purposes of compliance with the Global Investment Performance Standards (GIPS tment Performance Standards (GIPS ). U.S. Value Yield composite includes portfolios that invest in the securities of companies of all market capitalization sizes that appear to be undervalued in the market with a focus on incomegenerating securities of primarily medium and large capitalization companies. 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