american century investments

October 2012

Citywire Wealth Manager Retreat

Kevin Boreen

Vice President

Client Portfolio Manager

Jamie Downing

Patricia Ribeiro

Vice President

Portfolio Manager

Vice President

International

Acceleration in Emerging Markets

Notes Overview of American Century Investments

Our Emerging Markets strategy

– Investment Process

– The Portfolio

Performance Track Record

Conclusion

Appendix

– ACI Investment Capabilities

– Team

– Performance & Portfolio Characteristics

– Team Bios

Agenda

2

FOR NON-U.S. INSTITUTIONAL USE ONLY

American Century Investments

Founded in 1958

$119 billion in assets

150 investment

professionals

Globally located

– Kansas City

– Mountain View (CA)

– New York

– London

– Hong Kong

– Los Angeles

$6.6 billion in assets for

clients domiciled outside the

U.S.

Data as of 6/30/2012

Focused exclusively on investment management

– All resources are directed to adding value for our clients.

Independent and privately-controlled ownership structure

– Decision making aligns with clients’ interests.

Fundamentally-driven, risk-adjusted performance

– Alpha is derived through security selection.

Delivering results to our clients has a greater impact

– Through our ownership structure, more than 40% of our profits support the Stowers

Institute for Medical Research.

– This drives a values-based culture that directly benefits our clients.

Foundation for Success

3

The Stowers Institute

for Medical Research


Notes We believe that accelerating growth in revenues and earnings results in significant potential for

stock price appreciation.

We focus on inflection points in companies’ fundamentals because we believe 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.

Investing With a Time-Tested Growth Philosophy

4

A company’s absolute level of growth

is not as important as . . . . . . its direction of growth.


Notes

Identifying Market Inefficiencies

5

Actual company fundamentals

Wall Street consensus expectations

MARKET INEFFICIENCIES

Gro

wth

Rat

e (%

)

Time

Initiate position

Exit position


Notes

Investment Universe Market capitalization > $500mm

Sufficient trading liquidity

Step 1: Idea Generation

Identify companies exhibiting accelerating

growth and improving fundamentals

Fundamental information flow

Quantitative screens

Step 2: Fundamental Analysis

Confirm acceleration is genuine and

sustainable

Portfolio 80-110 holdings

Step 3: Portfolio Construction

Focus portfolio on best ideas

Monitor risk controls and guidelines

EMERGING MARKETS

Achieving Repeatability

6


2008 earnings were ahead of

consensus estimates,

despite a difficult macro

environment for Banks.

We initiated a position in April

2009 after noticing an

inflection in underlying

fundamentals.

- FY 2008 net loans

increased 29% y/y, while

retail and corporate

deposits grew 16% and

41% y/y, respectively.

- After being hit hard by

deteriorating asset quality

during the financial crisis,

earnings began

accelerating as

provisioning marginally

decreased.

Management undergoing a

significant

restructuring/strategic

initiative involving drastic

cost cutting and focus on

profit margins.

Buying Companies at Inflection Points

7

Sberbank is a Russia-based commercial bank providing a range of corporate and retail banking

services. The company has regional branches and offices throughout Russia, as well as Ukraine,

Germany, China, India and Kazakhstan.

--

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

Sberbank of Russia OJSCWeight Held vs. Daily Closing Price (Local)30-June-2008 to 02-Feb-2012

Source: FactSet

Weig

ht P

rice

References to specific securities are for illustrative purposes only, and are not intended as recommendations to purchase or sell securities. Opinions and estimates offered

constitute our judgment and along with other portfolio data, are subject to change without notice.

Source: FactSet


The shopping mall industry in

Brazil remains under-

penetrated by global

standards.

The industry has shown highly

defensive growth qualities due

to the relative scarcity of

premium retail space in Brazil.

Underlying same store sales

and rents have consistently

exceeded inflation even during

economic downturns, and

have accelerated since the 2Q

2008.

- BR Mall's lease structures

and high occupancy rates

have continued to give

them high pricing power.

The Brazilian shopping mall

industry is expected to

consolidate further.

- BR Mall's size, expertise,

strong balance sheet and

relative scale will give it a

significant advantage.

Buying Companies at Inflection Points

8

Brazil-based BR Malls Participacoes SA is the largest shopping center operator in Latin America,

with a portfolio of 41 malls and 1.2 million square meters of GLA (gross leasable area). BR Malls

accounts for 78% of the market in Brazil.

10

12

14

16

18

20

22

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

BR Malls Participacoes S/AWeight Held vs. Daily Closing Price (Local)31-Mar-2010 to 02-Feb-2012

Source: FactSet

Weig

ht (%

)

Pric

e

References to specific securities are for illustrative purposes only, and are not intended as recommendations to purchase or sell securities. Opinions and estimates offered

constitute our judgment and along with other portfolio data, are subject to change without notice.

Source: FactSet


Notes

Sector Allocation

9

Portfolio: EMERGING MARKETS

Benchmark: MSCI Emerging Markets Growth

Information Technology 24.30 20.41

Consumer Discretionary 13.10 11.51

Energy 9.52 7.97

Consumer Staples 14.91 13.69

Industrials 6.60 6.08

Materials 7.66 8.20

Health Care 1.19 2.10

Financials 18.68 20.33

Utilities 0.50 3.22

Telecommunication Services 3.54 6.51


Source: FactSet

Relative Weight (%) SectorBenchmark

Weight (%)Weight (%)

Portfolio

3.89

1.59

1.55

1.22

0.52

-0.54

-0.91

-1.65

-2.72

-2.97

-4 -2 0 2 4 6


Performance

10

Quarter YTD 1 Year 3 Year 5 Year 10 Year

Emerging Markets -6.30 9.45 -14.77 12.50 -2.59 13.49

MSCI Emerging Markets Growth -8.07 4.62 -16.11 9.90 -1.59 12.40

MSCI Emerging Markets -8.89 3.93 -15.95 9.77 -0.09 14.08

Excess Return (MSCI EM Growth) 1.77 4.83 1.34 2.60 -1.00 1.09

Excess Return (MSCI EM) 2.59 5.52 1.18 2.73 -2.50 -0.59

Data as of 6/30/2012. Composite returns are gross of fees. Periods greater than one y ear hav e been annualized.

Source: MSCI Inc.

-20

-15

-10

-5

0

5

10

15

20

Quarter YTD 1 Year 3 Year 5 Year 10 Year

Return (%)

Emerging Markets

MSCI Emerging Markets Growth

MSCI Emerging Markets


Notes

Complementing Emerging Markets Value and Core Strategies

11

Our growth philosophy

directs us to a different

opportunity set than many

other growth competitors,

allowing us to add value

across diverse market

cycles

We serve as an effective

complement to other

emerging markets equity

managers, providing an

opportunity to add alpha

while dampening overall

volatility

Correlation of Excess Returns over Last Five Years

Emerging Markets versus the five largest active emerging markets value and core managers by assets*

Manager 1 Manager 2 Manager 3 Manager 4 Manager 5

(Value) (Value) (Value) (Value) (Value)

-0.04 0.25 0.05 0.14 -0.25

Manager 6 Manager 7 Manager 8 Manager 9 Manager 10

(Core) (Core) (Core) (Core) (Core)

-0.11 0.05 0.36 0.22 0.21


Correlation of ex cess v ersus MSCI EM

Source: eVestment Analy tics

*Fiv e largest activ e emerging markets v alue and core managers represent nearly 40% of emering markets equity institutional assets

as reported to eVestment Analy tics for 6/30/2012.


Notes Many of the world’s most successful and dynamic companies are domiciled in Emerging

Markets

Emerging Market countries are, in many respects, more economically healthy than their

Developed counterparts

ACI’s investment approach is ideally suited to finding sustainable, improving situations in

Emerging Markets

Over the past three years, ACI has built a world-class dedicated Emerging Markets investment

team

Conclusion

12


Appendix

13


Firm Asset Distribution

Institutional Client Distribution

Investment Management Capabilities

Six Boutiques – One Global Firm

49%

35%

1%

15%

Retirement

Subadvisory and Insurance

Endowment and Foundation

Sovereign Wealth Funds


11%

25%

18%

5%

29%

12%

Global & Non-U.S. U.S. Growth

U.S. Value Quantitative

Fixed Income Asset Allocation

14


*Represents total assets managed in asset allocation products; assets managed in underlying slices are also included elsewhere in the figures above.


Collaborative Culture

Single location

Integrated communication

Alignment through

compensation

Singular Focus

Common definition of growth

Dedicated support

Accountability

Experienced Investment Team With a Global Perspective

15

Average years of experience: 16

Languages/dialects spoken: 20

Mark Kopinski

Chief Investment Officer

Portfolio Managers

Alex Tedder

Rajesh Gandhi, CFA

Non-U.S. Growth

Portfolio Managers

Mark Kopinski

Brian Brady

Non-U.S. Small-Mid Cap

Portfolio Managers

Keith Creveling, CFA

Brent Puff

Global Growth

Portfolio Managers

Mark Kopinski

Trevor Gurwich

Indraneel Das, PhD

Non-U.S. Small Cap

Portfolio Managers

Patricia Ribeiro

Anthony Han, CFA

Emerging Markets

David Choi, CFA

Federico Laffan

Sherwin Soo, CFA

Investment Analysts

Helen O'Donnell Jim Zhao, CFA

Ted Harlan, CFA Hannah Chiang

Joe Kong Sandra Miller, CFA

Alexei Babazadeh, CFA

Investment Analysts

Charlie Kime Vital Magnin, CFA

Indraneel Das, PhD Emily Smith

Pratik Patel

Investment Analysts

Geoffrey Burger, CFA

Quantitative Analyst

Bernard Chua, CFA

Kevin Boreen


Chris Spurlock

Shari Freifield

Jessica Carballal

George Nakos

Non-U.S. Equity Trading


Annual Performance

16

2007 2008 2009 2010 2011

Emerging Markets 46.11 -59.09 72.29 19.81 -20.43

MSCI Emerging Markets Growth 36.68 -56.31 77.93 19.33 -18.97

Excess Return 9.43 -2.78 -5.64 0.48 -1.46

Composite returns are gross of fees.

Source: MSCI Inc.

-80

-60

-40

-20

0

20

40

60

80

100

2007 2008 2009 2010 2011

Return(%)

Emerging Markets

MSCI Emerging Markets Growth


Notes

Country Allocation – Top 10 Over/Underweights

17



Thailand 4.96 2.21

United Kingdom 2.74 0.00

Turkey 4.24 1.70

Korea 17.13 15.52

Hong Kong 1.43 0.00

Brazil 14.68 13.27

Indonesia 3.76 2.62

Ireland 0.98 0.00

Peru 1.09 0.21

Mexico 5.14 5.04

South Africa 7.57 8.09

Poland 0.71 1.43

Colombia 0.36 1.30

Philippines 0.00 0.95

Chile 0.80 2.04

China 16.37 17.75

Russia 3.86 5.76

India 4.51 6.48

Taiwan 8.66 11.09

Malaysia 0.99 3.55


Source: FactSet

Portfolio Benchmark

Weight (%) Weight (%)Relative Weight (%) Country

2.75

2.74

2.54

1.61

1.43

1.41

1.14

0.98

0.88

0.10

-0.52

-0.72

-0.94

-0.95

-1.24

-1.38

-1.90

-1.97

-2.43

-2.56

-3 -2 -1 0 1 2 3 4


Notes

Regional Weights

18



Latin America 22.06 21.87

Emerging Europe 8.80 9.49

Africa 7.57 8.47

Emerging Asia 56.38 60.17


Source: FactSet

Weight (%)Weight (%)Relative Weight (%) Region

Portfolio Benchmark

-3.79

-0.90

-0.69

0.19

-4.0 -3.0 -2.0 -1.0 0.0 1.0

1

2

3

4


Notes

Top 10 Holdings

19


Portfolio

Weight (%)

Samsung Electronics Co., Ltd. 7.95

Taiwan Semiconductor Manufacturing Co., Ltd. 5.08

Tencent Holdings Ltd. 2.29

Hon Hai Precision Industry Co., Ltd. 2.13

Vale SA 2.11

Cia de Bebidas das Americas 2.09

CNOOC Ltd. 1.88

Ping An Insurance (Group) Co. of China Ltd. 1.73

BR MALLS Participacoes SA 1.55

Sberbank Russia OJSC 1.43



Portfolio Benchmark Overweight

Weight (%) Weight (%) (%)

Fomento Economico Mexicano SAB de CV 1.37 0.00 1.37

BR MALLS Participacoes SA 1.55 0.27 1.28

Mr. Price Group Ltd. 1.41 0.19 1.22

Hotel Shilla Co., Ltd. 1.19 0.00 1.19

BR Properties SA 1.30 0.13 1.17

Taiwan Semiconductor Manufacturing Co., Ltd. 5.08 3.95 1.13

Samsung Electronics Co., Ltd. 7.95 6.83 1.12

Clicks Group Ltd. 1.11 0.00 1.11

Hyundai Glovis Co., Ltd. 1.25 0.15 1.10

China Minsheng Banking Corp., Ltd. 1.18 0.10 1.08


Source: FactSet

Top 10 Weights

Top 10 Overweights


Notes

Portfolio Characteristics

20

EMERGING MARKETS

Emerging MSCI

Markets EM Growth

Weighted Average Market Capitalization $31.7 B $29.2 B

Median Market Capitalization $10.0 B $4.4 B

P/E Ratio, Forecasted 1-Year 13.1x 12.9x

EPS Growth, Forecasted 1-Year 21.2% 18.6%

ROE, Historical 1-Year 24.9% 23.1%

Dividend Yield 1.9% 2.5%

Number of Holdings 92 454

Turnover 1-Year 79% N/A


Source: FactSet


Biographies

21

Global and Non-U.S. Equity

Team Members Education

Began Investment

Career*

Began

At ACI

Former

Affiliations

Mark S. Kopinski

Chief Investment Officer

MA, University of Illinois

BA, Monmouth College

1983 1991 Federated Investors

Salomon Brothers Asia

Sanyo Securities

Alex Tedder

Senior Portfolio Manager

MBA, University of Freiburg, Switzerland

BA, Winchester College, UK

1990 2006 Deutsche Asset Management

Schroder Investment Management

Keith Creveling, CFA


MBA, Stern School of Business,

New York University

BA, Drexel University

1994 1999 Fiduciary Trust Company

Brown Brothers Harriman

Brian Brady


MBA, Columbia University

BS, Georgetown University

1988 1994 Chase Manhattan

Trevor Gurwich

Portfolio Manager


BA, University of Pennsylvania

1992 1998 Arthur Andersen

Patricia Ribeiro

Portfolio Manager

BS, Rutgers University 1984 2006 Medley Global Advisors

Black Arrow Capital Management

Citigroup Asset Management

JP Morgan Investment Management

Rajesh A. Gandhi, CFA

Portfolio Manager

BBA, University of Wisconsin 1993 2002 Deutsche Asset Management

Credit Suisse Asset Management

FactSet Research Systems

*Includes professional experience in investment-related occupations, such as accounting, financial communications, or professional occupations relating to their industry or

market area.


Biographies

22



Began Investment

Career*

Began

At ACI

Former

Affiliations

Brent Puff

Portfolio Manager

MBA, Kellogg School of Management,

Northwestern University

BA, Denison University

1992 2001 Peregrine Investment Holdings

Anthony Han, CFA

Portfolio Manager

MBA, Salem State College

BS, University of Adelaide

1991 2005 Federated Investors

Evergreen Asset Management

The Pioneer Group

MetLife Financial Services

Indraneel Das, PhD

Portfolio Manager


PhD, Rice University

BA, Hamilton College

1997 2007 United Technologies

Level 3 Communications

ExxonMobil

IBM

Geoffrey A. Burger, CFA

Portfolio Manager

Senior Quantitative Analyst

MA, Pennsylvania State University

BS, University of Missouri-Columbia

1996 2004 Commerce Trust Company

Hammond Associates

Bernard Chua, CFA


MA, University of California-Santa Barbara

BA, Ateneo De Manila University

1986 2006 Deutsche Bank Securities

UBS Global Asset Management

American Express Company

Kevin Boreen


MPA, Harvard University

BS, United States Naval Academy

1998 2012 Alliance Bernstein

The Boeing Company

McKinsey & Company, Inc.

Price Waterhouse, Strategic Consulting

Group

Sandra Miller, CFA

Senior Investment Analyst

MBA, The Wharton School,

University of Pennsylvania

BS, Arizona State University

1997 2011 Axiom International Investors

RH Capital & Associates

John W. Bristol & Co., Inc.

Stock Val, Inc.


market area.


Biographies

23



Began Investment

Career*

Began

At ACI

Former

Affiliations

Helen O’Donnell


BA, Fordham University 1986 2000 Mitchell Hutchins Asset Management

PaineWebber

Kidder Peabody

Smith Barney

Jim Zhao, CFA


MBA, Carnegie Mellon

MS, Clarkson University

BS, Clarkson University

2000 2009 Oppenheimer Capital

Federated Investors

Morgan Stanley

Pratik Patel


BS, New York University 1998 2009 Mackay Shields

Fiduciary Trust Company International

David Choi, CFA


BS, Boston College 1997 2010 Federated Investors

Deutsche Bank

Smith Barney

Charles Kime


BA, McGill University 1997 2005 Deutsche Bank Securities

Nomura Securities International

Ted Harlan, CFA



BA, Miami University

1998 2007 Griffin Securities

J. Giordano Securities

Federico Laffan


MS, London Business School

BA, University of Texas

1990 2011 Ranger International

Axiom International Investors

American Century Investments (2001-2008)

Credit Suisse/Pincus Asset Mgmt


market area.


Biographies

24



Began Investment

Career*

Began

At ACI

Former

Affiliations

Vital Magnin, CFA


MiS, Ecole Superieure de Commerce, Paris

BS, Externat Sainte-Marie, Lyon

1999 2008 Reach Capital Management

Credit Agricole

Emily Smith

Investment Analyst

MBA, Stern School of Business

New York University

BS, University of Maryland

2003 2009 Sands Capital Management

Cambridge Associates

Joe Kong

Investment Analyst

MBA, Columbia Business School

BS, Cornell University

2001 2009 Accenture

Hannah Chiang

Investment Analyst

MS, University of Colorado-Denver

BS, University of Colorado-Denver

1998 1999

Alexei Babazadeh, CFA

Investment Analyst

MBA, Columbia Business School

BS, University of California, Berkeley

2004 2010 Duff & Phelps

Standard & Poor's

Sherwin Soo, CFA

Investment Analyst

MBA, MIT Sloan School of Management

BS, University of Pennsylvania

1995 2011 Neuberger Berman

William D. Witter

HSBC Asset Management

Salomon Brothers


market area.


Composite Performance and Fee Schedule

December 31, 2011

25

Emerging Markets EquityBenchmark: MSCI Emerging Markets Growth Index

Year

Gross Total

Return (%)

Net Total

Return (%)

Benchmark

Return (%)

Composite

Annualized

3-Yr Standard

Deviation (%)

Benchmark

Annualized

3-Yr Standard

Deviation (%)

Number of

Portfolios

Composite

Dispersion (%)

Composite

Assets

(in 000s)

Total Firm

Assets

(in 000s)

2002 -17.18 -18.79 -6.00 24.69 23.26 Five or Fewer N/A $97,358 $72,080,228

2003 68.97 65.73 56.28 22.49 23.23 Five or Fewer N/A $192,838 $87,392,837

2004 15.82 13.61 25.95 19.25 17.61 Five or Fewer N/A $236,565 $97,855,853

2005 38.66 36.11 34.54 17.27 16.20 Five or Fewer N/A $371,775 $100,634,174

2006 45.13 42.62 32.59 17.88 17.22 Five or Fewer N/A $670,376 $102,859,418

2007 46.11 43.70 39.78 17.93 17.90 Five or Fewer N/A $1,231,506 $102,528,580

2008 -59.09 -59.77 -53.18 32.53 30.52 Five or Fewer N/A $412,935 $70,216,875

2009 72.29 69.24 75.70 35.60 33.34 Five or Fewer N/A $711,703 $86,002,779

2010 19.81 17.80 19.33 36.19 33.62 Five or Fewer N/A $798,469 $103,557,347

2011 -20.43 -21.76 -18.97 28.07 25.49 Five or Fewer N/A $702,733 $109,483,940

Separate Account

First $25 million: 110 bps

Next $25 million: 100 bps

Next $50 million: 90 bps

Over $100 million: 80 bps

Effective April 1, 2009, the benchmark for this composite was changed from MSCI Emerging Markets Free to MSCI Emerging Markets Growth.

The following fees represent composite performance based on an institutional separate account.


Performance Disclosures December 31, 2011

26

Emerging Markets Equity

For purposes of compliance with the Global Investment Performance Standards (“GIPS® standards”), the Firm is

defined as American Century Investment Management, Inc. (“ACIM”).

American Century Investment Management, Inc. claims compliance with the Global Investment Performance

Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. ACIM has

been independently verified for the periods January 1, 1992 to December 31, 2010. The verification report is

available upon request.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the

GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and

present performance in compliance with the GIPS standards. Emerging Markets Equity composite has been

examined for the periods January 1, 2001 to December 31, 2010. The verification and performance examination

reports are available upon request.

Emerging Markets Equity composite includes portfolios that invest in the equity of large, medium and small

capitalization non-U.S. companies in emerging markets that are demonstrating improving growth rates.

Performance results are expressed and calculated in U.S. dollars. The return may increase or decrease as a result

of currency fluctuations.

Consultants and investors supplied with these performance results are advised to use this data in accordance with

guidelines issued by the United States Securities and Exchange Commission. Past performance may not be

indicative of future returns. The value of any investment may rise or fall over time. Principal is not guaranteed and

investors may receive less than the full amount of principal invested at the time of redemption if asset values have

declined.

The performance results for this composite are net of foreign income tax withholding and include the effect of

foreign currency where applicable. The foreign income tax withholding rate varies by country and is recorded at the

tax rate specified by the country’s treaty. The composite is not a sub sector of a larger portfolio.

The performance results for the MSCI Emerging Markets Growth Index are net of foreign income tax withholding.

The assumed tax rate varies from 0% to 35%, using the perspective of a Luxembourg holding company. Effective

April 1, 2009, the benchmark for this composite was changed from the MSCI Emerging Markets Free Index to the

MSCI Emerging Markets Growth Index, as it was determined to be more indicative of the composite’s investment

style. The MSCI Emerging Markets Growth Index represents the performance of growth stocks in global emerging

market countries. Benchmark return information is provided for comparative and referential purposes only.

Benchmark information is provided by third party sources, and is considered to be accurate.

The Composite’s dispersion of annual returns is measured by the asset-weighted standard deviation of individual

portfolio annual returns. Only portfolios that have been managed within the Composite for the full year are

included in the asset-weighted standard deviation calculation. Dispersion is not calculated for composites that

have five or fewer portfolios for the full calendar year.

The Firm utilizes a time-weighted total rate of return methodology to calculate performance. All portfolios are

valued daily based on principal market values plus accrued income. The market value of an account is the sum of

a portfolio’s total assets, including accrued interest and dividends, cash and cash equivalents, short-term

instruments, and securities valued at current market prices. Security transactions are recognized based on trade-

date accounting. Interest is recorded on an accrual basis and dividends are recorded on the ex-dividend date.

Portfolio returns are calculated monthly. For the Firm’s mutual fund accounts, portfolio returns are calculated

monthly using an account’s beginning and ending month-end unitized value and distributions of income and

capital gains, if applicable. For the Firm’s non-mutual fund accounts, portfolio returns are calculated daily using

the change in an account’s market value after taking into account cash flows on the account. All cash flows are

assumed to have been invested at the start of the day they are processed. Daily returns are geometrically linked

to determine the monthly return. Gross-of-fee returns include all trading costs and are calculated before

management fees, administrative fees, custody fees and distribution and service fees, as applicable. Net-of-fee

returns are calculated after all trading costs, actual management fees, custody fees, distribution and services

fees, as applicable. Management fees are based on the pro-rated annual management fee schedule net of

reimbursements. The composite returns are calculated monthly by weighting each account’s monthly return by its

beginning market value as a percent of the composite’s total beginning market value. Quarterly and annual

composite returns are calculated by geometrically linking the monthly composite returns. Policies for valuing

portfolios, calculating performance and preparing compliant presentations are available upon request.

The Firm established a $5 million minimum portfolio size for inclusion in the composite.

New portfolios are generally included in the composite rate of return calculations at the beginning of the month

immediately following the date they were funded. If a portfolio’s funding occurs after the 21st day of a month, the

portfolio is included in performance reporting as of the first day of the second full month after opening. Portfolios

that change investment strategies are transferred between composites in the first full monthly reporting period the

portfolios are managed under the new style. Terminated portfolios are included in the Composite rate of return

calculations through the completion of their last full month under management.

There has been no material change in personnel responsible for investment management. Leverage is not

utilized in this composite. Futures (and currency forwards and futures, where applicable or appropriate) are

occasionally used to manage portfolio risk. Other derivative instruments may be used, as allowed, as part of the

investment strategy.

The creation date for this composite is June 2000.

A complete list of the Firm’s composite descriptions is available upon request.

©2012 American Century Proprietary Holdings, Inc. All rights reserved.


Investors in the United Kingdom: 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 Services 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), Ltd., Global Distributor

American Century Investment Management (UK) Limited is registered in England. Registered number: 06520426.

Registered office: 30 Haymarket, London SW1Y 4EX

Investors in Denmark: American Century Investment Management, Inc. is not registered under the Danish Financial Business Act.

Investors in Finland: This presentation has been prepared for private information purposes of interested investors only. It may not be used for and shall not be deemed a public offering of securities. This product cannot be offered or sold in

Finland by means of any other document to any persons other than investors that qualify as "Professional Investors" as defined by the Finnish Mutual Funds Act (Sijoitursrahastolaki, 48/1999), as amended.

Investors in Australia: American Century Investment Management, Inc. is exempt from the requirement to hold an Australian financial services licence under the Corporations Act in respect of the financial services they will provide and it is

regulated by the SEC under US laws, which differ from Australian laws.

Investors in Norway: American Century Investment Management, Inc. is not registered with the Norwegian FSA.

Investors in the Netherlands: American Century Investment Management, Inc. has received an exemption from registration from the Dutch Authority for the Financial Markets to provide investment advice.

Investors in Switzerland: This information is not intended for public distribution and is offered only on a “non public offering basis” in Switzerland pursuant to SESTA/SESTO and/or CISA/CISO.

Investors in Germany: American Century Investment Management, Inc. is not authorised by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)).

Investors in New Zealand: The investment advisory services referred to in this document are, and will be, only provided in New Zealand to persons who are not members of the public for the purposes of Part 4 of the New Zealand Securities

Markets Act 1988 and who are (or who become) wholesale clients of American Century Investments for the purposes of the New Zealand Financial Advisers Act 2008. If you do not satisfy this criteria, you should return or destroy this

document without reading it.

This promotion is not intended for public distribution and may only be distributed on a non-public offering basis.

Important Notes for Non-U.S. Investors

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