FOR INSTITUTIONAL USE ONLY

Quarterly Top Relative Contributors and Detractors

Quarterly Review

Source: FactSet

Non-U.S. Concentrated Growth

Attribution Analysis

Source: FactSet

At a Glance

Inception: April 1, 2009

Benchmark: MSCI ACWI ex-U.S.

AUM: $848.24 million

Portfolio Management Team

Start DateName Industry FirmRajesh Gandhi, CFA 1993 2002

Jim Zhao, CFA 1999 2009

Portfolio team subject to change at any time and without notice.

Composite Performance

Ret

urn

%

Periods Ending December 31, 2020

14.3

33.6

16.3 15.4

10.0

14.2

32.9

15.7 14.8

9.6

17.0

10.7

4.9

8.9

4.9

0

5

10

15

20

25

30

35

40

QTR 1 Year 3 Year 5 Year 10 Year

Non-U.S. Concentrated GrowthGross of Fees

Non-U.S. Concentrated GrowthNet of Fees

MSCI ACWI ex-U.S.

8.15

12.51

1.87

22.53

0.00

5.00

10.00

15.00

20.00

25.00

Sector Allocation Security Selection Currency Effect Total Effect

Cum

ulat

ive

Exc

ess

Ret

urn

%

One Year Ending December 31, 2020

Source: FactSet Returns calculated in U.S. Dollars. 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.

December 31, 2020

Contributor (%)

Infineon Technologies AG 0.46

Murata Manufacturing Co Ltd 0.45

HDFC Bank Ltd 0.45

Neste Oyj 0.43

ANTA Sports Products Ltd 0.41

Detractor (%)

Cellnex Telecom SA -0.47

Samsung Electronics Co Ltd -0.38

AstraZeneca PLC -0.37

ASOS PLC -0.35

DSV PANALPINA A/S -0.28

FOR INSTITUTIONAL USE ONLY 2

Non-U.S. Concentrated Growth

There are no guarantees that objectives or targets will be achieved. Risk management does not imply low risk.

Goal

Risk Guidelines

Seeks to outperform the MSCI ACWI ex-U.S. by 3% to 4% annualized over a market cycle.

Maximum position size: 5% active weight

Regional exposure: +/- 25% of benchmark weight

Sector exposure: +/- 25% of benchmark weight

Emerging markets exposure: < 50%

Expected tracking error: 6% to 8% versus benchmark

Investment Process

Investment Universe• Market capitalization > $3B• Sufficient trading liquidity

1Idea Generation Identify companies exhibiting accelerating growth and improving fundamentals• Fundamental information flow • Quantitative screens

2Fundamental Analysis

• Confirm acceleration is genuine and sustainable

3Portfolio Construction • Focus portfolio on best ideas• Monitor risk controls and guidelines

Portfolio 35 50 Companies

We believe that accelerating, sustainable growth in revenues and earnings, driven by an inflection in business fundamentals, results in stock price outperformance.

•

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 Well-Defined Bottom-Up Growth Philosophy

Growth Over Time

15%7%10% 22%

Growth Over Time

21%23%20% 20%

We believe the direction of earnings growth is a more powerful predictor of stock price performance than the absolute level of growth.

Top 10 Overweights

HoldingPortfolio

Weight (%)BenchmarkWeight (%)

Overweight (%)

Infineon Technologies AG 3.19 0.20 2.99

Schneider Electric SE 3.13 0.31 2.82

Adyen NV 2.87 0.17 2.70

Murata Manufacturing Co Ltd 2.84 0.20 2.64

Capgemini SE 2.70 0.10 2.60

Neste Oyj 2.70 0.12 2.58

Knorr-Bremse AG 2.49 0.04 2.45

Valeo SA 2.44 0.04 2.40

Hexagon AB 2.50 0.10 2.40

Safran SA 2.56 0.18 2.38

Source: FactSet

The holdings listed should not be considered recommendations to purchase or sell a particular security. Equity holdings are grouped to include common shares, depository receipts, rights and warrants issued by the same company. Portfolio holdings subject to change without notice.

Portfolio Characteristics

Characteristics Portfolio Benchmark

Weighted Average Market Capitalization $78.7 B $74.1 B

Median Market Capitalization $28.7 B $4.0 B

P/E Ratio, Forecasted 1-Year 33.9 x 19.0 x

Earnings Growth, Trailing 1-Year -2.5% -3.7%

EPS Growth, Forecasted 1-Year 30.1% 25.8%

Return on Equity 12.6% 9.8%

% in Cash and Cash Equivalents 1.3% 0.0%

Turnover, 1-Year 99% 3%

Number of Holdings 46 2361

Source: FactSetForecasts are not a reliable indicator of future performance.

3

Top 10 Holdings

Holding Country IndustryAssets

(%)

Taiwan Semiconductor Manufacturing Co Ltd Taiwan Semiconductors & Semiconductor Equipment 4.10

Infineon Technologies AG Germany Semiconductors & Semiconductor Equipment 3.19

Schneider Electric SE France Electrical Equipment 3.13

Adyen NV Netherlands Software 2.87

Murata Manufacturing Co Ltd Japan Electronic Equip Instruments & Component 2.84

Neste Oyj Finland Oil, Gas & Consumable Fuels 2.70

Capgemini SE France IT Services 2.70

Recruit Holdings Co Ltd Japan Professional Services 2.58

Safran SA France Aerospace & Defense 2.56

Hexagon AB Sweden Electronic Equip Instruments & Component 2.50

Total 29.17%

Source: FactSet

FOR INSTITUTIONAL USE ONLY

Non-U.S. Concentrated Growth December 31, 2020

Sector Allocation

Quarterly Sector Performance

Source: FactSetWhen shown, "Diversified" includes portfolio holdings that cannot be attributed to a specific GICS sector.

SectorPortfolio

(%)Benchmark

(%)

Information Technology 30.04 12.70

Industrials 19.82 11.58

Consumer Discretionary 18.41 13.79

Utilities 2.27 3.33

Energy 2.74 4.31

Real Estate 0.00 2.62

Communication Services 4.34 7.06

Materials 4.59 8.08

Health Care 5.88 9.56

Financials 11.90 18.04

Consumer Staples 0.00 8.93

Portfolio Weight vs. Benchmark (%)

Sector

Contribution toPortfolio

Return (%)

Contribution to BenchmarkReturn (%)

Information Technology 5.88 2.77

Consumer Discretionary 2.84 2.28

Energy 0.86 0.93

Utilities 0.34 0.49

Real Estate 0.00 0.35

Industrials 1.57 1.93

Health Care 0.15 0.63

Communication Services 0.32 1.03

Consumer Staples 0.00 0.79

Materials 0.06 1.53

Financials 1.83 4.27

Contribution to Return vs. Benchmark (%)

Source: FactSet

-8.93

-6.14

-3.68

-3.49

-2.72

-2.62

-1.57

-1.06

4.62

8.24

17.34

-15.00 -10.00 -5.00 0.00 5.00 10.00 15.00 20.00

-2.44

-1.47

-0.79

-0.71

-0.48

-0.37

-0.35

-0.15

-0.07

0.55

3.10

-3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00

4

December 31, 2020 31 December 2020

FOR INSTITUTIONAL USE ONLY

Non-U.S. Concentrated Growth Non-U.S. Concentrated Growth December 31, 2020

France 22.07 6.93

Spain 7.32 1.53

Germany 9.90 5.88

Sweden 4.61 2.10

Finland 2.74 0.66

Hong Kong 4.03 2.03

Ireland 1.52 0.44

Mexico 1.60 0.54

Netherlands 2.91 2.41

Denmark 1.93 1.58

- - -

Russia 0.00 0.92

South Africa 0.00 1.08

United Kingdom 7.62 8.78

Italy 0.00 1.49

Switzerland 4.48 6.03

South Korea 0.00 4.19

China 7.95 12.18

Canada 1.93 6.31

Australia 0.00 4.41

Japan 11.22 15.84

Country Allocation: Top 10 Over/Underweights

Quarterly Top Relative Contributors and Detractors by Country

Source: FactSet

Contributor (%)

Germany 0.75

Finland 0.48

Switzerland 0.43

India 0.33

Taiwan 0.10

Detractor (%)

Spain -0.94

United Kingdom -0.78

South Korea -0.68

Denmark -0.57

France -0.39

5

Source: FactSet

Portfolio Weight vs. Benchmark (%) CountryPortfolio

(%)Benchmark

(%)

-4.62

-4.41

-4.38

-4.23

-4.19

-1.55

-1.49

-1.16

-1.08

-0.92

0.35

0.50

1.06

1.08

2.00

2.08

2.51

4.02

5.79

15.14

-10.00 -5.00 0.00 5.00 10.00 15.00 20.00

FOR INSTITUTIONAL USE ONLY

31 December 2020 Non-U.S. Concentrated Growth December 31, 2020

Risk-Adjusted PerformanceThree-Year Risk-Adjusted Performance vs. eVestment ACWI ex-US Large Cap Equity vs. MSCI ACWI ex-U.S., Citigroup 3-Month T-Bill

Excess Returns Tracking Error Information Ratio Sharpe Ratio

Per

cent

ileR

ank

0

25

75

Median

100

●American Century Investments Non-U.S. Concentrated Growth

Excess Returns Tracking Error InformationRatio Sharpe Ratio

Manager 11.43 6.02 1.90 0.82

Percentile Rank 3 25 3 2

Median 3.06 4.17 0.73 0.35

Source: eVestment Analytics Excess returns are gross of fees.Number of products in the universe was 128.

6FOR INSTITUTIONAL USE ONLY

Non-U.S. Concentrated Growth December 31, 2020

7FOR INSTITUTIONAL USE ONLY

Non-U.S. Concentrated Growth Non-U.S. Concentrated Growth December 31, 2020

Quarterly Commentary

Portfolio Review

Non-U.S. equities posted strong gains, outperforming U.S. Uncertainty around the U.S. elections, Brexit and a COVID-19 second wave increased volatility early in the period. Investor optimism shifted quickly on positive vaccine news. Non-U.S. outpaced U.S. stocks; U.K. equities led despite new lockdowns and Brexit concerns that only resolved near quarter-end. Europe and Japan also rallied but slightly underperformed.

Vaccine news supported cyclical rally. Global markets quickly priced in economic recovery after positive vaccine news from three separate drug companies. Market leadership shifted from defensive, stay-at-home stocks, which had led year to date, to more cyclically oriented names as the potential for normalized economic activity improved. Beneficiaries included banks, travel, energy, commodities and automobile stocks.

Limited financials exposure weighed on performance. Financials, including banks and insurance companies, rallied on tightening credit spreads and the outlook for higher interest rates. We remain underweight but are finding select opportunities positioned to benefit from shifting interest rate and inflation expectations.

Cell tower operator detracted. A strong year-to-date performer, Cellnex Telecom lagged as the market rotated away from higher-multiple, top-performing stocks to those with higher cyclical exposure.

Information technology holdings, avoidance of consumer staples contributed. Murata Manufacturing gained on increased content in 5G handsets. Infineon Technologies benefited from memory chip pricing and rising chip demand for automobiles. Avoiding consumer staples names, which underperformed amid a shift away from more defensive stocks, also helped.

We increased cyclical holdings amid improved outlook for growth. While we maintain exposure to names that benefited from pandemic-led changes in consumer behavior, we have found new opportunities in companies positioned to benefit from an expected increase in demand and economic recovery.

Key Contributors

Infineon Technologies. The semiconductor firm reported another strong quarter supported by the automotive segment and strong margin improvement. Major growth drivers include increased content with the advent of advanced driver-assistance systems, momentum in data center demand as well as opportunity for cyclical recovery in automobiles.

Murata Manufacturing. The firm manufactures passive components used in multiple end markets. The stock rose on positive earnings revisions following an investor update that described a growing market opportunity supported by increased content in 5G handsets, high-capacity automotive applications, industrial solutions and the Internet of Things.

HDFC Bank. Stock of the India-based bank rallied on better-than-expected earnings results driven by improved loan growth. In addition, the stock got a boost from a broad rally in bank stocks as yield curves steepened during the quarter.

Key Detractors

Cellnex Telecom. The stock declined after being a top performer year to date. Nothing changed fundamentally, but the stock, which is perceived as a long-term durable growth stock, suffered amid the shift in market leadership to reopening beneficiaries. We think Cellnex remains well positioned as the leading independent tower company in Europe.

Samsung Electronics. detracted from relative performance. The firm has benefited from the tightening of the memory chip market, but this cyclical business lacks the long-term sustainable growth drivers to be a good fit for the portfolio.

AstraZeneca. The recently announced acquisition of U.S.-based Alexion Pharmaceuticals diluted the appeal of the oncology product of higher-

conviction stocks.

Notable Trades

Safran. We bought Safran, anticipating this aftermarket service provider to the aerospace industry will gain from a significant recovery in airline engine overhaul and repair activities as airline travel picks up with the distribution of COVID-19 vaccines. Our conviction in the earnings recovery story is much higher now than it was three months ago.

8FOR INSTITUTIONAL USE ONLY

Non-U.S. Concentrated Growth Non-U.S. Concentrated Growth December 31, 2020

Element Fleet Management. A new buy, Element provides fleet maintenance and leasing services. We expect fleet utilization to rise sharply as the economy reopens, which should accelerate service and maintenance income. After two years of restructuring and strengthening the balance sheet, management is pivoting its strategy to accelerate sales growth.

DSV Panalpina. The valuation of the stock expanded significantly over the last several months as the company was viewed as a -term growth story, but the risk/reward became less compelling in our view,

and we sold the stock to use the proceeds elsewhere.

CSL. Although we still like the long-term growth story for this blood plasma company, significant multiple expansion has made the risk/reward less compelling. We exited our position in order to invest the proceeds in names we think have greater upside potential.

Top Holdings

The portfolio continues to invest in companies where we believe business fundamentals are improving and where we have high conviction are highlighted

below.

Taiwan Semiconductor Manufacturing Co. The company continues to benefit from strengthening global semiconductor demand supported by 5G, gaming, cloud computing, automotive content, smartphones, customer share gains and its leading-edge technology. The firm recently raised its 2021 capital expenditure guidance to meet growing demand.

Infineon Technologies. Highly geared to the automotive industry, this semiconductor company is benefiting from increased content per vehicle as automobile producers add safety features and shift production to electric and hybrid vehicles. The company is also seeing increased order rates related to the 5G rollout and high-performance computing.

Schneider Electric. The firm has benefited from demand for electrical grid improvements and greater efficiency of electrical systems, including those that monitor and regulate electricity flow and consumption. We think Schneider could benefit from increased investment to upgrade the grid and systems to accommodate electric vehicles and hybrids.

Adyen. We believe Adyen, the leading payment processor in Europe, will continue to benefit from the accelerated shift from cash to cardpayments and the growth of e-commerce. The company continues to gain market share due to its best-in-class technology platform, which provides multiple ancillary data services.

Murata Manufacturing. The firm makes passive components used in multiple end markets, including 5G handsets, electronic devices and automobiles. We believe Murata is poised to see 30% to 40% content growth in 5G handsets and has growing market opportunity in high-capacity automotive applications, industrial solutions and the Internet of Things.

Neste. As demand for renewable fuel grows worldwide, supported by increased regulation, Neste has become the global leader of h acquisitions.

Capgemini. The IT services company is poised to benefit from a cyclical recovery in demand for business consulting activities as business activity rebounds, while it is also capitalizing on secular trends with more digital transformation projects.

Recruit Holdings. In our view, this leading provider of human resources technology solutions should continue to benefit from the shift to digital and online solutions. It owns and operates major online job search websites, including Indeed.com and Glassdoor.com.

Hexagon. A provider of products and solutions for digitalization and productivity in end markets such as construction, manufacturing and energy, Hexagon has seen sharp improvement in order trends and has beaten The Street expectations. The firm also taps into greenenergy trends with high-pressure cylinder tanks used in hydrogen-powered cars.

Knorr-Bremse. We expect earnings to accelerate as the truck market recovers after years of low investment. We think the brake systems manufacturer may take share as increased safety requirements drive product penetration. Demand for safety features, such as electronic stability control and disk brake conversion, has created a strong rail backlog.

10

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IM-FLY-91413

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www.americancentury .com

Available VehiclesSeparate Account Available in U.S. and certain non-U.S. countries

SMA Available in U.S. and certain non-U.S. countries

Focused International Growth Fund

I Share Class - AFCSX Available only in U.S.

Investor Share Class - AFCNX Available only in U.S.

A Share Class - AFCLX Available only in U.S.

C Share Class - AFCHX Available only in U.S.

R Share Class - AFCWX Available only in U.S.

R6 Share Class - AFCMX Available only in U.S.

The opinions expressed are those of the American Century Investments management and are no guarantee of the future performance of any American Century Investments portfolio. Statements regarding specific sectors represent personal views and compensation has not been received in connection with such views. This information is for an educational purpose only is not intended to serve as investment advice. The information is not intended as a personalized recommendation or fiduciary advice and should not be relied upon for investment, accounting, legal or tax advice.

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.

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®

Investment Performance Standards (GIPS®). Non-U.S. Concentrated Growth composite includes portfolios that invest in the equity of large capitalization companies in non-U.S. developed markets that are demonstrating improving growth rates. 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.

FOR INSTITUTIONAL USE ONLY

Non-U.S. Concentrated Growth Non-U.S. Concentrated Growth December 31, 2020