June 30, 2021 Health Care Impact Equity

Quarterly Review

Composite Performance Periods Ending June 30, 2021 At a Glance 35 Inception: November 1, 2018 29.4 29.5 30 28.7 Benchmark: Russell 3000® Health Care 25 AUM: $1.85 billion 18.9 20 18.3 18.1

15 12.0 Return % Return 11.9 11.0 10.7 10.5 10 8.2 Portfolio Management Team

5 Start Date Name Industry Firm 0 Michael Li, PHD 2002 2002 QTR YTD 1 Year Since Inception Henry He, CFA 2001 2011 Health Care Impact Equity Health Care Impact Equity Russell 3000® Health Care Gross of Fees Net of Fees

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.

Quarterly Top Relative Contributors and Detractors

Contributor (%) Detractor (%) Intuitive Surgical Inc 0.65 Moderna Inc -0.51 Shanghai Fosun Pharmaceutical Group 0.59 Eli Lilly & Co -0.45 Co Ltd Sage Therapeutics Inc -0.28 Edwards Lifesciences Corp 0.46 Blueprint Medicines Corp -0.26 Johnson & Johnson 0.40 Abbott Laboratories -0.22 Biogen Inc 0.31

Attribution Analysis One Year Ending June 30, 2021

0.10 0.04

0.00

-0.04 -0.10

-0.20

-0.30

-0.29 Cumulative Cumulative Return Excess % -0.40 Sector Allocation Security Selection Total Effect Source: FactSet

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We believe an asset manager can offer both dedication to investment performance Seeks to outperform the index by and an opportunity to make a positive impact in the world. An investment focus on 1.5% to 4.0%* annualized over a innovative health care companies may offer opportunities to add value alongside the market cycle. potential to create a meaningful impact on society. The team believes: • Good stocks start with good businesses • Good businesses become good stocks by incorporating acceleration, relative strength, and valuation

GOOD BUSINESSES GOOD STOCKS

Good Acceleration Business

Relative Valuation Strength

Good Business Characteristics Stock Outperformance Conditions • Equally important • Acceleration in fundamental business trends • Equally synergistic • Attractive valuations • Self-perpetuating cycle • Positive relative strength Risk Guidelines Investment Process Expected tracking error: 3% to 8% Health Care Investment Universe 500-700 stocks Non-U.S. exposure: <20% Minimum market cap > $500 million Cash exposure: <3% Proprietary Model Ranking 100 150 Stocks Sustainability: 100% of holdings align • Proprietary multi-factor model ranks stocks based on: with the United Nations Sustainable - Fundamental acceleration Development Goal 3 (SDG-3): Ensure 1 - Earnings quality healthy lives and promote wellbeing for - Relative strength all at all ages. - Valuation

Fundamental Analysis *Our excess return estimates are derived from a target • Conduct deep fundamental research on health care companies to identify and information ratio of 0.5. confirm: There are no guarantees that objectives or targets - Quality of the company will be achieved. Risk management does not imply 2 - Drivers of acceleration low risk. - Sustainability of growth and profitability - Alignment with impact goals and awareness of ESG opportunities or risks Portfolio Construction • Construct portfolio emphasizing stock selection subject to: - Liquidity constraints 3 - Risk management guidelines - Growth-oriented performance contour - Structured sell discipline

Portfolio 30 50 Stocks

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

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Portfolio Characteristics

Characteristics Portfolio Benchmark Weighted Average Market Capitalization $120.7 B $140.2 B P/E Ratio, Historical 1-Year 33.5 x 29.3 x P/E Ratio, Forecasted 1-Year 22.5 x 18.2 x EPS Growth, Historical 1-Year 9.3% 10.4% EPS Growth, Forecasted 1-Year 13.4% 14.9% % in Cash and Cash Equivalents 3.3% 0.0% Turnover, 1-Year 6% 3% Number of Holdings 46 607 Source: FactSet Forecasts are not a reliable indicator of future performance.

Top 10 Holdings

Assets Holding Industry (%) UnitedHealth Group Inc Health Care Providers & Services 7.63 Bristol-Myers Squibb Co Pharmaceuticals 6.81 Intuitive Surgical Inc Health Care Equipment & Supplies 6.25 Danaher Corp Health Care Equipment & Supplies 5.25 Abbott Laboratories Health Care Equipment & Supplies 5.21 Edwards Lifesciences Corp Health Care Equipment & Supplies 4.28 Regeneron Pharmaceuticals Inc Biotechnology 4.17 Roche Holding AG Pharmaceuticals 3.91 Zoetis Inc Pharmaceuticals 3.87 Bio-Techne Corp Life Sciences Tools & Services 3.38 Total 50.76% Source: FactSet

Top 10 Overweights

Portfolio Benchmark Overweight Holding Weight (%) Weight (%) (%) Intuitive Surgical Inc 6.25 1.87 4.38 Bristol-Myers Squibb Co 6.81 2.58 4.23 Roche Holding AG 3.91 0.00 3.91 Regeneron Pharmaceuticals Inc 4.17 0.97 3.20 Edwards Lifesciences Corp 4.28 1.10 3.18 Bio-Techne Corp 3.38 0.30 3.08 CVS Health Corp 2.48 0.00 2.48 Zoetis Inc 3.87 1.53 2.34 Danaher Corp 5.25 2.94 2.31 Biogen Inc 3.05 0.90 2.15

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.

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Industry Allocation

Portfolio Benchmark Portfolio Weight vs. Benchmark (%) Industry (%) (%) 7.73 Health Care Equipment & Supplies 33.96 26.23 3.58 Health Care Technology 5.64 2.06 0.29 Biotechnology 21.21 20.92 0.00 Electronic Equip Instruments & Component 0.00 0.00 -0.01 Containers & Packaging 0.00 0.01 -0.01 Entertainment 0.00 0.01 -0.04 Software 0.00 0.04 -0.04 Commercial Services & Supplies 0.00 0.04 -0.07 Diversified Financial Services 0.00 0.07 -2.04 Life Sciences Tools & Services 7.62 9.66 -4.21 Pharmaceuticals 20.37 24.58 -5.18 Health Care Providers & Services 11.19 16.37

-6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00

Source: FactSet

Quarterly Industry Performance Contribution to Contribution to Portfolio Benchmark Contribution to Return vs. Benchmark (%) Industry Return (%) Return (%)

2.14 Health Care Equipment & Supplies 4.55 2.42

0.88 Pharmaceuticals 2.70 1.82

0.58 Biotechnology 1.95 1.37

0.43 Health Care Technology 0.59 0.16

0.09 Life Sciences Tools & Services 1.39 1.30

-0.24 Health Care Providers & Services 0.84 1.08

-0.50 0.00 0.50 1.00 1.50 2.00 2.50

Source: FactSet

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Risk-Adjusted Performance One-Year Risk-Adjusted Performance vs. eVestment US Sector Focus Equity vs. Russell 3000 Health Care, Citigroup 3-Month T-Bill

Excess Returns Tracking Error Information Ratio Sharpe Ratio

0

25 Rank

Median Percentile

75

100

●American Century Investments Health Care Impact Equity Excess Returns Tracking Error InformationRatio Sharpe Ratio Manager -0.12 5.36 -0.02 2.33 Percentile Rank 77 93 77 54 Median 17.59 13.81 1.18 2.41 Source: eVestment Analytics Excess returns are gross of fees. Number of products in the universe was 58.

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Quarterly Commentary

Portfolio Review Health care stocks produced strong gains. The sector outpaced the broader S&P 500 Index in June. Every industry posted solid gains, led by life sciences tools and services. Health care providers and services stocks lagged despite showing good performance. In part, that performance reflects the larger trend where growth stocks rose and value declined. Growth industries outperformed. Growth-oriented life sciences tools and services and health care equipment and supplies rose sharply, while the more value-oriented health care providers stocks produced lesser gains. This performance also reflected fundamental developments ing large unmet medical needs. Health care equipment and supplies aided performance. The industry in general received help from easing pandemic restrictions, as we witnessed a resumption of procedures that had earlier been postponed. Intuitive Surgical and Edwards Lifesciences were top industry contributors. Pharmaceuticals aided performance. Stock selection in the industry was helpful. Shanghai Fosun Pharmaceutical Group and Zoetis were key contributors. Underweighting pharmaceuticals was also beneficial. Detractors came from a variety of industries. Individual detractors mostly lagged for stock- exposure to certain strong performers such as Moderna and Eli Lilly and Co. also weighed on performance. The portfolio was overweight health care technology stocks. We see this industry as a leader in the kind of innovation and research that is driving progress in the health care sector. Our positioning benefited performance during the month, reflecting fundamental strength and the market's preference for high-growth companies. Key Contributors Intuitive Surgical. The maker of robotic surgery systems posted revenue and earnings that beat expectations. The company reported strong growth in installations of its da Vinci system amid renewed growth in elective procedures as the pandemic eased. Shanghai Fosun Pharmaceutical Group. The pharmaceutical company continued to outperform following its most recent strong -19 vaccine throughout the Greater China region. The company has significant growth potential in both domestic and overseas markets. Edwards Lifesciences. This maker of artificial heart valves outperformed after reporting very strong revenue and earnings growth and produced better-than-expected forward guidance. The company also benefited from positive trial data for Evoque, its new system to treat patients with mitral or tricuspid heart valve disease. Key Detractors Moderna. The stock price of this biotechnology company outperformed after it reported that its COVID-19 vaccine worked well against ations. Our lack of exposure detracted from relative results. Eli Lilly and Co. Not owning the pharmaceutical giant detracted from relative performance. The stock outperformed even though the company reported disappointing quarterly results. The revenue and earnings misses were largely due to COVID-19. Its diabetes drug Trulicity and other key drugs generated strong sales. Sage Therapeutics. Sage is a development-stage biotechnology company focused on the central nervous system, which recently reported positive trial data for its fast-acting treatment for major depressive disorder. We believe it will receive FDA approval; nevertheless, some investors were disappointed with the reported efficacy. Notable Trades 10X Genomics. We established a position in this leading-edge genetic research company, which is a clear market leader in key genomic research technologies. The company develops and markets equipment and software to facilitate the study/profiling of cells at the single- cell level.

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Adaptive Biotechnologies. We initiated a position in this innovative, early stage, long-term sustainable growth biopharmaceutical company. Its research, diagnostic and technology platform for detection and immunotherapy-based drug development is attractive for its ability to address multiple high-growth markets. No positions were liquidated during the period. Again consistent with our long-term perspective, no positions were eliminated. Positioning for the Future Our process uses fundamental analysis aimed at identifying growing, innovative health care companies producing attractive, sustainable earnings growth. They also demonstrate corporate behaviors consistent with U.N. Sustainable Development Goal 3 - Ensure Healthy Lives and Promote Well-Being for All. The portfolio is aligned with social impact themes. In addition to deep fundamental research, ESG risk analysis is incorporated into the investment decision-making process. Our objective is to create a portfolio of stocks that are attractive on fundamental measures and also align with one of four social-impact themes. New or innovative treatments for diseases as well as mental and neurological disorders. Improved access to medicines and health care services in developed and emerging markets. New solutions that lead to lowering the cost of health care. More productive and efficient equipment, services and software used for research, diagnostic testing, environmental monitoring and development of new therapies. Health care offers opportunity and risk. The health care sector is currently at the intersection of a number of powerful trends that present significant upside potential but also carry downside risk. On the one hand, health care companies produced the best revenue and earnings growth of all the sectors in the S&P 500 Index for calendar year 2020. Innovation and drug approvals are also running at all-time s most intractable diseases. However, uncertainty about the effects of COVID-19 on routine procedures is creating uncertainty and volatility in some industries, while others question the sustainability of the gains from COVID-19-related testing and treatment. Industry allocations reflect opportunities. At period-end, the largest industry overweight was in health care equipment and supplies. Along with health care technology companies, we see these stocks as central to the innovation and research that is driving progress in the sector. We are also overweight biotechnology stocks, which we believe are at the intersection of several powerful, positive secular trends derrepresented in shares of pharmaceuticals, life sciences tools and services and health care providers and services companies. Many of these companies tend to lack the innovation-led fundamentals we seek.

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Available Vehicles Separate Account Available in U.S. and certain non-U.S. countries

le to a portfolio. Therefore, the portfolio may underperform or perform differently than other esting in securities or industry sectors that perform differently or maintain a different risk profile than the market generally or compared to underlying holdings that are not screened for ESG standards. 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.

The Russell 3000 Health Care Index is a subset of the Russell 3000 Index and is a capitalization-weighted index of companies involved in medical services or health care.

Composite returns are gross of investment management fees. unless otherwise noted. 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. References to specific securities are for illustrative purposes only and are not intended as recommendations to purchase or sell securities. For purposes of compliance with the Global Investment Performance Standards (GIPS® Investment Performance Standards (GIPS®). The Health Care Impact Equity strategy seeks to provide a total return that exceeds the benchmark over a market cycle using a fundamental growth equity investment strategy targeting U.S. companies engaged in the health care sector and a portfolio constructed to align with the United Nations Sustainable Development Goal (SDG) of ensuring healthy lives and promoting well-being for all. 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.

GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

To receive a complete list of composite descriptions and/or a GIPS® Composite Report, contact:

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