Shareholder Proxy Vote

Proxy Voting applies to the Global Real Estate Fund


What is the proposal I am being asked to vote on?

We are asking you to approve changes to the Fund’s designation under the Investment Company Act from a “diversified” to a “non-diversified” fund. You will receive a detailed proxy statement in late-January 2025. If you are eligible, we encourage you to vote as soon as possible.

What is the difference between diversified and non-diversified funds?

Under the Investment Company Act, a fund is classified as diversified or non-diversified, which governs its ownership of securities of issuers. “Diversified” means that, with respect to 75% of its total assets, the Fund will not invest more than 5% of its total assets in the securities of a single issuer or own more than 10% of the outstanding voting securities of a single issuer (other than U.S. government securities and securities of other investment companies). The Fund is currently classified as diversified and therefore must operate in compliance with these diversification requirements and is limited in its ownership of securities of any single issuer.

Why am I being asked to approve the reclassification of the Fund from diversified to non-diversified?

Under the Investment Company Act, a diversified fund cannot change its diversification status to non-diversified without shareholder approval. If the proposal is approved, the Fund would be permitted to invest a larger percentage of its assets in a smaller number of issuers and would no longer be subject to the diversification requirements. The non-diversified status will give the Fund’s investment management team increased flexibility to manage the Fund’s portfolio. American Century Investment Management, Inc., the investment advisor to the Fund (the “Advisor”), believes that reclassifying the Fund as non-diversified is in the best interests of the Fund and its shareholders because it provides the Fund’s portfolio management team with increased investment flexibility and potential for better investment performance.

Will the Fund’s risk profile increase if it is reclassified as non-diversified under the Investment Company Act?

A non-diversified fund may invest a greater percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the Fund does so, the Fund will be more susceptible to the attendant risks of a particular issuer in which it invests than would be a diversified fund. In addition, a price change in the securities of any one of those issuers may have a greater impact on the Fund’s share price than would be the case in a diversified fund.

Will the Fund make any changes to its investment strategies if reclassified as non-diversified under the Investment Company Act?

No. The Fund will continue to invest in accordance with its current investment strategies.

When is the special meeting? Who can vote?

The special meeting will be held on February 27, 2025, at 10:00 a.m. Central Time at American Century Investments’ office at 4500 Main Street, Kansas City, Missouri. Please note we are holding this meeting only for purposes of voting on the Proposal. We do not plan on making any presentations about the Fund. If you owned shares of the Fund at the close of business on January 10, 2025, you are entitled to vote, even if you later sold the shares. Each shareholder is entitled to one vote per dollar of shares owned, with fractional dollars voting proportionally.

How does the Board recommend that I vote?

The Board recommends you vote “FOR” the Proposal. For a discussion of the factors the Boards considered in approving the proposal, see the proxy statement.

What happens if shareholders do not approve the Proposal?

If shareholders do not approve the Proposal, the Fund will remain “diversified” and therefore remains subject to the diversification requirements set forth in the Investment Company Act.

My holdings in the Fund are small, why should I vote?

Your vote makes a difference. If many shareholders do not vote their proxies, the Fund may not receive enough votes to go forward with its special meeting.

Why are multiple proxy cards enclosed?

If you own shares of the Fund in multiple accounts that are titled differently, you will receive a proxy card for each account.

How do I cast my vote?

You may vote by phone, by mail, online, or in person at the special meeting. Before voting, please read the proxy statement and have your proxy card at hand. To vote by telephone, call the toll-free number listed on the proxy card. To vote by mail, check the appropriate box(es) on the reverse side of the proxy card. Sign, date, and return the proxy card in the envelope provided. To vote online, have your proxy card at hand and go to the website listed on your card. To see a sample of the proxy card, click here. You may also vote in person at the special meeting on February 27, 2025. Have your vote card handy for the web address and your voting number.

Who do I call if I have questions?

If you need any assistance, or have any questions regarding this proxy or how to vote your shares, please call 1-833-201-4685. Please have your proxy materials available when you call.

A proxy statement with respect to the information described above has been filed with the Securities and Exchange Commission (SEC). Investors are urged to read the proxy statement because it contains important information. The proxy statement and other relevant documents are available free of charge on the SEC’s website at www.sec.gov or by calling 1-800-345-2021.