American Century Investment Management Inc

Item 5 – Fees and Compensation

Fees Paid by American Century Registered Investment Companies

American Century Investments serves as the investment adviser for the American Century
family of mutual funds and ETFs (referred to as American Century Investments funds). Each
American Century Investments fund represents a series of shares issued by one of the following
companies: American Century Mutual Funds, Inc., American Century World Mutual Funds, Inc.,
American Century Growth Funds, Inc., American Century Capital Portfolios, Inc., American
Century Strategic Asset Allocations, Inc., American Century California Tax-Free and Municipal
Funds, American Century Municipal Trust, American Century Government Income Trust,
American Century Investment Trust, American Century Quantitative Equity Funds, Inc.,
American Century International Bond Funds, American Century Asset Allocation Portfolios, Inc.
and American Century ETF Trust. We manage these funds in accordance with the investment
objectives and policies as set forth in their respective registration statements filed with the SEC,
and in accordance with the terms and conditions of the investment management agreement
between us and each of the issuers of the funds.

Pursuant to the investment management agreements, we are responsible for managing the
investment portfolios of each American Century Investments fund and, unless the investment
portfolio is managed by one or more sub-advisers, directing the purchase and sale of its
investment securities. If we engage one or more sub-advisers to manage all or a portion of an
investment portfolio, we are also responsible for overseeing the performance of such sub-
advisers. The management agreements may be terminated by either party upon sixty days'
notice.

For the services we provide to the American Century Investments funds, American Century
Investments receives a unified management fee based on a percentage of the daily net assets

 American Century Investments’ regulatory assets under management are approximately $305,966,952,000.
Regulatory assets under management reflect those accounts where American Century provides continuous and
regular supervisory services and excludes certain accounts, such as model delivery accounts, where American
Century does not have discretionary authority and does not arrange for effecting purchases and/or sales of the
securities in such account.

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of each class of shares of the fund. The amount of the fee is accrued daily and deducted from
fund assets monthly in arrears. Out of that fee, we pay all expenses of managing and operating
the American Century Investments mutual funds (such as sub-advisory fees and custodial fees),
except brokerage expenses, expenses on securities sold short, taxes, interest, fees and
expenses of the independent directors (including legal counsel fees), portfolio insurance,
extraordinary expenses and expenses incurred in connection with the provision of shareholder
services and distribution services under a plan adopted pursuant to Rule 12b-1 under the
Investment Company Act of 1940, as amended (the “Investment Company Act”). For American
Century Investments ETFs and Avantis Investors mutual funds and ETFs, we pay all expenses
of managing and operating the ETFs, other than the management fee, brokerage and other
transaction fees and expenses relating to the acquisition and disposition of portfolio securities,
acquired fund fees and expenses, interest, taxes, the fees and expenses of the independent
trustees (including counsel fees), litigation expenses, extraordinary expenses, and expenses
incurred in connection with the provision of shareholder and distribution services under a plan
adopted pursuant to Rule 12b-1 under the Investment Company Act (if any).

Basic Fee Schedule. The management agreements between American Century Investments
and the funds provide that each fund, in exchange for the investment advisory services we
provide, will pay us an annual management fee. The amount of the fee is based on a
percentage of the net assets of the fund and is calculated daily and paid monthly in arrears.
American Century Investments manages funds that utilize both flat and stepped fee
schedules. Flat fee schedules do not include breakpoints, while stepped fee schedules apply
breakpoints at specified asset levels, which, when reached, reduce the applicable
management fee.

American Century Investments Funds with a Stepped Fee Schedule. For each American
Century Investments fund with a stepped fee schedule, the rate of the management fee is
determined by applying the formula indicated in the fund’s prospectus. In some cases, this
formula takes into account the assets of the fund, as well as certain assets, if any, of our other
clients of the advisor outside the American Century Investments fund family (such as funds we
sub-advise and separate accounts), as well as exchange-traded funds managed by the advisor
that use very similar investment teams and strategies (strategy assets). The use of strategy
assets, rather than fund assets alone, in calculating a fund’s fee rate could allow the fund to
realize scheduled cost savings more quickly. However, it is possible that a fund’s strategy assets
will not include assets of other client accounts or that any such assets may not be sufficient to
result in a lower fee rate.

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For certain other American Century Investments funds, the annual rate at which our
management fee is assessed is determined daily in a two-step process. First, the assets of
certain accounts within the same broad investment category are included in the pool of assets
used to determine a category rate (the “Investment Category Fee”). For example, when
...

Item 7 – Types of Clients

American Century Investments provides portfolio management services to the following types
of clients: SEC-registered mutual funds, exchange traded funds (ETFs), pension, profit sharing
and other retirement plans, charitable institutions, foundations, endowment funds, state and
municipal government entities, pooled investment vehicles (including non-U.S. funds such as
UCITS and Australia unit trusts registered as managed investment schemes), commingled
investment trusts, Managed Accounts, private investment funds, trust programs, sovereign-
wealth funds, Japanese investment trusts, insurance companies, central banks, financial
institutions (including registered investment advisers) and other U.S. and non-U.S. institutions.
Each type of client or vehicle will generally be representative of an investment strategy
managed by American Century Investments that has been optimized for that client account or
vehicle type. As such, different client account or vehicle types, even if they utilize the same
investment strategy, may not be a replication of another fund or portfolio, and thus seek only to
replicate the performance contour of the investment strategy. While most vehicles share a
model strategy, the investment team constructs the portfolios in each vehicle independently
and in accordance with vehicle-specific requirements.

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With respect to institutional separate account and Managed Account clients, before American
Century Investments agrees to manage a prospective client’s account, we may require the
prospective client to provide, or commit to provide within a certain timeframe, a minimum dollar
amount of assets to be managed by us. We may also require a client to maintain a minimum
dollar amount under our management in order to remain our client. These minimum dollar
amounts, when applicable, are determined by the officers of American Century Investments,
depend upon circumstances that they deem pertinent, and may vary from client to client.
Minimum account size for Managed Account programs typically depends on various factors,
including the product type, investment strategy, and any Sponsor specific requirements.

The American Century Private Investments Team provides services to private investment funds.
Interests in certain private investment funds that are exempt from registration under the
Investment Company Act are only offered to “accredited investors” as defined in Regulation D
of the Securities Act of 1933, as amended, and who meet other suitability requirements as may
be determined by American Century Investments. The Fund Documents for each private
investment fund set forth further information with respect to suitability and minimum investment
requirements for an investment in such private investment fund.