News Release

AMERICAN CENTURY INVESTMENTS HIRES NEUBERGER BERMAN VETERAN TO MANAGE REAL ESTATE STRATEGY

KANSAS CITY, Mo., Nov. 6, 2008 – American Century Investments announces veteran money manager Steven R. Brown will join the firm Nov. 10 as vice president and senior portfolio manager for the $880 million American Century Real Estate Fund.

Effective Nov. 17, Brown will manage the portfolio previously subadvised by J.P. Morgan Asset Management.

Prior to joining American Century Investments, Brown, 48, spent six years as Neuberger Berman’s global head of real estate securities. There he led a team managing $3 billion in publicly traded real estate securities, including the five-star rated Neuberger Berman Real Estate Trust.1

“Steve is a true REIT specialist with 21 years of experience developing and growing real estate securities products,” said American Century Investments Chief Investment Officer Enrique Chang. “We believe our clients and investors will benefit from his proven experience and we’re thrilled to bring someone of his caliber to the firm.”

Before Neuberger Berman, Brown served as a senior vice president and portfolio manager at Cohen & Steers Capital Management. Previously, he was a debt rating officer for Standard & Poor’s Corporation. He earned both his bachelor’s degree in economics and his M.B.A. with a concentration in finance from New York University. He is a member of the National Association of Real Estate Investment Trusts (NAREIT) and serves on its institutional investor committee. He also is a member of the International Council of Shopping Centers.

American Century Investments is a leading investment manager, committed to delivering superior investment performance and building long-term client relationships since 1958. Serving investment professionals, institutions, corporations and individual investors, American Century Investments offers a broad array of products across a variety of investment disciplines. With offices in New York, Mountain View, Calif. and Kansas City, Mo., the company manages more than $71.8 billion2 in assets through mutual funds, institutional separate accounts, commingled trusts and subadvisory accounts. James E. Stowers Jr. founded the company and serves as co-chairman of the board. Jonathan S. Thomas is president and chief executive officer and Enrique Chang is chief investment officer. For the past nine years, American Century Investments, which employs 1,600 people, has been selected as one of FORTUNE Magazine's 100 Best Companies to Work for in America. ###

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Contact 1-800-345-6488 for a prospectus containing this and other information. Read it carefully.

1 For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that account for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. On Sept. 30, 2008, Neuberger Berman Real Estate Trust was rated against the following numbers of U.S.-domiciled specialty – real estate funds over the following time periods: 231 funds in the last three years and 173 funds in the last five years. With respect to these specialty – real estate funds, Neuberger Berman Real Estate Trust received a Morningstar Rating of 5-stars for both the three- and five-year periods, respectively. Past performance is no guarantee of future results.

2 Assets under management as of Oct. 31, 2008.