American Century Real Estate Fund, R5 Class, is an open-end mutual fund that invests primarily in the equities of companies within the real estate sector, including real estate investment trusts (REITs) and related companies. The fund aims to achieve a high total investment return, balancing both capital appreciation and current income. Managed by American Century's experienced team since its inception in 2017, the fund typically commits at least 80% of its net assets to real estate securities, offering investors targeted exposure to the property sector. Notable features include a competitive expense ratio of 0.95%, no minimum initial investment for standard taxable accounts, and a quarterly dividend distribution policy, contributing to a recent yield around 2%. The fund maintains a concentrated portfolio, with over half its assets in its top ten holdings, which can lead to higher volatility compared to broader funds. As a non-diversified product, it plays a specialized role in the market, serving investors and retirement plans seeking to allocate capital specifically to real estate, rather than providing a core, all-market exposure.