High-Yield Fund

Summary

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FUND FACTS

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Expenses and Dividends

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For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. Morningstar ratings are based upon Investor class of shares, unless otherwise indicated. 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. Past performance is no guarantee of future results.

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Lipper Rankings

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FUND DOCUMENTS & RESOURCES

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Investment Objective

Seeks high current income. As a secondary objective, the fund seeks capital appreciation, but only when consistent with its primary objective of maximizing current income.

Risk & Additional Details

Goal & Strategy

Total return primarily through high-yield corporate bonds.

Characteristics

Seeks to maximize return per level of risk through comprehensive risk management. May be appropriate as a higher-yielding satellite position within properly diversified portfolios.

Performance

  • CUMULATIVE
  • Average annual total returns illustrate the annual compounded returns that would have produced the cumulative total return if the fund's performance had remained constant throughout the period indicated. Returns for periods less than one year are not annualized.

    Cumulative

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  • CALENDAR YEAR
  • Calendar Year

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  • RISK/RETURNS
  • Risk/Returns

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  • GROWTH CHART
  • Growth Chart

    Please Note: The x-axis represents the selected time frame by which the funds are being measured. The y-axis represents the value of a $10,000 investment made at the start of the selected time frame or on the fund's inception date, whichever is more recent.

    Composition

    • INVESTMENT BLEND
    • Investment Blend

    • TOP TEN HOLDINGS
    • Top Ten Holdings

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    • QUALITY
    • Quality

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    • MATURITY
    • Maturity

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    • COUPON
    • Coupon

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    • DURATION
    • Duration

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      Geography

      • TOP COUNTRIES
      • Top Countries

      • TOP REGIONS
      • Top Regions

        Management

        Gavin Fleischman

        Gavin Fleischman

        Vice President, Portfolio Manager

        Kevin Akioka, CFA

        Kevin Akioka

        Vice President, Senior Portfolio Manager

        John Walsh

        John Walsh

        Vice President, Portfolio Manager

        Jeff Houston, CFA

        Jeff Houston

        Vice President, Senior Portfolio Manager

        G. David MacEwen

        G. David MacEwen

        Co-Chief Investment Officer, Senior Vice President

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        Data reflects past performance for Investor Class shares, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value fluctuates. Redemption value may be more or less than original cost. Obtain performance data current to the most recent month end. For additional share class information, consult the prospectus.

        Returns or yields for the fund would have been lower if .07% of the management fee had not been waived. The advisor expects this waiver to continue until October 1, 2018, and cannot terminate it prior to such date without the approval of the Board of Trustees. Review the annual or semiannual report for the most current information.

        The lower rated securities in which the fund invests are subject to greater credit risk, default risk and liquidity risk.

        Credit risk is the risk that an obligation won't be paid and a loss will result. Generally, a lower credit rating indicates a greater risk of non-payment. Liquidity risk is the risk that the fund will have difficulty selling its debt securities.

        C

        Expense ratios provided are the funds' total annual operating expense ratios, gross of any fee waivers or expense reimbursements. Expense ratios are as of the funds' most current prospectus.

        W2 If your account falls below the minimum balance, you will be notified and given 90 days to meet the minimum. If the deadline is not met, American Century Investments may redeem the shares in the account and send the proceeds to the address of record.

        Lipper rankings are based on average annual total returns. Portions of the mutual fund performance information contained on this page were supplied by Lipper, a Thomson Reuters Company, subject to the following: Copyright 2017 © Thomson Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Performance data is preliminary and subject to revision. Rankings are based on all classes available within the classification as of the date shown. Rankings are based only on the universe shown.

        ©2017 Morningstar, Inc. All Rights Reserved. Certain information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

        Source: Bloomberg Index Services Ltd

        ©2017 Standard & Poor's Financial Services LLC. All rights reserved. For intended recipient only. No further distribution and/or reproduction permitted. Standard & Poor's Financial Services LLC ("S&P") does not guarantee the accuracy, adequacy, completeness or availability of any data or information contained herein and is not responsible for any errors or omissions or for the results obtained from the use of such data or information. S&P GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE IN CONNECTION TO THE DATA OR INFORMATION INCLUDED HEREIN. In no event shall S&P be liable for any direct, indirect, special or consequential damages in connection with recipient's use of such data or information.

        The Dow Jones AveragesSM and The Dow Jones Global IndexesSM are compiled, calculated and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones AveragesSM and The Dow Jones Global IndexesSM ©2017 Dow Jones & Company, Inc. All Rights Reserved.

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