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The value and/or returns of a portfolio will fluctuate with market and economic conditions.

Investments in fixed income securities are subject to the risks associated with debt securities including credit, price and interest rate risk.

Generally, as interest rates rise, the value of the securities held in the fund will decline. The opposite is true when interest rates decline.

Please see the prospectus for details about sales charges.

The gross expense ratio is the fund's total annual operating costs, expressed as a percentage of the fund's average net assets for a given time period. It is gross of any fee waivers or expense reimbursement. The net expense ratio is the expense ratio after the application of any waivers or reimbursement. This is the actual ratio that investors paid during the fund's most recent fiscal year. Please see the prospectus for more information.

Investor Class Shares: Minimum initial investment is $1,000 for IRA and CESA accounts, and $2,500 for non-retirement accounts, but these minimums are waived with an initial investment of at least $500 per account and automatic investments of at least $100 per month. Non-Retirement Accounts: If your account balance falls below the minimum, or if you cancel your automatic monthly investment plan prior to reaching the minimum, American Century Investments may redeem the account and send the proceeds to you. Prior to doing so, we will notify you and give you 90 days to meet the minimum or reinstate your automatic monthly investment plan.

Investment Blend: Reflects the blend of securities owned by a fund. For example, the percentage of foreign or domestic stocks held by an equity fund or the percentage of corporate and government securities owned by a bond fund. The U.S./Foreign Convertibles grouping includes Convertible Bonds, Equity Linked Securities and Convertible Preferred securities.

Sector Weights: This value represents the sectors of the equity securities included in the portfolio on a percent of equity assets basis. Due to rounding, these values may exceed 100%.

Top Holdings: This value represents the top holdings included in the portfolio on a percent of net assets basis. Equity holdings are grouped to include common shares, depository receipts, rights and warrants issued by the same company. Holdings are rounded to the nearest whole number, which may result in the display of less than ten holdings.

Quality: Describes the portfolio of the fund in terms of the quality ratings of the securities it holds. Cash and cash equivalents include payable amounts related to securities purchased but not settled at period end. Credit quality ratings on underlying securities of a fund are obtained from three Nationally Recognized Statistical Rating Organizations ("NRSROs"), Standard & Poor's, Moody's and Fitch. Ratings are converted to the equivalent Standard & Poor's rating category for purposes of presentation. The median rating is used for securities rated by all three NRSROs. The common rating is used when two of the three NRSROs agree. The lower rating is used when only two NRSROs rate a security. A "nonrated" designation is assigned when a public rating is not available for a security. This designation does not necessarily indicate low credit quality. The letter ratings are provided to indicate the credit worthiness of the underlying bonds in the portfolio and generally range from AAA (highest) to D (lowest). Includes payable amounts related to securities purchased but not settled at period end.

Maturity: Describes the portfolio of the fund in terms of the different maturities of the securities it holds.
Weighted Average Life to Maturity (WALM):
Is a measure of the sensitivity of a fixed income portfolio to interest rate changes. WALM is the average time in years to receive the principal repayments. Accordingly, WALM reflects how a portfolio would react to deteriorating credit or tightening liquidity conditions.

Coupon: Describes the portfolio of the fund in terms of the different coupons of the securities it holds.

Duration: Describes the portfolio of the fund in terms of the different durations of the securities it holds.

For detailed descriptions of indices or investing terms referenced above, refer to our glossary.

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