Nomura's High Yield Fund Reorganized into American Century® High Income Fund

American Century Investments® to Reorganize Nomura High Yield Fund into American Century® High Income Fund

October 2, 2017 - Kansas City, Mo.

Global asset management firm American Century Investments will reorganize the Nomura High Yield Fund into American Century High Income Fund, effective today. Nomura Corporate Research and Asset Management Inc. (NCRAM), which has managed the Nomura fund since its introduction in 2012, will remain the subadvisor. Also, on May 19, the company launched American Century® NT High Income, a new NCRAM subadvised fund based on the existing high yield fund but used exclusively in the firm's popular One Choice® Target Date Portfolios.

The investment objective of American Century High Income and NT High Income is to achieve current yield and capital growth. Under normal circumstances, the funds invest at least 80 percent of net assets in a portfolio of high yield bonds generally rated below investment grade by Moody's Investors Services Inc., Standard & Poor's Rating Services or Fitch, Inc. NCRAM's approach is opportunistic–seeking to capture credit market returns while minimizing losses.

The fund's benchmark is the Bank of America Merrill Lynch U.S. High Yield Constrained Index.

American Century Investments' reasoning for reorganizing the Nomura fund into American Century High Income is straightforward, according to Co-CIO David MacEwen.

"The Nomura investment team are seasoned investors with proven track records," MacEwen said. "We believe this is an excellent opportunity for the firm to leverage their investment capability for the benefit of our clients."

The veteran team of David Crall, CFA and Stephen Kotsen, CFA, who have worked together for nearly 20 years, comanage American Century High Income and NT High Income.

David Crall, CFA, is the Chief Investment Officer (CIO) and Managing Director with NCRAM. He joined NCRAM in 1992 and has served as CIO since January 2010. In this role, he leads the investment activities and investment team and serves as Chairman of NCRAM's Investment Committee and Portfolio Manager of the Global High Yield Strategy. Mr. Crall received his B.A. from Yale University in 1992. He is a CFA® charterholder, a member of the CFA institute, and a member of the New York Society of Security Analysts.

Stephen Kotsen, CFA, is a Managing Director and Portfolio Manager with NCRAM. He joined NCRAM in December 1998 and has been a Portfolio Manager for NCRAM's high yield bond investments since 2000. Mr. Kotsen received his M.B.A. in Finance from Columbia Business School in 1995, and his B.A. in International Relations from Princeton University in 1991. Mr. Kotsen is a CFA® charterholder, a member of the CFA Institute, and a member of the New York Society of Security Analysts.

"Being able to tap into the team's skill set serves as a testament to our strategic partnership with Nomura," MacEwen said. In 2016, Nomura completed its purchase of a 41 percent non-controlling equity stake in American Century Investments.

American Century Investments is a leading global asset manager focused on delivering investment results and building long-term client relationships while supporting research that can improve human health and save lives. Founded in 1958, American Century Investments' 1,300 employees serve investment professionals, institutions, corporations and individual investors from offices in New York; London; Hong Kong; Mountain View, Calif.; and Kansas City, Mo. Jonathan Thomas is president and chief executive officer, and Victor Zhang and David MacEwen serve as co-chief investment officers. Delivering investment results to clients enables American Century Investments to distribute over 40 percent of its dividends to the Stowers Institute for Medical Research, a 500-person, non-profit basic biomedical research organization. The Institute owns more than 40 percent of American Century Investments and has received dividend payments of nearly $1.3 billion since 2000. For more information about American Century Investments, visit www.americancentury.com.

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

You should consider the fund's investment objectives, risks, charges and expenses carefully before you invest. Each fund's prospectus or summary prospectus, which can be obtained by visiting americancentury.com, contains this and other information about the fund, and should be read carefully before investing. Investments are subject to market risk.

American Century Investment Services, Inc., Distributor
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