American Century High Income Fund Q1 2025 Commentary

Summary

• The U.S. high-yield market (ICE BofA U.S. High Yield Constrained Index) returned 0.94% for the first quarter.
• Year-over-year headline inflation (CPI) eased in February to 2.8%. Core CPI slowed to 3.1% from 3.3% in January.
• Given the inconsistency of Trump’s tariff implementation approach, we expect continued market volatility.
• We are cautious in high-tariff-risk (automobiles, retailers, consumer products) and cyclical (energy, chemicals, transportation) sectors.

Khanchit Khirisutchalual

Average Annual Total Returns for Period Ended 3/31/2025

Class	Qtr(%)	1 Year(%)	3 Year(%)	5 Year(%)	10 Year(%)	Since Inception(%)	Inception Date	Gross Expense Ratio(%)
Investor	0.81	6.76	4.40	7.38	4.72	4.41	10/2/17	0.79
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