ITEM 1. REPORTS TO STOCKHOLDERS.

    

			Annual Report
			October 31, 2020
			Emerging Markets Debt Fund
			Investor Class (AEDVX)
			I Class (AEHDX)
			Y Class (AEYDX)
			A Class (AEDQX)
			C Class (AEDHX)
			R Class (AEDWX)
			R5 Class (AEDJX)
			R6 Class (AEXDX)
			G Class (AEDGX)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.

You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

G Class returns would have been lower if a portion of the fees had not been waived.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 4.50% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

Growth of $10,000 Over Life of Class
$10,000 investment made July 29, 2014
Performance for other share classes will vary due to differences in fee structure.

Value on October 31, 2020
			Investor Class — $12,975
			JPMorgan CEMBI Broad Diversified Index — $13,516

Total Annual Fund Operating Expenses
Investor Class			I Class			Y Class			A Class			C Class			R Class			R5 Class			R6 Class			G Class
0.97%			0.87%			0.77%			1.22%			1.97%			1.47%			0.77%			0.72%			0.72%

The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

Portfolio Commentary

Portfolio Managers: John Lovito, Brian Howell, Thomas Youn and Alessandra Alecci

Performance Summary

Emerging Markets Debt returned 2.34%* for the fiscal year ended October 31, 2020. By comparison, the JPMorgan Corporate Emerging Market Bond (CEMBI) Broad Diversified Index rose 4.24% over the same time period. Fund returns reflect operating expenses, while index returns do not.

Market Review

Emerging markets bonds endured a volatile 12-month period as economies worldwide struggled with the repercussions of the coronavirus pandemic. Sweeping shutdowns and stay-at-home orders brought the global economy to a virtual standstill, and governments and central banks responded with unprecedented volumes of fiscal and monetary relief. Risky and conservative assets experienced dramatic swings, and emerging markets bonds generally underperformed those from developed economies.

The reporting period opened with relatively upbeat conditions. An easing of trade tensions between the U.S. and China helped improve global growth outlooks. Decisive U.K. election results removed some uncertainty around the country’s Brexit plans. Additionally, waning political turmoil in Latin America helped reduce overall global risk and broadly improved investor sentiment. Conditions changed dramatically in the first quarter, however, as the COVID-19 crisis prompted a wide-scale flight to quality. In addition, a quarrel between Saudi Arabia and Russia over oil production in the face of declining demand resulted in a rapid crash in oil prices in March. The unprecedented falloff further diminished prospects for oil-dependent countries already contending with the coronavirus threat.

Emerging markets debt retreated sharply alongside risk assets worldwide. Among corporate bonds, the downturn was widespread, affecting most regions, sectors and quality classifications. As growth outlooks faltered worldwide, the U.S. Federal Reserve, the European Central Bank and other central banks enacted accommodative measures designed to buffer the economic impact of the crisis. Fiscal support from the U.S. and other governments also helped improve investor sentiment, while many emerging markets central banks followed a different course than in past crises. Instead of hiking rates and protecting their currency, several central banks emphasized growth and liquidity by cutting key lending rates and implementing bond-buying measures. By purchasing government bonds, central bankers worked to rein in rising yields and maintain liquidity within local markets.

As countries began reopening, economic data steadily improved and commodity markets stabilized. Sentiment wavered late in the period, as rising infection rates in the U.S. and Europe stirred worries that a second wave could stall the recovery.

After soaring during the crisis’s onset, the U.S. dollar retreated through the second half of the period, which aided commodity prices and boosted returns for unhedged U.S.-based investors. Although riskier bonds rallied through much of the second half of the period, higher-quality emerging markets corporates, which didn’t fall as far during the March-April setback, generally outperformed. Gains among corporate bonds generally topped those from sovereign securities.

Asset Allocation Hindered Results

Our overweight position relative to the index in high-yield bonds detracted from relative performance, particularly among commodity-focused companies. Notably, investments in the oil

*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the fund’s index, other share classes may not. See page 3 for returns for all share classes.

and gas sector in Ghana and Indonesia lagged amid oil’s price drop and an exposure to the metals and mining sector in India weighed on returns. An underweight stake in Argentina, where corporate bonds held up relatively well as the government defaulted on a sovereign bond payment, also diminished returns. Alternatively, an underweight stake in underperforming Chinese bonds supplied a modest boost.

Security Selection Proved Beneficial

Investments in Brazil bolstered relative performance, led by holdings in the financials and consumer sectors, as the government enacted significant stimulus packages. We also secured a Brazilian hedge before the pandemic’s onset, and it effectively cushioned losses during the downturn. Exposure in the defensive telecommunications industry aided returns from Chile and Peru, while holdings in gold producers lifted our South African position. Conversely, an ill-timed hedge in Mexico dragged on returns.

Positioning for the Future

Looking ahead, we remain cautious, given the uncertainties around the economic recovery in developed and emerging markets. A late-period worldwide resurgence of COVID-19 infections stirred the possibilities of renewed lockdowns and another economic slump, and developed markets’ growth prospects could deteriorate further without additional fiscal stimulus. Although investors will likely cheer any positive vaccine developments, we believe the market is prone to volatility if distribution issues arise.

Steady progress has occurred in China and the rest of Asia, largely due to the region’s advances in fighting the pandemic. China is also less exposed to the broader global service sector, which has struggled in developed markets. Alternatively, the broader global manufacturing sector stabilized or improved, and the resulting inflationary pressures helped lift net exports and trade balances in emerging markets countries.

Against this backdrop, our near-term emphasis is on sectors we believe are poised to capitalize on China’s anticipated growth. We’re focused on commodity-based names that tap into demand for protein, pulp and paper, as well as China’s property market. Regionally, we believe Latin American opportunities hold more promise than higher-rated Asian securities.

Fundamentals point to further weakness in the U.S. dollar, which, along with recovering demand in Asia, should help commodity prices. Additionally, the Fed’s shift to inflation targeting suggests rates will remain low for a while, bolstering the demand for higher-yielding bonds. We anticipate maintaining a modestly overweight position in the high-yield space, which we believe offers the best risk/reward prospects. As always, we remain focused on select, bottom-up opportunities.

Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from May 1, 2020 to October 31, 2020.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25.00 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

^Amount represents value and unrealized appreciation (depreciation).

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

†    Category is less than 0.05% of total net assets.

(1)Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $261,650,161, which represented 47.8% of total net assets.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $19,641,257. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(4)Category includes collateral received at the custodian bank for collateral requirements on swap agreements. At the period end, the aggregate value of cash deposits received was $2,360,000.

(5)The rate indicated is the yield to maturity at purchase.

(6)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $1,026,255.

(7)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $20,208,715, which includes securities collateral of $745,262.

See Notes to Financial Statements.