Avantis Investors® Launches Its First Fixed Income Mutual Funds

February 24, 2021 - Kansas City, Mo. - Following the launch of its first three fixed income exchange traded funds (ETFs) over the past few months, AVANTIS INVESTORS, a $3.5 billion investment brand from global asset manager American Century Investments, today announced the launch of its first low-cost, broadly diversified fixed income mutual funds:

Avantis^®  Core Municipal Fixed Income (AVMUX), Avantis^®  Core Fixed Income (AVIGX) and Avantis^®  Short-Term Fixed Income (AVSFX). These funds, available in Institutional Class shares, have the same strategy as their corresponding ETFs, which trade on the NYSE Arca, Inc.—AVMU, AVIG and AVSF²—as well as the same expense ratio of 0.15%. All three strategies are designed to seamlessly augment investors' asset allocation.

"When we started Avantis, we wanted to offer clients the ability to choose the vehicle that works best for them." said Eduardo Repetto, Avantis Investors CIO. "While we have seen increasing demand for ETFs in the marketplace, many investors still use mutual funds, and our solutions can work well in both wrappers."

Following is information about the three funds:

Avantis Core Municipal Fixed Income

The fund invests primarily in investment grade quality municipal debt obligations from a diverse group of issuers. The fund's investment process uses an analytical framework, which includes an assessment of securities' expected income and capital appreciation, to seek securities with high expected returns.¹

Avantis Core Fixed Income and Avantis Short-Term Fixed Income

The funds invest primarily in investment grade quality debt obligations from a diverse group of U.S. and non-U.S. issuers. The funds' investment process uses an analytical framework, which includes an assessment of securities' expected income and capital appreciation, to seek securities with high expected returns.¹

Similar to Avantis' fixed income ETFs, the funds will be co-managed by Repetto, Senior Portfolio Manager Hozef Arif, Senior Portfolio Manager Mitchell Handa and Senior Portfolio Manager Daniel Ong, CFA. Arif and Handa both held portfolio management positions with Pacific Investment Management Company (PIMCO); Ong previously was a senior portfolio manager with Dimensional Fund Advisors (DFA).

The new fixed income funds join Avantis Investors' five inaugural equity exchange traded funds (ETFs), launched during September 2019, followed by five mutual funds that mirror the ETFs: Avantis International Small Cap Value ETF (AVDV), Avantis International Equity ETF (AVDE), Avantis Emerging Markets Equity ETF (AVEM), Avantis U.S. Equity ETF (AVUS) and Avantis U.S. Small Cap Value ETF (AVUV).

Avantis Investors is led by Repetto, who is chief investment officer, and Patrick Keating, who is chief operating officer.

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' 1,400 employees serve investment professionals, institutions, corporations and individual investors from offices in New York; London; Hong Kong; Frankfurt, Germany; Sydney; Mountain View, Calif.; and Kansas City, Mo. Jonathan Thomas is president and chief executive officer, and Victor Zhang serves as chief investment officer. 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 $1.7 billion since 2000. For more information about American Century Investments, visit americancentury.com.

¹ Valuation theory shows that the expected return of a stock is a function of its current price, its book equity (assets minus liabilities) and expected future profits, and that the expected return of a bond is a function of its current yield and its expected capital appreciation (depreciation). We use information in current market prices and company financials to identify differences in expected returns among securities, seeking to overweight securities with higher expected returns based on this current market information. Actual returns may be different than expected returns, and there is no guarantee that the strategy will be successful.

² This fund is an actively managed ETF that does not seek to replicate the performance of a specified index. To determine whether to buy or sell a security, the portfolio managers consider, among other things, various fund requirements and standards, along with economic conditions, alternative investments, interest rates and various credit metrics. If the portfolio manager considerations are inaccurate or misapplied, the fund's performance may suffer.

You should consider the fund's investment objectives, risks, charges and expenses carefully before you invest. The fund's prospectus or summary prospectus, which can be obtained by visiting Avantisinvestors.com or by calling 833-928-2684, contains this and other information about the fund, and should be read carefully before investing.

Exchange Traded Funds (ETF) are bought and sold through exchange trading at market price (not NAV), and are not individually redeemed from the fund. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.

International investing involves special risks, such as political instability and currency fluctuations. Investing in emerging markets may accentuate these risks.

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

Municipal Securities investing is more sensitive to events that affect municipal markets, including legislative or political changes and the financial condition of the issuers of municipal securities. The fund may have a higher level of risk than funds that invest in a larger universe of securities. Additionally, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer's ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the fund.

Derivatives may be more sensitive to changes in market conditions and may amplify risks.

Investment income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax (AMT). Capital gains are not exempt from state and federal income tax.

Investment return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results.

Exchange Traded Funds (ETFs): Foreside Fund Services, LLC – Distributor, not affiliated with American Century Investment Services, Inc.

Mutual Funds: American Century Investment Services, Inc., Distributor

©2021 American Century Proprietary Holdings, Inc.